Money laundering through money remittance ... - Council of Europe

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2010 - Money Laundering through Money Remittance and Currency Exchange Providers Country Central bank 64 - © 2010 MONEYVAL and FATF/OECD FIU Financial Supervisory Authority Other Poland + + (Ministry of Infrastructure) Romania + San Marino No independent money remittance service providers Serbia No independent money remittance service providers Spain + + Sweden + “The former Yugoslav Republic of Macedonia” + + (Ministry of Finance) Turkey No independent money remittance service providers Ukraine + + (State Commission on Regulation of Financial Services Markets) United Kingdom + (HM Revenue and Customs) United States + (FinCEN, Internal Revenue Service, state local authorities)
Money Laundering through Money Remittance and Currency Exchange Providers - 2010 Table 5 - Sanctions applied to unlicensed /unregistered MR service providers Country Sanction Albania Fine or up to 3 years of imprisonment Argentina NA Armenia Fine or up to 3 years of imprisonment or the deprivation of the right to hold certain positions or practice certain activities for up to 5 years Austria Fine up to EUR 50 000. Bulgaria Fine up to EUR 5 000 Chile Fine Croatia NA Cyprus Fine up to EUR 85 430 or imprisonment up to 2 years Denmark Fine Estonia Fine up to EEK 500 000 (appr. EUR 31 956) Finland Fine France Fine up to EUR 75 000 and/or imprisonment up to 3 years Georgia NA Germany Fine Hong Kong, China HK$ 50 000 (appr. EUR 717) Italy Up to 4 years of imprisonment Japan None since only banks may provide money transfer service Latvia Fine Liechtenstein Fine or imprisonment up to 1 year Lithuania Public works fine or imprisonment up to 4 years Macau, China Fine up to MOP 5 000 000 (appr.EUR 451 891) Malta Fine up to EUR 465 875 and/or imprisonment up to 1 year Mexico Fine Moldova There operate no independent money remittance service providers Monaco NA Netherlands Fine Poland None since only banks and Polish Post may provide money transfer service Romania NA San Marino Second-degree imprisonment (6 month to 3 years) and a fine as well as by third-degree disqualification from holding the offices of director holder of representative powers internal auditor external auditor actuary liquidator or commissioner in companies or other bodies with legal personality Serbia NA Slovakia Fine up to EUR 333 333 or imprisonment © 2011 MONEYVAL and FATF/OECD - 65
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FATF Report Financial Action Task F
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Money Laundering through Money Remi
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Page 13 and 14: Country N° of MR providers Country
Page 15 and 16: Money Laundering through Money Remi
Page 27 and 28: Customer: individual Mechanism: mon
Page 29 and 30: Example 6 - Ownership of bureaux de
Page 41 and 42: Types of customers serviced by the
Page 45 and 46: Africa Egypt * Nigeria* Americas Ar
Page 55 and 56: Money orders providers ANNEX 3 - TA
Page 57 and 58: Money orders providers Travellers
Page 63: Country Central bank FIU Albania +
Page 77 and 78: Issuer, seller, or redeemer of stor
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Money laundering through money remittance ... - Council of Europe

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