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

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2010 - Money Laundering through Money Remittance and Currency Exchange Providers US Department of Justice, National Drug Intelligence Center (2006). Prepaid Stored Value Cards: A Potential Alternative to Traditional Money Laundering Methods, October 2006, US Department of Justice US Department of the Treasury (2007) [United States], Money Laundering Strategy 2007, US Department of the Treasury US Department of the Treasury (2005), United States Money Laundering Threat Assessment, December 2005, US Department of the Treasury Articles and papers Carroll, L. C. (2007), Alternative Remittance Systems distinguishing sub-systems of Ethnic Money Laundering in INTERPOL Member Countries on the Asian Continent. Interpol, 2007. Chene, M. (2008), Hawala Remittance System and Money Laundering. U4 Expert Answer, Anti- Corruption Resource Centre, Norway, 2008. Choo, K-K. R. (2008), Money Laundering Risks of Prepaid Stored Value Cards. Australian Government, Australian Institute of Criminology, Sept 2008. Jost, P. M., H. S. Sandhu (2000), The Hawala Alternative Remittance System and its Role in Money Laundering. Interpol, Jan 2000. KPMG (2005), 2005 Money Services Business Industry Survey Study. KPMG, 2005 Sienkiewicz, S. (2007), Prepaid Cards: Vulnerable to Money Laundering? Payment Cards Center, Federal Reserve Bank of Philadelphia, Discussion Paper, Feb 2007. 74 - © 2010 MONEYVAL and FATF/OECD
Money Laundering through Money Remittance and Currency Exchange Providers - 2010 GLOSSARY OF TERMS Agent any person who provides money or value transfer service under the direction of or by contract with a legally registered or licensed remitter (for example, licensees, franchisees, concessionaires). (This definition is drawn from the Interpretative note to the FATF Special Recommendation VI). Alternative remittance systems (ARS) Any system used for transferring money from one location to another that operates in part or exclusively outside conventional banking channels. Beneficiary The person who receives transferred funds. Beneficial owner The natural person(s) who ultimately owns or controls a customer and/or the person on whose behalf a transaction is being conducted. It also incorporates those persons who exercise ultimate effective control over a legal person or arrangement. Cheque casher A person that accepts cheques or monetary instruments in return for currency or a combination of currency and other monetary instruments or other instruments. Currency Banknotes and coins that are in circulation as a medium of exchange Currency exchange (CE) Activity that involves accepting currency, or other monetary instruments, funds, or other instruments denominated in the currency, of one or more countries in exchange for the currency, or other monetary instruments, funds, or other instruments denominated in the currency, of one or more other countries. Financial institutions Financial institutions 45 means any person or entity who conducts as a business one or more of the following activities or operations for or on behalf of a customer: 1. Acceptance of deposits and other repayable funds from the public. 46 2. Lending. 47 3. Financial leasing. 48 45 For the purposes of Special Recommendation VII, it is important to note that the term financial institution does not apply to any persons or entities that provide financial institutions solely with message or other support systems for transmitting funds. 46 This also captures private banking. 47 This includes inter alia: consumer credit; mortgage credit; factoring, with or without recourse; and finance of commercial transactions (including forfeiting). 48 This does not extend to financial leasing arrangements in relation to consumer products. © 2011 MONEYVAL and FATF/OECD - 75
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Money laundering through money remittance ... - Council of Europe

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