CNUE - THE FIGHT AGAINST MONEY LAUNDERING
THE FIGHT AGAINST MONEY LAUNDERING - AN INTERNATIONAL COMBAT, A EUROPEAN CHALLENGE Money laundering is a multifaceted phenomenon. First of all, it is neither static nor temporary: it is constantly evolving, finding new resources in an ever-increasing financial globalisation and the evolution of technology. It is also a phenomenon that is inherently transnational, not only disregarding borders, but using them to blur the trail of successive financial transactions across the globe and obstructing the course of justice. Finally, it is a phenomenon that is on the increase. According to an estimate by the Financial Action Task Force (FATF), the annual volume of money laundering operations is estimated at between 2 and 5% of global GDP.
THE FIGHT AGAINST MONEY LAUNDERING - AN INTERNATIONAL COMBAT, A EUROPEAN CHALLENGE
Money laundering is a multifaceted phenomenon. First of all, it is neither static nor temporary: it is constantly evolving, finding new resources in an ever-increasing financial globalisation and the evolution of technology. It is also a phenomenon that is inherently transnational, not only disregarding borders, but using them to blur the trail of successive financial transactions across the globe and obstructing the course of justice. Finally, it is a phenomenon that is on the increase. According to an estimate by the Financial Action Task Force (FATF), the annual volume of money laundering operations is estimated at between 2 and 5% of global GDP.
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Since 2003 the structure of the system has been based on centralised compliance with certain
obligations.
The table below specifies the obligations undertaken by notaries and by the OCP:
Group Obligation Compliance
Due
diligence
Information
Other
Formal identification
Identification of the beneficial owner
Obtain the purpose and nature of the
business relationship
Archiving of documents
Non-performance of suspicious operations
Special examination of risk-related
operations and retrieval of risk-related
procedures from the notarial database
Notification of evidence of money
laundering, where applicable
Systematic notification of operations
in breach of the obligation to present
form S-1
Cooperation with the authorities
Preparation of the Manual of Anti-Money
Laundering Procedures
Training courses for notaries and their
employees
External expert examination
Directly by
the notary
Through the OCP
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