Risk assessment – due diligence, organisation and cooperation – measures to be implemented Anti-money laundering and countering the financing of terrorism (AML/CTF) originally concerned the banking and then the financial sector. However, it is sufficient to refer to the description of the money laundering mechanism (read more here) to reach the conclusion that the risk […]
Administrative fines – criminal sanctions (2004 law and Penal Code) – judgment on agreement Anti-money laundering and countering the financing of terrorism (AML/CTF) requires professionals to comply with a strict and multi-source regulation. As set out in the section describing relevant requirements (read more here), professionals shall implement a reliable, permanent and effective vigilance mechanism […]
Suspicion: a feeling or belief that someone has committed a crime or done something wrong (Cambridge dictionary) Among the obligations imposed on professionals in the fight against money laundering and countering the financing of terrorism is the obligation to report suspicious transactions (read more here). Thus, when entering into a business relationship or when establishing […]
Money laundering – primary offence – tax fraud – constituent elements Money laundering consists in injecting money from illicit operations into the legitimate financial system by concealing the illicit origin of the income. In practice, money laundering takes place in several stages, each of which is punishable. I. The laundering mechanism Once the illegal activity […]
AML Directives – amended law of 2004 – criminal Code – Circulars – Guidelines Background Anti-money laundering and countering the financing of terrorism (AML/CTF) has a relatively recent origin. The creation of the Financial Action Task Force on money laundering (FATF) at the G7 summit in Paris in 1989 is often regarded as its starting […]