Anti-Money Laundering: International Law and Practice

835 Pages·2007·2.91 MB·English

by  Wouter H. Muller

Anti-Money Laundering:
International Law and
Practice
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Anti-money-laundering:internationallawandpractice/editedbyWouterH.
Muller,ChristianH.Ka¨lin,JohnG.Goldsworth.
P.cm.
Includesbibliographicalreferencesandindex.
ISBN978-0-470-03319-7(cloth:alk.paper)
1. Moneylaundering–Prevention.2. Money–LawandlegislationCriminal
provisions.3. Criminallaw–Internationalunification. I.Muller,WouterH.II.
Ka¨lin,Christian.III.Goldsmith,JohnG.
K1089.A9582007
345(cid:1).0268–dc22
2007004228
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AcataloguerecordforthisbookisavailablefromtheBritishLibrary
ISBN:978-0-470-03319-7(HB)
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Edited by
Wouter H. Muller
Christian H. Ka¨lin
John G. Goldsworth
Anti-Money Laundering:
International Law and
Practice
Anti-Money Laundering: International Law and Practice
Editors
WouterH.Muller ChristianH.Ka¨lin JohnG.Goldsworth
Henley&Partners Henley&Partners Trusts&Trustees
Forewordby
ProfessorKaderAsmal
PresidentFATF2005–2006
AuthorsoftheGeneralChapters
ComplianceandAML–Standards, InitiativesoftheEuropeanCommission
educationandtraining FrancoFrattini
WilliamB.Howarth EUCommission,Brussels
InternationalComplianceAssociation
TheFinancialActionTaskForce
Birmingham
AlainDamais
Anti-MoneyLaunderingRegulation FATF–GAFI,Paris
andTrusts
MartynFrost,TEP TheEgmontGroup
SocietyofTrustandEstate WouterH.Muller,TEP
Practitioners,London Henley&Partners,Zurich
TheUnitedNationsSecurityCouncilandthe TheWolfsbergProcess
efforttocombatmoneylaundering MarkPieth
andthefinancingofterrorism UniversityofBasel,FacultyofLaw,Basel
JoelSollier
UNSCCounter-TerrorismCommittee,NewYork
UNAnti-MoneyLaundering
Initiatives
RickMcDonell
UnitedNationsOfficeonDrugsandCrime,Vienna
AuthorsofCountryChapters
USA Uruguay
JohnW.Moscow FabianRivero/AdyBeitler
RosnerMoscow&Napierala,LLP,NewYork EstudioBergstein,Montevideo
Canada Chile
NancyCarroll/BarbaraMcIsaac Cristo´balEyzaguirreB./FelipeDalgalarrando/
McCarthyTe´traultLLP,Toronto PatricioMiddleton
ClaroYCia,SantiagodeChile
Panama
RicardoM.Alba/EloyAlfarodeAlba BermudaandBritishVirginIslands
Tapia,Linares&Alfaro,PanamaCity CraigW.MacIntyre,TEP
ConyersDill&Pearman,Hamilton
Argentina
Sebastia´nA.Soler Bahamas
Marval,O’Farrell&Mairal,BuenosAires CherylE.Bazard/TanyaC.McCartney
BahamasAssociationofCompliance
Brazil
Officers,Nassau
ElianaM.Filipozzi/RobertE.WilliamsNoronha
Advogados,London/Sa˜oPaulo
CaymanIslands Spain
MartinLivingston JavierGarc´ıaSanz/GuillermoSanPedro
Maples&Calder,Georgetown Ur´ıaMene´ndez,Madrid
Barbados Italy
CarolynHanson AlbertoGiampieri/PaoloIemma
InternationalComplianceAssociation Gianni,Origoni,Grippo&Partners,Rome
ChristChurch
Greece
NetherlandsAntillesandAruba D.Karamagiolis
AedeGerbranda Tsibanoulis&Partners,Athens
SmeetsThesselingvanBokhorst,Amsterdam
Belgium
St.KittsandNevis Franc¸oiseLefe`vre/OlivierPraet
ShawnaLake/IdrisClarke Linklaters,Brussels
GovernmentofSt.Kitts&Nevis,Basseterre
Netherlands
Switzerland EnidePerez/MaxVermeij
JudithSchmidt StibbeN.V.,Amsterdam
MoneyLaunderingControlAuthority,Bern
Luxembourg
Liechtenstein PitReckinger
JohannesGasser/MarkusSchwingshackl Elvinger,Hoss&Prussen,Luxembourg
Advokaturbu¨roDr.Dr.Batliner
RussianFederation
&Dr.Gasser,Vaduz
ValeryTutykhin
Austria JohnTiner&Partners,Moscow
ThomasShirmer/MarkusUitz
Ukraine
BinderGro¨sswang,Rechtsanwa¨lte,Wien
DmytroKorbut
UnitedKingdom AndreasNeocleous&Co.,Kiev
PeterBurrell/KateMeakin
UnitedArabEmirates
HerbertSmithLLP,London
GrahamLovett/CharlesBarwick
Jersey CliffordChanceLLP,Dubai
AndrewleBrun
Singapore
JerseyFinancialServicesCommission,St.Helier
CheeFangTheng,TEP
Guernsey KhattarWong,Singapore
MarkG.Ferbrache,TEP
Japan
FerbracheRichardson,Advocates,St.Saviours
TakashiNakazaki
Cyprus Anderson,Mori,Tomotsune,Tokyo
DavidStokes
China
AndreasNeocleous&Co.,Limassol
DonnaLi
IsleofMan AllBrightLawOffices/
NickVerardi/MarcConway XiaoRongGu
DickinsonCruickshank,Douglas InstituteofLawofShanghai
Shanghai
Ireland
JohnHandoll HongKong
WilliamFrySolicitors,Dublin StevenSieker,TEP/L.TravisBenjamin,TEP
Baker&McKenzie,HongKong
Germany
OlafOtting Australia
GleissLutz,FrankfurtamMain AndrewWhite
UniversityofMelbourne,Melbourne
France
PhilippeBlaquier-Cirelli/Pierre-YvesCouturier NewZealand
Avocatsa`laCourJeantetAssocie´s,Paris DavidCraig/SimonDavid
BellGully,BarristersandSolicitors,Wellington
Monaco
DonaldManasse,TEP/SophieMarquet SouthAfrica
DonaldManasseLawOffices,MonteCarlo PieterK.Smit
FinancialIntelligenceCentre,Pretoria

CONTENTS
Acknowledgements...........................................................................................xi
Alliancepartners.............................................................................................xii
Aboutthisbook ..............................................................................................xv
Abouttheeditors ........................................................................................... xvi
Foreword..................................................................................................... xix
ProfessorKaderAsmal,PresidentFATF2005–2006
Anti-MoneyLaundering–Ashorthistory.................................................................. 1
WouterH.Muller(editor),Zurich
INTERNATIONALISSUES......................................................................................13
ComplianceandAML–Standards,educationandtraining.............................................15
WilliamB.Howarth,presidentICA,Birmingham(UK)
Anti-MoneyLaunderingRegulationandTrusts...........................................................23
MartynFrost,STEPDeputyChairman,Oldham(UK)
INTERNATIONALORGANIZATIONSANDINITIATIVES .....................................................35
TheUnitedNationsSecurityCouncilandtheefforttocombatmoneylaunderingandthe
financingofterrorism ...............................................................................37
JoelSollier,UNSCCounter-TerrorismCommittee,NewYork
UNAnti-MoneyLaunderingInitiatives.....................................................................49
RickMcDonell,UNODC,Vienna
InitiativesoftheEuropeanCommission...................................................................57
FrancoFrattini,EUCommission,Brussels(Belgium)
TheFinancialActionTaskForce ............................................................................69
AlainDamais,ExecutiveSecretaryFATF,Paris(France)
TheEgmontGroup ...........................................................................................83
WouterH.Muller(editor),Zurich
TheWolfsbergProcess.......................................................................................93
MarkPieth,UniversityofBasel
COUNTRIES...................................................................................................105
TheAmericas...................................................................................................107
USA............................................................................................................109
JohnW.Moscow,RosnerMoscow&NapieralaLLP,NewYork
Canada........................................................................................................127
NancyJ.Carroll&BarbaraA.McIsaac,McCarthyTe´trault,Toronto/Ottawa(Ontario)
Panama.......................................................................................................141
RicardoM.Alba&EloyAlfarodeAlba,Tapia,Linares&Alfaro,PanamaCity
VII
Argentina.....................................................................................................157
Sebastia´nA.Soler,Marval,O’Farrell&Mairal,BuenosAires
Brazil..........................................................................................................167
ElianaMariaFilippozzi,NoronhaAdvogados,London
RobertEllisWilliams,NoronhaAdvogados,Sa˜oPaulo
Uruguay ......................................................................................................181
Fabia´nRivero,EstudioBergstein,Montevideo
AdyBeitler,Montevideo
Chile...........................................................................................................195
Cristo´balEyzaguirre,FelipeDalgalarrando&PatricioMiddletonClaroyCia.,SantiagodeChile
Bahamas,BermudaandCaribbean.............................................................................211
Bermuda......................................................................................................213
CraigW.MacIntyre,ConyersDill&Pearman,Hamilton
Bahamas......................................................................................................233
CherylE.Bazard&TanyaC.McCartney,BahamasAssociationofComplianceOfficers,Nassau
CaymanIslands..............................................................................................249
MartinLivingston,Maples&Calder,GrandCayman
BritishVirginIslands........................................................................................261
CraigW.MacIntyre,ConyersDill&Pearman
Barbados .....................................................................................................275
CarolynHanson,ICAandBarbadosAssociationofComplianceProfessionalsChristChurch,
Barbados
NetherlandsAntillesandAruba...........................................................................295
AedeGerbranda,SmeetsThesselingvanBokhorst,Curac¸ao/Amsterdam
St.KittsandNevis...........................................................................................307
ShawnaLake&IdrisFidelaClarke,MinistryofFinance,Basseterre,St.Kitts
Europe.........................................................................................................319
Switzerland ..................................................................................................321
JudithSchmidt,SwissMoneyLaunderingControlAuthority,Berne
Liechtenstein.................................................................................................341
JohannesGasser&MarkusSchwingshackl,Advokaturbu¨roDr.Dr.Batliner&Dr.Gasser,Vaduz
Austria........................................................................................................355
ThomasSchirmer&MarkusUitz,BinderGro¨sswangRechtsanwa¨lte,Vienna
UnitedKingdom.............................................................................................369
PeterBurrell&KateMeakin,HerbertSmithLLP,London
Jersey.........................................................................................................381
AndrewleBrun,JerseyFinancialServicesCommission,St.Helier,Jersey
Guernsey .....................................................................................................399
MarkG.Ferbrache,FerbracheRichardson,St.Saviours,Guernsey
VIII