Preventing money laundering: a legal study on the effectiveness of supervision in the European Union

Details

• Main title: Preventing money laundering
• Secondary title: a legal study on the effectiveness of supervision in the European Union
• Author: Melissa van den Broek
• Publisher: Eleven international publishing
• ISBN: 9789462365773
• Format: Paperback
• Publication Date: June 2015
• Publication Place: The Netherlands

Contents

Topics included in the book include:

• A Look Ahead: AML Supervision by Hmrc as of April
• Accountants
• Anti-money Laundering Supervision by Sepblac
• Anti-money Laundering Supervision in Practice
• Anti-money Laundering Supervision of Accountants
• Anti-money Laundering Supervision of Banks
• Anti-money Laundering Supervision of Real Estate Agents
• Anti-money Laundering Supervision: Policy and Practice
• Association of Accounting Technicians
• Background of the Modelling
• Banks
• Competences and Their Effective Application
• Completing the Framework for Effective Supervision
• Concluding Remarks
• Conclusions in Perspective
• Cooperation Efforts by AML Supervisors on an Operational Level
• Cooperation Efforts by the AML Supervisors on an Operational Level
• County Administrative Boards of Stockholm, Västra Götaland and Skåne (länsstyrelserna)
• County Administrative Boards of Västra Götaland, Stockholm and Skåne (länsstyrelserna)
• Current Knowledge of These Efforts
• Design of Models in the Preventive Anti-money Laundering Policy
• Designating Representatives to Sepblac
• Dutch Central Bank (de Nederlandsche Bank)
• Dutch Tax and Customs Administration/bureau Supervision Wwft (belastingdienst/bureau Toezicht Wwft)
• Effectiveness as a Legal Principle
• Estate Agents Inspectorate (fastighetsmäklarinspektionen)
• Existing Efforts Against Money Laundering
• Financial Conduct Authority
• Financial Supervision Office (bureau Financieel Toezicht)
• Financial Supervisory Authority (finansinspektionen)
• Good Governance
• Independence and Accountability
• Independence and Accountability of AML Supervisors
• Institute of Chartered Accountants in England and Wales
• Institutional Embedding
• Institutional Requirements
• Institutionalised Forums For AML Cooperation on a Policy and Operational Level
• Institutionalised Forums For AML Cooperation on a Policy Level
• Instruments to Strengthen Sepblac’s Supervision
• Knowledge of AML Supervisors of Their Supervisory Population
• Legal Framework for the Prevention of Money Laundering
• Legislative Requirements
• Literature on Financial Supervision
• Membership of Aat
• Membership of Icaew
• Minimum Requirements for Supervision in the Third Directive
• Models of Anti-money Laundering Supervisory Architectures
• Obligation to Register Under Mlr
• Office of Fair Trading
• Positioning the Different Models
• Proposal For a Fourth Directive
• Real Estate Agents
• Sanctioning
• Sanctioning for Breaches of AML Obligations
• Sanctioning in Practice
• Sanctioning Policy and Practice
• Sanctioning Powers
• Sanctioning Powers Under the AML Act
• Sepblac
• Supervision
• Supervisory Board of Public Auditors (revisorsnämnden)
• Supervisory Cooperation for the Prevention of Money Laundering
• Supervisory Powers
• the AML Supervisors: Institutional Aspects
• the Doctrine of Punitive Administrative Law
• the eu Principle of Effectiveness
• the External Model
• the Fiu Model
• the Hybrid Model
• the Independence of Administrative Authorities in Sweden and Their Accountability
• the Internal Model
• the Regulation of Banks, Accountants and Real Estate Agents
• the Regulation of Banks, Real Estate Agents and Accountants
• the Sanctioning Procedure Under the AML Act
• Vulnerability of Spain for Money Laundering
• Vulnerability of Sweden for Money Laundering
• Vulnerability of the Netherlands for Money Laundering
• What Money Laundering is and Why it Should be Combated
• Accountability and Transparency
• Accountants Under the AML Act
• Adequate Cooperation Powers
• Adequate Knowledge of Supervisees
• Adequate Level of Independence From Politics and the Market
• Adequate Resources
• Adequate Sanctioning Powers
• Adequate Supervisory Powers
• Aml Coordination Meeting (wwft Toezichthoudersoverleg)
• Aml Supervision of Accountants in Practice
• Aml Supervision of Banks in Practice
• Aml Supervision of Real Estate Agents in Practice
• Application of Supervisory Powers by the Financial Supervision Office
• Applying Wft Sanctions For Non-compliance With the Preventive AML Obligations?
• Auditing and the Accountancy Profession
• Awareness-raising Activities
• Background of the Principle of Effectiveness in European Union Law
• Banks Under the AML Act
• Commission For the Prevention of Money Laundering and Monetary Offences
• Committee on the Duty to Disclose Unusual Transactions (commissie Inzake de Meldingsplicht Ongebruikelijke Transacties)
• Creation of Awareness
• Derived Legal Professional Privilege For Accountants
• Differences in AML Supervision
• Disciplinary Procedure
• Disciplinary Procedure and Sanctioning Policy
• Discussion About Disciplinary Law Sanctioning
• Duty to Sanction (beginselplicht Tot Handhaving)
• Effective Supervision
• External Expert Reviews
• Financial Expertise Centre (financieel Expertise Centrum)
• Financial Markets and Services Act
• Focus on Internal Policies and Governance and the Dutch AML Act
• Function as a Financial Intelligence Unit
• General Principles Underlying the Administrative Sanctioning System
• Inclusion of Anti-money Laundering Supervision in Regular Supervisory Procedures
• Independence and Accountability
• Individual Supervision
• Institutional Embedding
• Key Elements
• Limitation of the Offences and Sanctions
• Market Independence and Accountability
• Minor Offences and Corresponding Sanctions
• Modelling
• Money Laundering Regulations
• Money Laundering Research
• Origin and Emergence of Good Governance
• Other Sanctions
• Outsourcing of Supervision to Latss
• Outsourcing of Supervision to Professional Associations
• Periodic Quality Controls
• Political Independence and Accountability
• Preventing Money Laundering
• Procedure
• Project-based Supervision
• Public Supervision (sanctioning) Policies
• Public Supervision Policies
• Real Estate Agents Under the AML Act
• Relationship Between Effectiveness and the Other Principles of Good Governance
• Reliance on the Financial Supervision Act
• Risk-based Approach
• Risk-based Approach to Anti-money Laundering Supervision
• Sanctioning in Practice
• Sanctioning Policy
• Sanctioning Powers
• Sanctioning Powers Stemming From the AML Act
• Sanctioning Powers Under the AML Act
• Sanctioning Via Disciplinary Law
• Scope of the Research
• Sepblac
• Serious Offences and Corresponding Sanctions
• Spain and the Netherlands
• Specialist Financial Crime Supervision Team
• Supervision by the Financial Supervision Office
• Supervision by the Office of Fair Trading
• Supervision in Numbers
• Supervision in the Member States
• Supervision Initiated by Fmi
• Supervision on the Basis of Complaints
• Supervisory Arrangements With the Financial Regulators
• Supervisory Policy
• Supervisory Powers
• Supervisory Powers Stemming From the AML Act
• Supervisory Procedure
• Sweden and the United Kingdom
• Systematic and Outreach Supervision
• Terminology
• The ‘two-track’ Approach to Anti-money Laundering Supervision
• The General Administrative Sanctioning Procedure
• The Legal Professional Privilege Exemption and Tax Advice Under the AML Act
• The National Task Force on Tackling the Misuse of Real Estate (nationale Regiegroep Aanpak Misbruik Vastgoed)
• The Principle of Effectiveness as a Requirement For Adequate Enforcement
• The Principles of Good Governance
• Thematic Anti-money Laundering Supervision
• Transfer of the AML Supervision of Estate Agents to hm Revenue and Customs as of April
• Very Serious Offences and Corresponding Sanctions
• United Kingdom: Money Laundering
• Who Can Combat Money Laundering Best?

Other

Presentation by the Publisher

Money laundering is criminalised virtually all around the world and has been a law enforcement priority since the early 1990s. The international nature of money laundering, combined with estimations on the scope and the distorting effects it may bring about, make it a grave danger to society due to its strong interaction with organised drugs and white-collar crime. Over the years a ‘twin-track approach’has been developed, aiming at the prevention of money laundering on the one hand, and punishing the money launderers on the other. This publication analyses the effectiveness of the anti-money laundering supervision of banks, real estate agents and accountants in the Netherlands, Spainand the UK. It thoroughly analyses the legislation, the institutional settings and competences of anti-money laundering supervisors, as well as the application of these competences in practice. Based on this analysis, a number of recommendations for the EU legislators and the national legislators are formulated in order to strengthen and increase the effectiveness of anti-money laundering supervision.

About the Author

Melissa van den Broek (1987) wrote this book at the Institute for Jurisprudence, Constitutional and Administrative Law, School of Law, Utrecht University. She currently works as a policy officer at the Netherlands Authority for the Financial Markets (AFM).