Deterring and Detecting Money Laundering and Terrorist Financing: A Comparative Analysis of Anti-Money Laundering and Counterterrorism Financing Strat - Paperback

by Ehi Eric Esoimeme (Author)

In this edition, eight new topics were added to the already-existing chapters. They are "Assessing Risks and Applying a Risk-Based Approach" (chapter 2), "Terrorist Financing Offence" (chapter 5), "Private Banking" (chapter 7), "Prepaid Cards" (chapter 8), "Modern Slavery" (chapter 11), "Fraud" (chapter 13), "Tax Evasion" (chapter 14), and "Confiscation and Provisional Measures" (chapter 15).This edition uses a mix of different methodologies as opposed to focusing on just one methodology. In addition to the comparative methodology, this edition adopts the case-study methodology. This methodology was not used in the First Edition. The case-study methodology ensures that readers: i. remain familiar with the concepts of money laundering and terrorist financing;ii. are aware of the threat money laundering and terrorist financing poses to you as a banker or practitioner;iii. maintain a proportionate and risk-level based approach to those threats;iv. adopt the anti-money laundering/counter-terrorist financing procedures appropriate to that level of risk; andv. review and maintain those procedures regularly.This book provides guidance on the following: - money laundering process, regulation of diamond dealers and other designated nonfinancial businesses and professions, as well as regulation of hawala and other alternative remittance systems, international bodies and national government agencies charged with fighting money laundering and terrorist financing (Chapter 1);- country-level and reporting entity-level risk assessments, and the measures to prevent the misuse of non-profit organisations and third-party payment processors (Chapter 2);- suspicious activity reports, currency transaction reports, further information orders, disclosure orders and information sharing within the financial sector (Chapter 3);- money laundering offence, penalties and lifetime management of ancillary orders (Chapter 4);- terrorist financing, jurisdiction, penalties and policies and procedures involved in the seizure/forfeiture of terrorist property (Chapter 5);- current measures to reduce the money laundering risks associated with politically exposed persons (Chapter 6);- innovative methods to reduce the money laundering risks associated with private banking accounts (Chapter 7);- strategic measures that meet the goal of financial inclusion (that is, preserving innovation and the many legitimate uses and societal benefits offered by prepaid cards) without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system (Chapter 8);- calculated processes to prevent the smuggling of the proceeds of crime overseas for the purpose of avoiding the reach of law enforcement agencies (Chapter 9);- complete understanding of the role and responsibilities of the compliance officer (Chapter 10);- timely procedures for combating predicate offences for money laundering-e.g. modern slavery (Chapter 11), the offence of bribery (Chapter 12), fraud (Chapter 13) and tax evasion (Chapter 14);- authorized measures for freezing or seizing property laundered or proceeds from instrumentalities used in, or intended for use in, money laundering or predicate offences (Chapter 15 and Chapter 16);- conscientious assistance that helps firms gain confidence that their customer due diligence obligations have been properly carried out (Chapter 17);- institutional record keeping maintenance (Chapter 18).

Author Biography

Ehi Eric Esoimeme has a clear ability to interpret and explain complex or substantive anti-money laundering and related legislation into clear and understandable language, but not oversimplifying the topics (as many texts do). Full learning value emits from Ehi's works and is of immense support to both law and industry practitioners. Ehi Eric Esoimeme's academic record and suitability is, beyond doubt, of a very high standard. When measured in academic terms, Ehi demonstrates subject-matter expertise with a balance of strong legal knowledge and practical commentary and handling of the topics. He references his work appropriately (using the Harvard system), and his publications and works are fully indexed. Acknowledgements and quotations are correctly attributed. Given also that Ehi's works are published before the legal and financial industry professions, the formal academic requirements standards in this regard are well met. Ehi has keen analytical skills and has an ability when reviewing the law and the stated cases to fill in the learning gaps left by the parties and provide thorough and discursive commentary on the cases, thereby making a rare contribution by expanding the knowledge and understanding of vital precedent cases in English law (which are merely listed and accounted in case or legal textbooks), and he most confidently commits to structuring and explaining his rationale to go to open publication, whereby most legal authors and commentators prefer to "stay on the fence" to quote a phrase. Ehi shows a confidence to balance his knowledge with practical and cogent argument and reasoning. His review of jurisdictional legislation and related judicial powers shows a flexible approach and makes key connections with local/national provisions and affecting issues. Ehi's impressive record of publications demonstrates perseverance in achieving objectives. Combined with his professionalism and project management competence, Ehi remains focused on his objectives and produces quality outcomes. Equally, his professional role in his publishing company demonstrates his professional competences of standards, relationship building, and his commitment to keeping up with modern challenges in combating money laundering, corruption, et al.