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The challenge of global enforcement – fight against money laundering

The challenge of global enforcement – fight against money laundering. Group 1 Presentation. Money Laundering. The phrase "money laundering" covers all procedures to change the identity of illegally obtained money so that it appears to have originated from a legitimate source.

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The challenge of global enforcement – fight against money laundering

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  1. The challenge of global enforcement – fight against money laundering Group 1 Presentation

  2. Money Laundering The phrase "money laundering" covers all procedures to change the identity of illegally obtained money so that it appears to have originated from a legitimate source.

  3. Money Laundering criminals need to conceal the true ownership and origin of the money; they need to control the money; and they need to change the form of the money.

  4. Money Laundering- 3 stages Placement - the physical disposal of cash proceeds derived from illegal activity.

  5. Money Laundering- 3 stages 2. Layering - separating illicit proceeds from their source by creating complex layers of financial transactions designed to disguise the audit trail and provide anonymity.

  6. Money Laundering- 3 stages 3. Integration - If the layering process has succeeded, integration schemes place the laundered proceeds back into the economy in such a way that they re-enter the financial system appearing to be normal business funds.

  7. The legislation on money laundering in Hong Kong • money laundering=criminal offence • 14 years' imprisonment • a maximum fine of HK$5 million

  8. Case 1 money laundering of warez group

  9. Case 1: Warez group • Background: Jacky Chan • Sales and produce warez (Placement) • Money laundering : investment for assets and horse club (Layering ) • Sales the assets (Integration) • A legal money

  10. How to detect dirty money?

  11. Money Laundering by Secured and Unsecured Lending • repay problem loans unexpectedly • refuses to state a purpose of a loan

  12. ‧Money Laundering by Cash Transactions ‧Money Laundering though Bank Accounts

  13. International co-operation • FATF • Communicate , share experience • International Conference • Case---Mr Lai

  14. Prevent Money Laundering internationally FATF

  15. What is FATF? • TheFATF is an inter-governmental body whose purpose is the development and promotion ofnational and international policies to combat money laundering and terrorist financing.

  16. What’s FATF do? • (1) Setting standards for national anti-money laundering and counter terrorist financing programmes; • (2) evaluating the degree to which countries have implemented measures that meet those standards; and • (3) identifying and studying money laundering and terrorist financing methods and trends

  17. Any’s members? • The FATF membership is currently made up of thirty-one countries and territories and two regional organizations. • E.g. Japan, Italy, Hong Kong, Argentina, France, Germany, Mexico, USA, UK

  18. The FATF also works in close co-operation with a number of international and regional bodies involved in combating money laundering and terrorist financing. • E.g. Asia / Pacific Group on Money Laundering (APG)

  19. Public Promotion HKMA and The Hong Kong Police Force had made an TV advertisement. Have you seen it before? • Video

  20. Thank you!

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