Fight against capital laundry and terrorism financing

After 2002, IMF and the World Bank intensified the assessments regarding the fight against capital laundry and terrorism financing. The assessments for the offshore centers involve from now on a shield committed to the fight against money laundry and terrorism financing. The mission of offshore financial centers assessment allowed to raise certain points in drawing the national

⁸ Which are: Andorra, Anquilla, Aruba, Barbade, Belize, Iles Vierges britaniques, Costa Rica, Chypre, Gibraltar, Guernsey, Ile de Man, Jersey, Labuan (Malaesic), Lichtenstein, Macao, SAR, Luxemburg, Iles Marshall, Monserrat, Antilles neerlandaises, Polau, Panama, Sarura, Seychelles, Swiss, Bahamas, Vanuatu.

authorities intentions, of objective recommendations. Among the elements highlighted by the assessment, there are: the failure of the juridical frame and lack of efficiency against money laundry.

The most important lack of compatibility with the principles FATF HO + 8 standards is the surveillance weakness. The field whose demand is a control restatement belongs to the cooperative inter-agencies (home and cross-border) and the terrorism financing crime. The countries have the duty to take measures to reform the devices for fight against capital laundry and terrorism financing. The IMF action plan resorts to paying more attention to this fight, by consulting art. IV. But the quality and the effectiveness of the fight against terrorism financing were questioned.

IMF supports the jurisdictions by technical expertise and regulations and law forming drawing and enforcement.

The great countries can agree on taking some discriminating measures against the centers which don’t follow the norms, for instance in the fiscal or financial field (market access, norms for inherent funds and special waivers).

The launched CFO assessment program was drawn to carry out two stages of achievement. The IMF managers decided that a second stage contains 4 elements:

· permanent surveillance of the CFO activities and standards conformity;

· surveillance system and CFO activities transparency;

· technical expertise development;

· increased collaboration among the organisms fixed by the norms and national and extraterritorial control bodies.

The existent weak points are still in more fields, such as:

· fight against capital laundry and terrorism financing;

· cross-border cooperation;

· exchange of information between jurisdictions.

The detection of the weak points supports the priority definition for future assessments.

Date: 2014-12-29; view: 1007