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NCJRS Abstract

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NCJ Number: 160758 Find in a Library
Title: Protecting the Integrity of the Financial System (From The Regulation and Prevention of Economic Crime Internationally, P 191-194, 1995, Jonathan Reuvid, ed. -- See NCJ-160747)
Author(s): J Reuvid
Date Published: 1995
Page Count: 4
Sponsoring Agency: Kogan Page Ltd
London, N1 9JN, England
Sale Source: Kogan Page Ltd
120 Pentonville Road
London, N1 9JN,
United Kingdom
Type: Legislation/Policy Analysis
Language: English
Country: United Kingdom
Annotation: This chapter examines various issues associated with anti- money laundering policies designed to protect the transparency and integrity of the economic and financial systems.
Abstract: The main motivation for banks and financial institutions to cooperate with law enforcers is based on the maintenance of reputation. Another aspect of the relationship between banks and other financial institutions with law enforcement agencies and the entire anti-money laundering system is the cost burden on banks of competing with reporting procedures. In effect, the achievement of transparency can reduce the efficiency of financial systems so that competition between banks and financial systems having these costly controls and banks and financial systems of countries that tolerate or even enforce banking secrecy is unequal. Since criminal operators search out locations where banking secrecy is high, the only way to attack criminal organizations and promote transparency simultaneously is to harmonize equal criteria for both controls and transparency between countries worldwide. Investigations into the Bank of Credit and Commerce International (BCCI) confirmed how the international payments system was used by money laundering networks and demonstrated the need to modify bank secrecy laws so that responses to investigating law enforcement agencies may be coordinated internationally.
Main Term(s): Criminology
Index Term(s): International Law Enforcement Cooperation; Money laundering; Organized crime; White collar crime
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