The Law Enforcement, Organized Crime and Anti-Money-Laundering Unit Objectives of the Global Programme against Money-Laundering, Proceeds of Crime and the Financing of Terrorism.
Within the context of United Nations standards, the Global Programme against Money-Laundering, Proceeds of Crime and the Financing of Terrorism aims:
- To assist in the achievement of the objective set up by the General Assembly at its twentieth special session for all States to adopt legislation that gives effect to the universal legal instruments against money-laundering and countering the financing of terrorism
- To equip States with the necessary knowledge, means and expertise to implement national legislation and the provisions contained in the measures for countering money-laundering adopted by the General Assembly at its twentieth special session
- To strengthen the legal, financial and operational capacities of beneficiary States to deal effectively with money-laundering and the financing of terrorism
Money-Laundering
Money is the prime reason for engaging in almost any type of criminal activity. Money-laundering is the method by which criminals disguise the illegal origins of their wealth and protect their asset bases, so as to avoid the suspicion of law enforcement agencies and prevent leaving a trail of incriminating evidence.
Terrorists and terrorist organizations also rely on money to sustain themselves and to carry out terrorist acts. Money for terrorists is derived from a wide variety of sources. While terrorists are not greatly concerned with disguising the origin of money, they are concerned with concealing its destination and the purpose for which it has been collected. Terrorists and terrorist organizations therefore employ techniques similar to those used by money launderers to hide their money.
The ability to prevent and detect money-laundering is a highly effective means of identifying criminals and terrorists and the underlying activity from which money is derived. The application of intelligence and investigative techniques can be one way of detecting and disrupting the activities of terrorists and terrorist organizations.
Because they deal with other people's money, financial institutions rely on a reputation for probity and integrity. A financial institution found to have assisted in laundering money will be shunned by legitimate enterprises. An international financial centre that is used for money-laundering can become an ideal financial haven. Developing countries that attract "dirty money" as a short-term engine of growth can find it difficult, as a consequence, to attract the kind of solid long-term foreign direct investment that is based on stable conditions and good governance, and that can help them sustain development and promote long-term growth. Money-laundering can erode a nation's economy by changing the demand for cash, making interest and exchange rates more volatile, and by causing high inflation in countries where criminals are doing business.
Most disturbing of all, money-laundering fuels corruption and organized crime. Corrupt public officials need to be able to launder bribes, kick-backs, public funds and, on occasion, even development loans from international financial institutions. Organized criminal groups need to be able to launder the proceeds of drug trafficking and commodity smuggling. Terrorist groups use money-laundering channels to get cash to buy arms. The social consequences of allowing these groups to launder money can be disastrous. Taking the proceeds of crimes from corrupt public officials, traffickers and organized crime groups is one of the best ways to stop criminals in their tracks.
Criminals are now taking advantage of the globalization of the world economy by transferring funds quickly across international borders.
International Money-Laundering Information Network (IMoLIN)/Anti-Money-Laundering International Database (AMLID)
The International Money-Laundering Information Network (IMoLIN), a one-stop anti-money-laundering/countering the financing of terrorism (AML/CFT) research resource, was established in 1998 by the United Nations on behalf of a partnership of international organizations involved in AML/CFT. The Law Enforcement, Organized Crime and Anti-Money-Laundering Unit (LEOCMLU) of the United Nations Office on Drugs and Crime now administers and maintains IMoLIN on behalf of the Asia Pacific Group on Money-Laundering (APG), Caribbean Financial Action Task Force (CFATF), Commonwealth Secretariat, Council of Europe - MONEYVAL, Eurasian Group (EAG), Eastern and Southern Africa Anti-Money-Laundering Group (ESAAMLG), Financial Action Task Force (FATF), Financial Action Task Force on Money-Laundering in South America (GAFISUD), Inter-governmental Action Group Against Money Laundering and Terrorist Financing in West Africa (GIABA), INTERPOL and the Organization of American States (OAS/CICAD). In the first half of 2004, AMLU relaunched IMoLIN, after completing an extensive renovation of the site's 'look and feel' and its content, in collaboration with IT Section.
Questions:
- Does your country have this problem? If yes explain
- Is your country affected even though they do not have this particular problem?
- What is your country opinion on this problem?
- What are some possible solutions to the problem?
- Does your country need help of other countries to solve this problem?
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