Suspending Suspicious Transactions

Suspending Suspicious Transactions

Author: 
Stroligo, Klaudijo
Place: 
Washington, D. C.
Publisher: 
World Bank Group
Date published: 
2013
Record type: 
Responsibility: 
Intscher, Horst, jt. author
Davis-Crockwell, Susan, jt. author
Abstract: 

Seizure and confiscation of proceeds of crime, and funds intended to finance terrorism, are key objectives of the global initiative to combat money laundering and terrorism financing. The timely identification and immobilization of such funds are critical to permit the action necessary to prevent the flight of illicit assets beyond the reach of national law enforcement and prosecutorial authorities. Among the measures and tools that have been developed is the power for Financial Intelligence Units (FIUs) to order the postponement of transactions involving funds suspected of being related to money laundering or terrorism financing. This power has been given to a significant number of FIUs, but is not a mandatory element of the international anti-money laundering and countering terrorist financing standards.

Language: 

CITATION: Stroligo, Klaudijo. Suspending Suspicious Transactions . Washington, D. C. : World Bank Group , 2013. - Available at: https://library.au.int/suspending-suspicious-transactions