Electronic Trade and Money Laundering

Electronic commerce and money laundering e-commerce - Features and expectations e-commerce is a reality that promises and prompts rapid and exponential growth. For a long time its ongoing improvement and ongoing innovation in electronic payment are particularly important for regulators, as they may have opportunities for money laundering opportunities and regulatory systems that these new tools can provide I am widely interested in what I have to do. development of

Trade-based money laundering: This includes underestimating or overestimating the invoice to hide currency flows. For example, due to some unique aspects of art such as the subjective value of art and the confidentiality of identity with auction house buyers and sellers, art market is an ideal tool for money laundering It has been condemned. Shell and trust company: trust and shell company camouflage real money owner. According to the jurisdiction the trust and corporate vehicles do not need to disclose the true owner. Sometimes called a slang glass hole, this term usually refers to a person who is not a business entity but a fictitious owner.

Anti-money laundering (AML) is primarily used in the financial and legal industries to account for legal controls requiring financial institutions and other regulators to prevent, detect, and report on money laundering practices It is a term used for. With the establishment of the Financial Action Task Force (FATF) and the promulgation of the international anti-money laundering prevention standards framework, the anti-money laundering guidelines are widely noticed worldwide. After the FATF has begun to publicly identify the countries where the Anti-Money Laundering Law and international cooperation is lacking, these standards came to be called "more relevant" in 2000 and 2001 It was.

The Financial Action Task Force (FATF) founded in 1989 by the G - 7 is an intergovernmental organization whose purpose is to develop and promote international correspondence to fight money laundering. The FATF secretariat is in OECD headquarters in Paris. In October 2001, the special agency expanded its mission including the fight against the provision of terrorist financing. FATF is a decision-making body that regulates laws, finance and law enforcement experts, enforces domestic laws and regulates money laundering prevention and CFT reform. As of 2014, its members include 36 countries and regions and 2 regional organizations. FATF cooperates with many international organizations and organizations. Although these organizations have an observer status with respect to FATF, voting is not permitted but permission to full participation in plenary sessions and working groups is permitted