Background
Organized crime and other large highly profitable criminal activities are increasingly being perpetrated on a cross-border basis. This is particularly the case for financial operations where criminals use the open international financial system to benefit from the free movement of capital throughout the world in order to hide the illicit origins of the proceeds of their crime and further their illicit activities.
How can the CEI program help?
This program will focus on “The Forty Recommendations” as set forth by the Financial Action Task Force (FATF). FATF has noted increasingly sophisticated combinations of techniques, such as an increased use of persons to disguise the true ownership and control of illegal proceeds. Government officials and banking executives with responsibilities in this important area will have the opportunity to meet and discuss the subject with U.S. experts and learn how the U.S. banking industry has responded.
Topics to be covered
The key document will be the Forty Recommendations published by FATF. A number of supporting documents and topics will be discussed in detail.
Where will the program travel?
The banking mission will visit U.S. money center banks in New York and Washington. Regional banks in Chicago, Cincinnati, and other cities will also be visited as well as various government offices and institutions. Federal Reserve banks in different locations will also be visited.
Expected Benefits
Participants will gain the information needed to evaluate their own laws, practices, and procedures with respect to fighting money laundering. We expect that the participants will be able make modifications which will bring them into compliance with internationally acceptable practices.
Benefits of a Banking program
The program will visit many different organizations. As a result they will be able to see “best practices” in a number of different states and communities and be able to select those that best meet their needs at home. This is in sharp contrast to using high priced consultants who are not familiar with the industry practices in the home country and do not understand the cultural climate.