Billy's Home Page | A Brief History | What is Money Laundering? | How Big is the Problem? | The Money Laundering Process | Stages of the Process | Money Laundering Methods | How Can We Prevent It? | Effects on Financial Institutions | Business Areas Prone To Money Laundering | UK Legislation | Money Laundering Offences | International Initiatives | The Future | Conclusions | Recommendations
Money Laundering - Recommendations
by Billy Steel
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A Brief History
What is Money Laundering?
How Big is the Problem?
The Money Laundering Process
Stages of the Process
Money Laundering Methods
How Can We Prevent It?
Effects on Financial Institutions
Business Areas Prone To Money Laundering
Money Laundering Offences
Based on the detailed research I have carried out I now make the following recommendations;
We must continue to work with - and strengthen - our international partnerships, and maintain strong ties with our counterparts in the financial centres of the world. We must urge all countries to ratify the U. N. Convention and to pass more effective money laundering and forfeiture laws. Above all, we must continue to identify the points where the money is most vulnerable and identify what we can do to separate criminals from their ill-gotten gains.
Launderers have a list popularly called a "shopping list" which they use to size up specific opportunities when searching for jurisdictions to use. Knowing what is on this list can give rise to specific measures for countries to adopt to fight money laundering. These measures are a natural progression for countries who have the political will to combat this insidious crime.
By implementing the recommendations above, the authorities should further strengthen the fight against the money launderer and show them that there is no place to hide.
However, there will have to be political impetus to crystallise strong co-ordinated overall international action, and to define the best way to associate other countries, including drug-producing countries, to the fight against money laundering.
Copyright © 1998/2006 Billy Steel. All rights reserved.