Implementation Of The Greek Regulatory Framework Against Money Laundering

* “…regularly sent and received wire transfers to and from other countries…transactions were always below the limit that triggered the bank’s reporting requirements.”

There are various categories of banking; these include retail banking, directly dealing with small businesses and persons. Commercial and Corporate banking which offers services to medium and large businesses (Koch & MacDonald 2010). Private banking, deals with individuals, offering them one on one service. The last category is investment banking. These help clients to raise capital and often invest in financial markets. Most global banking institutions provide all these services combined. With all these institutions in existence within the same localities and offering similar services, there is a need to regulate the industry so as to protect the consumer and provide fair working environment for all banks (Du & Girma, 2011).

In this essay I am going to discuss the effects of shadow banking on the recent financial crisis of 2007-8. Shadow banking was one of the major causes of the financial crisis since it was the subprime mortgages which was the first trigger of the collapse in the banking system. Through this essay I am to achieve a detailed analysis of why the shadow banking was one of the causes in the financial crisis and why was it not prevented by any regulation enforced. The basis of shadow banking system is that it occurs when financial intermediaries conduct transformation of maturity, credit and liquidity without having access to the central bank liquidity guarantees or even public sector credit. Maturity transformation: obtaining short-term funds to

Discussing the political factors influencing operation of the banks in the national, local and regional levels and legislation, it should be mentioned that banks have always been to a certain degree regulated by the government (Benston, 2000). For example, government determines the fraction of reserves that a commercial bank should keep with

We wish to present to you a research report regarding commercial banks and new capital regulation prepared through collective collaboration between members of group 26.

The degree to which tax evasion and money laundering have been investigated in recent years, the validity of having such secrecy has been questioned again. In 2003 the European Union reached an agreement to phase out banking secrecy, but in fears that the clients will withdraw funds and deposit them in Switzerland, “the three member nations that have secrecy laws, Belgium, Luxemburg, and Austria, would be permitted to keep those laws so long as Switzerland does” (Meller & Langley, 2003). The EU countries, banks will be held to withholding a 15% tax on the earnings of account holders.

The term “shadow banking” is one that is used by banking regulators, the media and academics especially when coming up with explanations for the financial crisis of 2007-2008. It has become a rallying point for international reform efforts aimed at the unregulated nonbank financial activities which have potential to destabilize the global financial system1.However on closer examination it is apparent that not only does shadow banking subsist predominantly within the regulated banking system2, it also in another

This report provides a high-level overview for the risk committee on how UK based International Banks are exposed to risks in relation to international sanctions. It focuses on the banks responsibilities and legal obligations to comply with both UK and international sanctions and outlines the consequences if obligations are not met.

Until all illegal activity ceases worldwide, there will always be a need for money laundering services. While there is no way of knowing when the first case of money laundering occurred, countries all over the world have been trying to fight this issue for at least the last 40 years. As soon as a new technique comes out into the public, countries write laws that try to prohibit that behavior. Unfortunately, there is no one-stop fix for this international dilemma because new creative ideas come to fruition every day. No other idea or technology has influenced the illegal washing of money like the internet in the last 25 years. This essay will attempt to conclude the influence of the internet by looking at three separate money-laundering activities such as banking institutions, money transfer systems, and online currency. Defining Money Laundering

In todays world there are so many different ways to commit a crime. You might not even realize it, that it could be a family member or even a really close friend committing these crimes. I am talking about a white collard crime called Money laundering. Have you ever wondered what Money laundering really is? With this research paper, you will get a chance to finally learn what it really is all about. You will get an inside look into Money laundering. From their we will learn about the types of people that commit this type of crime and why. Then we will look into how they ended up getting caught. After that we will take a look into all the cases against the people and corporations that were caught red-handed laundering money.

“Money laundering”, is a term that is often used in association with illegal activities, especially in terms of terrorist actions. Many news reports in televisions and newspapers have used the term money laundering but still, the general public do not have enough knowledge of what money laundering is and the corresponding effects upon society. In line with this, there is also a need to further study the processes that are involved in money laundering in order to properly address the aforementioned illegal action. Being the case, there is a need to define the term money laundering and its relevance to important social issues. Moreover, due attention should also be given in the ways or means by which money laundering can be efficiently

The overall objective of this review is to provide opinion on the effectiveness of the Company’s internal controls over Anti Money Laundering risk management systems and reporting following concerns identified by Compliance over the efficacy of those controls. This report has been produced to enable Senior Management to assess current risk. This guidance promulgates an approach by which management can conduct a top-down, risk-based evaluation of internal systems and controls. An evaluation that complies with this report is one way to satisfy the evaluation requirements of Rule 3.2.6 of the SYSC sourcebook of the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) Handbooks. Appendix 1

Crime and corruption within the global banking systems are on an exponential rise with no end in site. It is such a systemic problem that the global community has begun to desensitize itself to bank corruption. These extraordinary acts of immoral behavior are now an expected way of life when it comes to bearing witness to banking activities. There is a deep-seated culture with a decline in ethics that run the world’s banks which is compounded by the deliberate disregard to law, regulation and public trust. “Banks have done more injury to the religion, morality, tranquility, prosperity, and even wealth of the nation than they can have done or ever will do good.” - John Adams

“The banking system of the Netherlands includes the central bank as a major financial institution in the country and numerous commercial, mortgage, savings and other banks” (banknetherlands.com, n.d.). The earliest form of a recorded banking system within the Netherlands commenced in 1814 with the launch of the Bank of the Netherlands, translation for De Nederlandsche Bank (DNB). This bank’s headquarters is located in the city of Amsterdam. The primary function of this bank is to establish both the fiscal and operational supervision of the other accredited registered financial institutions within the country (banknetherlands.com, n.d.). ABN AMRO a bank that was mentioned earlier in this paper is one of the Netherland’s more prodigious banks. With respect to total assets ABN AMRO, “ranks eighth in Europe and the thirteenth in the world. The Bank has 4500 branches in 53 countries and employs more than 105 thousand people. The bank’s total assets amounted to EUR 1,120,100,000” (banknetherlands.com, n.d.). Now, this essay will concern itself with the safety of this nation’s banking institutions.

Over a long period of time, corruption has been the focal point of every government, media and academics globally. Through money laundering, proceeds of crime can be disguised. Proceeds of crime can simply be put as money earned from profit-oriented crime. The methods used are many and highly complicated. Corruption is one of the organised crime which is said to be primarily associated with the laundering of proceeds through money laundering. Technological tools accord further chances for individuals to employ money laundering as a process of ‘cleaning up’ dirty money and obscure the trail leading back to the underlying crime.