offence of Terrorist Financing (TF) was established by the Criminal Justice (Terrorist Offences) Act (2005) and TFoffences are also predicate offences for ML. The TFoffence is criminalised in accordance with the provisions of the UN Convention for the Suppression of TF and UN S/RES/1373 (2001). The TFoffence, however, does not currently cover the funding of a single terrorist or two terrorists acting in concert.
10. Between 2001 and 2004 inclusive, 15 people were charged with ML and 8 people have been convicted. Sentences being handed down on conviction generally
and the number of confiscations is relatively low. While legislative provisions have been enacted for confiscation of the proceeds of TF, these provisions are not yet in force.
3. Hong Kong’s financial intelligence unit is effective and is the focal point for Hong Kong’s law enforcement efforts to combat ML and TF. It and other competent authorities have been designated responsibility for investigation and prosecution of ML and TFoffences. Measures for domestic and international co-operation are generally effective.
4. The preventive system addresses customer
been agreed by the FATF and Portugal, but do not necessarily reflect the views of the Boards of the IMF or World Bank.
2. The Portuguese legal framework for combating money laundering and terrorist financing is generally comprehensive. The ML offence is broad in scope and in accordance with the UN Vienna and Palermo Conventions. The TFoffences are broadly satisfactory, although they do not appear to cover autonomously acts of the financing of an individual terrorist (that is not related to a terrorist group). The Portuguese confiscation and
This report describes Portugal's observance of Standards and Codes on the Financial Action Task Force Recommendations for Anti-Money Laundering and combating the financing of terrorism. The Portuguese legal framework for combating money laundering (ML) and terrorist financing is generally comprehensive. The ML offence is broad in scope and in accordance with the UN Vienna and Palermo Conventions. Statistics on prosecutions for money laundering and terrorist financing, as well as related confiscation data, are maintained by Portuguese authorities.
This report discusses the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Ireland. The report provides a summary of the AML/CFT measures in place in Ireland as at July 2005, analyzes those measures, and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Ireland’s levels of compliance with the FATF 40 Recommendations.
This report on the Observance of Standards and Codes on the Financial Action Task Force (FATF) on money laundering (ML) recommendations discusses antimoney laundering and combating the financing of terrorism for the People’s Republic of China (PRC). Hong Kong has a good legal structure to combat ML and terrorist financing (TF). The laundering of drug proceeds has declined and is increasingly derived from trafficking for domestic use. Hong Kong has implemented the provisions of the Vienna and Palermo Conventions, but shortcomings exist in implementation of the Terrorist Financing Convention.
This paper discusses assessment results on the observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for Paraguay. The assessment reveals that the substantial U.S. dollar contraband trade that occurs on the borders shared with Argentina and Brazil facilitates money laundering in Paraguay. Achievements in the implementation of Paraguay’s AML framework remain modest since the criminalization of the money laundering offence in 1996. The level of implementation and compliance with respect to the FATF recommendations is low in the financial sector.
This report reviews observance of Standards and Codes for the Financial Action Task Force (FATF) 40+9 Recommendations and the Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Finland. The report describes the level of compliance with the FATF 40+9 Recommendations, and contains recommendations on how the AML/CFT system could be strengthened. The report reveals that Finland has a good legal structure to combat money laundering and terrorist financing.