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Chapters

Preface

s. I

Abbreviations

s. XIII

Chapter I - Introduction

s. 1

I.Area of research and arguments

s. 1

II.Key concepts

s. 5

A.Economic crime and economic criminal

s. 5

B.Suspicious transaction reports and other types of reports

s. 6

1.Suspicious Transaction Reports and Suspicious Activity Reports

s. 6

2.Threshold reports

s. 7

Chapter II - Banking industry and money launderers

s. 9

I.Introduction

s. 9

II.Confiscation measures and the offence of money laundering

s. 10

A.Confiscation measures

s. 10

B.The offence of money laundering

s. 14

1.A short history of the offence of money laundering

s. 14

2.Definition and justification of the offence of money laundering

s. 18

C.Follow the money approach

s. 22

D.Reaction of the economic criminals

s. 23

III.Banking business as the target of money launderers

s. 26

A.The extent to which money launderers threaten the banking industry

s. 26

B.The reason why the banking industry is threatened by money launderers

s. 29

1.What do money launderers need to develop hard-to-detect money laundering schemes?

s. 29

2.What can the banking industry offer money launderers?

s. 33

a.Banking institutions provide financial products and services needed by money launderers

s. 33

b.Banking staff involve financial and legal experts who work with a strong confidentiality culture

s. 36

Chapter III - Banks as the Private Policemen of the Financial Sphere : the Suspicious Transaction Reports Regime

s. 41

I.Introduction

s. 41

II.Banks as the private policemen of the financial sphere

s. 42

A.Historical overview of the banks’ place in the fight against economic crime

s. 42

1.From hands-off approach to private policeman duties and privileges

s. 42

a.Early 20th century

s. 42

b.From the 1960s onward

s. 44

2.From rule-based and case-based approaches to a risk-based-approach

s. 46

B.The FATF’s STRs regime related recommendations

s. 48

1.Evolution of the FATF’s STRs regime related recommendations

s. 48

2.Financial institutions’ duty of reporting and the FATF’s recommendations

s. 50

a.The FATF’s recommendation 20 : Reporting of suspicious transactions

s. 50

b.The FATF’s recommendation 3 : the offence of money laundering

s. 54

c.The FATF’s recommendation 21: Prohibition of tipping off

s. 55

3.Rules that protect reporters from criminal and civil liability

s. 57

C.Customer Due Diligence and record keeping measures supporting the STRs regime

s. 59

1.When are banks required to apply CDD measures?

s. 61

2.What is the content of the CDD measures?

s. 62

III.Necessity and proportionality of the FATF’s STRs related recommendations

s. 64

List of References

s. 73

Banks and Money Laundering : The Suspicious Transactions Reports Regime in the FATF's Recommendations