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Common Law Model on Anti-money Laundering (AML) and Combating the Financing of Terrorism (CFT) Laws

Document Cited in Related
Vincent
AuthorCommonwealth Secretariat
Pages397-398

Page 397

  1. In view of the changing global security scenario and novel strategies adopted by terrorists from time to time, the Commonwealth Secretariat, jointly with the UNODC, IMF and the World Bank, is currently drafting model legislative provisions on Money Laundering and the Financing of Terrorism. In October 2004 work began on drafting a model law for common law jurisdictions that reflects the revised Recommendations (40+9) of the Financial Action Task Force (FATF). In January 2005 a drafting group was formed consisting of legal, law enforcement, and financial sector experts from the participating institutions with assistance from legal practitioners in the United Kingdom.

  2. A second group not involving the Commonwealth Secretariat has been drafting parallel civil law model legislative provisions. This drafting group consists of experts from the IMF, World Bank, UNODC, the Inter-American Drug Abuse Control Commission (CICAD) of the Organisation of American States and two European financial intelligence units.

  3. Participants in the common law drafting group agreed to prepare a single joint model acceptable to the entire group, and that the draft be written in a comprehensive manner in plain English that could be adapted for use in a variety of common law jurisdictions. In addition, they agreed that the common and civil law models should be consistent with each other to the extent possible, given the differences in the two systems.

  4. The first meeting of the drafting group was hosted by the Commonwealth Secretariat at Marlborough House in London in January 2005. The second and third meetings were hosted by the IMF at the Joint Vienna Institute in Vienna, Austria, in April and July 2005.

  5. The draft AML/CFT model legislative provisions cover the following areas:

    * Customer Due Diligence (CDD)

    * Record-Keeping

    * Submission of Suspicious Transaction Reports (STRs)

    * Formation and powers of a Financial Intelligence Unit (FIU)

    * Inclusion of 'Designated Non-Financial Businesses and Professions (DNFBPs)' in the AML/CFT framework

  6. In addition, the model...

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