anti money laundry
You are AML(Anti money laundry) consultant who has been contracted to advise a newly regulated firm operating in banking sector and to be in Oman Senior management team requires an independent assessment of the legal and regulatory requirement and industry practice in respect of the AML terrorist Finance risk areas to which the firm is subject Senior management team have asked you to initially produce a briefing paper for them designed to improve their understanding and knowledge of the same of Key in Anti money laundry and terrorist Finance issue.
The briefing paper should cover the following areas:
Identify the meaning of Anti money laundry, and when it was establish , and why is important for the country
1- Why it is necessary to understand and take cognizance of the work of bodies such as the Financial Action Task Force (FATF) and in particular to explain the value of the FATF 40 recommendation
Fist we should identify and explain FATF? why the FATF is important for organization ? the goal of FATF ? What is the value of FATF 40 recommendation or the benefit of FATF ?
The attached FATF recommendation
2- Whether there are issue around the firm accepting funds from customers that have originated from tax evasion , tax avoidance and tax management. ? The difference between tax evasion , tax avoidance and tax management.
And are they accept in banking sector 3- The difference between money laundry and terrorist Finance from the perspective of designing prevention measures to be implemented by the firm
The difference between them
How we can prevent them in banking sector Guidance:
The assignment should be introduction and body and conclusion Word count should be between 2500-3500