Click here to download the Anti-money laundering 2019 report, published by Getting the Deal Through.

Jurisdictions covered

The following 15 jurisdictions are covered in this report:

Australia; Brazil; France; Greece; Hong Kong; India; Italy; Japan; Korea; Nigeria; Russia; Singapore; Switzerland; United Kingdom; United States

Questions

The set of questions relating to the topic of anti-money laundering and answered by the guide for each jurisdiction covered include:

Domestic legislation

• • Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.
• • Describe any specific powers to identify proceeds of crime or to require an explanation as to the source of funds.

Money laundering

• • Which government entities enforce your jurisdiction’s money laundering laws?
• • Can both natural and legal persons be prosecuted for money laundering?
• • What constitutes money laundering?
• • Is there any limitation on the types of assets or transactions that can form the basis of a money laundering offence?
• • Generally, what constitute predicate offences?
• • Are there any codified or common law defences to charges of money laundering?
• • What is the range of outcomes in criminal money laundering cases?
• • Describe any related asset freezing, forfeiture, disgorgement and victim compensation laws.
• • What are the limitation periods governing money laundering prosecutions?
• • Do your jurisdiction’s money laundering laws have extraterritorial reach?

AML requirements for covered institutions and individuals

• • Which government entities enforce your jurisdiction’s AML regime and regulate covered institutions and persons? Do the AML rules provide for ongoing and periodic assessments of covered institutions and persons?
• • Which institutions and persons must carry out AML measures?
• • Do the AML laws in your jurisdiction require covered institutions and persons to implement AML compliance programmes? What are the required elements of such programmes?
• • What constitutes breach of AML duties imposed by the law?
• • Describe due diligence requirements in your jurisdiction’s AML regime.
• • Do your jurisdiction’s AML rules require that covered institutions and persons conduct risk-based analyses? Which high-risk categories are specified?
• • Describe the record keeping and reporting requirements for covered institutions and persons.
• • Describe any privacy laws that affect record keeping requirements, due diligence efforts and information sharing.
• • What is the range of outcomes in AML controversies? What are the possible sanctions for breach of AML laws?
• • What are the limitation periods governing AML matters?
• • Do your jurisdiction’s AML laws have extraterritorial reach?

Civil claims

• • Enumerate and describe the required elements of a civil claim or private right of action against money launderers and covered institutions and persons in breach of AML laws.

International anti-money laundering efforts

• • List your jurisdiction’s memberships of supranational organisations that address money laundering.
• • Give details of any assessments of your jurisdiction’s money laundering regime conducted by virtue of your membership of supranational organisations.
• • Give details of your jurisdiction’s Financial Intelligence Unit (FIU).
• • In which circumstances will your jurisdiction provide mutual legal assistance with respect to money laundering investigations? What are your jurisdiction’s policies and procedures with respect to requests from foreign countries for identifying, freezing and seizing assets?

Update and Trends

• • Describe any national trends in criminal money laundering schemes and enforcement efforts. Describe any national trends in AML enforcement and regulation. Describe current best practices in the compliance arena for companies and financial institutions.