NCJ Number
201631
Date Published
2002
Length
0 pages
Annotation
This CD-ROM offers a symposium on money laundering developed by the Australian Institute of Criminology.
Abstract
The CD-ROM begins with an introduction by the Director of the Australian Institute of Criminology, who explains that the contents of the CD-ROM are meant to be used as a resource kit to the detection and prevention of money laundering on the global market. Part 1 offers an introduction to the concept of money laundering and explains that the purpose of laundering money is to essentially hide illegally obtained money in legal ventures to reduce the risk of seizure and forfeiture. Part 2, entitled “Global response and the money trail,” examines the legislative framework for money laundering and how it evolved into its current incarnation. The emphasis is on recent developments in the United States and recent initiatives of lawmakers in the United Kingdom. Work done by international bodies such as the Organization for Economic Cooperation and Development's (OECD's) Financial Action Task Force (FATF) is also reviewed. In particular, the latter's package of 40 resolutions designed to combat international money laundering is closely examined. Part 3, entitled “Risk management and reputation,” offers a summary of specific United States, United Kingdom, and Australian legislation that targets money laundering both pre- and post-September 11th. Recommendations from the United States Treasury's Financial Crimes Enforcement Network (FinCEN), which address the criminal elements associated with money laundering in addition to the crime of money laundering itself, are reviewed. Part 4, entitled, “Best practice and deterrence,” discusses the money laundering issue from a pragmatic perspective. This section explores whether the overall strategies proposed to combat money laundering improperly transgress individual freedoms, especially concerning commercial activities. Part 5, entitled, “Scenario analysis and prevention,” looks at the processes involved in formulating an effective strategy for financial institutions in light of recent legislative changes. This section explores likely scenarios facing financial intermediaries. Finally, part 6, entitled “Operational imperatives and technology,” focuses on new computational intelligent anti-ML techniques. New software programs promise benefits that have not been possible using traditional software programs. Specifically, this section examines the use of new data mining techniques, such as neural nets, and other methods, such as fuzzy logic, to help law enforcement agencies discern patterns of activity suggestive of criminal intent. The CD-ROM also contains a listing of additional resources.