International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
<strong>Money</strong> <strong>Launder<strong>in</strong>g</strong>: How it is done?<br />
• Culture of Secrecy<br />
– A culture of secrecy pervades <strong>the</strong> private<br />
bank<strong>in</strong>g <strong>in</strong>dustry. There are layers of secrecy<br />
that private banks and clients rout<strong>in</strong>ely use to<br />
mask accounts and transactions.<br />
• Secrecy Jurisdictions<br />
– Private banks also conduct bus<strong>in</strong>ess <strong>in</strong><br />
secrecy jurisdictions such as Switzerland and<br />
Cayman Islands, which impose crim<strong>in</strong>al<br />
sanctions on <strong>the</strong> disclosure of bank<br />
<strong>in</strong>formation, related to clients.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
Change language