Current changes on Money Launderign and Financing of Terrorism - Typologies - 07-12-2020 - 15.00-16.30
24 November at 14 h 00 min - 15 h 30 min
Money Laundering and Financing of Terrorism are like the two sides of a coin. Both terms are mostly mentioned together. But what is their relation, what are the differences and the similarities. Both are involved in “money” and in “transferring” and “moving” money. But both are disruptive in our society and in our financial and commercial environment. Though both are very difficult to detect, there are some signs, say “typologies” which are characteristic. There are hundreds of such “typologies” or “techniques” which are being used to launder money and finance terrorism. It is therefore a must to bring some order in these typologies and make categories. What are now these “categories”? First of all we should make a difference between two parts in the world: the “financially included part” and the “financially excluded part” of the world. Both parts have their own particular way of moving money and thus of laundering of money and financing of terrorism. This presentation will try to make this differentiation of money laundering typologies and financing of terrorism typologies. Another important issue in money launder and financing of terrorism is: what is the origin of the funds and how are these funds being moved in order to mislead the authorities. A short analysis will be made of the different types of crime which are producing the illegal proceeds that are being laundered and that are being used to finance terrorism. As an example three types of organized financial crime will be discussed which are blockbusters at the actual time. Furthermore the AML-reporting and investigating track will be handled. At the end of the presentation one will be able to understand the process of ML / FT and to discuss the most important AML / CFT-typologies.