Question
(a) Select your jurisdiction of choice and produce an overview of the national anti- money laundering/counter terrorist financing (AML/CFT) framework in place in that jurisdiction.
Candidates should ensure that they explain:
- The AML/CFT laws in place that lay down the substantive offences of money laundering and terrorist financing and explain and define the nature of predicate offences in the jurisdiction selected
- The rules, regulations or orders that contain the procedural requirements of the law
- Any local and international professional guidance on money laundering issues.
(b) Examine the last Financial Action Task Force (FATF) mutual evaluation on your selected jurisdiction and evaluate the extent to which any recommendations have been taken on board and put into practice in that jurisdiction.
WHERE A MUTUAL EVALUATION HAS BEEN RECENT AND THERE HAS BEEN LITTLE OR NO TIME FOR A RESPONSE IT IS SUFFICIENT FOR CANDIDATES TO COVER THE MAIN RECOMMENDATIONS FROM THE REPORT AND THE DEFECTS WITHIN THE JURISDICTION WHICH THIS HIGHLIGHTS.
(c) Examine the law and regulation in your selected jurisdiction and evaluate the extent to which there is a regulatory duty to report knowledge or suspicion of money laundering. Determine the extent to which the ‘objective' test or ‘reasonable grounds to suspect' principle is embedded and explain fully what these principles means.
Attachment:- About FIU and FATF.rar