The Financial Monitoring Committee of the Ministry of Finance of the Republic of Kazakhstan and Financial Intelligence Units of the EAG member states study "Structural analysis of the financial flows associated with cashing, aimed at commission of offenses and money laundering".
For the majority of EAG member-states cashing is the urgent problem today, as uncontrolled money creates conditions for growth of the shadow economy and corruption.
Money, designed to unreasonable cashing in a large volume, is the result of commission of different offenses, such as embezzlement of entrusted property (embezzlement of public funds), corrupt activities to get bribes and avoid paying taxes by economic entities.
Bogus firms use many instruments to make money legally. Money is arrived in the account legally from the real organizers of the fraud. In the future these firms "dissolved" and the organizers do not make any claims to them for non-execution of the contracts.
Organization of the schemes of cashing in of criminal money includes the principle of priority use of the banking system.
Financial intelligence units have the potential to find the financial flows associated with cashing, aimed at commission of offenses and money laundering by means of analytical processing of information of financial transactions.
The main directions of the study are:
- determination of the typologies of the identified financial flows associated with cashing, aimed at commission of offenses and money laundering;
- finding vulnerable spots in work of the banks, non-bank financial institutions that need greater attention in terms of the risks of performance of transactions having ML/FT;
- consideration of preventive measures, designed to counteraction to cashing in of criminal money.
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