Scholarly record
CROATIAN PERSPECTIVE OF SUSPICIOUS TRANSACTIONS IN A FRAMEWORK OF ANTI-MONEY LAUNDERING SYSTEM
Abstract
This article highlights certain issues related to the multiple meaning of the term suspicious transaction and its complex nature. Following the basic international definitions of suspicious transactions, national legislations try to adjust them to domestic conditions. The results of selected legislative frameworks are presented through the statistical analysis of three Western European countries and the Republic of Croatia. The statistical analysis of the reversal which happened in suspicious transactions reporting aims at highlighting the importance of suspicious transactions in interrelations between reporting entities and Financial Intelligence Units and emphasizing their role in further proceedings related to reports when there is a suspicion of money laundering and/or terrorism financing. The results confirms that The Republic of Croatia is still in the process of seeking the most effective system of money laundering prevention emphasizing the importance of suspicious transactions and made them a basis for recent legal regulation.
Publication Impact Profile
Publication details
References15
Parkman, T. 2012. Mastering Anti-Money Laundering and Counter-Terrorist financing, FT Press, Great Britain, p. 204.
Commonwealth Secretariat, 2006, Combating Money Laundering and Terrorist Financing: A Model of Best Practice for the Financial Sector, the Professions and Other Designated Business, Commonwealth Secretariat, London, p. 138.
Schott, P., A. 2004. Reference Guide to Anti-Money Laundering and Combating the Financing of Terrorism, The World Bank, Washington, VI 19.
Mitsilegas, V. 2003. Money Laundering Counter-Measures in the European Union: A New Paradigm of Security Governance Versus Fundamental Legal Principles (European Business Law and Practice), Kluwer Law International, The Hague, Netherlands, 72-73.
Esoimeme, E., E. 2015. The Risk-Based Approach to Combating Money laundering and Terrorist Financing, Eric Press, New York, p. 158.
Cindori, S. 2010. Anti-Money laundering system (Sustav sprječavanja pranja novca), Faculty of law, University of Zagreb, Zagreb, p. 112-114.
Stessens, G. 2005. Money Laundering: A New International Law Enforcement Model (Cambridge Studies in International and Comparative Law), Cambridge University Press, Cambridge, p. 159.
Odeh, I., A. 2010. Anti-Money Laundering and Combating Terorist Financing for Financial Institutions, Dorrance Publishing Co, Pennsilvania, p. 78.
Gough, T. 2005, Anti-Money Laundering: A Guide for Financial Services Firms, Risk Books, London, p. 56.
Savona, E. 2004. Responding to Money Laundering: International Perspectives, Harwood Academic Publishers, London, p. 268-269.Sc
Financial Action Task Force (FATF), Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing - High Level Principles and Procedures, 2007, Paris.
Delloite, European Commission DG Internal Market and Services – Budget, Final study on the implementation of The Third EU Directive on prevention of use the financial system for the purpose of Money Laundering, 2009, Bruxelles.
Traitement du renseignement et action contre les circuits financiers clandestins (TRACFIN), Rapport d`activité 2005-2014, Montreuil-sous-Bois cedex, France.
Federal Criminal Police Office, FIU Germany Annual Report 2005-2014, Wiesbaden
Annual report by the money laundering reporting Office Switzerland MROS 2005- 2014, A publication by the Federal Office of Police, Bern.
View or Download full articleAccess options
SWS access login
Login as SWS Scientific CommitteeLogin as SWS Scientific PartnerLogin as SWS AuthorAuthors and approved SWS contributors will read and export their own linked papers after identity matching by SWS profile, email and SGEM GlobalID.
For librarian assistance: [email protected]
Purchase Instant Access
- Article can be downloaded after successful payment.
- Article may be used according to SWS library access terms.
- Article cannot be redistributed.
