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How not to be a money launderer
The seminal work on money laundering, written from a risk management perspective before it was fashionable, written in clear and plain English for a non-technical audience but dealing with all relevant technical matters and much, much more.
"How not to be a money launderer" was the book that blazed the trail for easy to understand textbooks, in this case dealing with law and risk management so that it could be understood by lawyers, bankers and car dealers, amongst many more.
Before regulators and the Financial Action Task Force cared about hawala, Morris-Cotterill highlighted its risks; before anyone coined the buzzword "trade-based laundering," Morris-Cotterill explained the concepts and abuses; long before countries expressly criminalised sex tourism, Morris-Cotterill explained how to attack the money flows to reduce the incidence of fly-in child abuse; before the concept of a "risk approach" was on any regulator's agenda, Morris-Cotterill presented all money laundering related compliance and avoidance as a risk management issue. And he introduced and explained the risks of laundering through dealers in high-value goods. Right from the outset, he explained that counter-money laundering laws apply to all businesses and beyond, not only those required to maintain risk management systems under various Regulations, etc.
That is just a small selection of the things that first appeared in this book but have since become recognised as norms or standards. Morris-Cotterill wrote the book for a general business readership, not just lawyers and high-level staff in financial institutions: he dealt with compliance in, for example, car dealers and other dealers in high-value goods. So he eschewed complex terms such as "Placement, Layering and Integration" instead creating the alternatives "hiding, moving and investing" - terms which have recently found their way into US government documents.
How Not To Be A Money Launderer was a ground-breaking book that had an extraordinary ability to predate the development of counter-money laundering laws around the world the book emphasised the development of wilful blindness which as "reasonable cause" is now at the heart of counter money laundering laws around the world. The book will continue to do so as the risks and approaches developed in it continue to be adopted.
"The most obvious lesson to be learned is one which goes against the grain of all manner of institutions who think they are too big, too old, to wise to be taken by a fraudster, a money launderer or a negligent employee. No-one is that good." "If I see copies of this book on desks in banks, travel agents and second hand car dealers, I will feel a little more confident that I achieved an objective: to make a complex and worrying subject one which can be understood not just by lawyers and senior managers in large organisations, but also by all those who, but for the understanding they gain, might end up in gaol because they did not realise what the law could do to them. "If you are in any way involved in the ownership or management of any business, this book will show you what aspects of your business need to be addressed."
"A lot of information here" - The Daily Telegraph
"A book everyone in business should read" - Legal Abacus
Where to buy the book
FULL CONTENTS
1. What is Money Laundering?
What is Money?
Comparing financial crime and other crime
Counterfeit Currency
Billy follows Willy
2. Who Launders Money?
3. What sort of money is laundered?
USA Mob Rule
The influence of drugs
Incas of tiredness, chew one leaf
Predicate Crime
Prostitution
Fraud
Financial Crime
Tax evasion
Customs and Excise Frauds
Benefit Fraud
Prescription and Healthcare Fraud
Housing Fraud
Counterfeit goods
4. Fraud
Directory fraud
Employee Fraud
The stationery scam
The other stationery scam
The Nigerian Scam
Advance Fee Fraud
If it looks too good....II
Standby letters of credit
Mortgage fraud
Other lawyer fraud
Fraud in Fiduciary Relationships
Russians buying cars
Representative Offices of oversea banks.
Card Fraud
Cheque Fraud
Commercial Fraud
Internet Fraud
Other Computer Crime
A very serious note.
5. The Commonalities of Fraud and Money Laundering
Introduction to the problems of recovery
6. Financial Sector Regulation in the UK
Action plan for basic internal controls
on tracing proceeds of crime...
7. Confidentiality and Secrecy in the Banking and Professional Sectors
8. The Law
Offences in England and Wales
The obligation to report a person suspected of money laundering
Tipping off
Drugs Trafficking
Concealing or transferring proceeds of drug trafficking
Assisting another to retain the benefit of drug trafficking
Constructive Trusts
Use of proceeds of Drug Trafficking
Penalties
Investigations into drug trafficking
Terrorism
The Prevention of Terrorism (Temporary Provisions)Act 1989
The Criminal Justice Act, 1993
Offences not related to drugs or terrorism
Criminal Justice Act 1993
Jurisdiction (includes international effect)
Confiscation Orders
Money laundering and other offences
Acquiring etc. proceeds of criminal conduct
Concealing etc. proceeds of criminal conduct
9. Money Laundering Regulations 1993 (UK)
Record Keeping: a practical note
10. Creating systems
Risk Avoidance
Risk Management
Awareness Campaign
Training
Updates
Systems design
Corporate Culture Change
Systems implementation
Systems monitoring
Corrective action
11. Compliance with the UK Regulations
How do you go about setting up a compliance system?
Train relevant staff to identify money laundering and in the steps to take if they make an identification
Create and implement a system for identifying every applicant for business to whom The Regulations apply
Create a system for retaining the records of identification
Create and maintain a system for the making of reports to a nominated person within the organisation
Appoint a nominated person to receive reports and to consider those
reports and decide upon appropriate action to take with regard thereto
Monitoring
12. Money Laundering Techniques
Airline Tickets
Gift Vouchers
Shop returns
Cheque Cashing
Lottery/gaming tickets
Goods
Cigarettes and spirits
Anonymous Bank Accounts
Owning a bank
Parallel Banking
Internet Banking
e-money
13. Recognising the money launderer
The "Jeanetic" Theory of Financial Crime
Wilful Blindness
The case of Bank Leu
Wilful Blindness, part one
International effect of laws
Global planning for risk management
Wilful Blindness, part two
The rôle of the expert witness
The Characteristics of the money launderer
14 Laundering and the Euro
15. AT RISK GROUPS
Accountants
Antiques, Art and Stamp dealers
Auditors
Bankers / finance houses/ Building Societies
Bureaux de change
Car dealers
Doctors / other medical staff
Private Health Care
Drugs Counselling
Estate Agents
Insolvency practitioners / Receivers
Insurance Brokers
Journalists
Pawnbrokers
Priests
Printers / bookshops
Publicans
Regulatory Body Employees
School teachers / Matrons
Solicitors
Stockbrokers / money dealers
Trading Standards Officers
16 Other Jurisdictions
Belize
The Republic of Ireland
Niue
Slovenia
United States of America
- Jurisdiction over the Currency
United Nations.
- Common Law model.
- The Civil Law model
Case Studies
As always: when buying from Amazon.Com beware of Amazon scalpers - companies that advertise on Amazon's own system to sell books for vastly inflated prices. Buy direct from Amazon not from third parties advertising on Amazon's platform.
Nigel Morris-Cotterill's books are available from on-line and bricks and mortar bookshops in paperback and via Amazon group sites in e-book.
© 2014 Nigel Morris-Cotterill
All rights reserved
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