By Mark Pieth
In stating the battle opposed to terrorism President George W. Bush additionally declared conflict at the financing of terrorism. during this ebook, bankers, regulators and lecturers pose a number of questions from their person views: What can monetary associations realistically give a contribution to the suppression of terrorist financing? Can person rights be secure in those conditions? those questions are analyzed via specialists who get a hold of a few thought-provoking solutions.
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The FATF and OECD exercises focus on jurisdictions, not institutions, and create black-lists, but no ‘white lists’ of jurisdictions that have met the highest standards of best practices. Even if every country and territory in the world were to agree upon their standards, local failures of governmental capacity to regulate or to enforce would preserve the ability of private sector financial institutions who were so inclined to circumvent the standards. The Wolfsberg Principles focus directly on financial institutions, but are limited in scope to private banking, in membership to twelve banks, in principles to basics only, and in enforcement to self-regulation.
Each of the major existing initiatives to promote financial transparency fails in part to address this problem. The FATF and OECD exercises focus on jurisdictions, not institutions, and create black-lists, but no ‘white lists’ of jurisdictions that have met the highest standards of best practices. Even if every country and territory in the world were to agree upon their standards, local failures of governmental capacity to regulate or to enforce would preserve the ability of private sector financial institutions who were so inclined to circumvent the standards.
44 Charles Freeland The key to preventing terrorists from using banks has to be in the initial customer identification process. Once an account is open, it will rarely be feasible for a bank to identify unusual account activity by a terrorist. The patterns of account activity by the Al-Qaeda perpetrators of the 11 September tragedy are by no means abnormal for a person with an irregular source of income such as a consultant, or a student with occasional parental support. Account profiling is therefore unlikely to identify a terrorist customer.