Global Financial Regulations Get a Boost: Definitions Galore!
In a move aimed at strengthening global financial regulations, the government has released a slew of definitions that will help combat money laundering and terrorist financing. The new definitions are designed to clarify key terms and provide a clearer understanding of what constitutes criminal property and how it’s connected to criminal conduct.
Key Definitions
The first definition on the list is that of “criminal property,” which refers to:
- Any property, whether located within or outside the country, that has been derived from or used in connection with criminal conduct
- Matters listed in the definition of “criminal conduct”
Another key term is “money laundering,” which involves:
- Dealing with property that is connected to criminal conduct
The government has retained the substance of the current definition under the Anti-Money Laundering Act 2008, but has clarified the relationship between money laundering and predicate offenses.
Additional Definitions
The definitions also cover terms such as:
- “Money or value transfer service”: a service that involves accepting currency, cheques, or other monetary instruments and paying out corresponding sums in currency or other form (defined for the purposes of Recommendations 10, 14, and 16 of the FATF Standards)
- “Occasional transaction”
- “Originating entity”
- “Politically exposed person”: a person who holds or has held a position of authority or influence in a country
- “Property”
- “Record”
- “Reporting entity”
- “Secretary”
- “Sender”
- “Senior management”
Purpose and Effectiveness
The definitions are designed to provide clarity and consistency in the fight against money laundering and terrorist financing, and will help financial institutions and other reporting entities comply with global standards.
Next Steps
The government has indicated that it will work closely with international partners to implement these definitions and ensure that they are effective in combating money laundering and terrorist financing. This move is seen as a major step forward in strengthening global financial regulations and promoting transparency and accountability in the financial sector.
Stay Tuned for Further Updates!
This developing story will continue to be monitored, and updates will be provided as more information becomes available.