Anti-Money Laundering: International Law and Practice by Wouter H. Muller, Christian H. Kalin, John G. Goldsworth

By Wouter H. Muller, Christian H. Kalin, John G. Goldsworth

Anti-Money Laundering is the definitive reference on cash laundering and perform. First an summary may be given of the overall strategy taken by way of supra-national businesses just like the United countries and the eu Council. subsequent the method taken by way of overseas agencies and projects at the foundation of the supra-national projects could be defined via senior contributors of these corporations. a couple of international locations will then describe their particular prevention laws. nations concerned will all be member-countries of the FATF (Financial motion activity strength on cash Laundering). ultimately there'll be an outline to allow the reader to make a comparability among crucial themes of cash laundering laws and ideas within the various nations.

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26 5 Trustees .. . . . . . . .. . .. . . . . .. . .. . . . . .. . .. . . . . . . .. . . . . 27 6 Protectors . . .. . .. . . . . . . .. . . . . . . .. . . . . . . .. . .. . . . . .. . 27 7 Language . . .. . .. . . . . . . .. . . . . . . .. . . . . . . .. . .. . . . . .. . 28 8 The uses of trusts . . . .. . .. . . . . .. . .. . . . . .. . .. . .

It should also be noted that the trust is not a modern invention. 3 3 Duties of a trustee The trustee, in accepting a trust, has placed on him certain duties which can be summarised as follows: ž To act exclusively in the interests of the beneficiaries, and not his own, in his dealings with, and management of, the trust. ž To account to the beneficiaries for the management of the trusts. ž To act lawfully in the management of the trust and, as the legal owner of the funds, to account for taxes, charges and similar liabilities imposed on the trust either by law or by any contract entered into by the trustee.

31 11 Trusts and companies . . . . . . .. . . . . . . .. . . . . . . .. . .. . . . . .. . 31 12 The implications for anti-money laundering of the variety of uses of trusts . . .. . . . . 32 13 Conclusion and recommendations . . . .. . .. . . . . .. . .. . . . . . . .. . . . . 33 24 Anti-Money Laundering Regulation and Trusts 1 Introduction Trusts pose a particular problem for anti-money laundering (‘AML’) regulation in that they are a unique legal concept that is often not understood at all well by either legislators or law enforcement agencies.

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