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The role of banks in the fight against money laundering and financing of terrorism
Pultarová, Hana ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Money laundering and terrorist financing are serious problems that may not only disrupt the stability and reputation of financial institutions, but also affect a wide range of individuals. Therefore, this kind of conduct can be punished as a crime, including the active involvement of banks in money laundering. However, the diploma thesis focuses mainly on preventive measures introduced by the provisions of administrative law. The role of a well-functioning banking system is essential for the effective suppression of money laundering and financing of terrorism. Banks are the most frequent reporters of suspicious transactions and the bank services are used by wide range of persons. The role of banks is mainly determined by their designation as obliged entities by the Act no. 253/2008 Coll., on certain measures against the legalization of proceeds of crime and terrorist financing. The obligations arising out of this act are put into context with the Czech Banking Act and with regulations governing payments and implementation of international sanctions, including directly applicable laws of the European Union. The importance of the bank services is also caused by the regulation of cash payments. In connection with the activities of banks, the thesis reflects selected changes that will be introduced by...
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Money Laundering
Janeček, Miroslav ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Money laundering can be defined as a process of converting the proceeds of illegal activities to legitimate money or other assets, or as a process whose aim is to conceal the origin and ownership of proceeds that come from illegal activities. Its main phases are placement, layering and integration. The main sources of dirty money are drug trafficking, procuring, arms trafficking, extortion, robbery and property crimes. The aim of this thesis is the analysis of the fight against money laundering in terms of financial law and from institutional point of view, evaluation of its success and the formulation of my own opinions on the possible improvement of the system components. The first part of thesis deals with the term of money laundering, its phases and characteristics and history. The second part analyses the legislation at international, EU and national level. Attention is paid to the AML Directives and to the AML Act. Main obligations prescribed by Directives and AML Act to obliged persons are identification obligation, due diligence, preservation of information, reporting of suspicious transactions, postponement of client's order, creation of internal policies and staff training. Then follows characterization of individual authorities and institutions involved in combating money laundering....
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Anti-money laundering and combating the financing of terrorism measures by securities broker
Magdičová, Taťana ; Kotáb, Petr (advisor) ; Vybíral, Roman (referee)
Anti-money laundering and combating the financing of terrorism measures by securities broker Abstract The diploma thesis deals with the issue of money laundering and terrorist financing. The thesis is dedicated to this area, especially from the point of view of securities brokers, who has obligations to apply several measures to prevent money laundering and terrorist financing through this financial institution. The aim of the diploma thesis is to confirm or refute the hypothesis "Measures against money laundering and terrorist financing are sufficiently clear and effective in the practice of a securities broker". The diploma thesis also tries to reveal the pitfalls of the current legislation of selected AML / CFT measures. Scientific methods of description and analysis were chosen to achieve the set goal. In terms of structure, the work is divided into four chapters: 1) Definition of the law against money laundering and terrorist financing, 2) Client identification, 3) Client control and 4) Other selected AML / CFT obligations of the securities broker. In order to achieve the goal, the first chapter summarizes the issue of money laundering and terrorist financing in a relatively concise way. Due to the fact that the professional literature does not pay enough attention to the field of terrorist financing,...
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Beneficial owner in the Light of the AML/CFT Legislation
Roblová, Michaela ; Sejkora, Tomáš (advisor) ; Kohajda, Michael (referee)
Money laundering and terrorist financing present major social problems that can negatively impact economic growth of both, the state and the households. The ever-increasing globalization and the trend of removing barriers to the free market make it harder for the authorities to detect and investigate abovementioned crimes. That is why, in recent years, efforts have been made to cooperate in the fight against money laundering, both globally and at European Union level. The European Union keeps constantly improving the AML/CTF legislation. Thanks to that, the Czech Republic can keep up with the rapidly evolving techniques the offenders come up with. This thesis present one of the new legal institutes in the Czech law - beneficial ownership. The idea of beneficial ownership came from the Directive 2015/849 that was implemented into the AML/CFT Act n. 253/2008. Under the Directive, corporates and other legal entities such as trusts will be required to maintain accurate and current information on their beneficial ownership. Beneficial owner is an entity that enjoys the possession and/or benefits of ownership (such as receipt of income). The first part of the thesis concerns the general anti-money laundering and combating financing of terrorism problematics. It also tackles the concept of ownership...
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Combating terrorist financing from the perspective of a major bank operating in the Czech Republic
Opl, Jakub ; Bureš, Oldřich (advisor) ; Kučerová, Irah (referee)
The diploma thesis deals with implementation of legal framework in fight against financing of terrorism and money-laundering in context of anonymous private financial institutition residing in the Czech Republic. Implementation is exercised on the basis of analysis of internal regulations of the institution, anonymous interviews with Compliance officers and survey of the employees from the branches. The thesis shreds some light on problems regarding implementation and also regarding the knowledge of AML/CFT on the side of employees, who are in daily direct contact with clients. In light of these findings, the thesis suggests need for greater enlightment for these employees.
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The role of banks in the fight against money laundering and financing of terrorism
Pultarová, Hana ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Money laundering and terrorist financing are serious problems that may not only disrupt the stability and reputation of financial institutions, but also affect a wide range of individuals. Therefore, this kind of conduct can be punished as a crime, including the active involvement of banks in money laundering. However, the diploma thesis focuses mainly on preventive measures introduced by the provisions of administrative law. The role of a well-functioning banking system is essential for the effective suppression of money laundering and financing of terrorism. Banks are the most frequent reporters of suspicious transactions and the bank services are used by wide range of persons. The role of banks is mainly determined by their designation as obliged entities by the Act no. 253/2008 Coll., on certain measures against the legalization of proceeds of crime and terrorist financing. The obligations arising out of this act are put into context with the Czech Banking Act and with regulations governing payments and implementation of international sanctions, including directly applicable laws of the European Union. The importance of the bank services is also caused by the regulation of cash payments. In connection with the activities of banks, the thesis reflects selected changes that will be introduced by...
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Money Laundering
Janeček, Miroslav ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Money laundering can be defined as a process of converting the proceeds of illegal activities to legitimate money or other assets, or as a process whose aim is to conceal the origin and ownership of proceeds that come from illegal activities. Its main phases are placement, layering and integration. The main sources of dirty money are drug trafficking, procuring, arms trafficking, extortion, robbery and property crimes. The aim of this thesis is the analysis of the fight against money laundering in terms of financial law and from institutional point of view, evaluation of its success and the formulation of my own opinions on the possible improvement of the system components. The first part of thesis deals with the term of money laundering, its phases and characteristics and history. The second part analyses the legislation at international, EU and national level. Attention is paid to the AML Directives and to the AML Act. Main obligations prescribed by Directives and AML Act to obliged persons are identification obligation, due diligence, preservation of information, reporting of suspicious transactions, postponement of client's order, creation of internal policies and staff training. Then follows characterization of individual authorities and institutions involved in combating money laundering....
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Activities of providers of financial services regarding the suppression of legalization of crime proceeds and terrorism funding
Auxt, Matej ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Suppressing the legalisation of the earnings of criminal activities along with the terrorism financing represent the essential aspect of terrorism and predicative crimes (from which the illegal earnings are obtained) prevention. Focusing on concealing the tracks of money transfers, the legalisation of the earnings of criminal activities and terrorism financing is being proceeded throughout a series of money transfers and with the help of other financial services. Therefore, it is crucial to mainly focus on the field of payment services providers when trying to supress these activities. For the purposes of supressing the legalisation of the earnings of criminal activities and terrorism financing the banks and other bodies on the financial market are relevant providers of the payment services. The key legal provision regulating the domain in question is the Act no. 253/2008 Coll. (regarding certain precautions against the legalisation of the earnings of criminal activities and terrorism financing) which puts the payment services providers in the role of liable subjects. The diploma theses analyses individual precautions against the legalisation of the earnings of criminal activities and terrorism financing, whose implementation is posed on the liable subjects by national legislation, as well as the...
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Transatlantic cooperation in combating the financing of terrorism
Dunaj, Martin ; Weiss, Tomáš (advisor) ; Karásek, Tomáš (referee)
Martin Dunaj Bakalářská práce 2013/2014 Abstract The thesis labeled as the countering of terrorism financing in the transatlantic area deals with strategies of the EU and the USA respectively in countering the terrorism financing in the post 9/11 era. At the same time the EU-US cooperation in the very field is also analyzed. The aim of the thesis is to present a systemic analysis of the counter-terrorism financing regime in the transatlantic area, identify its shortcomings and determine reasons for possible difficulties in the transatlantic cooperation. In the first part elementary contours of the counterterrorism policy of both the EU and the USA in the post 9/11 period, the same as the transatlantic counterterrorism cooperation, are elaborated upon. The following part focuses on peculiar methods and instruments to the financing of terrorism and explains the phenomenon of the terrorism-organized crime nexus. Countering of the terrorism financing is eventually covered in the following section, starting by analysis of the global regime in countering the terrorism financing represented mainly by the UN and the FATF initiative. This part is followed by chapters that tackle the issue of EU and USA counter-terrorism financing policies and extent of mutual cooperation. Concluding part evaluates main differences...
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