Suspending Suspicious Transactions
One of the powers held by many, but not all, Financial Intelligence Units (FIUs) is the administrative power to order the postponement of reported suspicious transactions as a means of preventing the flight of suspect funds or assets beyond the rea...
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| Format: | Publication |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2013/01/17900338/suspending-suspicious-transactions http://hdl.handle.net/10986/15804 |
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okr-10986-15804 |
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oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNT HOLDER ACCOUNTING ASSETS ATTACK BANK ACCOUNTS BUSINESSES CIVIL LIABILITY COMBAT COMBAT MONEY LAUNDERING COMBATING MONEY COMBATING MONEY LAUNDERING COMBATING TERRORISM FINANCING COMMON LAW COMMON LAW JURISDICTIONS COMPETENT AUTHORITIES CONFIDENTIAL INFORMATION CONFISCATION CONFISCATION OF PROPERTY CONTRACTUAL RELATIONSHIP CORPORATE REGISTRIES CORRUPTION COUNSEL CRIME CRIMES CRIMINAL CRIMINAL ACTIVITIES CRIMINAL ACTIVITY CRIMINAL CASE CRIMINAL ENTERPRISE CRIMINAL OFFENSES CRIMINAL ORGANIZATIONS CRIMINALS CURRENCY CUSTODY DEPOSIT DISCLOSURE OF INFORMATION DOCUMENTS DOMESTIC LAW DRUG TRAFFICKING DUE DILIGENCE ECONOMIC CRIME EXCHANGE INFORMATION EXCHANGE OF INFORMATION FAIR TRIAL FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTELLIGENCE UNITS FINANCIAL MARKET FINANCIAL MARKET INTEGRITY FINANCIAL SECTOR FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FOREIGN AUTHORITIES GEOGRAPHIC REGIONS GLOBAL INITIATIVE GLOBAL STANDARD GLOBALIZATION GOOD FAITH GRAND CORRUPTION GROUP MEMBERSHIP HUMAN RIGHTS IDENTIFICATION DATA ILLEGAL PROCEEDS ILLICIT FUNDS INFORMATION EXCHANGE INITIATIVE INSTITUTIONAL FRAMEWORK INTEGRITY INTERNATIONAL BANK INTERNATIONAL CONVENTIONS INTERNATIONAL COOPERATION INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL LAW INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTIGATION INVESTIGATIVE BODY JUSTICE LAUNDERED PROPERTY LAW ENFORCEMENT LAW ENFORCEMENT AGENCIES LAW ENFORCEMENT AUTHORITIES LAW ENFORCEMENT INFORMATION LAWS LAWYER LAWYERS LEGAL ARRANGEMENTS LEGAL AUTHORITY LEGAL BASIS LEGAL FRAMEWORK LEGAL INSTRUMENT LEGAL MECHANISMS LEGAL PROFESSIONALS LEGAL PROVISIONS LEGAL STANDARDS LEGAL SYSTEM LEGAL SYSTEMS LEGISLATIVE MEASURES LICENSE LICENSES MEDIA MINISTER MINISTERS MONETARY FUND MONEY LAUNDERING MUTUAL EVALUATIONS NATIONAL CENTRE NATIONAL SECURITY NETWORKS NOTARIES OFFENSES ORGANIZED CRIME PERSONAL DATA PHOTO POLICE PRECIOUS METALS PRECIOUS STONES PREDICATE OFFENCES PRESUMPTION OF INNOCENCE PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROSECUTION PROSECUTORS PUBLIC OFFICIALS QUERIES REGISTRIES REMEDIES REMEDY REPORTING OBLIGATIONS RESERVE RESULT RESULTS RULE OF LAW SANCTIONS SEARCH SEARCHES SEIZURE SEIZURES SERVICE PROVIDERS SOLICITOR GENERAL SUPERVISORY AUTHORITY SUPPLY CHAIN SUSPECT MONEY LAUNDERING SUSPECTED MONEY LAUNDERING SUSPECTED TERRORIST SUSPICIOUS TRANSACTION SUSPICIOUS TRANSACTION REPORT SUSPICIOUS TRANSACTION REPORTS SUSPICIOUS TRANSACTIONS TAX TECHNICAL ASSISTANCE TELEPHONE TERRORISM TERRORISM FINANCING TERRORIST TERRORIST ACT TERRORIST ATTACKS TERRORIST FINANCING TERRORIST ORGANIZATIONS TERRORISTS THREAT THREATS TRANSACTION TRANSLATION TRANSPARENCY TRIGGER TRIGGERS UNITED NATIONS SECURITY USERS WIRE TRANSFER WITHDRAWAL |
| spellingShingle |
ACCOUNT HOLDER ACCOUNTING ASSETS ATTACK BANK ACCOUNTS BUSINESSES CIVIL LIABILITY COMBAT COMBAT MONEY LAUNDERING COMBATING MONEY COMBATING MONEY LAUNDERING COMBATING TERRORISM FINANCING COMMON LAW COMMON LAW JURISDICTIONS COMPETENT AUTHORITIES CONFIDENTIAL INFORMATION CONFISCATION CONFISCATION OF PROPERTY CONTRACTUAL RELATIONSHIP CORPORATE REGISTRIES CORRUPTION COUNSEL CRIME CRIMES CRIMINAL CRIMINAL ACTIVITIES CRIMINAL ACTIVITY CRIMINAL CASE CRIMINAL ENTERPRISE CRIMINAL OFFENSES CRIMINAL ORGANIZATIONS CRIMINALS CURRENCY CUSTODY DEPOSIT DISCLOSURE OF INFORMATION DOCUMENTS DOMESTIC LAW DRUG TRAFFICKING DUE DILIGENCE ECONOMIC CRIME EXCHANGE INFORMATION EXCHANGE OF INFORMATION FAIR TRIAL FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTELLIGENCE UNITS FINANCIAL MARKET FINANCIAL MARKET INTEGRITY FINANCIAL SECTOR FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FOREIGN AUTHORITIES GEOGRAPHIC REGIONS GLOBAL INITIATIVE GLOBAL STANDARD GLOBALIZATION GOOD FAITH GRAND CORRUPTION GROUP MEMBERSHIP HUMAN RIGHTS IDENTIFICATION DATA ILLEGAL PROCEEDS ILLICIT FUNDS INFORMATION EXCHANGE INITIATIVE INSTITUTIONAL FRAMEWORK INTEGRITY INTERNATIONAL BANK INTERNATIONAL CONVENTIONS INTERNATIONAL COOPERATION INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL LAW INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTIGATION INVESTIGATIVE BODY JUSTICE LAUNDERED PROPERTY LAW ENFORCEMENT LAW ENFORCEMENT AGENCIES LAW ENFORCEMENT AUTHORITIES LAW ENFORCEMENT INFORMATION LAWS LAWYER LAWYERS LEGAL ARRANGEMENTS LEGAL AUTHORITY LEGAL BASIS LEGAL FRAMEWORK LEGAL INSTRUMENT LEGAL MECHANISMS LEGAL PROFESSIONALS LEGAL PROVISIONS LEGAL STANDARDS LEGAL SYSTEM LEGAL SYSTEMS LEGISLATIVE MEASURES LICENSE LICENSES MEDIA MINISTER MINISTERS MONETARY FUND MONEY LAUNDERING MUTUAL EVALUATIONS NATIONAL CENTRE NATIONAL SECURITY NETWORKS NOTARIES OFFENSES ORGANIZED CRIME PERSONAL DATA PHOTO POLICE PRECIOUS METALS PRECIOUS STONES PREDICATE OFFENCES PRESUMPTION OF INNOCENCE PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROSECUTION PROSECUTORS PUBLIC OFFICIALS QUERIES REGISTRIES REMEDIES REMEDY REPORTING OBLIGATIONS RESERVE RESULT RESULTS RULE OF LAW SANCTIONS SEARCH SEARCHES SEIZURE SEIZURES SERVICE PROVIDERS SOLICITOR GENERAL SUPERVISORY AUTHORITY SUPPLY CHAIN SUSPECT MONEY LAUNDERING SUSPECTED MONEY LAUNDERING SUSPECTED TERRORIST SUSPICIOUS TRANSACTION SUSPICIOUS TRANSACTION REPORT SUSPICIOUS TRANSACTION REPORTS SUSPICIOUS TRANSACTIONS TAX TECHNICAL ASSISTANCE TELEPHONE TERRORISM TERRORISM FINANCING TERRORIST TERRORIST ACT TERRORIST ATTACKS TERRORIST FINANCING TERRORIST ORGANIZATIONS TERRORISTS THREAT THREATS TRANSACTION TRANSLATION TRANSPARENCY TRIGGER TRIGGERS UNITED NATIONS SECURITY USERS WIRE TRANSFER WITHDRAWAL Stroligo, Klaudijo Intscher, Horst Davis-Crockwell, Susan Suspending Suspicious Transactions |
| description |
One of the powers held by many, but not
all, Financial Intelligence Units (FIUs) is the
administrative power to order the postponement of reported
suspicious transactions as a means of preventing the flight
of suspect funds or assets beyond the reach of national law
enforcement and prosecutorial authorities during the time it
takes for those national authorities to seek and obtain a
freezing or seizing order from the judicial or other
competent authorities. The main objectives of this study are
to: inform the policy discussion on the postponement power;
and provide guidance to FIUs that already have, or are
considering, acquiring the power to postpone suspicious
transactions with a view to improving their existing
postponement regimes or shaping new ones. This joint study
was intended to capture the widest possible cross section of
FIUs. However, the highest numbers of respondents were from
European countries. While the study had no control over the
response rate, the respondent FIUs are nonetheless
representative of the overall population of FIUs on
dimensions such as type and size of FIU and geographic
representation, and provide valuable information relevant
for all FIUs with postponement power. This report presents
the results of the above-mentioned study, which, among other
things, shows the existence of a wide range of practices and
arrangements, and some gaps or omissions, in respect of a
number of important aspects of the FIU power to postpone
suspicious transactions. The study also indicates that only
a relatively small proportion of FIUs with the power to
postpone suspicious transactions are regular users of this
power, while a substantial number have not used the power at
all during the three-year period covered by the study, or
have done so infrequently. In addition, this report presents
a number of recommendations to help FIU practitioners and
policy makers establish or strengthen effective legal and
operational mechanisms for the postponement of suspicious
transactions, while taking into account the international
FIU standards, and the rule of law, in order to ensure that
the fundamental rights of all those concerned are
effectively protected. Finally, this report includes a
number of sanitized cases provided by FIUs. |
| format |
Publications & Research :: Publication |
| author |
Stroligo, Klaudijo Intscher, Horst Davis-Crockwell, Susan |
| author_facet |
Stroligo, Klaudijo Intscher, Horst Davis-Crockwell, Susan |
| author_sort |
Stroligo, Klaudijo |
| title |
Suspending Suspicious Transactions |
| title_short |
Suspending Suspicious Transactions |
| title_full |
Suspending Suspicious Transactions |
| title_fullStr |
Suspending Suspicious Transactions |
| title_full_unstemmed |
Suspending Suspicious Transactions |
| title_sort |
suspending suspicious transactions |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2013/01/17900338/suspending-suspicious-transactions http://hdl.handle.net/10986/15804 |
| _version_ |
1764431223767171072 |
| spelling |
okr-10986-158042021-06-08T12:08:54Z Suspending Suspicious Transactions Stroligo, Klaudijo Intscher, Horst Davis-Crockwell, Susan ACCOUNT HOLDER ACCOUNTING ASSETS ATTACK BANK ACCOUNTS BUSINESSES CIVIL LIABILITY COMBAT COMBAT MONEY LAUNDERING COMBATING MONEY COMBATING MONEY LAUNDERING COMBATING TERRORISM FINANCING COMMON LAW COMMON LAW JURISDICTIONS COMPETENT AUTHORITIES CONFIDENTIAL INFORMATION CONFISCATION CONFISCATION OF PROPERTY CONTRACTUAL RELATIONSHIP CORPORATE REGISTRIES CORRUPTION COUNSEL CRIME CRIMES CRIMINAL CRIMINAL ACTIVITIES CRIMINAL ACTIVITY CRIMINAL CASE CRIMINAL ENTERPRISE CRIMINAL OFFENSES CRIMINAL ORGANIZATIONS CRIMINALS CURRENCY CUSTODY DEPOSIT DISCLOSURE OF INFORMATION DOCUMENTS DOMESTIC LAW DRUG TRAFFICKING DUE DILIGENCE E-MAIL ECONOMIC CRIME EXCHANGE INFORMATION EXCHANGE OF INFORMATION FAIR TRIAL FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTELLIGENCE UNITS FINANCIAL MARKET FINANCIAL MARKET INTEGRITY FINANCIAL SECTOR FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FOREIGN AUTHORITIES GEOGRAPHIC REGIONS GLOBAL INITIATIVE GLOBAL STANDARD GLOBALIZATION GOOD FAITH GRAND CORRUPTION GROUP MEMBERSHIP HUMAN RIGHTS IDENTIFICATION DATA ILLEGAL PROCEEDS ILLICIT FUNDS INFORMATION EXCHANGE INITIATIVE INSTITUTIONAL FRAMEWORK INTEGRITY INTERNATIONAL BANK INTERNATIONAL CONVENTIONS INTERNATIONAL COOPERATION INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL LAW INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTIGATION INVESTIGATIVE BODY JUSTICE LAUNDERED PROPERTY LAW ENFORCEMENT LAW ENFORCEMENT AGENCIES LAW ENFORCEMENT AUTHORITIES LAW ENFORCEMENT INFORMATION LAWS LAWYER LAWYERS LEGAL ARRANGEMENTS LEGAL AUTHORITY LEGAL BASIS LEGAL FRAMEWORK LEGAL INSTRUMENT LEGAL MECHANISMS LEGAL PROFESSIONALS LEGAL PROVISIONS LEGAL STANDARDS LEGAL SYSTEM LEGAL SYSTEMS LEGISLATIVE MEASURES LICENSE LICENSES MEDIA MINISTER MINISTERS MONETARY FUND MONEY LAUNDERING MUTUAL EVALUATIONS NATIONAL CENTRE NATIONAL SECURITY NETWORKS NOTARIES OFFENSES ORGANIZED CRIME PDF PERSONAL DATA PHOTO POLICE PRECIOUS METALS PRECIOUS STONES PREDICATE OFFENCES PRESUMPTION OF INNOCENCE PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROSECUTION PROSECUTORS PUBLIC OFFICIALS QUERIES REGISTRIES REMEDIES REMEDY REPORTING OBLIGATIONS RESERVE RESULT RESULTS RULE OF LAW SANCTIONS SEARCH SEARCHES SEIZURE SEIZURES SERVICE PROVIDERS SOLICITOR GENERAL SUPERVISORY AUTHORITY SUPPLY CHAIN SUSPECT MONEY LAUNDERING SUSPECTED MONEY LAUNDERING SUSPECTED TERRORIST SUSPICIOUS TRANSACTION SUSPICIOUS TRANSACTION REPORT SUSPICIOUS TRANSACTION REPORTS SUSPICIOUS TRANSACTIONS TAX TECHNICAL ASSISTANCE TELEPHONE TERRORISM TERRORISM FINANCING TERRORIST TERRORIST ACT TERRORIST ATTACKS TERRORIST FINANCING TERRORIST ORGANIZATIONS TERRORISTS THREAT THREATS TRANSACTION TRANSLATION TRANSPARENCY TRIGGER TRIGGERS UNITED NATIONS SECURITY USERS WIRE TRANSFER WITHDRAWAL One of the powers held by many, but not all, Financial Intelligence Units (FIUs) is the administrative power to order the postponement of reported suspicious transactions as a means of preventing the flight of suspect funds or assets beyond the reach of national law enforcement and prosecutorial authorities during the time it takes for those national authorities to seek and obtain a freezing or seizing order from the judicial or other competent authorities. The main objectives of this study are to: inform the policy discussion on the postponement power; and provide guidance to FIUs that already have, or are considering, acquiring the power to postpone suspicious transactions with a view to improving their existing postponement regimes or shaping new ones. This joint study was intended to capture the widest possible cross section of FIUs. However, the highest numbers of respondents were from European countries. While the study had no control over the response rate, the respondent FIUs are nonetheless representative of the overall population of FIUs on dimensions such as type and size of FIU and geographic representation, and provide valuable information relevant for all FIUs with postponement power. This report presents the results of the above-mentioned study, which, among other things, shows the existence of a wide range of practices and arrangements, and some gaps or omissions, in respect of a number of important aspects of the FIU power to postpone suspicious transactions. The study also indicates that only a relatively small proportion of FIUs with the power to postpone suspicious transactions are regular users of this power, while a substantial number have not used the power at all during the three-year period covered by the study, or have done so infrequently. In addition, this report presents a number of recommendations to help FIU practitioners and policy makers establish or strengthen effective legal and operational mechanisms for the postponement of suspicious transactions, while taking into account the international FIU standards, and the rule of law, in order to ensure that the fundamental rights of all those concerned are effectively protected. Finally, this report includes a number of sanitized cases provided by FIUs. 2013-09-25T16:20:21Z 2013-09-25T16:20:21Z 2014-06-19 http://documents.worldbank.org/curated/en/2013/01/17900338/suspending-suspicious-transactions 978-0-8213-9917-0 10.1596/978-0-8213-9917-0 http://hdl.handle.net/10986/15804 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank, Washington, DC Publications & Research :: Publication Publications & Research |