A Comparative Guide to Anti-Money Laundering

A Comparative Guide to Anti-Money Laundering

A Critical Analysis of Systems in Singapore, Switzerland, the UK and the USA

Edited by Mark Pieth and Gemma Aiolfi

Topical and pertinent issues addressed in this book include questions such as, has all the recent legislative activity really put a stop to the problem? Are the international rules being implemented as carefully as they should? How level is the playing field in cross border banking?

Chapter 2: Role of Switzerland, United States of America, United Kingdom and Singapore as major financial centres

Edited by Mark Pieth and Gemma Aiolfi

Subjects: law - academic, corruption and economic crime, politics and public policy, terrorism and security


Oxford Analytica Ltd1 I OVERVIEW OF WORLD FINANCIAL MARKETS World Gross Product in 2000 reached US$31.5 trillion. The USA, with 31 per cent of world output, was the largest economy, while the UK was the fourth largest with a 4.5 per cent share. Switzerland and Singapore contributed with 0.7 per cent and 0.3 per cent of world output and the 18th and 39th largest economies respectively.2 Global investment assets totalled US$66.5 trillion3 in 2000. The consolidated foreign cross-border claims of banks reporting to the BIS, as well as the local claims in local and foreign currency of their foreign affiliates, reached US$11.49 trillion, by the end of 2001.4 About 76 per cent of foreign claims consisted of loans and deposits, and the remaining 24 per cent were securities (mainly debt). Total financial assets held by institutional investors in OECD countries exceeded US$36.5 trillion in 1999,5 while wealth management and private banking assets were estimated in US$26.2 in 2000.6 As of September 2001, the total outstanding value of the world bond markets exceeded US$30.8 trillion.7 The largest part of the debt market consists of domestic bonds issued in local currencies. As of March 2002, the stock of international debt reached US$7.4 trillion, following net issuance of international debt equal to US$1.06 trillion in 2001. The world’s 20 main stock indexes measured by their market capitalization exceeded US$11 trillion in 1995, US$17.7 trillion in 1997, US$31.2 trillion in 1999 and...

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