Chapter 7: Regulators and Agencies
7. Regulators and agencies If these activities are to be suppressed and hopefully, in the long term, substantially eliminated it will require the collective will and commitment of the public and private sector working together.1 7.1 INTRODUCTION A large number of regulators and agencies have been established at an international, regional and national level to implement the financial crime policies identified in this book. Efforts by the international community to tackle financial crime have been largely led by the United Nations (UN), the Financial Action Task Force (FATF) and its regional affiliates, the European Union (EU), and supported by the International Monetary Fund (IMF), the World Bank Group, the Egmont Group, the Basle Committee and the Wolfsberg Group. The chapter divides the regulators and agencies in the United States of America (US) and the United Kingdom (UK) into three categories: 1. 2. 3. Primary Secondary Tertiary The US financial crime policy is led by three government departments, the Department of Treasury, the Department of Justice and the State Department, its primary regulators. The Department of Treasury plays a fundamental role in the development of the US anti-money laundering and counter-terrorist financing policies. The Department of Justice manages the investigation and prosecution of a wide range of financial crimes including money laundering, terrorist financing, fraud and insider dealing. The State Department represents the US on a number of international organizations including the UN Sanctions and Counter-Terrorism Drage, John (1993), ‘Countering money laundering: the response of the financial sector’, in H. Macqueen...
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