Islamic finance and anti-money laundering and combating the financing of terrorism (AML/CFT) (eBook, 2016) [WorldCat.org]
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Islamic finance and anti-money laundering and combating the financing of terrorism (AML/CFT)

Author: Nadim Kyriakos-Saad; Manuel Vasquez; Chady El Khoury; Arz El Murr; International Monetary Fund. Legal Department,
Publisher: [Washington, D.C] : International Monetary Fund, Legal Department, 2016. ©2016
Series: IMF working paper, WP/16/42.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
"The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic finance. Some are likely to be the same as in conventional finance, but there may also be different risks. This is notably due to: (i) the complexity of  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print Version:
Kyriakos-Saad, Nadim.
Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
Washington, D.C. : International Monetary Fund, 2016.
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Nadim Kyriakos-Saad; Manuel Vasquez; Chady El Khoury; Arz El Murr; International Monetary Fund. Legal Department,
ISBN: 9781513541174 151354117X 1513516159 9781513516158 1513516809 9781513516806
ISSN:1018-5941
OCLC Number: 942697523
Notes: "February 2016."
Description: 1 online resource (12 pages).
Series Title: IMF working paper, WP/16/42.
Responsibility: prepared by Nadim Kyriakos-Saad, Manuel Vasquez, Chady El Khoury, Arz El Murr.

Abstract:

"The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic finance. Some are likely to be the same as in conventional finance, but there may also be different risks. This is notably due to: (i) the complexity of some Islamic finance products; and (ii) the nature of the relationship between the institutions and their clients. The limited capacity and experience in the supervision of Islamic finance, especially in jurisdictions that face higher ML/TF risk factors represents an additional vulnerability. The Financial Action Task Force (FATF) standards are implemented without any form of tailoring to the specificities of Islamic finance. The FATF, the Islamic finance standard-setters, and the national regulators should seek a greater understanding of the specific ML/TF risks that may arise in Islamic finance and develop an appropriate response."--Abstract.

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