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The Wolfsberg Principles ‐ an analysis

The Wolfsberg Principles ‐ an analysis Explains how the Wolfsberg Principles came about in late 2000, when leading banks met at Wolfsberg castle in Switzerland to improve private banking standards for combating the huge amounts of money being laundered; two further sets of Principles have appeared since the original. Discusses the reasoning behind the Principles: to create a common standard which would lessen the complexity and uncertainty from running multinational banks across disparate anti‐money laundering regimes. Lists the Wolfsberg Principles Relating to the Suppression of Terrorism, and concludes that they represent a triumph of risk‐based over rule‐based management; this should result in more precise and practice‐based regulations than from the traditional regulator‐led compliance approach. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

The Wolfsberg Principles ‐ an analysis

Journal of Money Laundering Control , Volume 7 (3): 11 – Jul 1, 2004

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1368-5201
DOI
10.1108/13685200410809922
Publisher site
See Article on Publisher Site

Abstract

Explains how the Wolfsberg Principles came about in late 2000, when leading banks met at Wolfsberg castle in Switzerland to improve private banking standards for combating the huge amounts of money being laundered; two further sets of Principles have appeared since the original. Discusses the reasoning behind the Principles: to create a common standard which would lessen the complexity and uncertainty from running multinational banks across disparate anti‐money laundering regimes. Lists the Wolfsberg Principles Relating to the Suppression of Terrorism, and concludes that they represent a triumph of risk‐based over rule‐based management; this should result in more precise and practice‐based regulations than from the traditional regulator‐led compliance approach.

Journal

Journal of Money Laundering ControlEmerald Publishing

Published: Jul 1, 2004

Keywords: Money laundering; Terrorism; International cooperation; Regulation; Banking

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