48. Promoting economic and financial stability depends crucially on political stability, but the same is true in reverse.

Failure at the Financial Stability Board

The Financial Intelligence Unit also initiates its own analysis of financial transaction reports and disseminates financial intelligence assessments to relevant authorities.

These requirements are contained within the FTR Act.

The alternative theory of a global credit glut gained more ground with the release last week of the Financial Stability Board s report on shadow banking. The FSB report contains startling revelations about the scale of global shadow banking, which it defines as credit intermediation involving entities and activities outside the regular banking system.

Provide for reporting by financial institutions and other intermediaries of suspicious financial transactions to the Financial Analytical Unit (FAU) and allow investigation of such reports by the FAU

How Japan Fuels Global Financial Instability

This requirement is set out in section 15 of the FTR Act.

In Australia, alternative remittance dealers fall within the definition of cash dealers' under the FTR Act, and are therefore subject to the same requirements as financial institutions, including in their reporting obligations to AUSTRAC.

It was also suggested that the international financial system needs to be reformed in order to ensure greater global financial stability.

The legal system in the Netherlands reportedly provided for adequate supervision of financial institutions, as well as those involved in financial transactions, such as notaries, lawyers and car dealers, and required them to report unusual financial transactions.

(a) In the fifth preambular paragraph, the words are able to maintain their internal and external financial stability were replaced by the words have been more capable of maintaining their internal and external financial stability

Under section 17B of the FTR Act, all international funds transfer instructions (IFTIs) sent into and out of the country are reported to AUSTRAC.

Effective safeguard mechanisms must be implemented to ensure that financial openness would not result in the marginalization of domestic financial institutions and the destabilization of the financial system.

It needs to rethink how to address financial stability in its day to day work with members. Financial sector analysis should become fully integrated into the IMF s surveillance activities.

1. Takes note of the report of the Secretary General on the external debt and debt servicing problems of developing countries, including those resulting from global financial instability A 56 262.

Improved financial controls and reporting systems.

Basel 3 was drawn up in little more than 24 months (though implementation is taking quite long). The performance of the IOSCO and the IAIS has similarly been sharpened by the need to report progress through the FSB.

8. The multilateral financial institutions should continue to play a major role in development and in promoting the stability of the international financial system.

Receives and analyses the information reported by the financial institutions

According to the Anti Money Laundering Act B.E. 2542 (1999), there are 3 kinds of financial transactions that financial institutions have the legal obligation to report to the Anti Money Laundering Office (AMLO), namely 1) cash transaction reports, 2) properties transaction reports and 3) suspicious transaction reports.

Question on the requirement to report suspicious transactions by all financial institutions, as well as by insurance companies and other such intermediaries engaged in financial transactions.

Cash dealers, as defined under section 3 of the Financial Transaction Reports Act 1988 (FTR Act), are required to report their suspicions to AUSTRAC Australia's financial intelligence unit where they suspect funds are linked or related to any indictable offence, including terrorist activity.

The FIU is responsible for investigating money laundering operations, through the financial system, using the mandatory reports submitted by financial entities concerning individuals who may be involved in such activities.

As regards financial services, there has been some concern about potential adverse implications for financial stability as a result of a liberalization of this sector.

Financial institutions are required to report transactions if the transaction involves more than US 10,000 and appears to have an unlawful purpose.

are then directed to the designated authority and reviewed and evaluated by the Financial Investigations Unit (FIU).

Encouraging the efforts to enhance the stabilizing role of regional and subregional financial institutions and arrangements in supporting the management of monetary and financial issues,

215. The multilateral financial institutions should continue to play a major role in development and in promoting the stability of the international financial system.

(i) Introduction of reforms in the international monetary system, so as to stabilize exchange rates and discourage international financial speculation

The international community has an essential role in contributing to the financial stability of East Asian countries.

A State Decree was implemented in 2003 requiring the designated financial service providers (including banks) to report all transactions possibly related to the financing of terrorism to the Aruban Financial Intelligence Unit.

Among the elements of a supportive external environment are global financial stability and promoting that is central to our work in the IMF and certainly also more open trade.

Global coordination of economic policies was also essential for the promotion of macroeconomic stability, especially in the monetary and financial markets.

The Financial Crimes Enforcement Network (FinCEN) of the United States Department of the Treasury has published a compilation of data gathered from suspicious activity reports (SAR) filed by depository and other financial institutions.

At the same time, regulatory regimes have been toughened everywhere to prevent banks from jeopardizing the financial system again. For example, in addition to its price stability mandate, the Bank of England has been given the new task of maintaining the stability of the financial system.

Some speakers stressed the critical role played by financial intelligence units in the analysis of suspicious financial transactions and reported on the establishment or functioning of financial intelligence units in their countries.

B) Moreover, in terms of draft AML Bill 2005, Non Financial Businesses Professions, which include lawyers as well, may be required to report suspicious transactions to FMU.

That figure indicates an improvement since the second reporting period, when 70 per cent had established FIUs, and since the first, when only 49 per cent had.

The situation is also reflected in the continued abuse of cough syrups containing codeine.

Representatives of Donor Countries and Financial and Development Institutions

Banks and financial institutions had obligations to report suspect transactions and significant cash transactions to AUSTRAC, which shared the collected information with specialized law enforcement, security and revenue agencies within Australia, as well as with overseas authorities, subject to appropriate safeguards on confidentiality and use.

All of this has underpinned a much welcome calm in financial markets. Sovereign interest rate spreads have been well behaved, the euro has strengthened, and equity markets have risen robustly.

Substantial progress had been made in the establishment of a market infrastructure, privatization, the creation of a viable private sector, liberalization of foreign economic activities and financial stabilization.

In addition, any person who moves significant amounts into or out of the country is also obliged to report to the Financial Intelligence Unit.