Establishment of a financial investigation unit to monitor illicit financial transactions.

Another recent development which the Financial Services Commission is working on is to introduce legislation to regulate and supervise money transmission services.

The Unit assesses cash dealer compliance with the legislation.

Create Financial Intelligence Units.

With a view to combating corruption and the transfer of funds of illicit origin, the Government had reportedly adopted a series of legislative and administrative measures, including the establishment of the National Financial Intelligence Unit (UNIF) and the enactment of the Anti Corruption Act.

Establishment of financial intelligence units

Establish Financial Intelligence Units.

Financial law and practice

(a) Take a proactive role in fostering financial intermediation and improve the efficiency of their financial systems

The proposed changes seek to recognize credit unions as financial cooperatives and to create a legislative and regulatory framework for them.

The National Security Act 1992 Financial Institutions Act 1992 Prudential Regulation 2002 Bhutan Penal Code 2004.

In such instances FIA immediately notifies the Minister of Interior and the Minister of Finance.

The principal focus of the global programme is technical assistance, including training for judicial, financial and law enforcement personnel, the establishment of financial intelligence units, the drafting of legislation and the promotion of judicial cooperation, which is done with the assistance of the UNDCP Legal Advisory Group.

In November 2001 the Financial Intelligence Unit (FIU), acting within its mandate, circulated the List provided by the Security Council and instructed entities of the national financial system to report to it immediately any type of transaction carried out by the listed individuals and entities.

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.

The FIU was established by the Money Laundering and Financing of Terrorism (Prevention and Control) Act.

4. Building Linkages with Development and

(c) International commercial and finance law.

CFA Franc BCEAO

The Supervision Authority conducts financial supervision in the name of the State and is independent in the conduct of financial supervision.

Encourage countries to target corrupt financial institutions both within and outside their jurisdictions, thereby isolating them from the international financial system.

Over 100 States have FIUs which appear invariably to increase a State's ability to uncover assets and illegal transfers, three of these States offer assistance to others in establishing such units.

UNCDF niche in building inclusive financial sectors

4. Building Linkages with Development and 67 Financial Institutions

Particular attention should be given to constitutional issues relating to privately financed infrastructure projects and the role of sector specific regulation, as well as commercial finance legislation and legislation on special corporate entities

Where the future cash flow or term of existence of a financial asset or financial liability cannot be predicted reliably, the contractual cash flow of the financial asset or financial liability for the whole term of the contract shall be taken into account.

4.5 Exchange of information regarding suspicious financial transactions, illegal financial operations and assistance in establishing and strengthening contacts between appropriate authorities.

Encourage financial institutions to actively with law enforcement and other investigative agencies in sharing information on illicit finance activity.

Article 14The actual interest rate method refers to the method by which the post amortization costs and the interest incomes of different installments or interest expenses are calculated in light of the actual interest rates of the financial assets or financial liabilities (including a set of financial assets or financial liabilities).

An extensive list of financial, non bank financial institutions and non financial entities is covered by the legislation, which will in future also include accountants, company and trust service providers, real estate dealers and dealers in precious metals and stones.

The Government had established the Indonesian Financial Transaction Report and Analysis Center, an independent financial intelligence unit, and the ministerial level National Coordination Committee on anti money laundering.

Corporations and financial institutions were regulated through legislation such as the Corporations Act of 2001, the Australian Securities and Investments Commission Act of 2001, the Australian Prudential Regulation Authority Act of 1998 and the Financial Transaction Reports Act of 1988.

Noting with appreciation the establishment of the United Nations Advisers Group on Inclusive Financial Sectors to promote the building of inclusive financial sectors to meet the needs and demands of poor people everywhere, building on the creation of the Blue Book Building Inclusive Financial Sectors for Development (United Nations publication, Sales No. E.06.II.A.3). as a tool for policymakers seeking to build more inclusive financial sectors,

The law envisages the establishment of a separate unit within the structure of the CB The Financial Observations Center (FOC).

African countries must restructure their domestic financial sectors and develop capital markets and non bank financial institutions.

The Independent Commission against Corruption and the Financial Intelligence Unit had been established to combat such offences and to enforce the relevant laws.

(iii) Creation of a microfinance database including the following elements

Consequent upon the enactment, a Financial Monitoring Unit (FMU) will be established so as to consolidate the existing suspicious transactions reporting regime.

The establishment under the aforementioned Act of the Financial Intelligence Unit is a measure to detect and prevent terrorist activity in that the Unit is responsible for collecting and processing financial intelligence concerning channels for money laundering and the financing of terrorism.

Corrupt financial institutions that facilitate money laundering and terrorist financing exist even in certain regimes that appear to have adequate laws on the books.

1.9 It has already been mentioned that, in giving effect to the legislation relevant to protection of the financial system, a division for the follow up of suspect financial operations has been established in the Supervision Department of the Jordanian Central Bank.

Article 56 Where a securities firm carries out securities lending and borrowing but does not have sufficient funds or securities, it can borrow from the securities financial companies.

Why did twenty first century legislators behave differently? The cynical, and increasingly popular, view is that they were again voting their pocketbooks all financial legislation in the run up to the 2008 crisis was supposedly driven by the financial sector s appetite for more customers to devour with teaser loans and dubious mortgages.

Promising new ideas are being explored, such as the International Finance Facility.

Government is now preparing new primary legislation, the Anti Terrorism (Financial and Other Measures) Act, due to be introduced into Parliament in the Autumn 2004.