Under the Annunzio-Wylie Act, the U.S. Treasury is authorized to require financial institutions to adopt anti-money laundering programs that include: (a) internal policies, procedures, and controls; (b) designation of a compliance officer; - continuation of an ongoing employee training program; and (d) an independent audit function to test the adequacy of the program. Source: Zagaris, 1999, p. 1023. Therefore, building a case against sophisticated money-laundering schemes begins with recognizing when a

S. Department of Justice Press Release, 2007). Hiding money in banks of small island nations is a popular form of money laundering, hence the term 'off-shore' companies for the use of concealing funds as well as creating the off-shore gambling facilities themselves. Relationship between Illegal Drugs and Gambling The illegal drug trade and illegal gambling often exhibit a symbiotic relationship in the case of money laundering. Casinos have also been used as

money laundering from the perpetrator's perspective. In specific, it will address the questions of whether virtual money can be counterfeited, whether the money can be trailed, and who can access the devices used for financing the system. The simplest form of money laundering entails making it appear as though the money derived from one source (say, Source A) actually comes from another (Source B, for instance). That is, criminals perpetrating

Illicit finance has come to be a significant issue not only locally, but also internationally. There are numerous delineations of illicit finance, but fundamentally it comes about from the practices, approaches and crimes targeting to transfer financial capital within and out of a nation in violation of national and global laws. Across the world, government administrations are working in tandem and joining forces to combat different illicit financial flows, which

Combating Money Laundering - Imperative to Cut down on Terrorism FATF - Financial Action Task Force GAO - General Accounting Office UGAO - United States General Accounting Office OECD - Organization of Economic Cooperation and Development IFA - International Federation of Accountants Money Laundering What is Money Laundering? The act of converting money earned from illegal activities such as drugs, arms smuggling and other crimes, including insider trading, embezzlement, bribery and computer fraud schemes as well as fraudulent

"Arabs Wage War on Money Laundering: Arab Governments Are Adopting Strict New Standards to Prevent the Misuse of Banks in the Middle East by Terror Organisations and Financial Manipulators. These Efforts Could Enhance Efforts to Develop New Global Financial Centres in the Levant." The Middle East: 6+. Tracy Tucker Mann, 2007 "Money Laundering," American Criminal Law Review 44, no. Kathryn L. Gardner 2007, "Fighting Terrorism the FATF Way," Global Governance 13,