In this video we explore the context behind the abbreviations AML and CFT, with regard to Anti Money laundering & Terrorism Financing. In essence, we go behind the meaning and understanding of what is AML and what is CFT.
Money Laundering Recap : Money laundering involves concealing the origins of illegally obtained funds through transfers involving banks, financial institutions, or legitimate businesses. It is the process of transforming illicit money into legitimate funds.
What is AML ? : AML refers to the set of laws, regulations, and procedures implemented by countries, states, financial institutions, banks, and regulated businesses to combat money laundering activities. Its purpose is to prevent and detect money laundering, disrupt criminal networks, maintain the integrity of the financial system, and mitigate the potential financing of terrorism.
Scope of AML : While Anti Money Laundering regulations primarily apply to financial institutions such as banks, credit unions, and insurance companies, they are not limited to these entities. Other industries vulnerable to money laundering, such as gambling, bookmakers, jewelry, crypto, payment processing, luxury goods, and antique and fine arts, also have Anti-Money Laundering requirements.
In summary, the video explains that Anti-Money Laundering is a framework of laws and regulations designed to combat money laundering. Its objective is to prevent and detect money laundering activities, protect the financial system's integrity, and address potential terrorist financing. While financial institutions are the primary focus, other industries vulnerable to money laundering must also comply with Anti Money Laundering regulations.
Definition of Terrorism Financing (CFT): Terrorism financing involves providing funds or support for terrorist activities. It can encompass funds obtained from legitimate sources such as personal donations, business profits, and charitable organisations, as well as illicit sources.
Purpose of CFT : Countering the Financing of Terrorism or Terrorism Financing refers to the measures and efforts undertaken by governments and financial institutions to prevent the funding of terrorist activities. It focuses specifically on addressing the financial aspects of terrorism.
Disrupting Financial Networks : Counter Terrorism Financing measures aim to identify, track, and prevent the flow of funds to individuals, groups, or organisations involved in terrorist activities. The goal is to disrupt the financial networks that enable terrorists to plan, organise, and carry out their operations.
In summary, CFT involves preventing the funding of terrorist activities by targeting the financial aspects. It aims to disrupt the financial networks supporting terrorism by identifying and preventing the flow of funds. By cutting off the financial resources available to terrorists, Counter Terrorism Financing measures contribute to countering terrorism effectively.
----------
Background Music: Snowfall – Scott Buckley (No Copyright Music)
[ Ссылка ]
----------
VIEWS AND OPINIONS: All material and content used in this video have been obtained from publicly available sources. Views, opinions, statements, and recommendations are my own and do not reflect those of any regulatory bodies or authorities, and past, current, or future employers. This channel is my own and is not connected to or part of any organisation.
DISCLAIMER: This video is for informational purposes only and does not constitute legal or binding advice.
GENERAL INFORMATION: The information presented in this video may not be fully accurate, complete, or up to date. It is recommended that viewers seek their own independent legal advice to address their specific circumstances.
INDIVIDUAL CIRCUMSTANCES: This video may address general legal principles, but may not be applicable to individual circumstances. Laws and regulations vary by jurisdiction and do change over time. Therefore, it is essential to consult with a qualified legal representative or chosen Management Company (“MC”) to obtain advice tailored to any specific situation.
LIMITATION OF LIABILITY: The creator of this video shall not be held liable for any direct, indirect, incidental, consequential, or special damages arising out of or in connection with the use of the information provided in this video. This includes, but is not limited to, reliance on the information presented, errors or omissions, or any action taken based on the content of the video.
NO REPRESENTATION: The creator of this video is not associated or connected in any way, shape, or form whatsoever, to any governmental and/or regulatory bodies, be it in Mauritius or abroad (at the time of recording this video).
