Islamic finance and anti-money laundering and combating the financing of terrorism (AML/CFT) /
Islamic finance and anti-money laundering and combating the financing of terrorism (AML/CFT) /
prepared by Nadim Kyriakos-Saad, Manuel Vasquez, Chady El Khoury, Arz El Murr.
- 1 online resource (12 pages).
- IMF Working Paper ; WP/16/42 .
- IMF working paper ; WP/16/42. .
"February 2016."
Includes bibliographical references (page 12).
"The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic finance. Some are likely to be the same as in conventional finance, but there may also be different risks. This is notably due to: (i) the complexity of some Islamic finance products; and (ii) the nature of the relationship between the institutions and their clients. The limited capacity and experience in the supervision of Islamic finance, especially in jurisdictions that face higher ML/TF risk factors represents an additional vulnerability. The Financial Action Task Force (FATF) standards are implemented without any form of tailoring to the specificities of Islamic finance. The FATF, the Islamic finance standard-setters, and the national regulators should seek a greater understanding of the specific ML/TF risks that may arise in Islamic finance and develop an appropriate response."--Abstract.
9781513541174 151354117X 1513516159 9781513516158 1513516809 9781513516806
1018-5941
10.5089/9781513516158.001 doi
Finance--Religious aspects.--Islamic countries
Money laundering.
Terrorism--Finance.
Finances--Aspect religieux.--Pays musulmans
Blanchiment de l'argent.
Terrorisme--Finances.
LAW / Administrative Law & Regulatory Practice.
Finance--Religious aspects.
Money laundering.
Terrorism--Finance.
Islamic countries.
Electronic books.
Electronic books.
KBP940.2
346.167082
"February 2016."
Includes bibliographical references (page 12).
"The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic finance. Some are likely to be the same as in conventional finance, but there may also be different risks. This is notably due to: (i) the complexity of some Islamic finance products; and (ii) the nature of the relationship between the institutions and their clients. The limited capacity and experience in the supervision of Islamic finance, especially in jurisdictions that face higher ML/TF risk factors represents an additional vulnerability. The Financial Action Task Force (FATF) standards are implemented without any form of tailoring to the specificities of Islamic finance. The FATF, the Islamic finance standard-setters, and the national regulators should seek a greater understanding of the specific ML/TF risks that may arise in Islamic finance and develop an appropriate response."--Abstract.
9781513541174 151354117X 1513516159 9781513516158 1513516809 9781513516806
1018-5941
10.5089/9781513516158.001 doi
Finance--Religious aspects.--Islamic countries
Money laundering.
Terrorism--Finance.
Finances--Aspect religieux.--Pays musulmans
Blanchiment de l'argent.
Terrorisme--Finances.
LAW / Administrative Law & Regulatory Practice.
Finance--Religious aspects.
Money laundering.
Terrorism--Finance.
Islamic countries.
Electronic books.
Electronic books.
KBP940.2
346.167082