Page 554 - IOM Law Society Rules Book

Schedule of relevant typologies in relation to money laundering or
terrorist financing to be annexed to the Isle of Man anti money
laundering guidance notes

Introduction

Money laundering is an evolving activity, driven by the need for criminals to
legitimise the proceeds of crime. Whilst national governments and supranational
bodies continue to introduce further measures to prevent and combat money
laundering, this serves to push criminals in to more sophisticated and complex ways
to legitimise illegal assets, increasing the professionalism of the process, the use of
various sectors of the financial system and of the economy, and the recourse to new
geographical routes. Accordingly, just as there is no single method of laundering
money, there is no definitive list of typologies in relation to money laundering or
terrorist financing.

However, on an annual basis, FATF brings together operational experts from the law
enforcement and regulatory authorities of FATF member countries to exchange
information on significant money laundering cases and operations. These meetings
enable these experts to identify and describe current money laundering trends and
effective counter-measures and building on earlier analysis, examine particular
concerns in the money laundering area. A summary of each of the available reports
can be analysed further into the following categories:

• Alternative remittance systems
• Money laundering vulnerabilities in the insurance sector
• Proceeds from trafficking in human beings and illegal immigration
• Wire transfers and terrorist financing
• Non-profit organisations and links to terrorist financing
• Politically exposed persons
• Non financial professions in money laundering (solicitors, notaries and
accountants)
• Money laundering through the securities sector
• Gold and diamond markets
• Correspondent banking
• Corruption and private banking
• Bearer securities and other negotiable instruments
• Online banking and internet casinos
• Non corporate vehicles (trusts)