Article 30 Reporting suspicious transactions

(iii) Reporting of suspicious transactions?

Forms for reporting suspicious financial transactions

Reporting of suspicious and or unusual transactions

To date, no suspicious transactions have been identified.

In addition, the unit on money laundering and suspicious cases must be notified of suspicious transactions.

c) Suspicious transactions, irrespective of the amount mentioned in this paragraph.

Only 24 States require charities and other non profit organisations to report suspicious transactions.

The transactions stipulated in part 3 of this Article are not considered as suspicious.

1.5 Paragraph 1 of the resolution requires that the legal obligation to report suspicious transactions should extend to all professions engaged in financial transactions.

In addition, the exercise of due diligence with customers and financial transactions, as well as established procedures to report suspicious transactions, are also important.

Interventions to curb money laundering have relied heavily to date on financial institutions reporting suspicious transactions.

Question on the requirement to report suspicious transactions by all financial institutions, as well as by insurance companies and other such intermediaries engaged in financial transactions.

Could Thailand please confirm whether such professionals do report suspicious transactions to the Thai Financial Intelligence Unit?

Could Pakistan please outline under what circumstances lawyers would be required to report suspicious financial transactions, and what effect, if any, the proposed Anti Money Laundering law would have on the obligation of legal advisors to report suspicious financial transactions.

The CTC is grateful for the detailed report on suspicious transactions (at page 13) of the fourth report.

The Decree makes it obligatory to identify customers and report suspicious transactions in respect of the following activities.

New professions that were obliged to report suspicious financial transactions were accountants, lawyers and dealers in high value goods.

Belarus intends to establish a special State entity responsible for detecting suspicious transactions and preventing the financing of terrorism.

Q.1.4 Pakistan has indicated that there is no specific legal requirement for lawyers to report suspicious financial transactions.

Governments were requested to report on established working procedures for the monitoring and identification of suspicious transactions involving precursors.

Most transactions were reported as a result of structuring, which is the act of committing many transactions that are under the required threshold in order to avoid seeming suspicious.

Currently, no specific act in Benin's legislation requires the notary or attorney to report the fraudulent origin of suspicious transactions.

Obligate entities to report suspicious transactions related not only to money laundering, but also related to the financing of terrorism

It introduces i.a. the duty to report suspicious transactions associated not only with money laundering, but also with terrorist financing.

1.11 The Supervision Department of the Central Bank is the body empowered to receive reports of suspicious transactions in Jordanian banks.

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

For example, FATF recommendations relating to customer due diligence, record keeping, suspicious transactions, anti money laundering controls policies and staff training.

Furthermore, one of the chief objectives of governmental supervision would be to ensure that such suspicious transactions do not take place.

The relevant national authorities are expected to provide practical guidance as to what constitutes suspicious transactions for the use of financial institutions.

Financial institutions must inform the Public Prosecutor's Office about suspicious transactions linked to any act referred to in articles 1 or 2.

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

Normative legal acts of the Central Bank can establish other grounds, not mentioned in this part, for considering transactions as suspicious, based on which the persons submitting the reports are bound to regard the transaction as suspicious.

REQUIRED BANK REPORTING PROCEDURES suspected transactions have been reported by banks, on their volition, using the Suspicious Activity Reports (SAR) reporting procedure. These reports

Encourage countries to comply with FATF Special Recommendation 7 on reporting suspicious transactions to a competent authority for analysis and processing to investigative agencies.

For the persons licensed by the Central Bank the criteria for considering the transactions as suspicious are established by the Board of the Central Bank.

In particular, the CTC would appreciate learning the number of suspicious transactions which have been reported to the Thai Financial Intelligence Unit in recent years?

Suspicious.

(5) It requires banks, casinos and currency traders to report unusual and suspicious transactions (depending on the amount and origin of the funds) to the Central Bank, and prohibits cash transactions exceeding 5 million Comorian francs ( 12,500) and

91 308 EEC on prevention of the use of the financial system for the purpose of money laundering. As a result, transactions suspicious of financing terrorist acts will undergo the same reporting and suspension system as those suspicious of money laundering.

The number of suspicious transactions reported varied widely between countries and might have been influenced by differing requirements, such as whether reporting was mandatory or not.

States that had adopted measures for the reporting of suspicious or unusual transactions, by region (those responding in both the second and the third reporting periods)

In addition, the Royal Military Police, which controls and guards Dutch borders, reports any suspicious situations directly to the national police unit that analyses unusual transactions.

States were asked to report whether measures had been adopted in their financial systems with a view to enabling the reporting of suspicious and or unusual transactions.

B) Moreover, in terms of draft AML Bill 2005, Non Financial Businesses Professions, which include lawyers as well, may be required to report suspicious transactions to FMU.