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Common Law Legal Systems Model Legislative Provisions on Money Laundering, Terrorism Financing, Preventive Measures and Proceeds of Crime

image of Common Law Legal Systems Model Legislative Provisions on Money Laundering, Terrorism Financing, Preventive Measures and Proceeds of Crime

Corruption undermines the rule of law, good governance, and sustainable growth and development. Most countries have prohibited all forms of corruption, yet corruption persists due largely to a lack of appropriate strategies and structures to inhibit it. Such strategies include effective and comprehensive legal frameworks to prevent, punish and take the profit out of corruption.

The Common Law Legal Systems Model Legislative Provisions aims to enable Commonwealth countries to evaluate measures that can be incorporated into domestic law to prevent, detect, and effectively sanction money laundering and terrorism financing and to recover the proceeds of crime.

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Conviction-based Confiscation, Benefit Recovery and Extended Benefit Recovery Orders

This part implements FATF Recommendation 4 and the associated interpretive notes. The model comprises three sets of provisions on this issue: (1) provisions that are mandatory to comply with basic international standards (reference will be made to the relevant FATF standard in the drafting notes), which will be noted below; (2) additional provisions that are recommended for an effective and comprehensive asset recovery regime but that are not required under the FATF standard; and (3) provisions that are optional and reflect best practice.

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