Page 1 / / Page 2 / / Page 3 / / Page 4 //

Sparbuch
From the German Sparen meaning save, Buch meaning book. An anonymous passbook-based account that was available in Austria , the Czech Republic and some other locations. Now officially banned or withdrawn. No identification was taken when the account was opened and the account was operated under a password: the bank did not hold details of the account holder: Cash withdrawals were allowed on production of the passbook and code word (thus the account holder did not necessarily have to be present and could send a representative).

Tax haven
A country which has a low or zero rate of taxes across the board (also see 'Offshore Financial Centre'). The OECD define a tax haven that conducts harmful tax competition as:

• Any nation that imposes nominal or no tax on income;

• Any nation offering preferential treatment to certain types of income at no or low tax rates;

• Any nation that offers or is perceived to offer non-residents the ability to escape taxes in their country of residence.

The OECD notes further activities that identify a tax haven as:

• Practices that prevent the effective exchange of relevant information with other governments on taxpayers benefiting from a low or no tax break;

• General lack of transparency

• The absence of a requirement that the activity be substantial (investment that is not purely tax driven).

Terrorist financing or terrorist funding
Two phrases that have become interchangeable and have become a "shorthand" for two separate processes: the funding of terrorism through a variety of sources and the holding/distribution of these funds to frontline terrorists. Terrorist financing/funding is not money laundering, although the laundering process can be one of the tools used to manage relevant funds.

Trust
A legal structure created by a trust agreement through which the instigator or settlor transfers the legal ownership of assets to a trustee who then holds those assets under the terms of the agreement for the benefit of the beneficiaries, which may include the settlor.

ProximalConsulting.com Selected Links
White Paper 1: What Is Money Laundering
White Paper 2: Procedures & Controls To Stop Money Laundering
White Paper 10: Money Laundering & Organized Crime, An Overview
White Paper 11: Money Laundering, The Scale Of The Problem
White Paper 17: Money Laundering Through Stock Exchanges
White Paper 20: FAQs On Money Laundering
White Paper 21: Terrorist Financing Is Not Money Laundering

External Links
The CIA World Factbook
The Wikipedia Entry On Money Laundering
The Financial Action Task Force (FATF)
Billy Steel's Website On Money Laundering