Ethics and governance in the European Financial centers

IMoLIN, the Internet-based network assisting governments, organizations and individuals in the fight against money laundering, has published a Model Legislation on Money Laundering and Financing of Terrorism.
This model law on money laundering and the financing of terrorism is the outcome of a joint effort of the United Nations Office on Drugs and Crime (UNODC) and the International Monetary Fund (IMF). It contains a comprehensive set of legal measures that a domestic law should include in order to prevent, detect, and sanction effectively, money laundering and the financing of terrorism and to enable international cooperation against these crimes.

See document

The IRE in Luxembourg, which is the regulatory body for auditors, has initiated an ambitious project to reinforce AML in the Luxembourg financial centre.
The project, which is called "Side Safe Watch", is in the framework of the KYC requirements.

Side product, SafeWatch, allows automated Anti-Money Laundering (AML) checking on the complete financial flow, regardless of origin and transport through a fully configurable and scaleable enterprise solution, strengthening AML compliance.
SafeWatch helps in preventing emission of outgoing and processing of incoming messages/data referring to black listed entities. The enterprise server can simultaneously analyze a large variety of sources: text files, real-time flows, SWIFT messages, MQ Series, Database tables... all detections are sent to the central SafeWatch monitoring station, and users are automatically notified of alerts by e-mail.

The application emphasizes on enterprise-wide features:
• Complete auditing
• Strong security management
• Full reporting

This project is developed by external auditors (and chartered accountants) in independence with their auditees that are not invited in the project group.


See information

IMoLIN is an Internet-based network assisting governments, organizations and individuals in the fight against money laundering. IMoLIN has been developed with the cooperation of the world’s leading anti-money laundering organizations. It issued a nex document providing an verview of the UN Conventions and Other International Standards Concerning Anti-Money Laundering and Countering the Financing of Terrorism.

See document