Money Laundering

doi:10.1017/CBO9781139565332.012

Article 7 - Money Laundering

from Part II - Commentary

Published online by Cambridge University Press: 05 March 2015

Mark Pieth

Edited by

Mark Pieth ,

Lucinda A. Low and

Nicola Bonucci

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Mark Pieth: Affiliation:
Universität Basel, Switzerland
Mark Pieth: Affiliation:
Universität Basel, Switzerland
Lucinda A. Low: Affiliation:
Steptoe and Johnson LLP
Nicola Bonucci: Affiliation:
OECD

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Summary

Money Laundering

Each Party which has made bribery of its own public official a predicate offence for the purpose of the application of its money laundering legislation shall do so on the same terms for the bribery of a foreign public official, without regard to the place where the bribery occurred.

Official Commentaries

Article 7 – Money Laundering

In Article 7, ‘bribery of its own public official’ is intended broadly, so that bribery of a foreign public official is to be made a predicate offence for money laundering legislation on the same terms, when a Party has made either active or passive bribery of its own public official such an offence. When a Party has made only passive bribery of its own public officials a predicate offence for money laundering purposes, this article requires that the laundering of the bribe payment be subject to money laundering legislation.

Recommendation 2009

General

[THE COUNCIL] RECOMMENDS that each Member country take concrete and meaningful steps in conformity with its jurisdictional and other basic legal principles to examine or further examine the following areas:

iv) laws and regulations on banks and other financial institutions to ensure that adequate records would be kept and made available for inspection and investigation.

Information

Type: Chapter
Information: The OECD Convention on Bribery
A Commentary
, pp. 422 - 446

DOI: https://doi.org/10.1017/CBO9781139565332.012 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2013

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References

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