Joint Money Laundering Intelligence Taskforce and Probability: Difference between pages

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''Economic crime - anti money laundering - UK.''
The study of chance providing an objective measure of uncertainty.


(JMLIT).


The JMLIT is a partnership between law enforcement and the financial sector to exchange and analyse information relating to money laundering and wider economic threats.
Probabilities range between 1 (=100%) and 0 (=0%).


The taskforce includes financial institutions, the Financial Conduct Authority, the NCA, HMRC, the SFO, the City of London Police, and the Metropolitan Police Service.
A probability of 100% means that an event is considered certain to occur.  


JMLIT aims to tackle high-end money laundering schemes which are most commonly complex, multi-institutional, and multi-jurisdictional, by sharing information on new typologies, existing vulnerabilities, and live tactical intelligence.
A probability of 0% means that an event is considered certain not to occur.




The JMLIT is part of the UK's National Economic Crime Centre.
For example, flipping an unbiased coin, the probability of getting a head is often modelled as 50%.




== See also ==
This simple model of a coin flip assumes that the only two possibilities are a head or a tail. Applying such simple models to financial situations, and treating financial outcomes as simple coin flips, may lead to errors resulting from:
* [[Countering the financing of terrorism]] (CFT)
* [[4MLD]]
* [[Financial Action Task Force]]
* [[Financial Conduct Authority]]
* [[HMRC]]
* [[Integration]]
* [[Joint Money Laundering Steering Group]]
* [[Know-your-customer]]
* [[Layering]]
* [[MLRO]]
* [[Money laundering]]
* [[National Economic Crime Centre]]
* [[Placement]]
*[[Serious Fraud Office]] (SFO)
* [[Smurfing]]
* [[SOCA]]
* [[TF]]
* [[USA PATRIOT Act]]


#The coin landing on its edge 'more often than it's supposed to'.
#The underlying assumption of an unbiased coin not being a valid one. This kind of assumption is usually much too simple.


== Other resource==


[[Media:2015_03_Mar_-_Squeaky_clean.pdf| Squeaky Clean, The Treasurer, 2015]]
== See also ==
 
* [[Black swan]]
[[Category:Accounting,_tax_and_regulation]]
* [[Conditional probability]]
[[Category:The_business_context]]
* [[Confidence interval]]
[[Category:Identify_and_assess_risks]]
* [[Frequency distribution]]
[[Category:Manage_risks]]
* [[Mutually exclusive]]
* [[Poisson distribution]]

Revision as of 15:19, 8 June 2016

The study of chance providing an objective measure of uncertainty.


Probabilities range between 1 (=100%) and 0 (=0%).

A probability of 100% means that an event is considered certain to occur.

A probability of 0% means that an event is considered certain not to occur.


For example, flipping an unbiased coin, the probability of getting a head is often modelled as 50%.


This simple model of a coin flip assumes that the only two possibilities are a head or a tail. Applying such simple models to financial situations, and treating financial outcomes as simple coin flips, may lead to errors resulting from:

  1. The coin landing on its edge 'more often than it's supposed to'.
  2. The underlying assumption of an unbiased coin not being a valid one. This kind of assumption is usually much too simple.


See also