Joint Money Laundering Intelligence Taskforce and Prepayment: Difference between pages

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imported>Doug Williamson
(Create page. Source: NECC webpage https://nationalcrimeagency.gov.uk/what-we-do/national-economic-crime-centre)
 
imported>Doug Williamson
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''Economic crime - anti money laundering - UK.''
1. ''Banking''.


(JMLIT).
The non-contractual early repayment by bank customers of, for example, fixed rate mortgages.


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.


The taskforce includes financial institutions, the Financial Conduct Authority, the NCA, HMRC, the SFO, the City of London Police, and the Metropolitan Police Service.
2. ''Accounting''.


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.
An amount paid in advance for a financial benefit, represented by an asset in the organisation's balance sheet.


It is a prepaid expense.


The JMLIT is part of the UK's National Economic Crime Centre.


:<span style="color:#4B0082">'''''Example: Venue hire'''''</span>


== See also ==
:We book a venue for a function.
* [[CFT]]
 
* [[4MLD]]
:And pay 50% of the hire fee in advance.
* [[Financial Action Task Force]]
 
* [[Financial Conduct Authority]]
 
* [[HMRC]]
 
* [[Integration]]
:The 50% paid in advance is an ASSET for us.
* [[Joint Money Laundering Steering Group]]
 
* [[Know-your-customer]]
:We are going to enjoy the use of the venue in future, but it has already been paid for.
* [[Layering]]
 
* [[MLRO]]
:So the 50% already paid represents a future economic benefit.
* [[Money laundering]]
* [[National Economic Crime Centre]]
* [[Placement]]
* [[SFO]]
* [[Smurfing]]
* [[SOCA]]
* [[TF]]
* [[USA PATRIOT Act]]




=== Other resources ===


[[Media:2015_03_Mar_-_Squeaky_clean.pdf| Squeaky Clean, The Treasurer, 2015]]
== See also ==
* [[Accrual]]
* [[Average effective maturity]]
* [[Bookkeeping]]
* [[Early Repayment Charge]]
* [[Extension risk]]
* [[Prepaid expense]]
* [[Prepayment risk]]
* [[Prepayments]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Identify_and_assess_risks]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Manage_risks]]
[[Category:Risk_frameworks]]

Latest revision as of 00:50, 2 January 2021

1. Banking.

The non-contractual early repayment by bank customers of, for example, fixed rate mortgages.


2. Accounting.

An amount paid in advance for a financial benefit, represented by an asset in the organisation's balance sheet.

It is a prepaid expense.


Example: Venue hire
We book a venue for a function.
And pay 50% of the hire fee in advance.


The 50% paid in advance is an ASSET for us.
We are going to enjoy the use of the venue in future, but it has already been paid for.
So the 50% already paid represents a future economic benefit.


See also

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