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Article 7 - Money Laundering

from Part II - Commentary

Published online by Cambridge University Press:  05 March 2015

By
Mark Pieth
Edited by
Mark Pieth ,
Lucinda A. Low  and
Nicola Bonucci
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.

Type
Chapter
Information
The OECD Convention on Bribery
A Commentary
 , pp. 422 - 446
Publisher: Cambridge University Press
Print publication year: 2013

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References

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