Many new collar crimes are primarily committed, or attempted to be taken through banks and or other financial institutions. Later-on, in the process of committing crimes, the criminals move to other options away from banks and financial institutions. The crime never stops and likewise the criminals every new morning they show up with new crimes. Ultimately, the war goes on and on endlessly, particularly with reference to money laundering and terrorism financing or other white-collar crimes..
As a consequence of this, all countries are to ensure that banks and financial institutions should be subject to effective regulation and supervision. Supervisors should take necessary legal measures to prevent criminals from holding significant interest or management function in a bank or a financial institution. The establishment or operation, of shell banks or other types of shell companies shall be completely prohibited, as they may be the door for such crimes. Supervisors should have adequate powers to supervise or monitor, and ensure compliance by, banks and financial institutions with the required requirements to combat money laundering and terrorist financing, including the authority to conduct inspections, if any? They should be authorized to compel production of any information from banks and financial institutions whenever relevant to monitoring such necessary compliance, and to impose sanctions for failure to comply with such requirements. Supervisors should have all powers to impose a range of disciplinary and financial sanctions, including the power to withdraw, restrict or suspend the license.
Designated non-financial businesses and professions (DNFBPS) also should be subject to regulatory and supervisory measures. Casinos, for example, should be subject to comprehensive regulatory and supervisory system to ensures that they have effectively implemented the necessary legal measures that are required to fight money laundering and terrorism financing. In this respect, the casinos where ever they are accepted they should be licensed. The competent