Whilst perhaps not being the most suitable vehicle for money laundering or terrorist financing, churches and charities are not exempt from these activities. Being involved in either money laundering or terrorist financing carries serious financial and criminal penalties as well as impacting on the reputation of a particular charity or sector. On a more practical note, many high street banks will not allow charities to open bank accounts without first seeing the charity’s policies in these areas. This template policy and its associated guidelines provide the basis of an anti-money laundering and terrorist financing policy and can be easily adapted by churches and charities to fit their own particular situation.
Topics included –
- Why is it important for churches and Christian charities to have an anti-money laundering and terrorist financing policy?
- What are the basic finance controls that a church or charity should have in place to protect against terrorist financing or money laundering?
- What processes should be in place for churches and other charities with regards to donors and donations received?
- What processes should be in place for churches and other charities with regards to grants and other money outflows?
- How important are the principles of ‘know your donor’ and ‘know your beneficiary’ when it comes to protecting churches and other charities from money laundering or terrorist financing?
- What should a church or charity do if it suspects either money laundering or terrorist financing?
- What steps should churches and charities take in training their staff and volunteers in the areas of money laundering or terrorist financing?