December 14 2015
The report gives an overview of the safe-deposit boxes that are actually used and their suitability for money laundering and terrorist financing abuse. Secure safe-deposit boxes that ensure an unlimited storage period for assets or valuables are exposed to a risk of abuse. Bank safe-deposit boxes, highly secure safe-deposit boxes outside of the banking sector and secure self-storage units and warehouses, in particular, meet these criteria.
The report also explains the money laundering and terrorist financing statutory framework in terms of safe-deposit box rental and the relevant rules of professional conduct. Moreover, it sheds light on the potential risks and actual abuses.