Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

What is the Palermo Convention known for?

1. Addressing organized crime at a global level

2. Focusing on financial regulation in Europe

3. Outlining tax evasion laws

4. Establishing requirements for corporate transparency

The correct answer is: Addressing organized crime at a global level

The Palermo Convention, officially known as the United Nations Convention against Transnational Organized Crime, is primarily recognized for addressing organized crime on a global scale. It was adopted in 2000 to provide countries with a framework to combat various forms of transnational organized crime, including drug trafficking, human trafficking, arms smuggling, and other criminal enterprises that cross national borders. The Convention aims to promote international cooperation and aid nations in developing effective strategies and legal frameworks for tackling organized crime collectively. The other options pertain to different aspects of law and regulation that are not the focus of the Palermo Convention. For example, financial regulation in Europe relates to specific EU frameworks and directives, while tax evasion laws typically fall under the domain of domestic tax legislation rather than organized crime conventions. Corporate transparency requirements are generally addressed in anti-corruption or corporate governance contexts, rather than through the lens of organized crime addressed by the Palermo Convention.