Glossary

A waiver is the voluntary relinquishment or surrender of a known right or claim. In contracts, it occurs when a party intentionally chooses not to enforce a specific term or condition, thereby giving up the right to hold the other party accountable for that particular breach or requirement.

Wash trading is a form of market manipulation where an investor simultaneously buys and sells the same security to create artificial trading activity. This practice falsely inflates trading volume and can mislead other market participants about the true demand or price of the security. Wash trading is illegal in most regulated markets.

Screening against wider watchlists (e.g., law enforcement, PEPs, sanctions lists).

Web3 refers to the next evolution of the internet, built on blockchain technology. It emphasizes decentralization, user ownership of data, token-based economies, and trustless systems. Unlike Web2, where platforms control data, Web3 enables peer-to-peer interactions, smart contracts, and dApps that operate without centralized intermediaries.

A Web3 wallet is a digital tool that allows users to store, send, and receive cryptocurrencies while interacting with decentralized applications (dApps). Unlike traditional wallets, it enables control over private keys and supports features like token swaps, staking, and NFT storage. Web3 wallets are essential for accessing blockchain-based services securely and independently.

Whale manipulation occurs when individuals or entities holding large amounts of cryptocurrency (whales) use their holdings to influence market prices. By making big trades or spreading rumors, they can cause price swings that benefit themselves but harm smaller investors. This tactic can create artificial volatility in crypto markets.

Insurers must provide confidential, accessible channels for employees, agents, policyholders, or others to report suspected fraud or cybercrime. These must be well-publicised, protected against retaliation, and integrated into FMU and FMC processes.

A formal process conducted by an organization or regulatory body to examine and verify the allegations made by a whistleblower. It aims to gather evidence, determine the validity of claims, and recommend corrective actions or enforcement.

Whistleblower policy is an internal organizational guideline that outlines how employees can safely report unethical, illegal, or improper conduct. It defines reporting channels, ensures protection from retaliation, and promotes transparency and accountability. A strong whistleblower policy encourages a speak-up culture and helps organizations detect and address issues early.

The Whistleblower Protection Act (WPA) is a U.S. law that safeguards federal employees who report government misconduct, fraud, or illegal activities. It prevents retaliation like firing or harassment and ensures whistleblowers can disclose information without fear. The WPA promotes transparency and accountability within government agencies by encouraging honest reporting.

Though not in the Convention text, the OECD recommends Parties adopt effective whistleblower protection to encourage reporting of improper conduct. A strong legal framework for whistleblower safety supports transparency and deterrence.

A Whistleblower Retaliation Claim is a legal action filed by an individual who faces adverse treatment, such as firing or harassment, after reporting misconduct or violations. It seeks protection and remedies under whistleblower laws to prevent unfair punishment and ensure accountability.

A Whistleblower Reward is a financial incentive given to individuals who provide valuable information that leads to successful enforcement actions, recoveries, or penalties against wrongdoers. These rewards encourage reporting of fraud and misconduct by offering a percentage of recovered funds to whistleblowers as compensation and protection.

Employee reporting system to report unethical or illegal conduct.

A white knight is a friendly company that acquires a target firm facing a hostile takeover. The white knight offers better terms or protection to the target’s management and shareholders, helping to prevent an unwanted buyer from gaining control. This strategy preserves the target company’s interests and often maintains its current leadership.

White-collar crime refers to non-violent offenses committed by individuals or organizations in professional or business settings for financial gain. Common examples include fraud, embezzlement, insider trading, and bribery. These crimes typically involve deceit and abuse of trust, often resulting in significant economic harm. Offenders usually occupy positions of authority within corporations or government institutions.

Granting some entities the ability to circumvent normal compliance filters once authenticated.

Deliberate actions like falsifying statements, hiding documents, or misreporting foreign assets constitute willful evasion. Under the Black Money Act, such attempts can result in imprisonment from 3 to 10 years and heavy fines. It targets individuals intentionally deceiving authorities to avoid taxes on overseas holdings.

Window dressing is the practice of manipulating financial statements or accounts temporarily to make a company appear more financially healthy than it actually is. This can involve inflating revenues, hiding liabilities, or adjusting asset values, often to impress investors or meet short-term goals.

This refers to removing or altering information in electronic funds-transfer messages to evade sanctions or hide origin/destination details. Under Wolfsberg, banks should validate that transfer fields remain intact throughout passage and alert if deviations occur.

Electronic transfer of money using systems such as SWIFT or Fedwire.

Wire transfer monitoring is the process by which financial institutions track and analyze electronic fund transfers to detect suspicious or unusual activity. This practice is essential for identifying potential money laundering, fraud, or terrorist financing. Monitoring systems use algorithms and compliance rules to flag transactions that exceed thresholds, involve high-risk countries, or display patterns inconsistent with a customer’s profile.

Regulations for the transfer of funds through facilities of banks.

A withholding foreign partnership or trust is an FFI that partners or trusts can designate to assume FATCA withholding and reporting responsibilities on behalf of partners or beneficiaries. Election simplifies compliance by centralizing due diligence, reporting, and withholding obligations within a single entity.

Principles for correspondent banking AML/CTF risk management published by banks.

The OECD Working Group conducts systematic peer reviews (Phases 1–4) to evaluate implementation of the Convention. Regular monitoring and public reporting help ensure transparency, accountability, and continual improvement in anti-bribery enforcement.

Four thematic working groups?on information exchange, membership compliance, policy/procedures, and technical assistance?drive operational excellence. They develop best practices, tools, and training to strengthen FIU capabilities worldwide.

List of companies/organizations from which World Bank-funded projects are withdrawn on account of malfeasance.

The World Trade Organization (WTO) is an international body that oversees global trade rules among its member countries. It promotes smooth, predictable, and free trade by facilitating negotiations, resolving disputes, and monitoring national trade policies to ensure fair competition and cooperation in the global economy.

A writ of certiorari is an order issued by a higher court to review the decision of a lower court. It is commonly used by the Supreme Court to select cases it wishes to hear, focusing on significant legal questions.