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Journal articles on the topic 'Anti-money laundering'
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1
Khair alshaleel, Mohammed. "The UK and the EU’s Fifth Anti-Money Laundering Directive: Exceeding Expectations." European Company Law 17, Issue 4 (August 1, 2020): 123–32. http://dx.doi.org/10.54648/eucl2020019.
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This article considers the UK implementation of the Fifth Money Laundering Directive. It examines the key changes introduced by the new Directive and their impact on the UK anti-money laundering regime. Given the evolving nature of threats relating to money laundering and the latest technological developments, this article argues that the UK has decided to go beyond the EU minimum requirements. The article outlines the concept of money laundering and the UK legal framework of anti-money laundering, before assessing the main changes and their effects on the UK anti-money laundering regime. Fifth Money Laundering Directive, UK anti-money laundering regime
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Masum, Mofijul Hoq, Amit Banik, Mohammad Tariq Hasan, Salwa Zolkaflil, Sharifah Nazatul Faiza Syed Mustapha Naz, Fazlida Mohd Razali, and Masetah Ahmad Tarmizi. "Anti-money laundering and emerging economy—Evidence from Bangladesh." Journal of Infrastructure, Policy and Development 8, no. 6 (June 12, 2024): 3720. http://dx.doi.org/10.24294/jipd.v8i6.3720.
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Money laundering has become a vital issue all over the world especially in the emerging economy over the last two decades. Till now, the developing and emerging countries face challenges about the remedies and inceptions of anti-money laundering issues. The objective of the study is to provide a thorough picture of the diversified movements of academic research on money laundering and anti-money laundering activities all over the world. This study aims at exploring the contemporary issues in Anti-money laundering based on the academic points of view. Further, the study is explored to render a portrayal of anti-money laundering activities from an emergency country context. A review of publicly available reports, published documents, daily newspapers, case studies, and previous academic research comprised the main sources of data for the study. It is found that the contemporary money laundering and anti-money laundering academic research might be classified into four broad categories. An emerging country like Bangladesh has taken little initiative to inductee anti-money laundering initiatives. It implies that for the successful implementation of anti-money laundering activities, good governance along with a congenial regulatory framework is a prerequisite in an emerging country context. In addition, the machine learning may enhance the quality of money laundering detections in Bangladesh.
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S. Vitvitskiy, Sergij, Oleksandr N. Kurakin, Pavlo S. Pokataev, Oleksii M. Skriabin, and Dmytro B. Sanakoiev. "Formation of a new paradigm of anti-money laundering: The experience of Ukraine." Problems and Perspectives in Management 19, no. 1 (March 23, 2021): 354–63. http://dx.doi.org/10.21511/ppm.19(1).2021.30.
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The increase in the level of money laundering is associated with digitalization and technification of all spheres of society, the globalization of financial markets, the consequences of quarantine measures caused by the COVID-19 pandemic, and the new ways of committing money laundering crimes. The paper aims to identify the peculiarities of anti-money laundering activities in Ukraine and outline approaches to increase the effectiveness of combating money laundering in the country. The current state of the problem of money laundering is analyzed based on the study literary sources, regulatory framework and their discussion in the Ukrainian society. An attempt was made to systematize the factors influencing the increase in the level of money laundering. The consequences of increasing the level of money laundering for Ukraine have been determined: a shortfall in state budget revenues, a decrease in the level of the social sphere financing, reduced living standards of the population. It has been emphasized that there is a need for a comprehensive approach to the problem of money laundering, which will include ongoing training for financial audit specialists, the establishment of special units to investigate money laundering crimes, enshrining the classification of money laundering crimes in regulatory documents and the establishment of criminal liability for their commission.
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Yusoff, Yusri Hazrol, Syahirah Jumbli, Nur Nashuha Norazman, Nor Shahida Binti Abdul Razak, and Muhamad Ridzuan Hashim. "Enhancing Anti-Money Laundering Strategies: A Conceptual Paper." Accounting and Finance Research 13, no. 3 (June 6, 2024): 1. http://dx.doi.org/10.5430/afr.v13n3p1.
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The effectiveness of strategies in enhancing anti-money laundering depends on various factors such as technological advancements, anti-money laundering laws and regulations, responsibilities of banks and other financial entities in anti-money laundering, and Collaboration between government agencies, the private sector, and law enforcement. Money laundering harms the economy and political stability of a country. This paper examines the effectiveness of anti-money laundering strategies through an article review, focusing on three aspects: technological advancements, anti-money laundering laws and regulations, and responsibilities of banks and financial entities, as well as Collaboration between government agencies, private sector, and law enforcement. Based on these insights, recommendations are proposed for authorities to improve the strategies to combat anti-money laundering in the country.
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Mniwasa, Eugene E. "Money laundering control in Tanzania." Journal of Money Laundering Control 22, no. 4 (October 7, 2019): 796–835. http://dx.doi.org/10.1108/jmlc-10-2018-0064.
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Purpose This paper aims to examine how banks in Tanzania have been vulnerable to money laundering activities and how the banking institutions have been implicated in enabling or aiding the commission of money laundering offences, and highlights the banks’ failure or inability to prevent, detect and thwart money laundering committed through their financial systems. Design/methodology/approach The paper explores Tanzania’s anti-money laundering law and analyzes non-law factors that make the banks exposed to money laundering activities. It looks at law-related, political and economic circumstances that impinge on the banks’ efficacy to tackle money laundering offences committed through their systems. The data are sourced from policy documents, statutes, case law and literature from Tanzania and other jurisdictions. Findings Both law-related and non-law factors create an enabling environment for the commission of money laundering offences, and this exposes banks in Tanzania to money laundering activities. Some banks have been implicated in enabling or aiding money laundering offences. These banks have abdicated their obligations to fight against money laundering. This is attributed to the fact that the banks’ internal anti-money laundering policies, regulations and procedures are inefficient, and Tanzania’s legal framework is generally ineffective to tackle money laundering offences. Originality/value This paper uncovers a multi-faceted nature of money laundering affecting banks in Tanzania. It is recommended that Tanzania’s anti-money laundering policy should address law-related, political, economic and other factors that create an enabling environment for the commission of money laundering offences. Tanzania’s anti-money laundering law should be reformed to enhance its efficacy and, lastly, banks should reinforce their internal anti-money laundering policies and regulations and policies.
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Zhang, Jinyi. "Research on Money Laundering Cases, Risks and Countermeasures in the Insurance Industry." Highlights in Business, Economics and Management 24 (January 22, 2024): 2452–58. http://dx.doi.org/10.54097/dyvs9v76.
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Money laundering has a substantial and far-reaching effect on the economy, causing incalculable damage. Due to the high volume of financial transactions in the insurance industry, it is vulnerable to money laundering. This paper seeks to provide a comprehensive analysis of domestic and international money laundering techniques employed in the insurance industry. In addition, it will evaluate the effectiveness and impact of the anti-money laundering measures and regulations implemented within the insurance industry. The research indicates that the insurance industry can reduce its exposure to money laundering by instituting stringent anti-money laundering measures. In addition, this study assesses the implementation and effects of anti-money laundering regulations in the insurance industry. In response to the identified risks and obstacles, a set of proactive anti-money laundering countermeasures is proposed. In conclusion, this study emphasizes the importance of mitigating money laundering vulnerabilities in the insurance industry and the significance of implementing robust anti-money laundering protocols. This study contributes to the ongoing discussion about AML compliance in the insurance industry by providing empirical insights and practical recommendations.
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Gikonyo, Constance. "The legal profession in Kenya and its anti-money laundering obligations or lack thereof." Journal of Money Laundering Control 22, no. 2 (May 7, 2019): 247–56. http://dx.doi.org/10.1108/jmlc-01-2018-0010.
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Purpose The purpose of this paper is to examine the inclusion of lawyers in Kenya’s anti-money laundering regime and the role they can play towards assisting in detection and gate-keeping of potential money laundering activities. Kenya is a transit point for trade-based money laundering. Accordingly, it is vulnerable to money laundering that can be facilitated by legal professionals, through their misuse by criminals. These professionals can be both enablers and perpetrators. Design/methodology/approach The study is secondary in nature. It is based on reviewing relevant literature and analysing the Proceeds of Crime and Anti-Money Laundering Act and the Proceeds of Crime and Anti-Money Laundering Regulations. The legislation and the rules form the core of Kenya’s anti-money laundering regime. Findings The omission of legal professionals from Kenya’s anti-money laundering regime constitutes a big gap under its preventative mechanisms. Further, it makes them attractive to criminals because they are under no legal obligation to report potential money laundering activities. Ultimately, the inclusion of lawyers as DNFBPs is necessary. This would seal the extant regulatory gap and ensure enhanced awareness amongst the legal professionals of the money laundering risks that they face. Originality/value Given Kenya’s money laundering susceptibility, it is necessary and prudent to critically consider the inclusion of legal professionals in its anti-money laundering mechanisms. The paper seeks to make a practical and scholarly contribution in considering the issue and possibly trigger further discussions, as well as the necessary legislative and policy changes. This would positively enhance the success of Kenya’s anti-money laundering regime in detecting money laundering activities.
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Shah, Kavisha Minesh Kumar, and Dr Richa Pandit. "Emergence of Anti-Money Laundering and Indian Banks' Efforts against Economical Crime Money Laundering in India." Journal of Production, Operations Management and Economics, no. 25 (September 29, 2022): 24–34. http://dx.doi.org/10.55529/jpome.25.24.34.
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Money laundering Crimes are Economic suspected crimes that Demolish our economy. Money laundering-related crimes increasing day by day and its harms our Economy. The conceptual research paper examines the content analysis of Anti-Money laundering rules and regulation and presents banks' latest amendments, efforts, and mechanisms for how to overcome money laundering at the initial stage. This conceptual framework will create awareness for Anti-money laundering. It’s established PMLA rules and regulations, banking obligations, and guidelines for Anti-money laundering, so it will increase the knowledge of prevention of money laundering in the banking institution. Whenever cash wants to enter the country's economy then it entered through the banks. So, the banks must maintain some technological instruments, and software and identify suspicious transactions and accounts. Nowadays many small or big money laundering cases and bank defaulters’ rates are emerging rapidly this shows Indian banking sector needs to improve Anti-money laundering compliance
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Mitsilegas, Valsamis, and Niovi Vavoula. "The Evolving EU Anti-Money Laundering Regime." Maastricht Journal of European and Comparative Law 23, no. 2 (April 2016): 261–93. http://dx.doi.org/10.1177/1023263x1602300204.
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Over the past twenty-five years, the European Union has developed a far-reaching legal regime aimed at countering money laundering. The evolution of this regime has been linked inextricably with the parallel development of global standards in the field, most notably by the Financial Action Task Force on Money Laundering (FATF). This article will critically evaluate the content of EU anti-money laundering law, by putting forward a comprehensive typology of the EU anti-money laundering regime as outlined in the successive EU Anti-Money Laundering Directives and consisting of three elements: the criminalization of money laundering and terrorist finance; the prevention of money laundering via the imposition of a series of duties on the private sector; and the focus on financial intelligence, via the establishment and co-operation of financial intelligence units responsible for receiving and analysing reports received from the private sector. The article will examine the evolution of EU law as regards all elements of anti-money laundering law, by focusing in particular on the changes brought forward by the post-Lisbon Fourth Money Laundering Directive. The article will cast light on the influence of the FATF in shaping these standards and will highlight the impact of the ever expanding EU anti-money laundering legal framework on fundamental rights and the rule of law.
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Go, Lisanawati, and Njoto Benarkah. "Quo Vadis legal profession participation in anti-money laundering." Journal of Money Laundering Control 22, no. 4 (October 7, 2019): 764–69. http://dx.doi.org/10.1108/jmlc-12-2018-0072.
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Purpose This paper aims to explore the obstacles that the ethical guidelines of legal professionals pose in the implementation of an effective anti-money laundering regime, established in the law on anti-money laundering in Indonesia. Some compliance schemes have been developed to integrate the participation of gatekeepers in anti-money laundering efforts, but the solution to mitigate the challenges must be implemented through the participation of the legal profession. Design/methodology/approach The study uses a qualitative research methodology, including a triangulation of interviews with relevant experts, literature review and analysis of regulations. A deductive approach is employed to analyse the data. Findings The legal profession’s ethical regulations and laws were considered to be the cause for the Indonesian Government’s inability to implement the anti-money laundering regime. The findings show two practical solutions that could be implemented: A government policy for the amendment of the anti-money laundering law and organizational policy to increase support for the anti-money laundering regime; and active participation of legal professionals in an effective anti-money laundering regime in Indonesia. Originality/value This study provides insight into the participation of the legal profession in anti-money laundering efforts.
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Rose, Kalle Johannes. "Disclosing anti-money launderers through CSR regulation – a new way to combat money laundering." Journal of Money Laundering Control 23, no. 1 (January 8, 2020): 11–25. http://dx.doi.org/10.1108/jmlc-07-2019-0062.
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Purpose Recent research questions the innocence of companies outside the current EU money laundering regulation in terms of contributing to the externality problem of money laundering. The purpose of this paper is to examine how including anti-money laundering as an element of the EU corporate social responsibilities (CSR) directive can contribute to solving the externality problem of money laundering. Based on the principles of CSR and the economic effects of disclosure duties, this paper analyzes the implications an introduction of anti-money laundering policies and disclosure duties can have on corporate clients and the combatting against money laundering. Furthermore, it is the intention of this paper to argue how such a regulatory change can help the financial companies dividing “good” and “bad” clients to prevent money laundering from happening. Design/methodology/approach The method of this paper is a functional approach to law and economics. It seeks to enhance the efficiency of the regulatory framework combatting money laundering by including economic incentive theory. Findings Based on the regulatory framework of the fourth anti-money laundering and counter terrorist financing directive and the directive on criminalizing money laundering, this paper argues that inclusion of anti-money laundering in the EU CSR directive will contribute to solving the externality problem of money laundering in the EU. Additionally, the expansion of the regulatory framework can start a culture, where corporate clients to the financial sector will take active steps toward combatting money laundering. Originality/value The paper identifies a way to change the corporate perception of anti-money laundering prevention from having an incentive of minimal compliance/“race-to-the-bottom” to be a possible element of competition between companies through their CSR strategy. While most research focuses on the financial sector in terms of money laundering, this paper takes the next step and includes corporate clients in the financial sector.
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Makmur, Kartini Laras. "Women and Dirty Money: How Women are Affected by, Involved, and Counter Money Laundering." Jurnal Hukum Prasada 9, no. 1 (March 14, 2022): 35–44. http://dx.doi.org/10.22225/jhp.9.1.2022.35-44.
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Money laundering is a growing threat to global and Indonesian national development. Similar independent research has been minimal and has resulted in gender facets of development in general without determining to what extent women are undermined by, involved, as well as counter money laundering. This research discusses on how women can engage in the fight against money laundering, how money laundering specifically undermine women and what about the involvement of women in money laundering offense. The objective of this research is to promote women empowerment and integrate gender perspectives in improving anti-money laundering actions. The principal approach of this research is analytical descriptive using document and content analysis to observe the gendered aspect of money laundering. In this way, the findings may contribute to strengthening women’s engagement in anti-money laundering efforts. The result of this study shows that the involvement of women in anti-money laundering can strengthen prevention attempts, foster trust, and improve community outreach. This role is due to the money laundering specific consequence for women such as the decrease of public revenue available for gender equality services and programs. In addition, since women are less likely to tolerate tax evasion and money laundering, the more women in law enforcement, especially in decision-making roles and consideration to gender-sensitive responses make policing in anti-money laundering more effective.
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Amrani, Hanafi. "Upaya Pemberantasan Korupsi dengan Rezim Anti-Money Laundering: Perspektif Internasional." Jurnal Hukum PRIORIS 4, no. 2 (May 18, 2016): 157–74. http://dx.doi.org/10.25105/prio.v4i2.382.
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Terdapat hubungan yang erat antara korupsi dengan money laundering. Pelaku tindak pidana korupsi cenderung menggunakan proses money laundering untuk menyamnarkan asal usul asset yang dikorupsi. Rezim anti-money laundering yang telah dibangun melalui konvensi internasional dan diterapkan di berbagai negara adalah upaya untuk memberantas keajahatan asal, yang salah satunya adalah korupsi. Membangun rezim anti-money laundering berarti mencegah dilakukannya praktek money laundering. Dengan diperkecil keberhasilan melakukan moey laundering terhadap uang hasil korupsi, maka dapat dikatakan bahwa rezim anti-money laundering turut berperan di dalam menanggulangi kejahatan tersebut. Rezim anti-money laundering yang efektif akan memberikan kontribusi yang signifikan terhadap pemberantasan korupsi, setidak-tidaknya dengan dua cara. Pertama, rezim tersebut dapat membantu untuk mengungkap tindak pidana korupsi melalui identifikasi transaksi yang mencurigakan, sehingga diharapkan memberikan peluang yang luas terhadap keberhasilan penuntutan. Kedua, rezim tersebut juga dapat menelusuri asset hasil korupsi sehingga dapat dikembalikan kepada negara yang bisa digunakan untuk kemakmuran rakyat.
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Cindori, Sonja, and Ana Manola. "Particularities of anti-money laundering methods in football." Journal of Money Laundering Control 23, no. 4 (March 28, 2020): 885–97. http://dx.doi.org/10.1108/jmlc-09-2019-0075.
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Purpose Based on an overview of the anti-money laundering initiatives in the sport sector and recent efforts of money launderers focused toward finding alternative channels for money laundering operations, the purpose of this paper is to present the modus operandi of money laundering in the football sector especially. Design/methodology/approach Specifics of money laundering through the football sector have been analyzed using deductive and inductive methods. This paper provides a review of the existing anti-money laundering initiatives in the sport sector to highlight the specific features of sport that increase money-laundering risks in the football sector. Certain risks have been analyzed and linked to risk areas and money laundering methods as a way of demonstrating established modus operandi. Findings Analyzed vulnerabilities that arise from the structure, financial characteristics and culture of the football sector represent an increased risk of money laundering in a condition where potential money launderers achieve status of investors, football agents or owners of football clubs and players. Taking some of these roles allows money launderers to enter into transactions related to the acquisition of ownership over football clubs or player transfers. Such types of transactions are particularly exposed to abuse for the purposes of the money laundering process due to their unique features. Originality/value Through a wide range of clarified risks and money laundering methods applicable to the football sector, this paper offers a comprehensive review of the existing money laundering threats in the football sector and proposals of prevention.
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Gikonyo, Constance. "Detection mechanisms under Kenya’s anti-money laundering regime: omissions and loopholes." Journal of Money Laundering Control 21, no. 1 (January 2, 2018): 59–70. http://dx.doi.org/10.1108/jmlc-06-2017-0023.
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Purpose This paper aims to detect the methods that facilitate the identification of potential money laundering activities in Kenya. Kenya is a transit point for international drug traffickers and trade-based money laundering. Hence, it is vulnerable to money laundering and consequently, it is necessary to examine the potency of its first lines of defence and its weaknesses. Design/methodology/approach The research is secondary in nature. It is based on reviewing relevant literature and analyzing the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) and the Proceeds of Crime and Anti-Money Laundering Regulations (POCAMLR). Both form the core of Kenya’s anti-money laundering regime. Findings Generally, the identified methods can facilitate identification of proceeds of crime and possible laundering activity. However, there are challenges in the provisions that could reduce effectiveness. These include intrinsic loopholes and implementation challenges, in the provisions relating to accountants, precious stone and metal dealers and the hawala system. Additionally, there is the key omission of car dealers and legal professionals from the mechanisms for detecting money laundering. Originality/value Given Kenya’s money laundering susceptibility, it is necessary and prudent to critically examine its mechanisms for detecting money laundering. The paper seeks to make a practical and scholarly contribution in filling this extant gap. This paper can trigger further discussions as well as the necessary legislative and policy changes. This would positively enhance the success of Kenya’s anti-money laundering regime in detecting money laundering activities.
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Islam, Mohammad Saiful, Sharmin Akter Eva, and Mohammad Zahed Hossain. "Predicate Offences of Money Laundering and Anti Money Laundering Practices in Bangladesh Among South Asian Countries." Studies in Business and Economics 12, no. 3 (December 20, 2017): 63–75. http://dx.doi.org/10.1515/sbe-2017-0037.
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Abstract The purpose of the study is to identify the main reasons of money laundering in Bangladesh among the twenty seven predicate offences of money laundering prescribed by Bangladesh Bank and position of Bangladesh among South Asian Countries regarding anti-money laundering practices. Besides, an anti-money laundering model has been developed to combat against money laundering as 14 percent bankers think that only existing know your customer form and transaction profile of banking sector are not enough to detect money laundering. To conduct the study, 91 bankers have been surveyed to take response through structured questionnaire regarding their opinion about the predicate offences of money laundering and sufficiency of existing KYC form of banking sector to detect money laundering. From the responses, factor analysis, test of hypothesis, correlation and regression analysis have been conducted using SPSS software. The study identifies that predicate offences of money laundering can be minimized mainly through scrutinizing the activities of local criminals with foreign network and strict anti-corruption measures through automation in National Board of Revenue, strict policy adoption of criminal detection and support from foreign experts. Besides, regression model shows that only six predicate offences of money laundering explains 87.2 percent of money laundering that should get more emphasize to combat against money laundering. From the comparative analysis, it has been found that Bangladesh in holding better position just after India among six South Asian Countries according to Basel AML Index score. This study provides a complete understanding of the position of Bangladesh in case of money laundering and anti-money laundering practices. The integration of four domains, i.e. AML model development, factor analysis, econometric analysis and comparative analysis of AML index will provide insights to managers and policy makers about the money laundering scenario in Bangladesh.
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Chen, Mingyang. "Compare the Beneficial Ownership Identification System from the Perspective of Anti-Money Laundering Between China and the UK." Highlights in Business, Economics and Management 21 (December 12, 2023): 197–203. http://dx.doi.org/10.54097/hbem.v21i.14184.
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This study mainly focuses on the comparative study of the identification of beneficial owner system in anti-money laundering supervision of China and the UK. China scored poorly in The Financial Action Task Force's assessment of its anti-money laundering regime, which singled out major deficiencies in the system for identifying beneficial owners. Beneficial owner is an important concept in anti-money laundering regulation. The beneficial owner is, literally, the true beneficiary behind the company's various business practices. In today's very active economic activities, money laundering has always been the focus of law enforcement. At the same time, the complexity of corporate ownership structure and the diversity of money laundering forms have brought great obstacles to the supervision of money laundering. In such an environment, the identification and supervision of the actual beneficiaries behind the company can improve the efficiency of the supervision of money laundering. The UK received a high rating in The Financial Action Task Force's assessment and is considered to have set up an advanced anti-money laundering regulatory system internationally. Therefore, this study will find suggestions and directions for China's future institutional improvement by comparing the identification systems of beneficial owners in anti-money laundering supervision between China and the UK.
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Freckleton, Marie. "Is Jamaica’s anti-money laundering regime effective?" Journal of Money Laundering Control 22, no. 1 (January 7, 2019): 89–96. http://dx.doi.org/10.1108/jmlc-01-2018-0006.
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Purpose This paper aims to assess the effectiveness of Jamaica’s anti-money laundering regime. Design/methodology/approach The research is based on secondary sources. Existing laws and reports of relevant agencies were reviewed. Findings The effectiveness of Jamaica’s anti- money laundering regime is compromised by weak implementation of the regulations. The real estate sector and the legal profession remain vulnerable to money laundering. Some features of the economy allow criminals to circumvent the regulations. Research limitations/implications The research is based on qualitative analysis because of the absence of data to compute quantitative measures of effectiveness. Practical implications Strong enforcement is required for effective control of money laundering. Furthermore, investigation of money laundering needs to be pro-active and not dependent solely on suspicious transactions reports in countries where corruption is prevalent. Social implications Weak money laundering control can contribute to social instability by allowing criminals to gain significant economic power and influence. Originality/value No other study has highlighted the factors undermining the effectiveness of anti-money laundering regulations in Jamaica.
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Abu Olaim, Ahmad Mohammad Abdalla, and Aspalella A. Rahman. "The impact of Jordanian anti-money laundering laws on banks." Journal of Money Laundering Control 19, no. 1 (January 4, 2016): 70–78. http://dx.doi.org/10.1108/jmlc-07-2014-0023.
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Purpose – The purpose of this paper is to examine the impact of the Jordanian anti-money laundering law and its instructions on the Jordanian banking industry. The anti-money laundering law in Jordan is newly enacted, but there are new developments not covered by the law. For instance, the revolutionary wave known as the Arab Spring surrounding Jordan has increased the crime rates in Jordan, and it has also reduced international coordination and cooperation to encounter money laundering operations. The emergence of new means for money transfer is affecting the efficiency and speed of bank transfers. Subsequently, the impact of the law on Jordanian banks is unknown. Design/methodology/approach – This paper relies on the Jordanian Anti-Money Laundering and Counter Terrorist Financing Law 2007 as a primary source of information. The relevant Jordanian anti-money laundering instructions that have directly been affecting banks include the Jordanian Anti Money Laundering and Counter Terrorist Financing Instructions Number (51) 2010. These instructions were considered the most important legislation for the purpose of this paper. Findings – While the Jordanian anti-money laundering law is based on certain principles, the effectiveness of the law is unknown. The Arab Spring, particularly the Syrian revolution, has negatively increased the crime rates and money laundering activities in Jordan. To make matters worse, the international cooperation and coordination between countries in combating money laundering are not at the required level, and this has encouraged money laundering groups to exploit the situation. Only time will tell whether the banks will be able to cope sufficiently with the increased anti-money laundering obligations. Obviously, it is critical at this stage to establish effective coordination between legislators, regulators and the banking industry to minimize problems encountered by the banks, thereby to ensure effective implementation of the law. Originality/value – This paper provides an examination of the impact of the Jordanian anti-money laundering law that has directly affected banks. It is hoped that this paper would provide some insight into this particular area for academics, practitioners, the legal advisers, banks and policy-makers not only in Jordan but also elsewhere. In view of the international nature of money laundering and banking, there will be significant interest in how the anti-money laundering law affects banks operation in Jordan.
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Usman Kemal, Muhammad. "Anti-money laundering regulations and its effectiveness." Journal of Money Laundering Control 17, no. 4 (October 7, 2014): 416–27. http://dx.doi.org/10.1108/jmlc-06-2013-0022.
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Purpose – The purpose of this study is to check the effectiveness of anti-money laundering (AML) regulations in Pakistan. The study investigates and analyses some key variables that may be influencing the effectiveness of anti-money regulations in Pakistan. Money laundering is most prevalent in the banking sector, as banks deals with the money’s deposition, withdrawal and transfer, therefore, it is necessary to evaluate the effectiveness of anti-money regulations on subjective judgments. It is an exploratory study in which I have tried to find the relationship and impact of three regulations, which are customer record keeping, employee training and suspicious transaction reporting on money laundering. Design/methodology/approach – A sample of hundred responses has been collected from employees working in different banks located in Rawalpindi and Lahore through questionnaire. Questionnaire has been developed on the basis of different dimensions of the research variables. Findings – It has been found that that there is an impact of employee training on money laundering in banking system. A moderate inverse relationship between employee training and money laundering and anti-money laundering regulation of customer record keeping has weak impact on money laundering in developing countries. Research limitations/implications – The research is limited to Pakistan only, and to apply the same concept in other countries, researchers need to check the financial institutions of that country as well. Originality/value – It has been suggested that to stop money laundry, special budget should be allocated for the capacity building of employees through training. Timely guidance and assistance of foreign-trained instructors or experts in combating money laundering should be taken. Implementation of anti-money laundering regulations should be transparent, consistent and timely.
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Chutia, Rakesh. "Anti-Money Laundering in India: Issues and Perspectives." International Journal of Scientific Research 2, no. 2 (June 1, 2012): 50–51. http://dx.doi.org/10.15373/22778179/feb2013/20.
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Pol, Ronald F. "Anti-money laundering ratings: uncovering evidence hidden in plain sight." Journal of Money Laundering Control 22, no. 4 (October 7, 2019): 836–57. http://dx.doi.org/10.1108/jmlc-01-2019-0006.
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Purpose This paper aims to increase the transparency of information in official anti-money laundering rating data to assist evidence-informed decision-making in compliance, policy-making and research. Design/methodology/approach This paper converts anti-money laundering rating data into information-rich visualisations, reintroduces a comparison methodology and ranks all anti-money laundering regimes evaluated to date. Findings Official anti-money laundering ratings as currently structured and presented offer surprisingly little policy-relevant information. Persistent failure to transform available data into information for knowledge and insight suggests that the risk has been realised that impressionistic judgments or politicised interests drive the policy agenda at least as much as objective evidence or substantive economic and social goals. Practical implications Any reluctance to generate policy-relevant information from the industry’s primary data set or disinclination to engage constructively with a growing body of independent critical policy effectiveness evidence calls into question whether implementing anti-money laundering controls with some prospect of achieving substantial societal benefits, or perpetuating the current system, prevails. Originality/value With a dearth of scholarship at the intersection of money laundering and policy effectiveness scholarship and practice, this paper combines elements of these disciplines and examines anti-money laundering effectiveness from a different viewpoint. Rather than seeking to measure money laundering or estimate the proportion of criminal proceeds successfully intercepted, this paper draws directly from the anti-money laundering industry’s own “main” data set.
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Arnone, Marco, and Leonardo Borlini. "International anti‐money laundering programs." Journal of Money Laundering Control 13, no. 3 (July 20, 2010): 226–71. http://dx.doi.org/10.1108/13685201011057136.
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Abdalla Abu Olaim, Ahmad Mohammad, and Aspalella A. Rahman. "Recent development of anti-money laundering law in Jordan." Journal of Money Laundering Control 19, no. 4 (October 3, 2016): 316–28. http://dx.doi.org/10.1108/jmlc-07-2015-0027.
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Purpose We are living in a time when there is a stronger requirement for co-operation to fight organized crimes and the resulting flow of illicit funds. This is due to the globalization and interconnection between world economies and financial systems, as well as with the new technologies that allow rapid movement of funds around the globe. From the early beginning, Jordan realized the importance of providing anti-money laundering technical assistance, especially at the international level. The reason for this comes from Jordan’s strong belief that money laundering crimes can be fought domestically as well as internationally, particularly by combining efforts between Jordan and other countries. The purpose of this paper is to examine the development that Jordan has witnessed in the fighting of money laundering. Design/methodology/approach This paper relies on various laws that tackle organized anti-money laundering in Jordan before 2007, with the Jordanian Anti-Money Laundering and Counter Terrorist Financing Law for 2007 as the primary source of information. Findings Before 2007, Jordan fought money laundering through a group of laws that are indirectly concerned with combating money laundering. While these laws govern certain crimes, they managed to fight money laundering indirectly. By the year 2007, the Jordanian Anti-Money Laundering Law was passed and published on the official gazette on June 17, 2007. This law became effective after 30 days from that date. The Jordanian Anti-Money Laundering Law is one of the needed laws to keep a safe financial environment. Jordan’s obligation in accordance to the international conventions has made the country join and ratify the efforts, resulting in the issuing of the law. Since then, this law has become concerned with anti-money laundering in Jordan. Originality/value This paper provides an examination of the system in Jordan to combat money laundering before and after 2007. It is hoped that the content of this paper can provide some insight into this particular area for practitioners, academics, policy makers and legal advisers, not only in Jordan but also elsewhere. There will be significant interest in how Jordan has been developing the anti-money laundering system because of the international nature of the crime and its seriousness.
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Pavone, Pietro, and Francesco Parisi. "Compliance and corporate anti-money laundering regulation." Journal of Governance and Regulation 7, no. 2 (2018): 7–14. http://dx.doi.org/10.22495/jgr_v7_i2_p1.
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This paper, having traced the evolution of anti-money laundering legislation, defines and frames money laundering and terrorism financing risk inside corporate dynamics. Principles that must inspire corporate actions on the construction of an adequate managing structure to contain risks are set out, considering the fact that there is no risk that this does not have an economical content. This is even truer in the presented case, given that the Italian legislation to counter money laundering is focused on the innovative and modern risk-based approach, which has to guide the organization and functioning of corporations. Possible configuration of corporate anti-money laundering supervisions is therefore analyzed, with the aim of underlining the present connection between anti-money laundering legislation and rules referring to the government and to the internal control system. The present study originates from the interpretation of the new Italian anti-money laundering law. In particular, the first consideration that derives is that the new law does not impose precise obligations in terms of corporate anti-money laundering structure, but a large area of autonomy is left to the will of each company.
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Esoimeme, Ehi Eric. "Balancing anti-money laundering measures and financial inclusion." Journal of Money Laundering Control 23, no. 1 (January 2, 2020): 64–76. http://dx.doi.org/10.1108/jmlc-04-2018-0031.
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Purpose The purpose of this paper is to critically examine the anti-money laundering measures of the UK and Nigeria, to determine what the best approach is. The best approach is likely the one that strikes a fair balance between protecting the financial system against money laundering and promoting financial inclusion. Design/methodology/approach This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. Findings This paper critically analysed the anti-money laundering measures of the UK and Nigeria to determine that the anti-money laundering measures of Nigeria does not strike a fair balance between protecting the financial system against money laundering and promoting financial inclusion because it does not expressly provide for verification of a customer’s identity at the account opening stage for low risk accounts. The paper, however, determined that the anti-money laundering measures of the UK does strike a fair balance between protecting the financial system against money laundering and promoting financial inclusion because it requires customer identification and verification before the establishment of a business relationship for customers who want to open a basic bank account. Research limitations/implications This paper focuses on the anti-money laundering and financial inclusion measures in the UK’s Payment Accounts Regulations 2015 and the Central Bank of Nigeria’s (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013. Originality/value This paper offers a critical analysis of the anti-money laundering and financial inclusion measures of the UK and Nigeria as provided in the UK’s Payment Accounts Regulations 2015 and the Central Bank of Nigeria’s (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013. The paper will provide recommendations on how the measures could be strengthened. This is the only article to adopt this kind of approach.
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Mniwasa, Eugene E. "The financial intelligence unit and money laundering control in Tanzania." Journal of Money Laundering Control 22, no. 3 (July 2, 2019): 543–62. http://dx.doi.org/10.1108/jmlc-07-2018-0043.
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Purpose This paper aims to explore the role of the financial intelligence unit in Tanzania in fighting against money laundering and its predicate offences, examine its potential in controlling the problem and describe factors that undermine its efficacy. Design/methodology/approach The doctrinal research approach is used to analyse Tanzania’s anti-money laundering law and appraise its effectiveness in facilitating operations of the financial intelligence unit in fighting against money laundering and its predicate offences. The law-in-context approach is applied to interrogate the anti-money laundering law and describe non-law factors that impinge on the efficiency of Tanzania’s financial intelligence unit. Findings The law vests the financial intelligence unit with powers to perform a number of functions that are significant in fighting against money laundering and its predicate offences in Tanzania. The unit has been instrumental in curbing money laundering. The efficacy of this anti-money laundering agency, which is at its infancy stage, is emasculated by law-related, institutional and non-law factors. These factors undercut the potency of the agency. Practical implications There is a need for Tanzania to undertake policy, legislative and institutional reforms to augment the efficacy of the financial intelligence unit. The reforms should be implemented concurrently with other measures, which will enhance the country’s anti-money money laundering regime. Originality/value This paper applies the legal and non-law perspectives to evaluate the effectiveness of the financial intelligence unit as an essential component of Tanzania’s anti-money laundering regime. It proposes law-related and non-law approaches to augment the efficiency of the unit and the country’s anti-money laundering regime in general.
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Pol, Ronald F. "Response to money laundering scandal: evidence-informed or perception-driven?" Journal of Money Laundering Control 23, no. 1 (January 4, 2020): 103–21. http://dx.doi.org/10.1108/jmlc-01-2019-0007.
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Purpose The purpose of this paper is to utilise underused information in anti-money laundering rating data to assist policymaking and research. Design/methodology/approach This paper explores what evidence “hidden in plain sight” in official anti-money laundering rating data reveals about claims justifying the expansion of money laundering controls in response to European bank scandals. Findings A perceived lack of international coordination influencing the policy response to a series of alleged anti-money laundering breaches does not accord with the anti-money laundering industry’s own evidence base. Practical implications Responding to new crises with superficial solutions without addressing fundamental questions with a multi-disciplinary perspective risks repeating and extending a decade-long cycle of ineffectiveness in efforts to mitigate the social and economic harms from profit-motivated crime. Originality/value This paper draws fresh conclusions from the anti-money laundering industry’s “main” data set, underused in policymaking and research.
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Keesoony, Selina. "International anti-money laundering laws: the problems with enforcement." Journal of Money Laundering Control 19, no. 2 (May 3, 2016): 130–47. http://dx.doi.org/10.1108/jmlc-06-2015-0025.
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Purpose This paper aims to explore the underlying problem of tackling money laundering, namely, the difficulty of enforcing international laws and whether this is a problem which is too great to overcome in practice. Design/methodology/approach A doctrinal approach is used to discuss international anti-money laundering (AML) laws and question whether money laundering can be truly regarded as an international crime. A comparative approach with case studies of corruption in financial institutions illustrates the problems which law enforcement might encounter. The advantages and disadvantages of tackling money laundering will be highlighted to elucidate both the negative impacts of the crime and the reasons why some states may not be tackling money laundering as forcefully as they could. Findings Uniformity of AML laws among different countries may deter criminals from laundering money. The ratification of the Vienna Convention can help to facilitate uniformity of legal rules. States need robust domestic laws to tackle money laundering. Money laundering is an international crime, although not always a specific crime in international law. Moreover, it is generally advantageous to consider money laundering to be a specific crime under international law. Originality/value The article questions the effectiveness of current AML laws by examining the foundations of international law. Suggestions as to how uniformity can be achieved are given. A comparative approach is also used to demonstrate the extent of the crime, weaknesses in companies’ regulatory regimes and how each State responds to money laundering. The comparison also reveals State-specific issues which fuel money laundering. Moreover, the article explores the practical and legal advantages and disadvantages of money laundering being considered a specific crime in international law.
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Muhammad Masadeh, Walid, and Abdullah Tayel Al Hassan. "Combating money laundering and terrorism financing instructions in Jordan." Banks and Bank Systems 13, no. 3 (September 5, 2018): 81–94. http://dx.doi.org/10.21511/bbs.13(3).2018.08.
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This study aims to identify the extent of the response of operating banks in Jordan to the anti-money laundering and terrorism financing instructions set by the Central Bank of Jordan, and to enumerate the effectiveness of these sets of laws, the echelon of cooperation with the relevant government agencies and the impact of contiguous political and security conditions on the anti-money laundering and financing of terrorism. To attain the objectives of this study and to test its hypotheses, a descriptive analytical method was followed based on related data of the Central Bank instructions and the engaged procedures by operating banks to combat money laundering and financing of terrorism. Therefore, a questionnaire was designed and distributed to the managers of anti-money laundering departments in operating banks in Jordan. The study shows various outcomes, the most important is the high responding of operating banks in Jordan to the instructions of the anti-money laundering and terrorism financing issued by the Central Bank of Jordan. The existence of practical application of money laundering and terrorism financing instructions fights against money laundering and terrorism financing in banks in Jordan at a soaring level. In addition to the functional cooperation by the competent governmental authorities in the fight against money laundering and terrorism financing, this study introduces a set of recommendations to reinforce the cooperation level for every related party to achieve a high level of cooperation in the field of the anti-money laundering and financing terrorism.
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Rose, Kalle Johannes. "Introducing the missing 11th principle of the United Nations Global Compact to reach sustainability – follow the money…" Journal of Money Laundering Control 23, no. 2 (March 23, 2020): 355–67. http://dx.doi.org/10.1108/jmlc-12-2019-0099.
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Purpose Recent research has emphasized the need for engaging non-financial companies in combating money laundering for the efforts to be efficient and effective. To incentivize engagement, several options are available, such as regulation, voluntary disclosure or commitment to international principles such as the United Nations (UN) Global Compact. The purpose of this paper is to analyze how anti-money laundering fits the aim of the UN Global compact and how anti-money laundering can support the other principles of the UN Global Compact. Furthermore, this paper addresses the necessity to include anti-money laundering in the core principles to reach the overall goal of sustainability by the UN Global Compact. Such an inclusion will incentivize the signatories of the UN Global Compact to include anti-money laundering as a part of their social responsibilities, helping the financial sector in combating money laundering. Design/methodology/approach The methodology of this paper is a functional approach to law and economics. It seeks to enhance the efficiency of the regulatory framework combating money laundering by including economic incentive theory and addressing new areas of law. Findings The paper finds a strong relationship between the UN Global Compact and anti-money laundering. Furthermore, it is concluded that it is necessary to include anti-money laundering as a core principle in the UN Global Compact if the Global Compact is to be efficient and effective in terms of its sustainability goals. The reason being that money laundering to a great extent supplies operational finances to the illegitimate sector related to core issues of the UN Global Compact such as human trafficking, child labor and corruption. Originality/value The paper identifies a significant missing element with regard to the core principles of the UN Global Compact. Although most research within anti-money laundering concerns the financial sector and thereby does not address the UN Global Compact, the focus of this paper is the link between anti-money laundering and the UN Global Compact. Furthermore, most research related to the UN global compact does not connect the core principles to the illegal financing of the businesses contradicting the principles. This paper addresses both of the neglected areas and combines them to improve the overall combating of money laundering while supporting the UN Global Compact sustainability goal.
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Lu, Yan. "Research on the legal path of protecting citizens' privacy from the perspective of anti-money laundering law." BCP Business & Management 49 (August 16, 2023): 711–19. http://dx.doi.org/10.54691/bcpbm.v49i.5484.
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Anti-money laundering laws and regulations play an important role in cracking down on crimes and stabilizing finance. The 2021 Anti-Money Laundering (Revised Draft) in China strengthened its system value. However, things always have two sides, and the legal system also has certain risks, especially the lack of protection of citizens' basic rights. Citizens' basic rights and anti-money laundering are not contradictory but complementary. Only by protecting citizens' basic rights can citizens' information be established and anti-money laundering work be better promoted. This paper analyzes the risks from the perspective of privacy (including "the right to keep privacy secret" and "the right to maintain privacy from illegal infringement"), and puts forward solutions to provide ideas for further improving the series of laws and regulations of the Anti-Money Laundering Law.
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Bin Belaisha, Belaisha, and Graham Brooks. "Money laundering in Dubai: strategies and future directions." Journal of Money Laundering Control 17, no. 3 (July 8, 2014): 343–54. http://dx.doi.org/10.1108/jmlc-10-2013-0038.
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Purpose – This paper aims to highlight present strategies to prevent money laundering in Dubai. Design/methodology/approach – Thirty semi-structured interviews were conducted with Anti Money Laundering Suspicion Cases Unit (AMLSCU), Anti Organized Crime Department (AOCD) and Central Bank employees. Findings – This paper shows that AMLSCU, AOCD and Central Bank employees are aware that future strategies to prevent money laundering are needed. Research limitations/implications – Limited available secondary data and cases of money laundering. Originality/value – Interviews with key personnel in main organisations tasked with preventing money laundering in Dubai.
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Teichmann, Fabian Maximilian Johannes. "Twelve methods of money laundering." Journal of Money Laundering Control 20, no. 2 (May 2, 2017): 130–37. http://dx.doi.org/10.1108/jmlc-05-2016-0018.
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Purpose This paper aims to discuss how feasible it is for intelligent criminals to circumvent existing anti-money laundering mechanisms. Design/methodology/approach Based upon ten informal interviews with money launderers and their advisers; 18 formal, semi-standardized expert interviews with selected anti-money laundering specialists; and a quantitative survey of 181 compliance officers, 12 effective methods to launder money have been developed. Findings It has been found that gold, jewellery, raw diamonds, antiquities, art, real estate projects, consulting firms, mergers and acquisitions, banks in Dubai, deposit boxes, private cash deals and currency exchange offices continue to be extraordinarily suitable tools for money laundering. Originality/value The identification of gaps in anti-money laundering mechanisms is meant to provide both compliance officers and legislators with valuable insights. While the existing literature focuses on estimating the volume of money laundered in certain geographical areas and on the improvement of anti-money laundering mechanisms, this paper describes how money launderers proceed to avoid getting caught.
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Dobrowolski, Zbysław, and Łukasz Sułkowski. "Implementing a Sustainable Model for Anti-Money Laundering in the United Nations Development Goals." Sustainability 12, no. 1 (December 27, 2019): 244. http://dx.doi.org/10.3390/su12010244.
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The United Nations Sustainable Development Goals (SDGs), adopted in 2015, are the most relevant global agreements on 17 of the most important issues that are crucial to all countries and their societies. The achievement of all SDGs requires a reduction in the scale of money laundering destabilizing domestic economies. This original research study has shown that the supreme audit institutions’ (SAI) capacity to audit and evaluate anti-money laundering system is limited for a number of reasons including the lack of global SAI standards and guidelines for auditing anti-money laundering systems. The aim of this research was to create a generally accepted approach to auditing anti-money laundering outcomes. To address the research goal, interviews were conducted with 15 representatives of 11 SAIs. In addition, members of the International Organization of Supreme Audit Institutions (INTOSAI) were interviewed and SAI audits of anti-money laundering entities were analysed. A literature review was also carried out. Based on this research study, an original approach both to managing anti-money laundering and auditing such activities was created. This research provides the basis for strengthening risk management that supports an efficient realization of SDGs. The proposed Sustainable Model for Anti-Money Laundering will enhance SAI’s audit capacity and significantly improve parliamentary watchdogs’ investigative functions.
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Aurasu, Anusha, and Aspalella A. Rahman. "Money laundering and civil forfeiture regime: Malaysian experience." Journal of Money Laundering Control 19, no. 4 (October 3, 2016): 337–45. http://dx.doi.org/10.1108/jmlc-08-2015-0033.
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Purpose Money laundering is a complex issue which has been ongoing for many years globally. Developed and developing countries form anti-money laundering regime in the view to combat these ever-challenging criminal activities. Laundering of money involves the hiding and cleaning of “dirty money” derived from unlawful activities. Malaysia has come up with its own regime of anti-money laundering. Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) provides power to forfeit proceeds at the end of proceedings. This paper aims to investigate whether the current civil forfeiture regime in Malaysia is effective in fighting against money laundering. Design/methodology/approach This paper will be based on a doctrinal research where reliance will mainly be on relevant case laws and legislations. AMLATFA is the primary legislation which will be utilised for the purpose of analysis. Findings Despite the enactment of AMLATFA, little study has been carried out on the effectiveness of civil forfeiture regime under Malaysian anti-money laundering laws. Furthering into forfeiture of criminal proceeds, the findings show that forfeiture provisions are the recent law enforcement strategy to fight against crimes. It is implicit that this strategy is more efficient than the conventional approach, which only focused on punishing the individual criminal but failed to diminish the criminal operations as a whole. Originality/value Strengths and weaknesses of AMLATFA are identified where it is less comprehensive in terms of offences covered and standard of proof. With that, this paper analyses the civil forfeiture regime under the Malaysian anti-money laundering laws. This paper would also offer some guiding principles for academics, banks, their legal advisers, practitioners and policymakers, not only in Malaysia but also elsewhere. Anti-money laundering laws can further be improved by being a better and established civil forfeiture regime where Malaysia will be able to discharge its duties well on forfeiting benefits from criminals.
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Kurniawan, Veranto. "The Role of Regulatory Technology & Bankers to Prevent Money Laundering in Bank." JBMP (Jurnal Bisnis, Manajemen dan Perbankan) 9, no. 1 (April 26, 2023): 43–52. http://dx.doi.org/10.21070/jbmp.v9i1.1660.
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Bank is a financial institution that is most often used as a place for money laundering, as well as the most financial institution that sends suspicious transaction reports to the Indonesian Financial Transaction Reports and Analysis Center (PPATK). This study aims to illustrate the impact of adopting regulatory technology (regtech) and the role of AML officers in the Indonesian banking sector on money laundering prevention effectiveness. The primary data for this study was collected through a survey instrument distributed to 689 AML officers in Indonesia with the expertise in anti-money laundering (AML) compliance; there were 296 respondents that filled the questionnaire with a response rate of 42.9%. The results of multivariate analysis indicate that electronic know your customer (KYC) is not significant in money laundering prevention. Transactions monitoring (TM) of regtech and cost & time (CT) of regtech, drive money laundering prevention to a highly statistically positive & significant. Furthermore, there is a positive & significant relationship between bankers competency & awareness in money laundering prevention. Research related to regtech and AML officers in Indonesian banking sector money laundering prevention efforts is still very limited in Indonesia. This study contributes to the existing literature on anti-money laundering and the development of anti-money laundering technology.
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Chelliah, John, and Anita Prasad. "South Pacific transnational money laundering typologies." Journal of Money Laundering Control 20, no. 4 (October 2, 2017): 345–53. http://dx.doi.org/10.1108/jmlc-11-2016-0045.
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Purpose The paper aims to present typologies of transnational money laundering in South Pacific island countries, thereby filling a gap in the extant literature. Design/methodology/approach This paper is based on seven significant transnational money laundering cases involving South Pacific island nations. It provides analyses of the modus operandi of criminals and classifies those according to typologies from anti-money laundering authorities and bodies. Findings Typologies of money laundering have arrived through a content analysis of seven cases involving transnational money laundering destined for South Pacific island nations. The typologies which have emerged show the predominant forms of transnational money laundering in this region. This knowledge could be useful to government policy-makers and financial institutions pursuing anti-money laundering initiatives. Originality/value There is a dearth of academic research into typologies of transnational money laundering involving the South Pacific. This paper makes a useful contribution to the extant literature by providing the most recent typologies in this respect.
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Sun, Ling. "Implementation of organization and end-user computing-anti-money laundering monitoring and analysis system security control." PLOS ONE 16, no. 12 (December 9, 2021): e0258627. http://dx.doi.org/10.1371/journal.pone.0258627.
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The Monitoring and Analysis Centre for the fight against money laundering is a valid financial information body which is responsible for collecting, analysing and providing financial information and conducting international exchanges of financial information for relevant undertakings. By constructing the analysis of the monitoring of the local and foreign currency and of the data transmission subsystem in the plan for the transitional period against In the light of the above, the Commission will continue to monitor the implementation of the acquis in the light of the progress made in implementing the acquis future new systems. The purpose of this paper is to study the research and implementation of the security control of the anti-money laundering monitoring and analysis system. This article studies the application of decision tree analysis technology in the anti-money laundering monitoring system of insurance companies to achieve the purpose of improving the anti-money laundering monitoring technology and capabilities of insurance companies. The emergence of data mining technology provides a new system solution for anti-money laundering monitoring. For insurance anti-money laundering, how to find potential money laundering cases in suspicious and large surrender transactions is key. The experimental data show that the decision tree method is the best predictor of the customer category between the insurance application and the surrender days. The decision tree analysis technology has greatly improved the security monitoring capabilities of the insurance in the anti-money laundering monitoring system. Experimental data shows that the security control capabilities of the anti-money laundering monitoring and analysis system make the accuracy of the entire model reach 95%, the accuracy of large and suspicious transactions reaches 88.6%, and the correct classification of customers is about 99.6%.
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Shevchenko, Mykhailo. "The essence of money laundering and preconditions for anti-money laundering measure." Herald of Zaporizhzhia National University. Jurisprudence, no. 4 (2018): 92–100. http://dx.doi.org/10.26661/2616-9444-2018-4-11.
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Lazur, Ya V., and M. V. Shevchenko. "THE ESSENCE OF MONEY LAUNDERING AND PRECONDITIONS FOR ANTI-MONEY LAUNDERING MEASURES." Herald of Zaporizhzhia National University. Jurisprudence, no. 1 (2019): 124–32. http://dx.doi.org/10.26661/2616-9444-2019-1-16.
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Malahim, Sari Sulaiman, Salah Turki Alrawashdeh, Shadi Arshid Muslim Saraireh, Rafat Salameh Salameh, Anas Ahmed Yaseen, and Howaida Musa Khalil. "The Relevance of Internal Control System on Money Laundering in Jordanian Islamic and Commercial Banks." International Journal of Professional Business Review 8, no. 6 (June 19, 2023): e02363. http://dx.doi.org/10.26668/businessreview/2023.v8i6.2363.
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Purpose: This study seeks to determine whether internal control systems are important for preventing money laundering in Islamic and commercial banks in Jordan. It seeks to clarify the procedures and means for evaluating the internal control systems, identify the extent of their application, and determine their impact on reducing money laundering in banks. Theoretical framework: Money laundering is a significant criminal activity that has serious economic and social impacts. Despite anti-money laundering legislation and emphasis on internal controls, money laundering remains a pervasive problem in the financial industry. Effective internal controls can help prevent errors, manipulation, and fraud that facilitate money laundering, thereby preventing crime and ensuring market competitiveness. Design/methodology/approach: As part of the study, interviews were conducted using a qualitative methodology. It was essential that those selected for interviews work in a controlling position or department in banks. All facets of the internal control framework are covered in the interview questions. Findings: Internal control has a positive impact on preventing money laundering in banks, and control activities are critical in preventing money laundering operations. The quality of information obtained and distributed by banks, along with channels for distributing information, are factors in improving a bank's ability to combat money laundering. Research, Practical & Social implications: The study has practical and social implications in determining characteristics that affect the efficacy of anti-money laundering actions, which can aid in drastically reducing money laundering. Originality/value: The study adds to what is already known about anti-money laundering initiatives and how well they work to stop money laundering in Islamic and Commercial banks. Its investigation of the effects of information and communication on developing effective internal control systems to prevent money laundering gives it originality and value. Additionally, it creates new opportunities for future study into how well internal control procedures work to lessen money laundering in various contexts and nations.
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H, Dhanush. "Spatio-Temporal Network-based Bank Transactional Behavior Analysis to Detect Suspicious Activities." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 04 (April 4, 2024): 1–5. http://dx.doi.org/10.55041/ijsrem30120.
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Money laundering refers to the act of disguising the proceeds of illegal activities as legitimate funds. This is a significant problem as it enables criminals to profit from illegal activities and finance further criminal endeavors. Money laundering is also linked to other crimes, such as drug trafficking, terrorism financing, and corruption. To combat money laundering, governments and financial institutions have implemented various measures, such as Know Your Customer (KYC) regulations, Anti-Money Laundering (AML) laws, and the use of financial intelligence units. However, the existing money laundering system is complex, making it difficult to detect and prevent money laundering activities. Many current systems rely on outdated technology and manual processes, which can be time-consuming and prone to error. Therefore, there is a need for effective detection and prevention systems that can identify suspicious transactions and patterns of behavior. This project aims to prevent and detect money laundering activities by identifying suspicious transactions and monitoring the movement of funds through the financial system. The proposed system uses Long Short-Term Memory (LSTM) to detect and prevent money laundering activities. By analyzing the data in a time-series format, LSTM can identify unusual patterns of transactions and flag them for further investigation. LSTM can also predict future trends in financial data, allowing for the detection and prevention of potential money laundering activities before they occur. The proposed transactional network and behavior analysis system provides a more efficient and accurate method for identifying potential money laundering activities. This system can ultimately lead to a more effective and efficient anti-money laundering system. Keywords: Anti-Money laundering, Long short-term memory, Legitimate funds, Transaction network, behavior analysis, Time series format
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Murray-Bailey, Sherene Alicia. "Money laundering control: the missing link in Trinidad and Tobago." Journal of Money Laundering Control 22, no. 4 (October 7, 2019): 694–720. http://dx.doi.org/10.1108/jmlc-01-2019-0003.
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Purpose This paper aims to examine the socio-economic effect of money laundering in Trinidad and Tobago. It assesses the efficacy of the administration of justice in addressing money laundering and the confiscation of the proceeds of crime. It identifies deficiencies within the existing anti-money laundering system and provides recommendations to ensure a robust anti-money laundering framework in keeping with international standards. Design/methodology/approach The paper embraces a pluralist approach. It uses qualitative and quantitative methods and uses a case study approach with contextual qualitative analysis. Empirical data are used and causal connections are linked to the analysis. Findings The paper highlights a fragmented and inefficient system in addressing money laundering and the confiscation of the proceeds of crime. It concludes that a robust money laundering framework, which meets international standards, requires strong legislative and institutional alignments that promote timeliness, collaboration and efficiency across many agencies. Research limitations/implications Findings are limited to Trinidad and Tobago and to the period ending December 2018. Accordingly, these findings lack generalisability. Practical implications Trinidad and Tobago needs to revisit its silo approach to anti-money laundering (AML). New policies which embrace harmonisation, collaboration and timeliness in adjudicating upon ML matters are critical. Social implications The negative socio-economic effects of money-laundering are considered in this paper. A disruption of money laundering and the confiscation of the proceeds of crime, benefits society economically and socially. Originality/value Trinidad and Tobago has been listed as a country with strategic AML deficiencies by the Financial Action Task Force (FATF). This study provides assistance in guiding much needed reform in the anti-money laundering area and has not before been undertaken.
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Nkoane, Paul. "A Clean Swipe: Assessing the Vulnerability of South Africa and Nigeria to Money Laundering Committed with Prepaid Cards." African Journal of International and Comparative Law 31, no. 1 (February 2023): 65–85. http://dx.doi.org/10.3366/ajicl.2023.0435.
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Criminals use a myriad of measures to isolate their criminal spoils from the crime while lawmakers continuously adopt measures to plug the lacunae in the anti-laundering machinery. Thus, lawmakers are expected to constantly adjust the laws intended to limit money laundering, lest the battle against this criminal delinquency will be lost. This article is intended to highlight that money laundering in this era of progressive technology has become more elusive. The internet has fed new trends into the metamorphosis of money laundering, with New Payments Methods fuelling the fire. The use of electronic payments has unlocked new avenues for money laundering. This generally should be attended by the obvious task of improving AML/CFT machinery. The article intends to illustrate how other techniques that undermine the existing anti-money laundering machinery can be fashioned when prepaid cards are employed. The article assesses the South African, Nigerian and international anti-laundering regimes.
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Pol, Ronald F. "Anti-money laundering effectiveness: assessing outcomes or ticking boxes?" Journal of Money Laundering Control 21, no. 2 (May 8, 2018): 215–30. http://dx.doi.org/10.1108/jmlc-07-2017-0029.
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Purpose This article aims to constructively critique the new global methodology for evaluating the effectiveness of anti-money laundering regimes against defined outcomes. Design/methodology/approach With surprisingly little discussion at the intersection of the money laundering and policy effectiveness and outcomes scholarship and practice, this article combines elements of these disciplines and recent peer-review evaluations, to qualitatively assess the Financial Action Task Force’s (FATF’s) anti-money laundering “effectiveness” methodology. Findings FATF’s “effectiveness” methodology does not yet reflect an outcome-oriented framework as it purports. Misapplication of outcome labels to outputs and activities miss an opportunity to evaluate outcomes, as the impact and effect of anti-money laundering policies. Practical implications If the “outcomes” of the “effectiveness” framework do not match the crime and terrorism prevention policy goals of nation states, the new “main” component for assessing the effectiveness of anti-money laundering regimes potentially detracts focus and resources from, rather than towards, intended policy objectives. Originality/value There is a dearth of scholarship whether the global anti-money laundering “effectiveness” framework is sufficiently robust to assess effectiveness as it purports. This article begins addressing that gap.
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Kuzmenko, Olha, Olena Krukhmal, Vitaliia Koibichuk, Kostiantyn Hrytsenko, Oleksandr Kushneryov, Vita Hordiienko, Galyna Pasemko, Oksana Taran, and Olena Smihunova. "Survival Analysis Methods for Assessing the Anti-Money Laundering System Effectiveness." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 20 (June 2, 2023): 1185–206. http://dx.doi.org/10.37394/23207.2023.20.106.
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The article collects and systematizes statistical information to assess the anti-money laundering system effectiveness for 25 banks from 12 countries. The anti-money laundering system effectiveness was evaluated based on applying the survival analysis method by constructing tables of survival for banks subject to sanctions, determining the probability of deciding on the need to impose sanctions on banks, multiple assessments of Kaplan-Meyer, formalization of the Hazard rate instantaneous risk function. The anti-money laundering system effectiveness is compared based on the survival analysis in groups of banks around the world. Relevant factors influenced the assessment of the anti-money laundering system effectiveness based on the application of the principal components method by creating a scree plot and determining the factor loads of the statistical input base indicators in the study. A Cox proportional intensity regression model of dependence of the anti-money laundering system effectiveness on independent factors is constructed.
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Moustafa, Tamer Hossam, Mohamed Zaki Abd El-Megied, Tarek Salah Sobh, and Khaled Mohamed Shafea. "Anti money laundering using a two-phase system." Journal of Money Laundering Control 18, no. 3 (July 6, 2015): 304–29. http://dx.doi.org/10.1108/jmlc-05-2014-0015.
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Purpose – This paper aims to compete and detect suspicious transactions that can lead to detecting money laundering cases. Design/methodology/approach – This paper presents a plan-based framework for anti-money laundering systems (PBAMLS). Such a framework is novel and consists of two phases, in addition to several supporting modules. The first phase, the monitoring phase, utilizes an automata approach as a formalism to detect probable money laundering. The detection process is based on a money laundering deterministic finite automaton that has been obtained from the corresponding regular expressions which specify different money laundering processes. The second phase is STRIPS-based planning phase that aims at strengthening the belief in the probable problems discovered in the first (monitoring) phase. In addition, PBAMLS contains several supporting modules for data collection and mediation, link analysis and risk scoring. To assess the applicability of PBAMLS, it has been tested using different cases studies. Findings – This framework provides a clear shift of anti-money laundering systems (AML) from depending heuristic and human expertise to making use of a rigorous formalism to accomplish concrete decisions. It minimizes the possibilities of false positive alarms and increases the certainty in decision-making. Practical implications – This framework enhances the detection of money laundering cases. It also minimizes the number of false-positive alarms that waste the investigators’ efforts and time; it decreases the efforts presented by the investigators. Originality/value – This work proposes PBAMLS as a novel plan-based framework for AML systems.
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Ayoker, Lam Bukeje. "Research Topic: Impact of Money Laundering on Economic Growth Case study: Nile Commercial Bank – Juba South Sudan." IJRDO - Journal of Business Management 8, no. 1 (February 3, 2022): 1–39. http://dx.doi.org/10.53555/bm.v8i1.4748.
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The aims of this study is to analyze the impact of money laundering on economic growth and to know measures taken by government to prevent the money laundering activities in South Sudan.
The researcher used qualitative and quantitative methods for collecting data; also the researcher used the statistical package for social science (SPSS) for data analysis.
Findings: The study revealed that money laundering has impact on economic growth of the country, money laundering could cause inflation, there is Act of Anti –money laundering in South Sudan, money laundering promoting corruption, senior management is responsible to manage money laundering
Recommendation: researcher has reached to the important recommendations as following;
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Marbun, Diva Yohana Margaretha, Fikri Triandhika, Gita Mega Andriani Pasaribu, and Wanodyo Sulistyani. "PENERAPAN SISTEM ANTI PENCUCIAN UANG DALAM PENANGANAN PERKARA TINDAK PIDANA PEMBALAKAN LIAR." Jurnal Poros Hukum Padjadjaran 4, no. 2 (May 30, 2023): 197–220. http://dx.doi.org/10.23920/jphp.v4i2.1226.
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ABSTRAK
Sejumlah kasus tindak pidana pembalakan liar diikuti dengan tindak pidana pencucian uang (TPPU). Beberapa indikasi dari kasus-kasus tersebut adalah dengan dimanfaatkannya sektor jasa keuangan, terutama bank untuk mentrasfer dana-dana yang diperoleh dari tindak pidana tersebut. Dalam penanganan TPPU, pendekatan follow the money dikedepankan untuk mendeteksi adanya transaksi keuangan mencurigakan sebagai bagian dari sistem anti pencucian uang (APU). Selain itu, sistem APU juga mewajibkan penyedia jasa keuangan untuk menerapkan prinsip kehati-hatian dalam setiap transaksi keuangan. Sejumlah lembaga seperti Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK), penegak hukum, dan Kementerian Lingkungan Hidup dan Kehutanan (KLHK) terlibat dalam upaya pencegahan dan pemberantasan TPPU dengan tindak pidana asal pembalakan liar. Akan tetapi, berdasarkan hasil analisis, koordinasi antar lembaga, perbedaan persepsi, penerapan multidoor approach, dan ketidakpatuhan penyedia jasa keuangan dalam mendukung sistem APU masih menjadi kendala yang harus diselesaikan. Untuk mengatasinya, maka perlu dilakukan upaya mengoptimalkan pendekatan follow the money dengan meningkatkan pemahaman penegak hukum tentang pendekatan ini, mendorong koordinasi antar lembaga-lembaga yang terlibat dengan mengoptimalkan upaya multi-door approach, serta meningkatkan kepatuhan lembaga penyedia jasa keuangan dalam menerapkan sistem APU. Analisis dalam penelitian ini dilakukan dengan menganalisis sejumlah peraturan perundang-undangan terkait, studi kasus, serta penelitian literatur yang terkait dengan permasalahan dalam penelitian ini.
Kata kunci: tindak pidana pencucian uang; tindak pidana pembalakan liar; sistem anti pencucian uang.
ABSTRACT
Several illegal logging cases are followed by money laundering. Some indications of money laundering in those illegal logging cases are the uses of financial service sector, especially banking to transfer money from proceed of crime. In handling money laundering, follow the money approach is using to detect suspicious transaction as a part of anti-money laundering system. Furthermore, anti-money laundering system also requires financial service provider to implement precarious principles in financial transaction. Several institutions, such as anti-money laundering agency (PPATK), law enforcement institution, and Ministry of Environment and Forestry (KLHK) are involved in preventing and combating money laundering with illegal logging as the predicate offence. According to the analyzes, coordination among institutions, different perceptions, lack of implementation of multi-door approach and lack of implementation on anti-money laundering system by financial service provider become obstacles in combating those crimes. To deal with the obstacles, several efforts are proposed such as by enhancing law enforcer understanding on follow the money principle, promoting coordination among the institutions to implement multi-door approach, and enhancing conformity of financial service provider in implementing anti-money laundering system. To conduct the analyzes, literature research, statutory research, and case study are used as the methodology of research.
Keywords: money laundering; illegal logging; anti money laundering system.