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Journal articles on the topic 'Counter-Terrorist Financing (CTF)'

Author: Grafiati

Published: 5 June 2025

Last updated: 2 August 2025

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1

Gilmour, Nicholas, Tristram Hicks, and Simon Dilloway. "Examining the practical viability of internationally recognised standards in preventing the movement of money for the purposes of terrorism." Journal of Financial Crime 24, no. 2 (2017): 260–76. http://dx.doi.org/10.1108/jfc-04-2016-0027.

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Purpose The purpose of this paper is to examine – using crime script analysis – the practical effectiveness of internationally endorsed and universally recognised counter-terrorism financing (CTF) standards in preventing the movement of money for the purposes of terrorism. The paper does not seek to examine the originating circumstances of terrorist finances or how laundered value is assigned. Design/methodology/approach Preliminary evaluation focuses on the discrepancies between the practices of money laundering and terrorist financing. Following an introduction to crime scripts, internationa

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Japinye, A. O. "Enhancing Anti-Money Laundering and Counter-Terrorist Financing Strategies through Integrated Cybersecurity and Compliance Measures." International Journal of Novel Research in Marketing Management and Economics 11, no. 1 (2024): 180–96. https://doi.org/10.5281/zenodo.10973122.

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<strong>Abstract:</strong> This research study investigated the integration of cybersecurity measures into Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) strategies within financial institutions. The study aimed to assess the current state of AML/CTF strategies, evaluate the integration of cybersecurity measures, and investigate the impact of integrated cybersecurity and compliance measures on AML/CTF effectiveness. A quantitative approach was employed, utilizing surveys and statistical analyses to collect and analyze data from 400 participants in financial institutions. The

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Naheem, Mohammed Ahmad. "Legitimacy of the Summer 2017 GCC crisis and Qatar’s AML framework." Journal of Money Laundering Control 20, no. 4 (2017): 405–16. http://dx.doi.org/10.1108/jmlc-07-2017-0032.

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Purpose In June 2017, members of the Gulf Cooperation Council (GCC) ended diplomatic ties with Qatar. There is a legitimate concern about the accusation levied on Qatar. This paper aims to analyse the progress Qatar’s financial system has made with respect to its anti-money laundering (AML) and counter-terrorist financing (CFT) regulations, which further serves as the country’s effort to combating the financing of terrorism (CTF). The paper further wishes to advance the discussion by considering the legitimate goals of the aforementioned bodies and their discourse on creating national and inte

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Goldbarsht, Doron. "Who's the Legislator Anyway? How the Fatf's Global Norms Reshape Australian Counter Terrorist Financing Laws." Federal Law Review 45, no. 1 (2017): 127–51. http://dx.doi.org/10.1177/0067205x1704500106.

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This article focuses on the Australian implementation of the Financial Action Task Force (FATF) Recommendations, so-called ‘soft law’ instruments, which represent the international standards in Counter Terrorist Financing (CTF) but which force legislators to conform. The article will fill the gaps existing in the literature today by focusing on the origins and motives of broad CTF legislation in Australia, then detailing each of the FATF's CTF Recommendations and the ways in which they are implemented in Australia. This approach differs significantly from other literature in the field, which d

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Goldbarsht, Doron, and Hannah Harris. "Transnational regulatory networks: a study in compliance and legitimacy in counter-terrorist financing." Journal of Financial Crime 27, no. 3 (2020): 855–70. http://dx.doi.org/10.1108/jfc-01-2020-0013.

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Purpose This paper aims to explore the case of counter-terrorist financing (CTF) within the transnational regulatory network (TRN) of the Financial Action Task Force (FATF). The paper demonstrates how the structure and operation of the FATF reflect those of a TRN and shows how the FATF has been successful in securing formal compliance with CTF policies. Design/methodology/approach The paper stresses that formal compliance does not guarantee actual compliance or effective enforcement. It is argued that the FATF and the CTF regime must balance concerns for legitimacy with those of flexibility an

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Ryder, Nicholas. "Is It Time to Reform the Counter-terrorist Financing Reporting Obligations? On the EU and the UK System." German Law Journal 19, no. 5 (2018): 1169–89. http://dx.doi.org/10.1017/s2071832200022999.

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AbstractThis Article critically considers the effectiveness of the European Union's (EU) counter-terrorist financing (CTF) strategies. In particular, it concentrates on the use of financial intelligence gathered from the submission of suspicious activity reports (SARs) by reporting entities to Member States Financial Intelligence Units (FIU). The Article identifies a series of weaknesses in the United Kingdom's (UK) reporting regime: Defensive reporting, increased compliance costs, and the definition of suspicion. It concludes by making a series of recommendations that are aimed at improving t

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Simon Ademola Akinteye, Mathias Mokube, Doris Ochei, and Aloysius Vutumu. "The Impact of Internal Audit on Improving Anti-Money Laundering (Aml) and Counter Terrorist Financing (Ctf) Controls in Nigeria." UMYU Journal of Accounting and Finance Research 5, no. 1 (2023): 11–27. http://dx.doi.org/10.61143/umyu-jafr.5(1)2023.002.

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This peer review conceptual paper explores the impact of internal audit on improving anti-money laundering (AML) and counter-terrorist financing (CTF) controls in Nigeria. The study aims to examine the role of internal audit in enhancing AML/CFT controls and to identify any limitations or criticisms of internal audit in this context. The researchers conducted a search for research papers published between 2015 and 2023 on the impact of internal audit in improving and AML/CTFT suing the Google Scholar Search Engine, EBSCO Hosts, Science Direct, JStor and Emeralds. The Selection Criteria for the

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Korauš, Antonín, Eva Jančíková, Miroslav Gombár, Lucia Kurilovská, and Filip Černák. "Ensuring Financial System Sustainability: Combating Hybrid Threats through Anti-Money Laundering and Counter-Terrorist Financing Measures." Journal of Risk and Financial Management 17, no. 2 (2024): 55. http://dx.doi.org/10.3390/jrfm17020055.

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This paper deals with ensuring the sustainability of the financial system and combating hybrid threats in relation to anti-money laundering and counter-terrorist financing (AML/CTF) measures. International cooperation in the field of combating hybrid threats is only at the beginning, and in many ways, the experience of international cooperation in the fight against money laundering and terrorist financing, which is based on many years of experience in the institutional and legislative fields, could be used. Hybrid threats are constantly changing and evolving, which means our response to them m

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Yang, Gi Jin. "Crypto-assets and Financial Consumer ; A Review of Surrounding Legal Issues." International Review of Financial Consumers 3, No. 2 Oct 2018 (2018): 1–8. http://dx.doi.org/10.36544/irfc.2018.1-2.1.

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Crypto-assets or cryptocurrencies have emerged globally lately. This paper aims to discuss several issues about crypto-assets or cryptocurrencies while it introduces the some Korean issues. Recent attempts to regulate crypto-assets or cryptocurrencies are mostly to avoid/decrease regulatory arbitrage. Activities surrounding crypto-assets or cryptocurrencies may constitute pseudo-deposit taking activities subject to the related banking regulations. As cryptocurrencies are sometimes traded like money, activities dealing with cryptocurrencies may be subject to regulations about anti-money launder

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Helgesson, Karin Svedberg, and Ulrika Mörth. "Instruments of securitization and resisting subjects: For-profit professionals in the finance–security nexus." Security Dialogue 50, no. 3 (2019): 257–74. http://dx.doi.org/10.1177/0967010619835655.

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This article discusses the role of private actors in the finance–security nexus. It analyses how the delegated authority bestowed upon private actors in anti-money laundering and combating terrorist financing (AML/CTF) may be perceived not as empowerment but as an expression of a threatening invasive and hegemonic order: To reap the possible benefits offered by the security paradigm in the ‘war on terror’, private actors must relinquish a degree of self-determinacy. This threat to self-determinacy, it is argued, foregrounds (affective) resistance among for-profit professionals. The article pro

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Goldbarsht, Doron. "Reverse engineering legal professional privilege in a globalising world – the Australian case." Journal of Money Laundering Control 23, no. 3 (2020): 677–90. http://dx.doi.org/10.1108/jmlc-02-2020-0011.

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Purpose This paper aims to explore the ways in which the international standards in the field of anti-money laundering (AML) and counter-terrorist financing (CTF) have reshaped regulatory regimes in a globalised world. Design/methodology/approach This paper deconstructs the origins and development of international standards in the field of AML and CTF dealing with longstanding legal professional privilege. This paper adopts both qualitative and quantitative research methodologies. The qualitative aspect comprises a literature review of sources, including scholarly works, Financial Action Task

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Lababidi, Ebrahim M. R. "State and institutional capacity in combating money laundering and terrorism financing in armed conflict." Journal of Money Laundering Control 23, no. 1 (2020): 155–72. http://dx.doi.org/10.1108/jmlc-04-2019-0033.

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Purpose The purpose of this paper is to explore the relationship and implications of institutional autonomy and capacity through the Central Bank of Syria in its ability to implement an effective anti-money laundering (AML) and counter-terrorism financing (CTF) framework during a period of intense armed conflict. Design/methodology/approach Due to the lack of reliable data currently available on Syria, this paper focuses on Syria’s AML/CTF legislation through passed laws and regulations; annual reports on the Central Bank of Syria and the AML and terrorism financing authority; the academic lit

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Gulyás, Attila. "Dzsihadista terrorszervezetek kriptovaluta alapú online adománygyűjtése." Honvédségi Szemle 152, no. 5 (2024): 60–78. https://doi.org/10.35926/hsz.2024.5.4.

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A terrorizmus elleni sokrétű harc egyik meghatározó eleme a szervezetek anyagi eszközeiktől történő megfosztása és pénzügyi műveleteik korlátozása, illetve akadályozása. Egyes feltételezések szerint a nemzetközileg összehangolt terrorizmus-finanszírozás elleni (Counter-Terrorist Financing, CTF) és pénzmosás elleni (Anti-Money Laundering, AML) intézkedések hatására a dzsihadista terrorszervezetek a fiat valutákkal lebonyolított hagyományos pénzügyi műveletektől a központi felügyeletet és ellenőrzést nélkülöző kriptovaluták felé fordulnak. Ugyanakkor a szélsőséges iszlamista terrorszervezetek kr

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Adetunji, Johnson Adeoye. "Rethinking the internal mechanism of the EGMONT group in financial crime control." Journal of Money Laundering Control 22, no. 2 (2019): 327–38. http://dx.doi.org/10.1108/jmlc-04-2018-0029.

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Purpose This paper aims to evaluate the use of Intelligence gathering, especially the exercise of customer due diligence (CDD), enhanced due diligence (EDD), know your customer (KYC) and recordkeeping as effective anti-money laundering (AML) and counter-terrorism financing (CTF) measures. It re-appraises the risk of breach of privacy associated with recordkeeping of clients’ information in countries where there are no data protection laws and the role of the EGMONT group against the backdrop of the recent suspension of Nigeria from the group; it argues that, in view of other existing liberal p

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Tetiana, Dmytrenko. "DEFINITION OF THE ESSENCE OF VIRTUAL ASSETS AS A FACTOR FOR THE FORMING METHODOLOGICAL APPROACHES TO THE TAXATION OF THEIR TURNOVER." BULLETIN OF CHERNIVTSI INSTITUTE OF TRADE AND ECONOMICS IV, no. 96 (2024): 121–46. https://doi.org/10.34025/2310-8185-2024-4.96.08.

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This article is dedicated to the necessity of implementing effective measures to prevent the criminal and terrorist use of virtual assets, as well as to the development of legal approaches by legislative authorities for regulating the virtual asset market. This includes taxation of income from virtual asset transactions, an analysis of the current state of legislation, and the identification of prospects for its development to establish a harmonious and comprehensive regulatory system. To address global challenges, authorities must resolve issues related to information exchange between state s

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Strbac, Katarina, and Dejan Milenkovic. "Combating Organised Crime: Exploring the Intersection of Cryptocurrencies and Money Laundering in Serbia." Security Dimensions 44, no. 44 (2023): 54–67. http://dx.doi.org/10.5604/01.3001.0054.1741.

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Background: This paper's central theme revolves around combating contemporary forms of organised crime by exploiting cryptocurrencies. It delves into the evolution of cryptocurrency structures, trends in the cryptocurrency market, and the intricate processes of transactions and money laundering involving digital currencies. The paper presents an overview of the most significant cryptocurrencies traded on electronic exchanges and explores their market characteristics.Objectives: This paper aims to conduct an in-depth analysis of the intersection between cryptocurrencies and high-tech crime, mai

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Hamad Abdulla R A, Al-Kubaisi, Fawad Husain, and Mudasar Ali. "Charities Or Donations as a Source of Terrorism Financing: Why does Regulation Fail in Pakistan?" Inverge Journal of Social Sciences 3, no. 3 (2024): 23–40. https://doi.org/10.63544/ijss.v3i3.89.

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Abstract This comprehensive research analyses Pakistan's regulatory system for preventing terrorist funding and money laundering through charities/donations. The report discusses the regulatory environment, problems, empirical analysis, policy implications, innovative ideas, and a National Counter Terrorism Authority’s action plan. The report reveals an evolving regulatory framework that strives to satisfy global standards despite ongoing challenges. The integrity of Pakistan's economy and its national security are safeguarded by its regulatory framework, which consists of laws, agencies, and

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Hussain, Abid. "Pakistan on FATFs Grey List: Terrorist Financing Perspective." Global Regional Review IV, no. IV (2019): 281–90. http://dx.doi.org/10.31703/grr.2019(iv-iv).31.

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Pakistan is facing great challenges of terrorism which have posed serious threats towards integrity and stability of the country. It is unanimously agreed that finance serves as lifeline for execution of terrorist activities. Terrorist groups generate funds through multiple sources and transfer them by exploiting the loopholes existing in financial system. Despite, Pakistan has taken sufficient steps to counter the financing of terrorism (CFT), nonetheless, money is still transmitting due to some regulatory flaws of the financial system. Owing to terrorist financing related deficiencies, Pakis

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Afriansyah, Arie, Ahmad Ghozi, and M. Akila Wargadalem. "Indonesia’s Laws and Policies in Combatting Terrorism Financing." AML/CFT Journal The Journal of Anti Money Laundering and Countering the Financing of Terrorism 2, no. 1 (2023): 1–18. http://dx.doi.org/10.59593/amlcft.2023.v2i1.49.

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This article discusses Indonesia's latest developments, challenges, and remedies for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) laws. Data were collected by analyzing the challenges of implementing international regulations, such as the United Nations Security Council Resolution (UNSCR) and FATF recommendation. Indonesia is expected to improve their regulations and set high supervision towards the risk of AML/CFT to combat terrorism financing. No studies have been conducted to discuss the latest 2019 UNSCR, a relevant regulation to be implemented by countries to tackle t

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Mironov, Ilya A. "DEVELOPMENT OF THE DOMESTIC SYSTEM FOR COMBATING MONEY LAUNDERING AND TERRORIST FINANCING." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 5/7, no. 146 (2024): 204–9. http://dx.doi.org/10.36871/ek.up.p.r.2024.05.07.023.

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The article presents an analysis of the domestic anti-money laundering and counter-terrorist financing (AML/CFT) system. The development of the domestic AML/CFT system is an important task, on the effectiveness of which the security of the state depends. The main problematic aspects of Russian anti-money laundering practices have been identified. Directions for the development of the Russian AML/CFT system are proposed to improve the efficiency of its activities.

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Silva, Patrícia Godinho. "Recent developments in EU legislation on anti-money laundering and terrorist financing." New Journal of European Criminal Law 10, no. 1 (2019): 57–67. http://dx.doi.org/10.1177/2032284419840442.

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Money laundering and terrorist financing pose a clear risk to the integrity, proper functioning, reputation and stability of society, especially regarding the financial system. Accordingly, there must be effective measures to address these risks and threats, which are of a cross-border nature. The European Commission has been doing a relevant work in this field but it is important not to rush things, in order to ensure that, in close cooperation with the Member States and all the actors involved, the new legislative measures and initiatives will be properly implemented, in order to achieve a h

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Botasheva, L. H., M. A. Tukhbatulina, and I. I. Kunitsyna. "Building a system of internal control of microfinance organizations in the field of AML / CFT." Voprosy regionalnoj ekonomiki 35, no. 3 (2018): 125–32. http://dx.doi.org/10.21499/2078-4023-2018--3-125-132.

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The paper says the main characteristics of a microfinance market in the Russian Federation, reflects the main regulatory and legal framework for regulating the core activities of microfinance organizations and activities to counter money laundering and terrorist financing. Theworkshowsthe importance of internal control for AML / CFT. The purpose of the article is the development of a few activities that should be carried out by the internal control service in microfinance organizations for AML / CFT purposes.

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I., Kunitsyna, and Tushbatulina M. "Construction of the system of internal control in microfinance organizations for AML / CFT purposes." KnE Social Sciences 3, no. 2 (2018): 89. http://dx.doi.org/10.18502/kss.v3i2.1529.

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The article deals with the main characteristics of a microfinance market in the Russian Federation, reflects the main regulatory and legal framework for regulating the core activities of microfinance organizations and activities to counter money laundering and terrorist financing. The work shows the importance of internal control for AML / CFT. The purpose of the article is the development of a few activities that should be carried out by the internal control service in microfinance organizations for AML / CFT purposes. Keywords: Microfinance organizations, regulation, control, terrorism, mone

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Tatara, Beny Abukhaer, Titis Margiyati, and Fauzia Gustarina Cempaka Timur. "Ancaman Terorisme dan Strategi Penanganannya: Studi Pustaka Strategi Kontra-Terorisme di Kamboja." JSHP : Jurnal Sosial Humaniora dan Pendidikan 7, no. 1 (2023): 91–100. http://dx.doi.org/10.32487/jshp.v7i1.1638.

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Various counter-terrorism efforts have been carried out by the Cambodian government, resulting in Cambodia being ranked 135th on the Global Terrorism Index as a country affected by terrorist action with a score of 0.00, meaning there are no more threats or acts of terrorism in Cambodia. This research aims to analyze the counter-terrorism efforts that have been carried out by the Government of Cambodia. This research uses a qualitative research method with a literature study approach. The results of the research show that in Cambodia, there are 7 (seven) terrorist groups, both domestic and fore

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Demetriades, Panicos, and Radosveta Vassileva. "Money Laundering and Central Bank Governance in The European Union." Journal of International Economic Law 23, no. 2 (2020): 509–33. http://dx.doi.org/10.1093/jiel/jgaa011.

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ABSTRACT Dirty money is often a by-product or a symptom of political corruption in the jurisdictions in which it originates. It can also spread corruption and erode democracy on its journey to its final destination. This typically involves multiple jurisdictions and is the reason why it is so hard to detect. Recently, a series of money laundering scandals have highlighted weaknesses in the anti-money laundering and counter-terrorist financing (AML/CFT) framework of the European Union (EU), the implementation of which remains the responsibility of Member States. The paper argues that EU’s defen

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Krawczyk, Dariusz, Gulnara Zhanseitova, Oleksii Zakharkin, et al. "Determinants of anti-money laundering system’s effectiveness in Ukraine: Insights from factorial and regression analysis." Public and Municipal Finance 14, no. 2 (2025): 146–70. https://doi.org/10.21511/pmf.14(2).2025.13.

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The effectiveness of anti-money laundering systems is vital for national economic resilience, especially in transitional economies facing wartime challenges, such as Ukraine. This study aims to identify key managerial determinants of the effectiveness of Ukraine’s anti-money laundering and counter-terrorist financing (AML/CFT) system and to develop evidence-based recommendations for improving its performance. Based on data from Ukrainian national institutions for the period 2011–2023, the study employs principal component analysis and multiple linear regression to evaluate 44 statistical indic

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Henning, Johan, and Mignon Hauman. "Fortifying a risk-based approach in the South African AML/CFT process." Journal of Financial Crime 24, no. 4 (2017): 520–28. http://dx.doi.org/10.1108/jfc-01-2017-0007.

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Purpose The purpose of this paper is evaluate the provisions of Financial Intelligence Centre Act Amendment Bill, 2016 which intends to give effect to the implementation of the envisioned risk-based approach in anti-money laundering/combating financing of terrorism (AML/CFT) processes, as well as the extent to which the provisions address certain technical shortcomings elucidated in 2009 Mutual Evaluation Report concerning South Africa’s AML/CFT’s framework. Design/methodology/approach Sources of information consisted of scholarly articles, articles retrieved from the Web, news reports, report

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Shangaraev, Ruslan N., and Sergey V. Goncharov. "The Role of Artificial Intelligence (AI) in Turkey’s Fight Against Money Laundering and Terrorist Financing (ML/FT)." Sociopolitical Sciences 15, no. 3 (2025): 100–107. https://doi.org/10.33693/2223-0092-2025-15-3-100-107.

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The purpose of the study. The article is devoted to the role of artificial intelligence (AI) in the context of countering money laundering and terrorist financing (AML/CFT). The authors considered Turkey as an example. Based on the FATF 2023 report, the advantages and disadvantages of the national «anti-money laundering» system were analyzed. The authors conducted an analysis of the measures that were taken by Turkey before its removal from the FATF grey list in July 2024. Taking into account the statements of Turkish politicians, it is stated that Ankara will continue to seek to invest in the

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Yurieva, Iryna, and Oksana Heliarovska. "COMPLIANCE MANAGEMENT IN THE BANKING SECTOR: LEGAL ASPECTS." Bulletin of the National Technical University "Kharkiv Polytechnic Institute" (economic sciences), no. 6 (December 6, 2024): 48–52. https://doi.org/10.20998/2519-4461.2024.6.48.

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Compliance management in the banking sector is a key element of ensuring the stability and reliability of financial institutions in the face of a constantly growing regulatory burden and changing legal norms. It encompasses a system of measures aimed at ensuring that banks comply with the requirements of legislation, regulators and international standards, which is critical to minimizing legal, financial and reputational risks.The growing number of regulations, such as anti-money laundering (AML) and counter-terrorist financing (CFT) rules, puts banks under pressure to integrate compliance man

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Wall, Richard. "Are financial institutions’ counter-terrorist financing controls fit for today’s challenges?" Journal of Financial Compliance, December 1, 2019. http://dx.doi.org/10.69554/tffs9207.

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This paper aims to provide insights into the latest developments of terrorist financing and the challenges faced by financial institutions in trying to counter this. Proposing the case for a greater use of social media and more agile monitoring systems, currently not espoused by industry best practice within the UK financial sector, the author shares insights of counterterrorist financing (CTF) typologies and hypothesises how a combination of both could strengthen current terrorist financing system and controls.

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"KERJA SAMA PEMBERANTASAN PENDANAAN TERORISME DI ASIA TENGGARA." Paradigma POLISTAAT Jurnal Ilmu Sosial dan Ilmu Politik, June 29, 2019. http://dx.doi.org/10.23969/paradigmapolistaat.v2i1.1597.

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This paper analyzes regional cooperation on Counter Terrorism Financing (CTF) among Southeast Asian countries. Various studies have discussed the factors that construct the response of Southeast Asian countries in fighting terrorism, along with factors that undermines the counter terrorism efforts in the region. Nevertheless, these studies have not specifically adrress the risk of terrorism financing that remains high in the Southeast Asia, particularly in the frame of regional cooperation. By using the Regional Security Complex theory, this paper will explain the polarity and social structure

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Schetle, Vitali. "Challenges presented by AML in the areas of distribution, account opening and client relationships." Journal of Financial Compliance, June 1, 2021. http://dx.doi.org/10.69554/gvri1072.

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Anti-money laundering and counter-terrorist financing (AML/CTF) rules are currently undergoing fundamental changes. A comprehensive legal and regulatory framework has been put in place by lawmakers and national regulators, particularly in recent years. Market participants, however experience challenges when implementing this framework in their business models. These challenges have a range of causes: multifaceted business interests and needs of various market participants, differing levels of (legal) risk appetite to interpret and implement this framework and complex business models of differe

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Goldbarsht, Doron, and Katie Benson. "From later to sooner: exploring compliance with the global regime of anti-money laundering and counter-terrorist financing in the legal profession." Journal of Financial Crime, October 12, 2023. http://dx.doi.org/10.1108/jfc-08-2023-0201.

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Purpose The legal profession is vulnerable to abuse for the purposes of money laundering and terrorist financing. According to the Financial Action Task Force (FATF), that vulnerability justified updated global recommendations that urge countries to require lawyers, notaries and other independent legal professionals – including sole practitioners, partners and employed professionals within law firms – to identify, assess and manage the money laundering and terrorist financing risks associated with their services and to ensure that they have appropriate mechanisms in place to provide risk asses

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Mills, Clinton. "Predictive analytics in fraud and AML." Journal of Financial Compliance, June 1, 2017. http://dx.doi.org/10.69554/azuz3215.

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The common problem we are all facing in fraud risk and compliance these days is how to address the challenge of reducing false positive rates to optimise detection for fraud and, very importantly when monitoring transactions for anti-money laundering/ counter-terrorist financing (AML/CTF), how to avoid being overwhelmed by alerts. This paper aims to introduce to the reader the importance of considering the use of predictive analytics in the financial crimes prevention strategy and programme of any organisation. This paper starts by offering a detailed background of the scope of the fraud and A

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Walker, Daniel. "How Botswana and Mauritius Exited the EU High-Risk Third Country List by Adapting Their Approaches to Beneficial Ownership and Residence." Revenue Law Journal 30, no. 1 (2024). http://dx.doi.org/10.53300/001c.120759.

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On 22 February 2022, the Mauritian Ministry of Financial Services and Good Governance issued a communique reporting the country’s removal from the European Union (‘EU’) List of High-Risk Third Countries. This list is also called the Anti-money Laundering and Countering Terrorist Financing List (‘AML/CTF’); or, less affectionately, the Blacklist. Mauritius issued this report a month after the European Union released its Commission Delegated Regulation (EU) 2022/229, removing Botswana and Mauritius from the AML/CTF. The EU placed Mauritius and Botswana on the Blacklist in May 2020 after adopting

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Rowley, Clare. "Leveraging the Legal Entity Identifier to mitigate the risk of financial crime and enhance fraud prevention in cross-border payments." Journal of Payments Strategy & Systems, March 1, 2024. http://dx.doi.org/10.69554/fumw3631.

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While today’s global digital economy promises a new era of commerce, its sheer complexity also presents opportunities for malicious actors to perpetrate money laundering, terrorism financing, and other forms of financial crime. Despite the escalating compliance costs faced by financial institutions needing to meet increasingly rigorous anti-money laundering (AML), counter-terrorist financing (CTF) and sanction screening obligations, the lack of harmonisation within cross-border data flows inhibits the identification of suspicious actors and exposure of criminal networks. This contributes to a

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Quintel, Teresa. "Data protection rules applicable to Financial Intelligence Units: still no clarity in sight." ERA Forum, January 11, 2022. http://dx.doi.org/10.1007/s12027-021-00697-z.

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AbstractFinancial information can play a key role in tackling money laundering, terrorist financing and combatting serious crime more generally. Preventing and fighting money laundering and the financing of terrorism were top priorities of the European Union’s (EU) Security Strategy for 2020-2025, which might explain the fast developments regarding legislative measures to further regulate anti-money laundering (AML) and counter terrorism financing (CTF). In May 2020, the European Commission put forward an Action Plan to establish a Union policy on combatting money laundering and shortly afterw

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Arrington, Brian. "Anti money laundering compliance and the new standards on beneficial ownership." Journal of Financial Compliance, September 1, 2018. http://dx.doi.org/10.69554/gial3687.

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This paper discusses the new Financial Crimes Enforcement Network (FinCEN) rule on beneficial ownership and the general due diligence challenges currently facing financial institutions. Covered financial institutions must comply with these rules by 11th May, 2018, and should consider the most effective means to take immediate steps to modify their anti money laundering (AML) compliance programmes to accommodate this latest expansion of the AML regulatory regime (specifically the USA’s BSA, AML and Counter-Terrorist Financing (CTF) regulations and associated guidance). Although narrated from a

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Iken, Jan-Gerrit, and Alejandro Agudelo. "Managing correspondent banking ML/TF risks: Recent regulatory developments on the risk-based approach model." Journal of Financial Compliance, December 1, 2017. http://dx.doi.org/10.69554/radx6959.

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This paper provides background and describes the current regulatory views of a sound risk-based approach as well as the specific risk factors, controls and other process tools that need to be accounted for when employing such an approach. Since 2010, regulations globally have focused on defining the risk-based approach as a strategy and have determined appropriate elements to consider while carrying it out. Gathering information from independent reliable sources; assessing relevant risk factors of their customers; taking tailored action based on the level of risk and documenting the rationale

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Vacic, Sinisa, Marie Lyons, and Yvan Pipoz. "The fundamentals of financial product distribution oversight: Towards the age of maturity?" Journal of Securities Operations & Custody, March 1, 2018. http://dx.doi.org/10.69554/kvrs5430.

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In recent years, regulators have placed increased expectations on financial product manufacturers to better understand and control their distribution network. The focus is to ensure financial products are sold in compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, and in a manner that is suitable to and in the end client’s best interest. This requires financial product manufacturers to perform thorough distributor due diligence (KYD) over the intermediaries distributing their products. As a result, the former have had to implement and continuously ada

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Ausfelt, Sabina. "Can implementing classic management theories in the KYC process help achieve high regulatory compliance?" Journal of Financial Compliance, September 1, 2022. http://dx.doi.org/10.69554/wnjh9011.

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Banks and other financial institutions (FIs) today face completely different challenges than they did 20 years ago. Since the Fourth Money Laundering Directive (EU 2015/849) came into force in 2014, the aim was to counter money laundering and terrorist financing. FIs have had to change their priorities and spend large sums on regulatory compliance in this area. The legal requirements found in national legislations across the EU which are based on the implementation of the EU Money Laundering Directive and associated regulations, are one of the FIs biggest challenges today. The ‘know your custo

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Al-Tawil, Tareq Na’el. "Anti-money laundering regulation of cryptocurrency: UAE and global approaches." Journal of Money Laundering Control, September 5, 2022. http://dx.doi.org/10.1108/jmlc-07-2022-0109.

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Purpose The purpose of this paper is to provide a high-level analysis of the intersection emerging cryptocurrency sector with anti-money laundering (AML) regulations and risk-based AML diligence systems maintained by financial institutions. Design/methodology/approach The analysis begins with a description of cryptocurrencies, focusing specifically on how the supporting technologies and applications increase vulnerabilities. The information will lay the foundation for examining the vulnerabilities existing in the architecture of cryptocurrency technology, as well as potential targets for regul

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Arsyad, Ifan, Dona Budi Kharisma, and Jamal Wiwoho. "Artificial intelligence and Islamic finance industry: problems and oversight." International Journal of Law and Management, February 24, 2025. https://doi.org/10.1108/ijlma-07-2024-0236.

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Purpose This study aims to examine the implementation of artificial intelligence (AI) in the Islamic finance industry and to identify legal issues and design an appropriate supervisory model to promote the Islamic finance industry. Design/methodology/approach This type of research is legal research. This legal research uses a statute approach, conceptual approach and comparative approach between Indonesia, Hong Kong, Malaysia and the United Arab Emirates (UAE). Findings The utilization of AI in Islamic finance is becoming increasingly important in various sectors. In the front office, AI simpl

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Fowler, Angela Maria Theresa. "The counter-terrorist finance legal framework: the impact of regulatory compliance on relationships between charities and financial institutions." Journal of Financial Crime ahead-of-print, ahead-of-print (2021). http://dx.doi.org/10.1108/jfc-05-2021-0110.

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Purpose The purpose of this study is to explore the relationship between charities and financial institutions, as each represent pivotal structures in upholding the counter-terrorist finance (CTF) legal framework, and to investigate whether matters of regulatory compliance impact on the ability of charities to fulfil their charitable purpose. Design/methodology/approach This paper draws on the empirical evidence derived from 34 semi-structured interviews conducted by the author. Findings The understanding created by the interview data illuminates the challenges and opportunities of interaction

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Shumilo, Olha, Vitalina Babenko, Larysa Liubokhynets, Iryna Volovelska, and Olena Arefieva. "Method of Enterprise Economic Security Evaluation." Studies of Applied Economics 39, no. 7 (2021). http://dx.doi.org/10.25115/eea.v39i7.4998.

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The article examines foreign and domestic experience in organizing financial monitoring systems, systematizes the requirements for its implementation in Ukraine. The basic legal norms, enshrined in the joint directives of the European Parliament and of the Council of the EU, and underlying the national financial monitoring systems of the EU countries and Ukraine have been also analyzed. Taking into account the fact that the risk-based approach is the main basis for the effective implementation of all FATF recommendations, the nature of the risk of ML/ financing of terrorism (FT) and the criter

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Tagai, Masayuki. "AML and counter-terrorist finance: How could the payments industry collaborate?" Journal of Payments Strategy & Systems, January 1, 2008. http://dx.doi.org/10.69554/jzjl3929.

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Anti-money laundering (AML) and counter terrorist finance (CTF) are now recognised as ongoing and possibly endless endeavours, especially in the banking industry, as they provide an entrance to the formal financial world. It is one of those areas where regulation is global, and regulatory harmonisation is evident, while enforcement is local in nature. While ultimate responsibility for AML compliance rests with each institution (eg banks) that has a relationship with the customer, collaboration in various areas can be sought for the sake of effectiveness, industry-wide cost saving and a better

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Hersi, Abdirahman Hassan. "A critical analysis of Somalia’s current antimoney laundering and counter financing of terrorism regime: a comparative study with Malaysia." Journal of Money Laundering Control, June 23, 2023. http://dx.doi.org/10.1108/jmlc-05-2023-0090.

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Purpose Concerns on money laundering (ML) and terrorist financing increased, as ML accounted 2%–5% of the global GDP, with Switzerland, the USA, Canada, India and Russia having high laundering rates. Banks were fined over US$320bn in 2008, but money laundering still accounted for 3.6% of global GDP in 2009, thereby indicating the need for effective regimes. Therefore, this study aims to critically analyze the antimoney laundering (AML)/CFT regime of Somalia, identify loopholes in the regime, raise awareness and propose recommendations for regime improvement. Design/methodology/approach The qua

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Al-Tawil, Tareq Na’el, and Nayel AlOmran. "Foreign direct investment and money laundering in the UAE: implications for research and practice." Journal of Money Laundering Control, June 27, 2025. https://doi.org/10.1108/jmlc-05-2025-0081.

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Purpose The purpose of this paper is to assess how foreign direct investment (FDI) inflows may lead to money laundering in the United Arab Emirates (UAE) and examine how well the nation’s regulations protect against money laundering risks. Design/methodology/approach A systematic literature review is used as the primary research methodology to analyze existing scholarly and practitioner works related to the relationship between FDI and money laundering in the UAE from a legislative perspective. Findings The UAE has established national legislation targeting money laundering and terrorist finan

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