To see the other types of publications on this topic, follow the link: Money laundering (Islamic law).
Journal articles on the topic 'Money laundering (Islamic law)'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 journal articles for your research on the topic 'Money laundering (Islamic law).'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Marzuki, Ismail. "MELUMPUHKAN TINDAK PIDANA PENCUCIAN UANG DENGAN HUKUM PIDANA ISLAM." Wajah Hukum 1, no. 1 (February 1, 2018): 1. http://dx.doi.org/10.33087/wjh.v1i1.12.
Full textAbstract:
The phenomenon of money laundering crime (money laundering) lately more andmore the case. Because through the channel of money laundering, the perpetrators increasingly exist run many actions a crime. This is due to the material or their proceeds of crime property as the spirit of the live action wicked behavior they can be hidden with a neat, and can be put to good use because it looked legitimate sourced. These conditions if left, certainly much cause any harm to society. Moreover, if such money laundering crimes reviewed philosophically in Islamic law (Sharia ash-trends). Regard posed obvious greater than maslahahnya. Therefore, the outstanding strategies needed to cripple or eradicate the behaviour a criminal offence of money laundering.Keywords: Money Laundering, Islamic Law, Eradication Strategies
2
Surasa, Ais. "PERTANGGUNGJAWABAN PIDANA KORPORASI DALAM TINDAK PIDANA PENCUCIAN UANG PERSPEKTIF HUKUM ISLAM." Tatar Pasundan : Jurnal Diklat Keagamaan 14, no. 2 (December 1, 2020): 190–98. http://dx.doi.org/10.38075/tp.v14i2.38.
Full textAbstract:
This research aims to find out the conditions of corporate criminal liability in money laundering offences based on Islamic law perspective. This research uses library research methods. The results concluded that corporate criminal liability conditions are stipulated in Article 6 of Law No. 08 year 2010, which contains that a person with money laundering will be 4 years or more in prisoned. Islamic law states that one who commits it, will be punished in return towards the actions of “jarimah” perpetrators (as the elements fulfilled). Thus, the criminal liability is a person who can experience a shift and accept the concept of harm through determining corporate’s liability. It is because the will-have impact is greater than any crimes executed by individuals. As for the sanctions against corporations which committed money laundering are ta'zir (punishments). Keywords: Corporate Criminal Liability; Money Laundering; Islamic Law
3
Driss, Bakhouya. "ANTI-MONEY LAUNDERING CRIMES IN ISLAMIC LAW COMPARED TO THE ALGERIAN AND INDONESIAN LAW." JURISDICTIE 7, no. 2 (February 1, 2017): 190. http://dx.doi.org/10.18860/j.v7i2.3716.
Full textAbstract:
<p><em> </em><em>Islamic law agreed with most modern laws on the seriousness of money laundering crimes, including Algerian law and Indonesia, despite the differences in regard to the methods which these crimes because of the different banking systems from one country to another on the one hand, because of the possibilities available to money launderers on the other.</em></p><p><em> This led to the need to pay special attention by the Algerian law and Indonesia in order to effectively provide for these modern criminal phenomena, it has resorted to the imposition of strict controls to combat the phenomenon is mostly derived from the provisions of Islamic Sharia.</em></p><p><em> Although the procedures and mechanisms that came in the Islamic Sharia and stipulated in the fight against money laundering in Algeria, Indonesia law, but many obstacles stand in the way without effective control of this crime along the lines of the principle of banking secrecy, which is an obstacle, often without disclosure of relevant financial transactions money laundering offenses.</em></p>
4
Khoyini, Ghafoor, Hamid Masjed Sarayi, and Soheil Kabiri. "Money Laundering in Iran’s Law and International Document." Journal of Politics and Law 9, no. 5 (June 29, 2016): 257. http://dx.doi.org/10.5539/jpl.v9n5p257.
Full textAbstract:
<p>Money laundering or money laundering is a set of operations which transform the illegitimate and illegal property to legitimate and legal property and This phenomenon is one of transnational organized crime that has detrimental effect and impacts on the local and international level in the fields of social, political, economic and security and for this reason, many international conventions including the Vienna and the Palermo Convention have stressed to criminalize and combat it and in domestic law to combat money laundering as a crime have been considered by the law. In Jurisprudence (figh) there are verses, traditions and legal rules, which demonstrate criminalization of this phenomenon; this paper, in detail discussed this Jurisprudence reasons; as well as relationship of money laundering with Khums(one-fifth) of lawful property mixed with forbidden money and conflict of Criminalization of money laundering with some important Islamic legal principles such as The presumption of ownership and Possession of owner to his property have been pointed and investigated. So this study, analyzed the Jurisprudence foundations of the money laundering case and the prohibition of it has been concluded.</p>
5
Sumadi, Sumadi. "Kasus Pencucian Uang Dalam Tinjauan Sistem Ekonomi Syari’ah." Jurnal Ilmiah Ekonomi Islam 3, no. 03 (November 30, 2017): 186. http://dx.doi.org/10.29040/jiei.v3i03.131.
Full textAbstract:
Money laundering basically involves assets (income / wealth) that is disguised so that it can be used without being detected that the assets derived from illegal activities. Money laundering through income or assets derived from illegal activity is converted into financial assets that appear to come from legitimate sources. The purpose of this study was to determine how the viewpoint of the Islamic economic system against money laundering, how to solve the problem. This study used a qualitative approach using literature. Results of the study were achieved, in which money laundering is a crime that is so damaging to the country as well, because it can affect or damage the national economy, especially the financial stability of the country. It is completely contrary to the purpose tasyri 'which prevent hazards and create benefits. Money laundering damage, loss, danger, while distancing the benefit of human life, reprehensible, and forbidden that can be called as a crime and in the context of Islamic law. Money loundering view of Islamic law on this money is part immoral acts which leave the required command and does something which is forbidden, where the act was imposed. Thus, the sentence in this case is not determined by the size or the level is, means to determine the lower and upper bounds left entirely to the judge. How to cite: Sumadi, s. (2017). Kasus Pencucian Uang Dalam Tinjauan Sistem Ekonomi Syari’ah. Jurnal Ilmiah Ekonomi Islam, 3(03), 186-192. doi:http://dx.doi.org/10.29040/jiei.v3i03.131
6
Compin, Frederic. "Terrorism financing and money laundering: two sides of the same coin?" Journal of Financial Crime 25, no. 4 (October 1, 2018): 962–68. http://dx.doi.org/10.1108/jfc-03-2017-0021.
Full textAbstract:
Purpose The purpose of this paper is to analyse how terrorism financing can be assimilated with money launderning when the amounts ofmoney involved differ so markedly. Not only is the cost of financing terrorist attacks minimal compared to the huge sums often at stake in financial crimes, but also the psychological profile of terrorists, who are reclusive by nature, contrasts starkly with that of financial criminals, who are usually fully integrated members of society. When terrorism financing is equated with money laundering this represents a utilitarian approach in that it facilitates the creation of a security strategy and stifles criticism of criminogenic capitalismthat turns a blind eye to tax evasion. Design/methodology/approach The analysis is conceptual, focussing on the assimilation of terrorism financing with money laundering. There is an interview with a French magistrate, specialized in the fight against corruption and white-collar crime, and data have been collected from international organizations and scholarly articles. Findings The fight against money laundering and money dirtying has clearly sparked numerous controversies around evaluation, scope, criminal perpetrators and a lack of vital cooperation between administrative and judicial services. Social implications This paper raises questions about the reasons behind the linking of money laundering and money dirtying by states and players in public international law and why the fight against money laundering is very much overshadowed by their focus on terrorist financing in dealing with the growing threat of Islamic State, otherwise known as ISIS or ISIL, in the Middle East and West Africa. Originality/value The paper enables the reader to raise the question of similarities between the fight against money laundering and the fight against terrorism financing.
7
Abdullah, Abdullah, and Muhammad Hatta. "The Application of the Burden of Proof Concept in Indonesia: A Comparative Study." SASI 28, no. 3 (October 13, 2022): 458. http://dx.doi.org/10.47268/sasi.v28i3.1045.
Full textAbstract:
Introduction: One of the reasons for a reverse proof system is the difficulty of proving the offenses committed by certain perpetrators of a criminal offense, such as corruption and money laundering. Thus, the government issues the legal policy to apply a reverse burden of proof to solve this problem.Purposes of the Research: This study aims to analyze the application of the reverse burden of proof in Indonesian and Islamic criminal law.Methods of the Research: This research is legalistic, doctrinal, or normative, using a comparative law approach to compare the application of a reverse burden of proof in Indonesian criminal law and Islamic criminal law.Results of the Research: The application of a reverse burden of proof in Indonesia is limited and balanced (balanced probability of principles) as regulated in Article 37 of Law no. 31 of 2019 in conjuction with Law No. 20 of 2000 concerning the Eradication of Corruption Crimes and Article 35 of Law no. 8 of 2010 concerning the Prevention and Eradication of the Crime of Money Laundering. In Islamic criminal law, the application of t a reverse burden of proof has long been carried out, as seen in Surah Al-Nisa verse 135 and the story of Prophet Yusuf's proof of Zulaikha's accusation in Surah Yusuf verses 24-29, and several hadiths of the Prophet Muhammad. These two legal systems are similar in terms of the application of a reverse burden of proof that is only applied to certain cases, such as corruption and money laundering. However, the difference is that the application of a reverse burden of proof in Indonesian criminal law is limited and balanced. In contrast, the principle of a reverse burden of proof against corruption cases in Islamic criminal law is absolute.
8
Molaei, Ebrahim, Hossein Alekajbaf, and Mehdi Abasesarmadi. "The Activities of Iranian Supreme Audit Court in Confronting Money Laundering Emanating from INTOSAI's Strategies." International Letters of Social and Humanistic Sciences 18 (December 2013): 44–55. http://dx.doi.org/10.18052/www.scipress.com/ilshs.18.44.
Full textAbstract:
The initial results deriving from the Iranian membership in the taskforce in addressing corruption and money laundering are participation in the formulation of instructions to fight corruption by the INTOSAI followed by other countries, participation at the INTOSAI meetings and utilization of other countries' experiences in dealing with corruption, formation of a taskforce to fight money laundering in the national court of account and formulation and communication of the audit framework for the auditors of other countries to control and fight corruption and money laundering. Also, the Islamic Republic of Iran (National court of account), applying international experiences and in order to confront corruption and money laundering as well as financial crimes has embarked on promoting its technical-specialized knowledge of which one can refer to adopting a performance audit approach, reviewing the instructions, formulating the audit instructions, promoting the quality, implementing the electronic supervision, pathology of rules and regulations, supervising privatization in order to prevent the inflow of money with suspicious origin towards the economy. Furthermore, the national court of account, while prosecuting and punishing law and financial instructions violators, facilitating money laundering, presents the report on the budget bill followed with its views to the Islamic council parliament including an assessment of the impacts of the law on different related and interested groups, and attempts to provide some financial discipline. In fact supervision procedures of this organization in terms of the broad discretion in the field of financial supervision, contribute highly to the accomplishment of the financial transparency and some other networks in particular like banking, custom and tax networks. Especially, the supreme coordination council of the national supervision branches is chaired by the head of the court of account.
9
Nobanee, Haitham, and Nejla Ellili. "Anti-money laundering disclosures and banks’ performance." Journal of Financial Crime 25, no. 1 (January 2, 2018): 95–108. http://dx.doi.org/10.1108/jfc-10-2016-0063.
Full textAbstract:
Purpose The purpose of this paper is to explore the extent of anti-Money laundering (AML) disclosures in the annual reports and websites by differentiating between UAE Islamic and conventional banks, and examine the effect of AML disclosure on UAE bank’s performance. Design/methodology/approach This study uses content analysis to explore the extent of AML disclosure in the annual reports and the dynamic panel data two-step robust system to study the impact of the AML disclosures on banking performance. Findings The findings show that AML disclosure is at a low level for all UAE banks, conventional and Islamic banks. The results also show that the degree of AML disclosure on the websites of the banks is higher than that in the annual reports. Research limitations/implications The sample for this study comes only from banks traded on UAE markets. Thus, the results may not be generalizable to banks traded on other financial markets. Practical implications Because of the cross-border character of the money laundry practices, our study suggests the UAE central bank to internationalize the AML regulations and develop an international AML regime as efforts to respond to the international development of the money laundry practices. Originality/value This is the first study that develops an index to measure the AML disclosure and contributes significantly in providing greater insight in respect to AML disclosure in banking industry within the emerging markets.
10
Hatta, Muhammad. "Ratio Legis Penerapan Beban Pembuktian Terbalik Di Indonesia." Istinbath : Jurnal Hukum 18, no. 1 (June 30, 2021): 76–103. http://dx.doi.org/10.32332/istinbath.v18i1.3288.
Full textAbstract:
The reverse proof is the burden of proof to the suspect of a crime. In principle, the application of the reversed burden of proof is against the universal law of proof and is not following the presumption of innocence. However, the reverse burden of proof contained in the Law on the Eradication of Criminal Acts of Corruption, and the Law on the Prevention and Eradication of the Crime of Money Laundering, with a Legis Ratio of the two types of crimes classified as white color crimes, and extraordinary crimes, is right. Because it can be ascertained that, when the verification process takes place, law enforcement will have difficulty in proving the guilt of the perpetrators of the crime. In Indonesia, the application of the reverse burden of proof is applied to corruption and money laundering crimes which are limited to the Eradication of Corruption Crimes and Money Laundering Crimes. In Islamic law, the application of the reverse burden of the proof system is included in the ta'zir category which is based on government policy (ulul amri). The inverse burden of proof system is implied in the Qur'an, Surah Yusuf, Verses 26-29. However, in applying the reverse proof system, the jurists use istihsan in making ijtihad on contemporary social problems. Thus, both in the perspective of general law and Islamic law, the reverse proof is something that is specifically allowed, for criminal cases where it is estimated that there will be difficulties in proving it. Keywords: Ratio Legis Reverse Proof System, Indonesia, Comparative Legal Study
11
Amalia, Renata. "Pertanggungjawaban Korporasi dalam Tindak Pidana Pencucian Uang menurut Hukum Islam." Al-Jinayah: Jurnal Hukum Pidana Islam 2, no. 2 (December 21, 2016): 385–407. http://dx.doi.org/10.15642/aj.2016.2.2.385-407.
Full textAbstract:
Abstract: This article highlights a corporate responsibility in the crime of money laundering in accordance with Islamic law. Corporate criminal liability set forth in article 6 of Law No. 8 of 2010 which states that in the case of money laundering as defined in Article 3, Article 4 and Article 5 committed by a corporation, crime laid against and/or personnel controlling corporation. Islamic law also recognize the existence of the legal entity or corporation. This is evidenced by the jurists who introduced treasury as the legal agency. It has rights and can take legal action but can not be burdened with responsibility because they do not have the knowledge and choice. So that if a legal agency has committed a crime then a person who should be accountable are administrators or managers of the legal agency. But there are also penalties for legal entities, such as the punishment of dissolution, destruction, eviction and foreclosure.Keywords: Corporate, money laundering, Islamic criminal law. Abstrak: Artikel ini membahas tentang pertanggungjawaban korporasi dalam tindak pidana pencucian uang menurut hukum Islam. Pertanggungjawaban pidana korporasi diatur dalam pasal 6 UU No. 8 tahun 2010 yang menyebutkan bahwa dalam hal tindak pidana pencucian uang sebagaimana dimaksud dalam pasal 3, pasal 4, dan pasal 5 dilakukan oleh korporasi, pidana dijatuhkan terhadap dan/atau personil pengendali korporasi. Hukum Islam juga mengenal adanya badan hukum atau korporasi, hal ini dibuktikan dengan para fuqaha yang mengenalkan baitul mal (perbendaharaan negara) sebagai badan hukum. Badan hukum ini mempunyai hak dan dapat melakukan tindakan hukum tetapi tidak dapat dibebani pertanggungjawaban karena tidak memiliki pengetahuan dan pilihan. Sehingga apabila badan hukum melakukan suatu tindak pidana maka yang dapat dimintakan pertanggungjawaban adalah pengurus atau pengelola badan hukum tersebut, tetapi ada pula hukuman bagi badan hukum, seperti hukuman pembubaran, penghancuran, penggusuran dan penyitaan.Kata Kunci: Korporasi, pencucian uang, hukum pidana Islam
12
Rahmdel, Mansour. "FATF and money laundering in Iran." Journal of Money Laundering Control 21, no. 3 (July 2, 2018): 314–27. http://dx.doi.org/10.1108/jmlc-07-2017-0033.
Full textAbstract:
Purpose The aim of this paper is considering that obtaining illegitimate property and obtaining property illegally is morally outrageous. The law also condemns it as a crime. The act of those who launder the proceeds of crime is also condemned. This condemnation is almost universal. So, money laundering as a way of diversion of the origin of the illegal gains into legitimate currency or other assets has been criminalized in most of the countries, including in Iran. Before criminalization of money laundering, there were different laws which referred to the case without referring to the term of money laundry. According to Article 49 of the Iranian Constitution “all proceeds of illegal sources like embezzlement, bribery, gambling and other ways should be confiscated.” Design/methodology/approach Article 662 of the Islamic Penal Code (IPC) ratified in 1996 criminalized dealing with the proceeds of theft and Note 2 of Article 119 of the Penal Code of the Armed Forces criminalized obtaining the proceeds of embezzlement. But, in 2008, to follow the international conventions, especially Article 3 of the psychotropic substances 1988 in Vienna and also Financial Action Task Force (FATF) recommendations on Money Laundering and Terrorism Financing, the legislator ratified the anti-money laundering code (AMLC). The methodology is an analytical one. The author using an analytical method, has analyzed the subject with consideration of Iran’s situation, as well as international documents and FATF’s recommendations. Findings The author has studied the issue, believing that domestic regulations of Iran comply with international regulations and FATF recommendations. The current paper considers the different aspects of the AMLCs in Iran in relation to FATF recommendations. Originality/value The author confirms the originality of the paper and declares that he has referred all the other materials.
13
Kumar, Ajay. "Anti-Money Laundering Regulation and Practice of Islamic Banks in the United Arab Emirates: A Case Study." Law and Development Review 13, no. 2 (September 25, 2020): 473–97. http://dx.doi.org/10.1515/ldr-2020-0048.
Full textAbstract:
AbstractBanks are key institutions in the economic development of a country, but they are prone to money laundering (ML) as well. Such incidents could lead to sanctions and loss of reputation. To mitigate such risks, banks are required to follow Anti-Money Laundering (AML) regulations. Presently, there are no separate or specific AML regulatory requirements for Islamic banks (IBs). Apart from regulations, understanding practices also help explicate compliance to laws (spirit), by those who apply it. Since the AML practices of IBs have not been systematically analysed, we look at their practices (the United Arab Emirates) to understand whether they have adopted specific AML processes. Owing to the lack of literature on such practices, a survey was carried out using a standard questionnaire. The questionnaire was supplied to the AML/compliance departments, and the results are based on a sample size of three banks. The survey results show that the IBs adopt Know Your Customer (KYC) and Customer Due Diligence (CDD) to check laundering. Crucially, questions pertaining to the AML risk arising from the potential vested interest/s (theoretical) that the IBs themselves are likely to have in the venture remain unanswered.
14
Nurhayati, Nurhayati. "The Urgency Of Corruption Crimes In The Perspective Of Islamic Criminal Law." Legalpreneur Journal 1, no. 2 (April 12, 2023): 62–70. http://dx.doi.org/10.46576/lpj.v1i2.3133.
Full textAbstract:
Corruption is an extraordinary crime and can even be categorized as an international crime. corruption has been categorized as a very serious crime and has an impact on the stability of a country. The fact is that despite the existence of corruption laws and money laundering laws in Indonesia, Corruption is increasing. Thus, this paper examines how corruption is assessed as a crime in the perspective of Islamic criminal law. The research was conducted by optimizing the literature data and secondary data review. This study shows that this corruption crime does not get a single discussion in Islamic law, but is likened to the act of theft, robbery or taking other people's things without permission.
15
Jaenudin, J., and Enceng Arif Faizal. "TINDAK PIDANA EKONOMI DALAM FIKIH PIDANA ISLAM." ADLIYA: Jurnal Hukum dan Kemanusiaan 14, no. 2 (January 14, 2021): 209–26. http://dx.doi.org/10.15575/adliya.v14i2.10122.
Full textAbstract:
This article aims to answer the economic criminal sanctions in Islamic criminal jurisprudence. Islamic law has regulated criminal acts that are clear and described in the field of jinayah. However, it is necessary to specifically classify economic criminal sanctions. This research uses literature research with content analysis techniques in examining the development of economic crimes in Islamic criminal jurisprudence. The results showed that the arrangement of the fingers was clearly regulated through texts which were called hudud and outside texts which were categorized as ta'zir. This classification is based on whether there are sanctions provisions in the text. Economic crimes in fiqh jinayah are grouped: economic crimes in the hudud category, namely sariqah or robbery, and hirabah or robbery. Second, ta'zir economic crimes, namely corruption, money laundering, smuggling, counterfeiting, fraud, and environmental pollution, the sanctions are given to the level of benefit and ulil amri.
16
Zain, Muhammad Fuad. "Mining-Trading Cryptocurrency dalam Hukum Islam." Al-Manahij: Jurnal Kajian Hukum Islam 12, no. 1 (June 22, 2018): 119–32. http://dx.doi.org/10.24090/mnh.v12i1.1303.
Full textAbstract:
This paper discusses the mining-trading of cryptocurrency in Islamic law as a digital asset that has recently been traded in cyberspace. The value of cryptocurrency is soaring and fluctuation and it is influenced by the demand of buying and selling. Indodax.com is the official digital asset site in Indonesia that trades more than 13 digital currencies. As we know, digital currencies are not electronic money, even though the characteristic is similar. Starting from this, I analyze whether cryptocurrency is worthy of being value as money that has a certain value. Until now, the Indonesian government through Bank Indonesia has published regulation Number 16/8/PBI/ 2014, which explicitly prohibits using bitcoin and altcoin on financial transactions. Otherwise, MUI (Indonesian Ulema Council) has not issued a fatwa yet related to cryptocurrency. From here, I focuse on this study to the law of cryptocurrency in Islamic law. Bitcoin has advantages and disadvantages. Among its advantages are the user can use exchange or transaction without third service (bank), and it can be traded in merchandise shops. But, the disadvantages of bitcoin are mach more, such as fluctuating value every times, it is not listed as a commodity, it is not watched by Financial Services Authority (OJK), it presents the element of gharar (uncertainty) and maysir (gambling or bet), which makes it possible to be used for money laundering and drugs. On the other hand, until now, the Indonesian people have not considered that bitcoin as a treasure like gold or silver
17
Iman, Aldi Khusmufa Nur, and Andriani Samsuri. "Cryptocurrency; Financial Risk And Shariah-Compliant Alternative Concept." Equilibrium: Jurnal Ekonomi Syariah 10, no. 1 (June 21, 2022): 109. http://dx.doi.org/10.21043/equilibrium.v10i1.13278.
Full textAbstract:
<em><span>Some countries consider cryptocurrencies as an avenue for money laundering and other illegal activities, especially Muslim countries, many of which prohibit the use of cryptocurrencies and even prohibit them. This study aims to identify the specific risks of cryptocurrency investment and to understand the sharia-compliant concept to open opportunities for the Islamic economy in the future. The data collection technique used is literature study by collecting data from previous studies in the form of documenting articles, journals or books as well as publication data from other parties. The data analysis techniques used were data reduction, data presentation, and drawing conclusions. The results show that although cryptocurrencies promise some strengths, in terms of investment there is a risk. Some cryptocurrencies have indeed been developed to address the issue of cryptocurrency non-compliance with Sharia law. Like OneGram, one of the cryptocurrencies that can be classified according to sharia. The alternative concept of sharia cryptocurrency has the potential to build Islamic economic products and have a positive effect on the global economy, especially in the context of welcoming a modern Islamic economic order that is conducive to all circles and the realization of a better future for the Islamic economic community</span></em>
18
Zainudin, Nur Hazirah, and Norhashimah Mohd Yasin. "Public Interest Disclosure in Labuan Offshore Banking: Is Statutory Intervention Necessary?" Malaysian Journal of Social Sciences and Humanities (MJSSH) 6, no. 12 (December 10, 2021): 247–57. http://dx.doi.org/10.47405/mjssh.v6i12.1196.
Full textAbstract:
Such inquiry like the recent Pandora Papers requires further legislative measure in offshore banking. While banking secrecy is legitimate privacy and viable, it has different character to tax evasion and money laundering activities. This article attempts to analyse public interest disclosure, onshore and offshore banking secrecy law from the perspective of statutory and judicial approaches. Statutory and judicial approaches show that banking secrecy is regarded as strict liability offense in onshore banking. The question arises whether public interest disclosure should be allowed as statutory intervention in Labuan offshore in response to a case like Pandora Papers? This research employs doctrinal analysis to unearth and address a necessary legislative measure for further development in descriptive and prescriptive manner. From the findings, it is evident that statutory intervention is deemed required to assist public interest disclosure for further inquiry and the general rule banking secrecy stated in Section 178 of the Labuan Financial and Securities Services Act 2010 (ACT 704) and Section 139 of the Labuan Islamic Financial and Securities Services Act 2010 (ACT 704). In this case, extensive provisions should be addressed in Section 178 of the Labuan Financial and Securities Services Act 2010 and Section 139 of the Labuan Islamic Financial and Securities Services Act 2010 regarding public interest disclosure within Malaysian offshore context that is fundamentally distinctive from the onshore banking. The forthcoming legislative measure is necessary to prevent such further sail in offshore banking.
19
Adiyanto, Rahmad. "Analysis of the Return of Evidence 220 to 258 in Decision Number 1240/Pid.sus/2022/PN.Tng With the Defendant Indra Kusuma or Indra Kenz (Perspective of the Principles of Justice, Benefit, and Al-Maslahah)." Jurnal Hukum Ekonomi Syariah 7, no. 01 (June 29, 2023): 33–43. http://dx.doi.org/10.26618/j-hes.v7i01.11281.
Full textAbstract:
On August 14, 2022 the judge at the Tangerang district court stated that the defendant Indra Kusuma or Indra Kenz had spread false news which resulted in consumer losses in electronic transactions and money laundering, sentenced the defendant Indra Kenz to 10 years imprisonment and a fine of 10 billion, provided that if the sentence is not paid, it will be replaced with confinement for 10 years 2 months, and so on. Interestingly, in this decision the judge disagreed with the public prosecutor regarding the return of evidence number 220-254 to the victim-witness through the United Indonesian Traders Association because the goods were the result of a crime. Therefore the purpose of this study is to analyze aspectsal-'is (justice) andal-maslahah(benefits) viewed from the side of the victim and the accused. This research is a normative research with a normative juridical approach. This research uses secondary legal materials in the form of decisions 1240/Pid.sus/2022/PN.Tng, related laws, legal theories, theoriesal-'is, and theoryproblem. The research results show The judge's decision regarding the refusal to return evidence number 220-258 violates the principles of certainty, expediency and benefit in Islamic law. The researcher's solution is that the judge should select which evidence belongs to the victim and should return it to the victim.
20
Samsudin, Muhammad Adib. "Cryptocurrency According to The Principles of Usul Al-Fiqh: A Critical Analysis by Mohd Daud Bakar." Islamiyyat 45, no. 1 (June 1, 2023): 37–46. http://dx.doi.org/10.17576/islamiyyat-2023-4501-04.
Full textAbstract:
There are various views concerning the cryptocurrency issue. The majority of scholars and world Islamic bodies, such as Dar al-Iftā 'al-Miṣriyyah (Egypt), Dar al-Iftā' al-Falasteeniyya (Palestine) and the Turkish Directorate of Religious Affairs, do not permit cryptocurrency for various reasons, including the existence of uncertainty (gharar), risk (khatar) and the fact that it facilitates (wasilah) the crime of fraud and money laundering. However, some Islamic financial and religious scholars do permit it. One scholar who views cryptocurrency positively and believes that it should be permitted is Mohd Daud Bakar, who is the Chairperson of the Shariah Advisory Council of Securities Commission Malaysia (SC) and former Chairperson of the Shariah Advisory Council for Bank Negara Malaysia (BNM). He is also former President of the International Islamic University (IIUM) and the chairperson or international Shariah advisor at various financial institutions around the world, including the S&P Islamic Index and Dow Jones Islamic Market Index (New York). His extensive experience of more than 25 years in this dynamic field has made him a leading and important reference expert. In 2015, in a report released by the Global Islamic Finance Report (GIFR), he ranked sixth among the world’s 10 Islamic finance experts. This success has made him an expert, not only in the field of Usul al-Fiqh which is the core knowledge base of Islam, but also beyond the field of Islamic finance and law. This paper analyses the validity of Mohd Daud Bakar’s views on cryptocurrencies within the scope of Usul al-Fiqh according to the ‘illah, ‘urf, sad zarai’ and fatḥ zarāi’ methods. This qualitative study had obtained data from Facebook Live video recordings, reports and articles, which were then analysed using the descriptive content analysis method. It can be concluded from an ‘illah (legal operative cause) aspect that there is no acceptable ‘illah for banning this currency. From the point of view of al-’urf, cryptocurrencies are acceptable and do not contradict the principles of Shariah. Whereas from the point of view of sad zarāi’, this study found no solid evidence that it could lead to deleterious circumstances other than mere conjecture and assumption, hence, the introduction of cryptocurrencies should be permitted or made accessible. He also suggested the use of the fath zarāi’ method, which is better suited for creating opportunities for innovation and creativity of financial products based on financial technology (fintech). Finally, he mentioned about the permissibility of cryptocurrency as a medium of exchange even if it does not become the legal currency of a country.
21
Jabbar, Siti Faridah Abdul. "Islamic financial institutions: conduits for money laundering?" Journal of Money Laundering Control 23, no. 2 (March 25, 2020): 285–95. http://dx.doi.org/10.1108/jmlc-09-2019-0074.
Full textAbstract:
Purpose The purpose of this paper is to discuss various situations in the Islamic financial services industry that are asserted to facilitate money laundering and the counter-arguments to the assertions. Design/methodology/approach The approach adopted by this paper is a review of literature and of several practices of Islamic financial institutions in a number of countries. Findings There is no evidence to support the contentions that Islamic financial institutions facilitate money laundering. Further, Islamic financial institutions are not any more susceptible to money laundering than conventional financial institutions are. Originality/value This paper demonstrates that Islamic financial institutions are not conduits for money laundering.
22
Al Agha, Samah. "Money laundering from Islamic perspective." Journal of Money Laundering Control 10, no. 4 (October 23, 2007): 406–11. http://dx.doi.org/10.1108/13685200710830899.
Full text
23
Ebikake, Emmanuel. "Money laundering." Journal of Money Laundering Control 19, no. 4 (October 3, 2016): 346–75. http://dx.doi.org/10.1108/jmlc-07-2015-0029.
Full textAbstract:
Purpose The purpose of this paper is to provide an assessment of soft law as a technique for repressive and preventive anti-money laundering control (hereinafter AMLC). Design/methodology/approach This article focuses heavily on understanding the nature of international anti-money laundering (AML) law-making process. The approach towards this question is interdisciplinary and looks at the treaty and non-treaty AML obligations through a prism of two theoretical lenses (legal positivism and liberal/legal process theory) to explain the role of soft law in the area. Findings Current international effort to combat money laundering (ML) is fragmented (as evident in the enormous variety of law-making processes), despite the role of soft law. Part of the problem is the divergent nature of domestic criminal legislation, which is reflected in the choice of predicate crime and a lack of procedural rule to identify and enforce the law at the state level. To address the limit of current efforts, the paper will propose a uniform codification of AML law directed by a more representative body or commission of experts offering means of restating, clarifying and revising the law authoritatively and systematically. Research limitations/implications The research is focused mainly on the theoretical issues relating to the subject of ML and less on any empirical case study. Practical implications The paper will focus on the role of soft law as a technique for repressive and preventive AMLC. Based on current analyses of the role of soft law as an alternative to hard law or as a complement to hard law (leading to greater cooperation), it attempts to outline the possible advantages and disadvantages that soft law could have in the context of AMLC. For example, the use of soft law promotes harmonisation of international AML standards through the Financial Action Task Force, while the role of the FATF remains unclear in international law. This is important for the purpose of responsibility, as the law on state responsibility clearly states when a State is responsible, in the event of a breach, and the consequence in international law. Social implications The implication of the paper is that it contributes to the on-going debate about the increasingly role of soft law-making in international law. Originality/value The research perspective to the study of ML is theoretical and focuses on the nature of the law.
24
Setiawan, Nanang. "DONOR DUE DILIGENCE, EDUCATION, DONOR STATEMENTS, AND FINANCIAL REPORT TRANSPARENCY AS A PREVENTION OF MONEY LAUNDERING IN ISLAMIC PHILANTHROPY." istinbath 23, no. 1 (June 3, 2024): 49–65. http://dx.doi.org/10.20414/ijhi.v23i1.656.
Full textAbstract:
This study aims to explore the potential for money laundering in Islamic philanthropic institutions and how to prevent it. This study uses a descriptive-qualitative method with a literature study approach. Islamic philanthropic activities consist of three activities: collection, management, and distribution. The results show that the potential for criminal acts of money laundering in Sharia philanthropic institutions is in fund collection activities. The potential for money laundering arises from donors with a donation value of more than IDR 500 million, with the condition that the donor does not provide information regarding the source of the funds, so it is not known whether the origin of the funds comes from legal or illegal activities. This study provides recommendations for preventing money laundering through the implementation of donor due diligence, education regarding money laundering warnings to the public, blank donor statements stating that the funds deposited are not from money laundering activities resulting from criminal acts or other illegal sources, and maintaining transparency in financial reporting for the collection and distribution of funds. This study contributes to helping Islamic philanthropic institutions solve problems related to money laundering crimes and formulate effective prevention models for anticipating money laundering crimes.
25
Yusuf, Zulfan, and Syamsul Rizal. "Optimization Of Debtor Information Systems In Pressing Problem Financing In Some Syari'ah BPR In Aceh Province." International Journal of Management Science and Information Technology 1, no. 1 (January 13, 2021): 9. http://dx.doi.org/10.35870/ijmsit.v1i1.228.
Full textAbstract:
Article 1 paragraph (1) of Law Number 10 the Year 1998 states that banking is a financial institution that collects funds from the public in the form of savings, time deposits, and demand deposits and which can be equated with them. Furthermore, it is channeled back to the public in the form of credit (financing in the Syari'ah Bank), with the aim of achieving people's welfare. Furthermore, based on Law Number. 21 of 2008 explains that a Syari'ah bank is a bank financial institution that runs its operations in a Shari'ah manner. One of the duties of banking institutions is to channel credit/financing to the public so that it can spur economic growth in the informal sector in the Region and National in the context of the Unitary State of the Republic of Indonesia. In the provision of credit/financing, it is not uncommon for fraudulent (internal) practices carried out by loan officers (AO / FO), finance staff, so that they can worsen Non-Performing Loans / Financing, which in turn can undermine the bank's own capital. The debtor information system is a strategic effort to minimize the occurrence of non-performing loans so that the quality of financing can still be controlled at all times. The collectability of financing can also be used as a benchmark in increasing the competitiveness and selling value of a bank. The purpose of this study is to determine the extent to which banking institutions, in this case, the Islamic People's Financing Bank have implemented these provisions, what obstacles were found, and efforts to resolve them. This type of research is an Empirical Juridical, namely examining the Regulations governing Anti Money Laundering (APU) and the Prevention of Terrorism Funding (PPT) as well as Debtor Information within the scope of the financing process in several Sharia Rural Banks (BPRS) in Aceh Province. Based on research in eleven Sharia People's Financing Banks in Aceh Province, it is known that 68.3% have operational procedures (sop) on AML and CFT and run them well, while 31.7% have AML and CFT regulations, but have not implemented them optimally. . The reason why this provision has not been implemented optimally is that more intensive socialization is needed to related parties, including bank debtors, considering that debtors are prime customers in growing a bank.
26
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.
Full textAbstract:
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.
27
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.
Full textAbstract:
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.
28
Greig, Joanne. "Combatting money laundering." Criminal Law Forum 8, no. 1 (February 1997): 485–96. http://dx.doi.org/10.1007/bf02677759.
Full text
29
Zyadat, Ali Abdel Fattah Hamdan. "The Role of Monitoring Islamic Banks to Control Money Laundering Crimes From the Viewpoint of Employees in the Central Bank of Jordan." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 19 (January 10, 2022): 134–40. http://dx.doi.org/10.37394/23207.2022.19.14.
Full textAbstract:
The present study aimed to examine the role of monitoring Islamic banks in fighting against money laundering crimes from the perspective of the employees working at the Central Bank of Jordan. The researcher adopted a descriptive analytical approach. The sample consists of 60 employees who were chosen from the Central Bank of Jordan. Questionnaire forms were passed via email to those employees to fill. All the forms were filled and retrieved. It was found that the reality of monitoring money laundering crimes in Islamic banks by central bank of Jordan is moderate. It was found that there is a positive statistically significant impact of monitoring Islamic banks on control money laundering crimes from the viewpoint of employees in the central bank of Jordan. The researcher recommends activating the role of the Central Bank of Jordan in fighting against money laundering crimes
30
Wibowo, Muhtar Hadi. "Corporate Responsibility in Money Laundering Crime (Perspective Criminal Law Policy in Crime of Corruption in Indonesia)." Journal of Indonesian Legal Studies 3, no. 02 (December 9, 2018): 213–36. http://dx.doi.org/10.15294/jils.v3i02.22740.
Full textAbstract:
Money laundering is a stand-alone crime, although money laundering is born from its original crime, such as corruption, but the anti-money laundering regime in almost all countries places money laundering as a crime independent of its original crime in the case of a money laundering probe. The purpose of this study is to describe and analyze criminal law policies in regulating corporate accountability for current money laundering, analyze the implementation in law enforcement against corporations engaging in money laundering, and establish a model of criminal law policy on corporate liability that commits a crime money laundering in the future. This research emphasized that criminal law policy in ordering corporate responsibility to money laundering crime has been regulated in Money Laundering Criminal Act. The Money Laundering Act in Indonesia has indeed accepted corporations as a subject of criminal law, there are several cases that indicate the involvement of corporations engaging in money laundering practices in Indonesia but at the stage of settlement within the justice system there is not a single corporation that has been charged and sanctioned criminal. In line with the development of specific laws, corporations are categorized as subjects of criminal law.
31
Lambert, Alan. "Money Laundering." Journal of Financial Crime 5, no. 2 (April 1997): 164–73. http://dx.doi.org/10.1108/eb025830.
Full text
32
Hrabchuk, Iryna L., and Olena O. Hrygorevska. "The Economic Consequences of Money Laundering under Martial Law." Business Inform 9, no. 536 (2022): 102–7. http://dx.doi.org/10.32983/2222-4459-2022-9-102-107.
Full textAbstract:
The purpose of the article is to evaluate the consequences of money laundering and disclose their features under martial law. Taking into account the provisions of the Methodology for National Risk Assessment of Money Laundering and Financing of Terrorism in Ukraine, analyzing, systematizing and generalizing the works of scholars, the main consequences of money laundering are defined (deterioration of the stability of financial institutions and the financial system as a whole; deformation of consumption; artificial increase in prices; changes in exports, imports, exchange rates; impact on tax revenues and increasing the possibility of budget deficit; impact on economic growth rates of the country). Approaches to recognizing the positive effect of money laundering along with proposals that such operations can be carried out through developed countries were critically evaluated. Despite the examples of money laundering with the participation of large companies and financial institutions in Denmark, Belgium, Switzerland and the results of a study of the activities of Australian firms that received positive indicators as a result of money laundering obtained in the course of criminal activities or gambling, the inexpediency of legalizing money laundering through developed countries is substantiated. When solving the problem of money laundering, which has gone beyond the regions and has become global, the need to take into account the interests of different groups of countries and the fact that money laundering in developed countries does not eliminate sociopolitical consequences has been proved. As a result of the study, the peculiarities of the consequences of money laundering under martial law are revealed. It is shown that the introduction of martial law exacerbated a number of negative manifestations of money laundering, while the significance of a number of consequences is practically leveled due to the use of additional tools for the State-run regulation of the economy. Prospects for further research in this direction are the consideration of international practices in countering the money laundering and the financing of terrorism in crisis conditions.
33
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.
Full textAbstract:
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.
34
Japriyanto, Japriyanto, Desia Rakhma Banjarani, and Risa Mahdewi. "Money Laundering As A Transnational Crime Problems And The Ideas Of Legal Policy Reformation In Indonesia." Corruptio 3, no. 1 (September 23, 2022): 21–32. http://dx.doi.org/10.25041/corruptio.v3i1.2604.
Full textAbstract:
Various countries in the world today are threatened by money laundering as a transnational crime as know borderless crimes. This is because the impact of money laundering is not an ordinary impact. The crime of money laundering has a huge impact disrupt the stability of the economy and social life, and even damage the world economic order. However, various legal problems in dealing with money laundering often occur in Indonesia. With these various problems, it shows that Indonesia needs a legal reformulation related to money laundering as classified as a transnational crime. Based on this background, this research will be discuss the problems is how can money laundering be classified as a transnational crime and what are the problems with it’s law enforcement and how is legal policy of money laundering as transnational crimes reformulation in Indonesia. This study uses a descriptive normative research method with a qualitative approach. The results research show that the idea of reformulation in law enforcement of money laundering as a transnational crime in Indonesia is through the reconstruction of Mutual Legal Assistance or MLA between the Indonesian government and various countries in the world and the application of other international instruments, such as extradition and confiscation. Then regarding the problem of money laundering in law enforcement, it is necessary to reformulate the authority of Corruption Eradication Commission or KPK to prosecute money laundering crimes originating from the criminal act of corruption because the Anti-Money Laundering Law has not yet clearly regulated the law enforcers who are authorized to carry out prosecutions for the Crime of Money Laundering. So to overcome this law enforcement problem, it is necessary to reform the money laundering law.
35
Nurdin, Boy, and Dwi Asmoro. "Imposition of Criminal Sanctions on Corporations and/or Corporate Control Personnel Who Commit Money Laundering Crimes." Jurnal Indonesia Sosial Sains 5, no. 1 (January 8, 2024): 1356–63. http://dx.doi.org/10.59141/jiss.v5i1.938.
Full textAbstract:
This research purpose is to describe law enforcement arrangements for corporations and/or corporate control personnel for money laundering crimes. The author uses a normative juridical approach, using primary and secondary data. Data analysis uses qualitative analysis. In Indonesia, legal regulations regarding the prevention and eradication of money laundering crimes were initially regulated in Law Number 15 of 2002 concerning the Crime of Money Laundering (UUTPPU) which was later revised into Law Number 25 of 2003 and subsequently revoked and replaced by Law- Law Number 8 of 2010 concerning Prevention and Eradication of the Crime of Money Laundering. The results show that perpetrators of money laundering crimes are subject to sanctions based on Articles 6, 7, 8, 9, and 10 of Law Number 8 of 2010 concerning Money Laundering Crimes. Apart from that, to anticipate the occurrence of money laundering criminal attempts in Indonesia by postponing transactions with assets suspected to originate from criminal acts. Blocking of assets known to originate from criminal acts, and Temporary suspension of transactions related to money laundering crimes.
36
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.
Full textAbstract:
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.
37
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.
Full textAbstract:
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.
38
Tomlinson, Jo, and Irwin Mitchell. "IT in the Law." Legal Information Management 4, no. 3 (August 2004): 201–2. http://dx.doi.org/10.1017/s1472669604001835.
Full textAbstract:
OneSource Information Services has recently launched their Synergy Solution anti-money laundering service. The service addresses the additional requirements raised by the Money Laundering Regulations and Proceeds of Crime Act, which demand that advisors and financial institutions have sufficient processes in place to identify likely money laundering activities. The service lets the user simply type in a name, the complete set of OneSource's data warehouses are searched, and the result is a report complete with an audit trail (for compliance purposes). www.onesource.com.
39
Suhartono, Nur, Mardani, and Grace Sharon. "LAW ENFORCEMENT AGAINST PERFORMERS OF THE CRIME OF MONEY LAUNDERING RESULTING FROM CRIMINAL ACTS OF FRAUD OR EMBEZZER." JILPR Journal Indonesia Law and Policy Review 5, no. 3 (June 30, 2024): 594–605. http://dx.doi.org/10.56371/jirpl.v5i3.280.
Full textAbstract:
The crime of money laundering is a crime that has a distinctive characteristic, namely, this crime is not a single crime but multiple crimes. This crime is characterized by the form of money laundering, which is a crime that is a follow-up crime or continuing crime, while the main crime or original crime is called a predicate offense or core crime or there are countries that formulate it as an unlawful activity, namely an original crime that produces money and then carries out the laundering process. The crime of money laundering can be seen in Article 1 of Law Number 8 of 2010 which explains that money laundering is any act that fulfills the elements of a criminal act in accordance with the provisions of this law. The problem taken is regarding the proof of the crime of money laundering which is related to the predicate crime. As well as law enforcement against perpetrators of money laundering crimes resulting from criminal acts of fraud or embezzlement. The research method that the author uses is normative juridical research. The conclusion obtained is that the evidence in Law Number 8 of 2010 is one of the anti-money laundering crime efforts which is specifically at the stage of evidence at trial, with efforts to accommodate difficulties at the stage of proving the crime of money laundering and law enforcement against the crime of money laundering is still ongoing. there are obstacles both in terms of substantive law (material law) and in terms of procedural law (formal law) as regulated in Law Number 8 of 2010.
40
Yang, Song. "Money Laundering in China." Journal of Contemporary Criminal Justice 18, no. 4 (November 2002): 370–80. http://dx.doi.org/10.1177/104398602237683.
Full text
41
Harpum, Charles. "Liability for Money Laundering." Cambridge Law Journal 49, no. 2 (July 1990): 217–20. http://dx.doi.org/10.1017/s0008197300116976.
Full text
42
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.
Full textAbstract:
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.
43
Annisa'un Rasyiqah. "Tantangan Pemberian Kewenangan Bagi Penyidik Pejabat Pegawai Negeri Sipil (PPNS) Kehutanan Sumatera Barat Pada Tindak Pidana Pencucian Uang." Delicti : Jurnal Hukum Pidana Dan Kriminologi 1, no. 2 (December 14, 2023): 15–25. http://dx.doi.org/10.25077/delicti.v.1.i.2.p.15-25.2023.
Full textAbstract:
Law Number 8 of 2010 on the Prevention and Eradication of Money Laundering (AML Law) serves as the cornerstone of anti-money laundering enforcement in Indonesia today, but it still falls short in accommodating the needs of money laundering law enforcement. Explanation of Article 74 of the AML Law limits the role of criminal investigators solely to the National Narcotics Agency (BNN), the Corruption Eradication Commission (KPK), the Police, the Prosecutor's Office, Customs, and Tax Authorities. This explanation of Article 74 contradicts the AML Law. This situation leaves the Environmental and Forestry Crime Investigators (PPNS Kehutanan) without the authority to investigate money laundering cases in the forestry sector and hampers efforts to combat money laundering. Ultimately, Constitutional Court Decision No. 15/PUU-XIX/2021 breathed new life into money laundering investigations by broadening the definition of investigators and granting authority to PPNS Kehutanan to handle money laundering cases. Based on this research, the author concludes that following Constitutional Court Decision No. 15/PUU-XIX/2021, PPNS in the forestry sector has the authority to investigate cases of money laundering. The authority held by PPNS Kehutanan in conducting money laundering investigations includes the power to delay transactions, the power to request information about wealth from the reporter, the power to seize assets, and the power to block assets. In West Sumatra, the investigation of money laundering in the forestry sector is assigned to PPNS of the Provincial Forestry Service and PPNS of the Directorate General of Law Enforcement and Forest Protection (Gakkum LHK). These two institutions coordinate to handle all forestry crimes, including money laundering. Furthermore, coordination is also carried out with the National Police (POLRI) and the Financial Transaction Reports and Analysis Center (PPATK) in resolving money laundering cases.
44
Magfirah, Altingia, and Waluyo Waluyo. "Implementation of Policies on Law Enforcement in Money Laundering Cases in Indonesia and Denmark." Jurnal Hukum dan Pembangunan Ekonomi 11, no. 2 (December 31, 2023): 250. http://dx.doi.org/10.20961/hpe.v11i2.76533.
Full textAbstract:
<p>Money laundering is a serious crime, this crime can occur in several jurisdictions, so it can be said to be a transnational crime. Money laundering as one of the crimes committed by a group of people or more than one person. This form of money laundering is in the form of a criminal offense, while the original crime is often called a predicate offense. Some of the motivating reasons for committing money laundering crimes are that the money is used as capital as a business or sent to non-banking financial service providers such as insurance. The impact of money laundering will disrupt the national and international economy. In addition to these impacts, money laundering will result in disruption of the operational effectiveness of the economic system which will later lead to bad economic policies, especially in certain countries. Money laundering practices can also destabilize the national economy because money laundering causes sharp fluctuations in interest rates and exchange rates. The problem of money laundering will never run out even though the development of this case from year to year is increasing both in a number of state losses and its modus operandi. This study aims to see the implementation of policies on money laundering cases in Indonesia and will be compared with Denmark so that it can find out the implementation of each country's policies and what obstacles the Indonesian state faces in eradicating money laundering crimes. So the author is interested in giving the title of this study as Implementation of policies on law enforcement in money laundering cases in Indonesia and Denmark. The legal research used is qualitative research which is included in the category of normative research. The data used is secondary data.</p>
45
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.
Full textAbstract:
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.
46
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.
Full textAbstract:
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.
47
Junaidi, Junaidi. "IMPLEMENTASI KEBIJAKAN PEMERINTAH TENTANG MONEY LAUNDRY." Aspirasi : Jurnal Ilmiah Administrasi Negara 3, no. 1 (May 30, 2018): 18. http://dx.doi.org/10.53712/aspirasi.v3i1.322.
Full textAbstract:
The crime of money laundering has become one of the crimes that get serious attention from the international community. This crime always accompanies an organized crime that can cross national borders such as narcotics crime, terrorism, and corruption. Although the state has issued new regulations to prevent the occurrence of money laundering crimes, but it turns out more money laundering practices with an increasingly varied mode. The crime of money laundering began to emerge and legally regulated in Indonesia since 17 April 2002 through the enactment of Law no. 15 Year 2002 on the Crime of Money Laundering. The law is the first legal rule governing money laundering offenses. In Indonesia, the regulation on money laundering has undergone several changes. A year after the birth of Law no. 15 of 2002 on Money Laundering, the Act was amended through Law no. 25 of 2003. It still needs to be optimized, in 2010, came another law, the Law no. 8 of 2010 on Prevention and Eradication of Money Laundering Criminal Act (UU TPPU) which contains some improvements from the previous Law. Based on the PPATK 2013 Annual Report, 12 decisions related to money laundering cases and if accumulated from 2005 to 2013, there are 105 cases that have been terminated. A similar report came from the Supreme Court. According to the highest court institution in 2010, as many as 11 cases that entered the Supreme Court stage, in 2011 there were 19 cases and in 2013 there were only nine cases. The whole is a case accepted by the Supreme Court at the Cassation level.
48
Sohraby, Farzad, Hossein Habibitabar, and Mohammad Reza Masoudzade. "Money Laundering Crime and Its Situational Prevention in Iranian Law and International Law." Journal of Politics and Law 9, no. 7 (August 11, 2016): 57. http://dx.doi.org/10.5539/jpl.v9n7p57.
Full textAbstract:
<p class="matn">Crime prevention is crucial to social life which necessitates the need for conducting criminology studies to identify the causes of the crime. In this paper, we focus on money laundering crime. First we discuss about money laundering crime in Iran’s penal system, and after presenting its criminological characteristics (transnational, organized and victimless), we review Iran’s legal system and the international conventions about this crime. Then, since major situational prevention measures against money laundering<strong> </strong>are related to the banks and financial institutions, we proposed some measures for financial institutions such as staff training, adjusting banking secrecy laws, monitoring money transfer, reporting large cash transactions, and reporting suspicious transactions. Results showed that Iran’s anti money laundering laws are in accordance with Merida convention, for example, in terms of identification, record-keeping and the reporting, but do not obligate the identification of customer when there is criminal evidence.</p>
49
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.
Full textAbstract:
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.
50
Sanjaya, Aditya Wiguna. "Intersect of Money Laundering and Electoral Crimes in the Context of Election Campaign Finance." AML/CFT Journal The Journal of Anti Money Laundering and Countering the Financing of Terrorism 2, no. 1 (December 2, 2023): 35–44. http://dx.doi.org/10.59593/amlcft.2023.v2i1.70.
Full textAbstract:
This paper aims to analyze the intersection between the PPTPPU Law and the Election Law in the context of election campaign funding, compare money laundering arrangements in the PPTPPU Law and the Election Law, and recommend ideal arrangements for handling money laundering in the context of future election campaign funding. The intersection between the PPTPPU Law and the Election Law regarding the provisions prohibiting receiving money from criminal acts has raised legal issues, namely which law should be applied, since both are special laws, furthermore this will also lead to different arrangements in each law. - the law, as well as PPATK not being involved in the handling of money laundering, which has been transformed into an election crime under the regime of the Election Law. The problem continues with the unregulated prohibition of giving election campaign fund contributions originating from criminal acts in the Election Law, and this shows the inconsistency of legislators in adopting the concept of money laundering into the Election Law. The method used is the normative legal research method. The results of the study show that based on the lex specialist systematic principle, the law that is applied is the Election Law. The Election Law does not stipulate active money laundering provisions, only regulates passive money laundering, while the PPTPPU Law regulates both; in the future, it is necessary to formulate active money laundering provisions in the Election Law.