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Journal articles on the topic 'The Money Laundering Act'
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1
Yadav, Barla Mallesh. "Juxtaposition of Black Money Undisclosed Assets Act Vis a Vis Prevention of Money Laundering Act." International Journal of Trend in Scientific Research and Development Volume-2, Issue-1 (December 31, 2017): 876–80. http://dx.doi.org/10.31142/ijtsrd7109.
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Ali, Shazeeda A. "Jamaica: Combating Money Laundering — A Review of the Money Laundering Act 1996." Journal of Money Laundering Control 1, no. 3 (January 1998): 261–67. http://dx.doi.org/10.1108/eb027149.
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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.
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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.
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Okogbule, N. S. "Combating Money Laundering in Nigeria: An Appraisal of the Money Laundering Prohibition Act 2004." Statute Law Review 28, no. 2 (July 1, 2007): 156–64. http://dx.doi.org/10.1093/slr/hmm005.
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Haider, Khalil, and Naureen Akhtar. "Need of Legal, Administrative and Judicial Reforms in Pakistan to Combat Money Laundering and Terrorism Financing: An Analytical Study." Review of Education, Administration & LAW 3, no. 1 (June 30, 2020): 91–100. http://dx.doi.org/10.47067/real.v3i1.24.
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The main objective of this article is to discuss, review and analyze money laundering and terrorism financing simultaneously as both share common incentives, line of action and executing strategies. Money laundering and financing of terrorism are global problems which not only threaten security but also compromise the stability, transparency and efficiency of financial systems, thus undermining economic prosperity and peace of a country. This research defines and expounds the terms ‘money laundering’ and ‘terrorism financing’, and common strategies to execute both of these criminal activities. It also analyzes the current predicament of legal, administrative and judicial skeleton of Pakistan which makes the country more vulnerable to money laundering and terrorism financing. Furthermore, it would also provide its readers with the most needed reforms in the all-over blueprint of the country, and imperative amendments to make the Anti-money Laundering Act, 2010 and the Anti-terrorism Act, 1997 more efficacious to encounter money laundering and terrorism financing in one fell swoop.
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Rhodes QC, Robert, and Serena Palastrand. "A guide to money laundering legislation." Journal of Money Laundering Control 8, no. 1 (December 31, 2004): 9–18. http://dx.doi.org/10.1108/13685200510621271.
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Describes the greatly extended UK legislation to prevent money laundering, which is defined as the process by which the proceeds of crime and the true ownership of those proceeds are changed so that the proceeds appear to come from a legitimate source; the three stages of the money laundering process are placement, layering, and integration. Details the provisions of the Proceeds of Crime Act (POCA) 2002, including substantive money laundering offences pursuant to POCA and to the Terrorism Act 2000, “failing to report” offences, and “tipping off” offences. Outlines the Money Laundering Regulations (MLR) 2003, which place additional anti‐money laundering administrative requirements on organizations undertaking specified regulated activities. Discusses how POCA and the MLR affect disclosure and legal privilege, and the practical effects of POCA and MLR on professionals such as finance organizations, estate agents, casinos and barristers.
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Pacian, Jolanta, and Anna Pacian. "ZWALCZANIE PRZESTĘPSTWA PRANIA BRUDNYCH PIENIĘDZY." Zeszyty Prawnicze 10, no. 2 (December 23, 2016): 257. http://dx.doi.org/10.21697/zp.2010.10.2.12.
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Fighting the Crime of Money Laundering in the Context of Legal RegulationsSummary The goal of the paper is to present legal regulations preventing the crime of money laundering. Legal acts describing the crime of money laundering are the following: act of June 6, 1997 of the Criminal Code; act of November 16, 2000 on preventing the introduction into the financial turnover of property which comes from illegal or unknown sources. Appointing a special financial body called the General Inspector of Financial Information imposes new obligations on financial institutions and provides many criminal sanctions for the violation of regulations. The act concerns financial means and property coming from illegal sources, that is criminal activity, as well as from unknown sources. A systemic look at current legal regulations should make the legislator elaborate on more efficient ways of fighting the crime of money laundering.
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Rahmat, Andi Muhammad. "Perlindungan Hukum terhadap Notaris yang Beritikad Baik Membuat Akta Jual Beli Saham dalam Kasus Tindak Pidana Pencucian Uang." Lentera Hukum 6, no. 1 (April 28, 2019): 95. http://dx.doi.org/10.19184/ejlh.v6i1.9669.
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This study discusses the legal protection against a notary who has good faith to make the contract of sale with stock in this case of criminal money laundering. To this extent, the study examines the legal protection for notaries who are eligible to be victims from the money laundering cases caused by user services. This study uses normative legal research with statute, philosophical and historical approaches. This study finds that legal protection for notaries referred to Articles 66 and 66A of the Notary Act is essentially tended to internal or administrative measures. Nevertheless, notaries have verschoningsrecht or the right to renegade, another instrument for legal protection in undertaking the Notary Act. The legal protection concept for notaries with the determinate profession on the informant side has been determined limitedly under Article 17 paragraph 1 of the Money Laundering Act.
Keywords: Construction, Legal Protection, Notary, Money Laundering
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Nugroho, Pranoto, Hibnu, Budiyono. "PENYIDIKAN TINDAK PIDANA PENCUCIAN UANG DALAM UPAYA PENARIKAN ASSET (Criminal Act of Money Laundering in order to Withdraw Asset)." Jurnal Penelitian Hukum De Jure 16, no. 1 (March 31, 2016): 1. http://dx.doi.org/10.30641/dejure.2016.v16.1-14.
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ABSTRACTCriminal Act of Money Laundering (TPPU) is a new criminal act, so its regulation still found constraints that lead pros and cons in neighborhood law enforcer themselves. Could corruption criminal act investigators of police and attorney reveal Criminal Act of Money Laundering (TPPU) that occured in central java and how the model of it that could take back assets of criminal in corruption cases. Until now, the high prosecutor of central java had investigated one case in Criminal Act of Money Laundering (TPPU).It usedempirical juridical and qualitatif discriptive analytical method and contain analytical. It could be found a model that eliminate existing constraints, so it was hoped to seize criminal`s assets of money laundering back.Keywords: money laundering, constraints, modelABSTRAKSebagai tindak pidana yang masih cukup baru didalam pengaturannya TPPU masih menemukan kendala yang menimbulkan pro dan kontra dilingkungan penegak hukum sendiri. Apakah penyidik Tipikor Kepolisian dan Kejaksaan mampu mengungkap Tindak Pidana Pencucian Uang (TPPU) Tipikor yang terjadi di Jawa Tengah dan bagaimanakah model penyidikan Tindak Pidana Pencucian Uang (TPPU) yang mampu merampas asset-asset pelaku Tindak Pidana Pencucian Uang (TPPU) dalam perkara korupsi tersebut. Hingga saat ini penyidikan terhadap TPPU korupsi di Jawa Tengah baru dilakukan terhadap satu kasus dan penyidikan dilakukan oleh Kejaksaan Tinggi Jawa Tengah. Dengan menggunakan metode penelitian yuridis empiris dan metode analisis diskriptif kualitatif dan analisis isi . Dapat ditemukan model yang mampu mengeliminir kendala yang ada sehingga diharapkan dapat merampas asset-asser pelaku TPPU.Kata Kunci: Pencucian uang, kendala, model
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Gikonyo, Constance. "The legal profession in Kenya and its anti-money laundering obligations or lack thereof." Journal of Money Laundering Control 22, no. 2 (May 7, 2019): 247–56. http://dx.doi.org/10.1108/jmlc-01-2018-0010.
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Purpose The purpose of this paper is to examine the inclusion of lawyers in Kenya’s anti-money laundering regime and the role they can play towards assisting in detection and gate-keeping of potential money laundering activities. Kenya is a transit point for trade-based money laundering. Accordingly, it is vulnerable to money laundering that can be facilitated by legal professionals, through their misuse by criminals. These professionals can be both enablers and perpetrators. Design/methodology/approach The study is secondary in nature. It is based on reviewing relevant literature and analysing the Proceeds of Crime and Anti-Money Laundering Act and the Proceeds of Crime and Anti-Money Laundering Regulations. The legislation and the rules form the core of Kenya’s anti-money laundering regime. Findings The omission of legal professionals from Kenya’s anti-money laundering regime constitutes a big gap under its preventative mechanisms. Further, it makes them attractive to criminals because they are under no legal obligation to report potential money laundering activities. Ultimately, the inclusion of lawyers as DNFBPs is necessary. This would seal the extant regulatory gap and ensure enhanced awareness amongst the legal professionals of the money laundering risks that they face. Originality/value Given Kenya’s money laundering susceptibility, it is necessary and prudent to critically consider the inclusion of legal professionals in its anti-money laundering mechanisms. The paper seeks to make a practical and scholarly contribution in considering the issue and possibly trigger further discussions, as well as the necessary legislative and policy changes. This would positively enhance the success of Kenya’s anti-money laundering regime in detecting money laundering activities.
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Gikonyo, Constance. "Detection mechanisms under Kenya’s anti-money laundering regime: omissions and loopholes." Journal of Money Laundering Control 21, no. 1 (January 2, 2018): 59–70. http://dx.doi.org/10.1108/jmlc-06-2017-0023.
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Purpose This paper aims to detect the methods that facilitate the identification of potential money laundering activities in Kenya. Kenya is a transit point for international drug traffickers and trade-based money laundering. Hence, it is vulnerable to money laundering and consequently, it is necessary to examine the potency of its first lines of defence and its weaknesses. Design/methodology/approach The research is secondary in nature. It is based on reviewing relevant literature and analyzing the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) and the Proceeds of Crime and Anti-Money Laundering Regulations (POCAMLR). Both form the core of Kenya’s anti-money laundering regime. Findings Generally, the identified methods can facilitate identification of proceeds of crime and possible laundering activity. However, there are challenges in the provisions that could reduce effectiveness. These include intrinsic loopholes and implementation challenges, in the provisions relating to accountants, precious stone and metal dealers and the hawala system. Additionally, there is the key omission of car dealers and legal professionals from the mechanisms for detecting money laundering. Originality/value Given Kenya’s money laundering susceptibility, it is necessary and prudent to critically examine its mechanisms for detecting money laundering. The paper seeks to make a practical and scholarly contribution in filling this extant gap. This paper can trigger further discussions as well as the necessary legislative and policy changes. This would positively enhance the success of Kenya’s anti-money laundering regime in detecting money laundering activities.
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Ari Setyaningsih, Ni Putu. "PENERAPAN ASAS NASIONALITAS AKTIF TERHADAP TINDAK PIDANA PENCUCIAN UANG." Jurnal Aktual Justice 4, no. 2 (December 14, 2019): 127–46. http://dx.doi.org/10.47329/aktualjustice.v4i2.544.
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Money laundering crime is a follow-up crime which is forwarded from a predicate crime. In line with technological developments, the proceeds of criminal offenses that are laundered may also come from the proceeds of crimes committed outside the territory of Indonesia. Money Laundering Act stipulates that the predicate crime of money laundering committed outside the territory of Indonesia can be prosecuted and tried under Indonesian law as well as Indonesian citizens who are outside the territory of Indonesia who participate in conducting trials and assistance. or a malicious consensus to commit the crime of laundering. However, the application of Indonesian law to crimes committed in the territorial areas of other countries will relate to issues of law enforcement jurisdiction. This raises a problem regarding the extent to which the active nationality principle can apply to the perpetrators of the crime of money laundering whose predicate crime and crimes of probation, co-operation or conspiracy are committed outside the territory of Indonesia. The preparation of this paper uses a normative research method with a statutory approach. This paper concludes that the active nationality principle can be applied based on the provisions of Article 2 paragraph (1) letter z and Article 10 of the Money Laundering Act. The application of the active nationality principle cannot be carried out absolutely because there are limitations related to the sovereignty of the State where the criminal act is committed, the sovereignty of this country is closely related to the legal jurisdiction of a country. Therefore, to be able to apply Money Laundering Act in the jurisdiction of other countries, a legal basis is needed in the form of formal cooperation or mutual assistance. In addition, a technical extradition treaty is required to hand over the perpetrator of a criminal offense to the Indonesian state.
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Dewi, Kartika Rahmasari, Hartiwiningsih Hartiwiningsih, and Widodo Tresno Novianto. "Follow the Money as an Attempt of State Financial Loss Restoration in Criminal Action of Money Laundering with Corruption as Predicate Crime." International Journal of Multicultural and Multireligious Understanding 5, no. 3 (July 26, 2018): 323. http://dx.doi.org/10.18415/ijmmu.v5i3.403.
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Money laundering is an attempt to conceal or disguise the origins of assets acquired from a crime. Money laundering is a follow-up crime because it is followed by a criminal act, one of which is a systematic and organized criminal act of corruption, law enforcement process is not easy. One effective way of preventing and combating money laundering and corruption can be done by follow the money approach. Follow the money approach can reveal who the perpetrator, the type of crime, place and amount of hidden. Then in addition to perpetrators remain criminally charged, state financial loss recovery efforts can also be achieved. The result of t research shows the obstacles implementation of follow the money is derived from the substance element that is conflicting interpretation of Article 77 and Article 69 of Law on TPPU, the element of legal structure namely the lack of good cooperation among law enforcers, as well as the legal culture element, is the low participation of the society against the legal compliance of the criminal act of washing money especially the approach of follow the money.
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Tan, Veltrice. "The art of deterrence: Singapore’s anti-money laundering regimes." Journal of Financial Crime 25, no. 2 (May 8, 2018): 467–98. http://dx.doi.org/10.1108/jfc-01-2018-0001.
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Purpose In light of the recent 1MDB Scandal in Singapore, this research paper aims to examine the deterrent effect of Singapore’s sanctions against money laundering within financial institutions. Design/methodology/approach Case laws and legislations are examined as are relevant reports by regulators. Findings Singapore’s anti-money laundering (AML) regimes may not act as an effective deterrent against money laundering activities within financial institutions. This is due to the overreliance on the theory of deterrence-based thinking, the lack of an “enforcement pyramid” and economic factors which influence regulators to be lenient towards financial institutions. Research limitations/implications There are limited data available in relation to regulators in Singapore and the prevalence of money laundering activities within Singapore’s financial institution. Any discussions within this article is based on the impressionistic observations of this author, which may not reflect the true state of affairs in Singapore. Practical implications Those who are interested in examining the relationship between money laundering and the deterrent effect of sanctions against financial institutions will have an interest in this topic. Originality/value The value of the paper is to demonstrate that Singapore’s AML regimes may not act as an effective deterrence against money laundering activities within financial institutions.
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Zolkaflil, Salwa, Normah Omar, and Sharifah Nazatul Faiza Syed Mustapha Nazri. "Implementation evaluation: a future direction in money laundering investigation." Journal of Money Laundering Control 22, no. 2 (May 7, 2019): 318–26. http://dx.doi.org/10.1108/jmlc-03-2018-0024.
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Purpose Malaysia has implemented a comprehensive AML/CFT framework, yet its effectiveness remains questionable due to low number of prosecutions on money laundering cases. Therefore, this study aims to understand the reasons for low number of prosecutions, by addressing the challenges faced by the law enforcement agencies in conducting money laundering investigation. This study then identifies future improvement actions to enhance their effectiveness in combating money laundering in future. Design/methodology/approach This study distributed surveys to the law enforcement agencies that are responsible for conducting money laundering investigation in Malaysia. In total, 65 surveys were distributed; however, only 61 were returned to the researchers. Out of the 61 surveys returned, only 39 can be analysed due to incomplete answers given by respective respondents. Findings The results show that the investigating officers are facing difficulties in gathering sufficient information to support their charges. Besides information gathering, they are also facing difficulties due to short investigation timeframe regulated in the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. This study concludes that, although the law enforcement agencies have the power to investigate money laundering and terrorism financing under the act, Malaysia is lacking in having a good investigative support system to assist the law enforcement agencies during the investigation process. Practical implications The results of this study are helpful to the regulators and law enforcement agencies in determining the flaws of the current money laundering investigation practices. This study also provides suggestions for future improvement action. Originality/value Lack of study focuses on money laundering investigation conducted by the law enforcement agencies, especially in the Malaysian setting, makes the study valuable to the money laundering research.
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Mugarura, Norman. "Anti-money laundering law and policy as a double edged sword." Journal of Money Laundering Control 23, no. 4 (March 25, 2020): 899–912. http://dx.doi.org/10.1108/jmlc-11-2019-0093.
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Purpose Regulators have a duty to enforce anti-money laundering (AML) and countering financing of terrorism regulation. However, in doing so, they should not to be overzealous especially in carrying out investigations into suspicious money laundering transactions. This does not mean that oversight agencies should not carry out the required investigations with due diligence. This study aims to propose that banks cannot be allowed to operate in a lawless environment; however, there is a need ensure that businesses are able to operate with minimal regulatory interference. Design/methodology/approach Data was collected from primary and secondary sources such as Uganda’s Anti-Money laundering Act 2013 (amended 2017), Patriot Act 2001, Proceeds of Crime Act 2000 International legal instruments, case law, books, websites, journal papers, policy documents and scholarly debates and evaluated to foster the objectives of the paper accordingly. The paper has also been enriched by empirical experiences of countries in Europe, Africa and within countries on money-laundering regulation and its intricacies. There was a wealth of online data sources and in print, which were reviewed and internalised to foster the objectives for writing the book. Findings Regulation of businesses against money laundering and financing of terrorism imposes a heavy cost burden on poorer countries and should be funded by developed economies for some countries to easily operate desired International AML standards. It also needs to be noted that banks cannot be allowed to operate in a lawless business environment, which makes money laundering an international and national security issue. Originality/value The thesis of this paper was drawn from the author’s presentation to security agencies in Kampala in August 2019. In his presentation, the author opined that investigations into money-laundering offences should be triggered when a financial institution forms suspicions of potential money-laundering offences to have been committed. Some of the questions he sought to answer during the presentation was whether sharing information on “accountable persons or the regulated sector” in Uganda’s AML 2013 with newspapers before investigations are concluded does not amount to tipping off presumed money-laundering culprits? How should investigations be conducted?
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Sudirdja, Rudi. "The Prosecution in Trial In Absentia Of Money Laundering Case Resulted from Conventional Case." PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) 06, no. 02 (August 2019): 297–319. http://dx.doi.org/10.22304/pjih.v6n2.a5.
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In Indonesia, the provision of in absentia in the Money Laundering Crime Law raises problems if the crime act is originally conventional crime act. Conventional crime act should be handled based on the provisions of the Indonesian Criminal Law Procedures Code. On the one hand, the Money Laundering Crime Law regulates the provisions of the court in absentia and, on the other hand, the Indonesian Criminal Law Procedures Code does not recognize trial in absentia. This study covers the issue. To be precise, it reveals the possibility of a conventional crime act that is charged with the Money Laundering Crime Law to be tried in absentia based on the principle of formal legality. In addition, it discusses the strategy of prosecution of money laundering crime act in trial in absentia for cases that are originally conventional crime act based on the principle of due process of law. This study used analytical description research specifications and the normative juridical method. The data was collected through a document study. In accordance with the approaches, the data were analyzed in qualitative-juridical manners. This study concludes several points. The first, based on the principle of legality of formal law, the implementation of trial in absentia against general criminal acts cannot be carried out. The second, based on the principle of due process of law, the prosecution strategy in trial in absentia fur such cases are that (1) the prosecution of money laundering crime and original crime must be done separately; (2) the public prosecutor must delay the transfer of original criminal acts to the court until the accused is found and presented; (3) the indictment must be prepared in a single form; (4) the indictment must draw legal facts about the original crime; and (5) the public prosecutor can prove the legal facts about the original crime in the element of ‘assets resulting from the crime’ in the money laundering offense.
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Sudirdja, Rudi. "The Prosecution in Trial In Absentia Of Money Laundering Case Resulted from Conventional Case." PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) 06, no. 02 (August 2019): 297–319. http://dx.doi.org/10.22304/pjih.v6n2.a5.
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In Indonesia, the provision of in absentia in the Money Laundering Crime Law raises problems if the crime act is originally conventional crime act. Conventional crime act should be handled based on the provisions of the Indonesian Criminal Law Procedures Code. On the one hand, the Money Laundering Crime Law regulates the provisions of the court in absentia and, on the other hand, the Indonesian Criminal Law Procedures Code does not recognize trial in absentia. This study covers the issue. To be precise, it reveals the possibility of a conventional crime act that is charged with the Money Laundering Crime Law to be tried in absentia based on the principle of formal legality. In addition, it discusses the strategy of prosecution of money laundering crime act in trial in absentia for cases that are originally conventional crime act based on the principle of due process of law. This study used analytical description research specifications and the normative juridical method. The data was collected through a document study. In accordance with the approaches, the data were analyzed in qualitative-juridical manners. This study concludes several points. The first, based on the principle of legality of formal law, the implementation of trial in absentia against general criminal acts cannot be carried out. The second, based on the principle of due process of law, the prosecution strategy in trial in absentia fur such cases are that (1) the prosecution of money laundering crime and original crime must be done separately; (2) the public prosecutor must delay the transfer of original criminal acts to the court until the accused is found and presented; (3) the indictment must be prepared in a single form; (4) the indictment must draw legal facts about the original crime; and (5) the public prosecutor can prove the legal facts about the original crime in the element of ‘assets resulting from the crime’ in the money laundering offense.
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Jade, Adinda Putri, Yaris Adhial Fajrin, Diah Nadia Putri, and Aisya Sanghra Devi Nugraha. "The Reverse Burden of Proof in Indonesia's Money Laundering: A Review." Lentera Hukum 7, no. 3 (November 23, 2020): 355. http://dx.doi.org/10.19184/ejlh.v7i3.18680.
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Money laundering has become one of Indonesia's serious criminal offenses. Then, cases related to it should proceed under the specific regulation and procedure. In Indonesia, money laundering is a further crime preceded by predicate offenses. In practice, there are two main problems to apply in money laundering: first, the principles' difference between national and international criminal laws, and second, their norm contradiction. Although the money laundering crime is claimed to be a further crime, it is separated from the preceded crime in prosecution, investigation, and evidence. This study aims to review the juridical contention of the reverse burden of proof in money laundering by considering the existing challenges to apply the norms. This study confirms that there is a juridical problem in the reversal of proof mechanism in money laundering. Therefore, the government should harmonize the existing laws relating to the reverse of the burden of proof in money laundering. It is essential to reform the existing regulations by harmonizing laws related to this case. It considers the existing fragmented criminal provisions set out in the Criminal Code and special laws to indicate serious crimes. This harmonization contributes to restoring the return of the state's losses resulted from this crime. Regulatory reform is inevitable. The government then needs to strengthen diplomatic relations with other countries, especially to enforce national laws through Mutual Legal Assistance (MLA) and extradition of money laundering perpetrators.
KEYWORDS: Indonesian Money Laundering, Money Laundering Act, Reverse Burden of Proof.
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Jade, Adinda Putri, Yaris Adhial Fajrin, Diah Nadia Putri, and Aisya Sanghra Devi Nugraha. "The Reverse Burden of Proof in Indonesia's Money Laundering: A Review." Lentera Hukum 7, no. 3 (November 23, 2020): 355. http://dx.doi.org/10.19184/ejlh.v7i3.18680.
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Money laundering has become one of Indonesia's serious criminal offenses. Then, cases related to it should proceed under the specific regulation and procedure. In Indonesia, money laundering is a further crime preceded by predicate offenses. In practice, there are two main problems to apply in money laundering: first, the principles' difference between national and international criminal laws, and second, their norm contradiction. Although the money laundering crime is claimed to be a further crime, it is separated from the preceded crime in prosecution, investigation, and evidence. This study aims to review the juridical contention of the reverse burden of proof in money laundering by considering the existing challenges to apply the norms. This study confirms that there is a juridical problem in the reversal of proof mechanism in money laundering. Therefore, the government should harmonize the existing laws relating to the reverse of the burden of proof in money laundering. It is essential to reform the existing regulations by harmonizing laws related to this case. It considers the existing fragmented criminal provisions set out in the Criminal Code and special laws to indicate serious crimes. This harmonization contributes to restoring the return of the state's losses resulted from this crime. Regulatory reform is inevitable. The government then needs to strengthen diplomatic relations with other countries, especially to enforce national laws through Mutual Legal Assistance (MLA) and extradition of money laundering perpetrators.
KEYWORDS: Indonesian Money Laundering, Money Laundering Act, Reverse Burden of Proof.
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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.
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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.
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Murray, Kenneth. "In the shadow of the dark twin – proving criminality in money laundering cases." Journal of Money Laundering Control 19, no. 4 (October 3, 2016): 447–58. http://dx.doi.org/10.1108/jmlc-02-2016-0009.
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Purpose This paper aims to highlight the persistent influence of the concept of “predicate offence” in respect of how the crime of money laundering is conceived and discussed, and to discuss how this inhibits the ability to prosecute the crime even where, as is the case in the UK, “predicate offence” is not a requirement of the relevant legislation. Design/methodology/approach Discussion of a recent UK Supreme Court judgment, R v GH, in particular, how the import of it appears to contrast with perceptions offered by the experience of two recent money laundering convictions on Scotland, where no evidence was led on establishing the money was criminal before the criminal act was libelled as money laundering. Design of modern money laundering schemes are illustrated and assessed in terms of how they can be prosecuted in the context of prevailing interpretations of the law. Findings The effectiveness of the UK money laundering offences as set out in the Proceeds of Crime Act of 2002 requires revaluation. Clarification is required in respect of how criminality in such cases can be proved. Consideration should be given to introducing new legislation targeted at the transmission of money or value under the cover of false documentation. Research limitations/implications Clarification is required on how the concept of “irresistible inference” as established by R v Anwoir can be applied to money laundering cases in light of the R v GH judgement of the UK Supreme Court. Practical implications Upgrade of law enforcement knowledge base and investigation skills is required to prosecute existing money laundering offences more effectively, but the lack of clarity as to what will suffice as proof of criminality serves to inhibit the investigation of these crimes as well as their prosecution. Social implications Protection of democracies, democratic institutions and the communities they serve from the corrupting influence of laundered criminal money through more effective prosecution of money laundering offences. Originality/value To encourage discussion on whether the relevant legislation remains fit for purpose and what practical measures can be taken to improve it.
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Subihat, Ihat. "PENGADILAN TINDAK PIDANA KORUPSI DAN TINDAK PIDANA PENCUCIAN UANG." Yustitia 4, no. 1 (April 20, 2018): 55–78. http://dx.doi.org/10.31943/yustitia.v4i1.31.
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The act of corruption is a violation of every person’s life as stipulated in Article 28A of the 1945 Constitution. As a result of corruption that has been detrimental to the country’s finance or the country’s economy, it also impedes the growth and sustainability of demanding national development high efficiency. For this corruption case, a court for corruption case has been established. Meanwhile, Money Laundering as stipulated in Law No. 8 of 2010 concerning Prevention and Eradication of Money Laundering Crimes, does not have a special court but is often put together with a court of corruption. A court of corruption is the only court that has the authority to examine, hear, and decide the cases of corruption and money laundering crimes whose original crime is a criminal act of corruption; and/or criminal acts which are explicitly stated in other laws as criminal acts of corruption. The problem is how the litigation of corruption and criminal acts of money laundering are incorporated in an indictment of corruption and money laundering.
This study used the descriptive method with a normative juridical approach. Data collection was carried out through library studies by collecting data in the form of legal materials; primary, secondary and tertiary legal materials. The analysis technique of this study was descriptive analysis that analyze the process and institutions based on legislation.
The results of this study showed that the Corruption Eradication Act regulates materially and formally, so there are exceptions to the principles that are generally regulated in the Criminal Code (KUHP), Criminal Procedure Code (KUHAP) (Lex Specialist Derogate lex Generalis). The modes of money laundering are carried out in various ways. Judging from TPPU modes, it seemed true that TPPU is a stand-alone crime when using cumulative charges is more appropriate. The legal policy of the Corruption Crime Act and Money Laundering Lay (TPPU) related to the rule of law which is the basis of legality for Beneficial Ownership Criminal Liability (BO) as well as its position in Deelneming theory is a topic that must be formulated n the Action Bill Criminal Crime and Money Laundering Crime Bill (TPPU), whether effective evidence for Beneficial Owners (BO), doctrinal or the teaching snares. In the future politics of law enforcement in eradicating corruption and TPPU leads to Beneficial Ownerds (BO) is not enough as long as only the physical actors or stop at the actors revealed in the investigation. Besides the beneficial owner, it is also necessary to regulate criminal liability for legal entities that are used to save the proceeds of money laundering
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Pohan, Sarmadan. "Tinjauan Normatif Kewenangan Penuntutan oleh KPK Atas Tindak Pidana Pencucian Uang." DOKTRINA: JOURNAL OF LAW 2, no. 2 (October 31, 2019): 117. http://dx.doi.org/10.31289/doktrina.v2i2.2615.
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<p><em>Debate over the issue of the authority of the corruption eradication commission in conducting investigations, investigations and investigators. The purpose of this study is to examine the legal basis for the authority to prosecute KPK for money laundering and the position of the authority to prosecute corruption eradication commissions for money laundering crimes in the future. This research method is normative, in which research of document studies using a variety of secondary data. The results obtained from this study are that the Article 6 of Law Number 30 of 2002 that the KPK only has authority in conducting investigations, investigations and prosecutions of money laundering crimes. In IusConstitutim or what applies in a regulation or better known as the law, the Corruption Eradication Commission does not have the authority to prosecute money laundering, different empirically different from seeing what happens in society that the KPK is deemed necessary to prosecute a laundering crime in TPPU is a double-track criminality in which there is an original and advanced crime, if the money laundering is a further criminal act of corruption as an original criminal act empirically then the Eradication Commission Corruption continues to prosecute because it still have a rights.</em><em></em></p>
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Podraza, Natalia. "Realizacja obowiązków wobec osób zajmujących eksponowane stanowiska polityczne, wynikających z ustawy z 1 marca 2018 r. o przeciwdziałaniu praniu pieniędzy i finansowaniu terroryzmu." Zeszyty Prawnicze Biura Analiz Sejmowych 1, no. 69 (2021): 183–88. http://dx.doi.org/10.31268/zpbas.2021.15.
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The Act on Counteracting Money Laundering and Financing of Terrorism imposes upon obligated institutions (including banks) the obligation, crucial in relation to the other requirements specified in the Act in question, to implement appropriate procedures enabling the identification of clients or their actual beneficiaries as Politically Exposed Persons (PEP). The identification of a client as a PEP status person means that increased financial security measures need to be applied to him/her and his/her family members and close associates on account of potentially greater risk of money laundering, financing of terrorism or corruption. Consequently, in the author’s view and in light of the provisions of the Act on counteracting money laundering, a Sejm Deputy and his/her immediate family members may be obligated by the bank to submit a declaration on the source of the client’s property and assets at the client’s disposal as part of business relationships or transactions.
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Chukwuemerie, Andrew I. "Nigeria's Money Laundering (Prohibition) Act 2004: a tighter noose." Journal of Money Laundering Control 9, no. 2 (April 2006): 173–90. http://dx.doi.org/10.1108/13685200610660989.
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Ali, Shazeeda A. "Taiwan: An Examination of the Money Laundering Control Act." Journal of Money Laundering Control 3, no. 4 (February 2000): 367–70. http://dx.doi.org/10.1108/eb027253.
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Habib, Rao Imran, Attia Madni, and Naureen Akhtar. "Role of Banks in Money Laundering through Fake Bank Accounts and Writing off Loan in Pakistan: An Analytical Study." Journal of Accounting and Finance in Emerging Economies 6, no. 1 (March 31, 2020): 183–90. http://dx.doi.org/10.26710/jafee.v6i1.1077.
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Purpose: Recent media reports of money laundering through fake bank accounts implicate the involvement of banks in money laundering through "managed bank accounts". Further the waivers of loan of apparently sound institutions also give rise to specific questions and reservations on the role of banks. This paper attempts to explore the answer to those fundamental questions.
Design/Methodology/Approach: The research follows qualitative content analysis methods to critically analyze the role of banks in money laundering and loan waiver policies.
Findings: The research finds that despite of heavy banking regulations and laws the banking accounts are being used for money laundering. Further, the research concludes that the act of waiving off loans allegedly has provided a channel to misuse the public earned money, resulting in gross loss to the public exchequer.
Implications/Originality/Value: The research concludes that the role of bank in maintaining the fake/idle accounts and the loan waiver policy and its malafide usage in the banking sector resulted in financial frauds and money laundering in Pakistan
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Teichmann, Fabian Maximilian, and Marie-Christin Falker. "Money laundering through banks in Dubai." Journal of Financial Regulation and Compliance 28, no. 3 (January 20, 2020): 337–52. http://dx.doi.org/10.1108/jfrc-07-2019-0087.
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Purpose The purpose of this paper is to illustrate how illegally obtained funds from Austria, Germany, Liechtenstein and Switzerland are laundered through the banking system in Dubai. Design/methodology/approach The study is conducted using a qualitative content analysis of 60 semi-structured expert interviews with both criminals and money laundering prevention experts, and a quantitative survey of 200 financial sector compliance officers. Findings Some banks in Dubai are highly suitable for all stages of the money laundering process. However, although certain banks have weak compliance mechanisms, others act in an exemplary manner. Research limitations/implications The qualitative findings are based on semi-structured interviews and are limited to the 60 interviewees’ perspectives. Practical implications Identification of gaps in anti-money laundering mechanisms provides compliance officers, law enforcement agencies and legislators with valuable insights into how money laundering criminals operate. Originality/value The existing literature focuses mainly on organizations and the methods they use to combat money laundering. This paper outlines how money launderers operate to avoid detection. Authentic experiences are illustrated. The reader is provided with valuable insights into the minds of money launderers. Both lawful and criminal perspectives are taken into account.
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Hamman, Abraham. "Cave Pecuniam: Lawyers as Launderers." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 15, no. 5 (June 1, 2017): 68. http://dx.doi.org/10.17159/1727-3781/2012/v15i5a2520.
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The attorney’s trust account is an enticing prospect for criminals seeking ways to launder money acquired illegally, and the attorney whose trust account is abused in this way stands to be branded and punished as a money launderer. The overall aim of the article is to identify the dangers which money launderers pose to attorneys and to highlight the need for vigilance in the face of these dangers. It analyses the anti-money laundering reporting obligations imposed on attorneys by the Financial Intelligence Centre Act and considers impact of these obligations upon the attorney-client relationship. Some of the ways in which a law practice may become implicated in the placement, layering and integration stages of the money laundering process are discussed, and cases which deal with attorneys’ involvement in money laundering schemes are presented.
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Aurasu, Anusha, and Aspalella A. Rahman. "Money laundering and civil forfeiture regime: Malaysian experience." Journal of Money Laundering Control 19, no. 4 (October 3, 2016): 337–45. http://dx.doi.org/10.1108/jmlc-08-2015-0033.
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Purpose Money laundering is a complex issue which has been ongoing for many years globally. Developed and developing countries form anti-money laundering regime in the view to combat these ever-challenging criminal activities. Laundering of money involves the hiding and cleaning of “dirty money” derived from unlawful activities. Malaysia has come up with its own regime of anti-money laundering. Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) provides power to forfeit proceeds at the end of proceedings. This paper aims to investigate whether the current civil forfeiture regime in Malaysia is effective in fighting against money laundering. Design/methodology/approach This paper will be based on a doctrinal research where reliance will mainly be on relevant case laws and legislations. AMLATFA is the primary legislation which will be utilised for the purpose of analysis. Findings Despite the enactment of AMLATFA, little study has been carried out on the effectiveness of civil forfeiture regime under Malaysian anti-money laundering laws. Furthering into forfeiture of criminal proceeds, the findings show that forfeiture provisions are the recent law enforcement strategy to fight against crimes. It is implicit that this strategy is more efficient than the conventional approach, which only focused on punishing the individual criminal but failed to diminish the criminal operations as a whole. Originality/value Strengths and weaknesses of AMLATFA are identified where it is less comprehensive in terms of offences covered and standard of proof. With that, this paper analyses the civil forfeiture regime under the Malaysian anti-money laundering laws. This paper would also offer some guiding principles for academics, banks, their legal advisers, practitioners and policymakers, not only in Malaysia but also elsewhere. Anti-money laundering laws can further be improved by being a better and established civil forfeiture regime where Malaysia will be able to discharge its duties well on forfeiting benefits from criminals.
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Brulińska, Małgorzata. "Aspekty prawne przeciwdziałania i zwalczania prania pieniędzy w Polsce. Wyzwanie dla polskich instytucji finansowych." Studia Iuridica 77 (March 20, 2019): 7–22. http://dx.doi.org/10.5604/01.3001.0013.1862.
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This publication consists of two parts: The first part concerns new challenges, which financial institutions will have to meet on the basis of the new act on counteracting money laundering and financing of terrorism (Dz.U. 2018, item 723), which came into force on 13 July 2018 and implement the provisions of Directive of the European Parliament and of the Council (EU) 2015/849 of 20 May 2015 to the Polish legal system. and introduces revised Financial Task Force (FATF) recommendations. The changes are aimed to increasing the effectiveness of the national system of counteracting money laundering and financing of terrorism and will have a significant impact on the functioning of the Polish financial institutions. The second part focuses on presenting long-term challenges in the area of AML (Anti-Money Laundering) / FTR (Financial Transaction Report) that will be faced by Polish financial institutions. The research problem is the question, which legal challenges will appear for the Polish institutions at the time of entry into force of the Act of 1 March 2018 on counteracting money laundering and financing of terrorism and what new challenges will face the legislator (and not only legislator) in the further future.
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Alice Young, Mary. "Dirty money in Jamaica." Journal of Money Laundering Control 17, no. 3 (July 8, 2014): 355–66. http://dx.doi.org/10.1108/jmlc-09-2013-0032.
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Purpose – The purpose of this paper is to examine the current state and future pressures of money laundering on Jamaica and the financial crime connections between the UK and Jamaica. Design/methodology/approach – The paper focuses on the primary data collected from a series of semi-structured interviews with members from the law enforcement and financial services sectors of Jamaica. The main objective of the interviews was to secure a range of opinions concerning the problem of money laundering in the country. Interviewees were selected from the Office of the Director of Public Prosecutions, the Financial Investigation Division of the Ministry of Finance and Planning, the British High Commission and the Financial Services Commission. The names of all subjects shall remain anonymous to protect the privacy of those who were interviewed. Findings – Through the analysis of primary data it will be shown that Jamaica remains vulnerable to money laundering – particularly the proceeds of crime laundered through the remittance sector – despite a legislative overhaul in 2007 to adopt the UK’s Proceeds of Crime Act. Ineffective legislation is most certainly due to generic weaknesses and flaws which are applicable to many Caribbean states, for example, a lack of political will to enforce anti-money laundering regulations, corruption, inadequate police training, lack of resources, a strong remittance sector and geographical positioning along a drug-trafficking route. Originality/value – This paper is the first of its kind to comprehensively analyze the money laundering situation in Jamaica, using detailed first accounts from members of the law enforcement and financial sectors.
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Petritz, Michael, and Cordula Horkel-Wytrzens. "The treatment of Austrian private foundations under the Ultimate Beneficial Ownership Act." Trusts & Trustees 25, no. 6 (July 1, 2019): 650–55. http://dx.doi.org/10.1093/tandt/ttz048.
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Abstract As part of the implementation of the fourth Anti-Money Laundering Directive in Austria, the Wirtschaftliche Eigentümer Register Gesetz, (The Ultimate Beneficial Owner Register Act) was introduced. The main aim of this Act is to provide accurate and up-to-date information on the ultimate beneficial owner (UBO) of entities, trusts, and foundations. This information is seen as a key factor in combating money laundering and terrorist financing. Paragraph 2 of the Ultimate Beneficial Ownership Act defines the UBO, which corresponds to the definition in paragraph 3 subparagraph 6 of the Anti-Money Laundering Directive. In the case of corporate entities, ultimate ownership and control are relevant for determining the UBO. In the case of trusts and private foundations, it is not ownership and control that are relevant for determining the UBO, but the function the person has with respect to the trust/foundation. All definitions have in common that the UBO has to be a natural person. Obliged entities are required to identify and report their UBOs to the register, in the case of a breach of duty/law severe penalties apply.
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Storm, Ansia. "Establishing The Link Between Money Laundering And Tax Evasion." International Business & Economics Research Journal (IBER) 12, no. 11 (October 29, 2013): 1437. http://dx.doi.org/10.19030/iber.v12i11.8181.
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No clear link has yet been made between tax evasion and money laundering although many (or all) of the professionals in this field may have already assumed the relation. The aim of the research that was conducted for the purposes of this article was to explore whether there is a clear link between tax evasion and money laundering. This was done by studying the relevant literature available on both subjects. The findings, that there is a clear link between these two offences, were confirmed not only by analyzing definitions but also, and most importantly, by an overview of court cases and the judgments made in these court cases. In theory, the results have proven that one cannot look at money laundering without considering tax evasion as well but tax evasion does not necessarily constitute the act of money laundering. This is of value to the individuals and organizations working in the field of taxation and organized crime, because when prosecuting a perpetrator on a count of money laundering, by adding the charge of tax evasion to his or her charge sheet, it can strengthen the case against the accused.
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Menz, Mario. "Beyond placement, layering and integration – the perception of trade-based money laundering risk in UK financial services." Journal of Money Laundering Control 22, no. 4 (October 7, 2019): 614–25. http://dx.doi.org/10.1108/jmlc-12-2018-0070.
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Purpose The purpose of this study was to investigate the perception of trade-based money laundering in Letters of Credit (“L/C”) transactions among trade finance practitioners in the UK banking sector and to compare it to the perception of the same risk by the Financial Conduct Authority (“FCA”), the regulator of the UK’s banking sector. Design/methodology A survey was used to carry out research among financial services professionals engaged in trade finance in the UK. Findings This paper contributes to the existing literature in a number of ways. First, it investigates the perception of trade-based money laundering risk from the perspective of financial services professionals, which has not previously been done. Second, it argues that the perception of trade-based money laundering in financial services is overly focussed on placement, layering and integration, and that the full extent of the offence under the Proceeds of Crime Act 2002 is less well known. It further found that financial services firms need to improve their understanding of the nature of trade-based money laundering under UK law. Practical implications This study argues that the financial services sector’s perception of trade-based money laundering risk in trade finance is underdeveloped and makes suggestions on how to improve it. Originality/value It provided unique insight into the perception of trade-based money laundering risk among financial services professionals.
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Maguchu, Prosper Simbarashe. "Money laundering, lawyers and President’s intervention in Zimbabwe." Journal of Money Laundering Control 20, no. 2 (May 2, 2017): 138–49. http://dx.doi.org/10.1108/jmlc-01-2016-0004.
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Purpose This study aims to analyse the effects of the Presidential Powers (Temporal Measures), amendment to the Money Laundering and Proceeds of Crime Act to include legal practitioners under the list of designated non-financial business and professions. Design/methodology/approach The study is a textual analysis of anti-money laundering legislation [anti-money laundering (AML) legislation] within the context of legal practice in Zimbabwe. Findings The amendment put Zimbabwe on the international standard in the fight against money laundering, as legal practitioners have become a soft target for money laundering. Despite its noble aim, in Zimbabwe there is anecdotal evidence that the AML legislation turns lawyers into watchdogs or law enforcement agents. On the contrary, the amendment prevents lawyers from falling to the mercy of organised criminals and money launderers. Furthermore, there is a dearth of empirical research that can demystify the impact of some of the provisions of this law on contested issues, such as legal professional privilege. Research limitations/implications This study aims to outline the rationale for anti-money laundering policy and law. This study will analyse how the issue has been approached in other jurisdictions such as England and Wales. The paper will then try to establish coherent principles in the prevention of money laundering. This study will also suggest a number of recommendations as to how Zimbabwe could approach some of the issues while still considering the need to balance competing influences of legal privilege and money laundering regulations. Practical implications The paper will bring this issue to the fore and initiate an informed debate, as well as provide practical talking points for legal practitioners to embrace the AML regime and to engage policymakers on the issues that need reform. Originality/value This paper provides the first in depth analysis of the money laundering legislation in the legal fraternity in Zimbabwe and goes to offer practical tips and entry points on the application of the regulations or for advocacy towards any reform as might be needed.
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Syed Mustapha Nazri, Sharifah Nazatul Faiza, Salwa Zolkaflil, and Normah Omar. "Mitigating financial leakages through effective money laundering investigation." Managerial Auditing Journal 34, no. 2 (February 4, 2019): 189–207. http://dx.doi.org/10.1108/maj-03-2018-1830.
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Purpose This paper aims to conduct a comparison on the effectiveness of the law enforcement agencies (LEAs) of Australia and Malaysia in investigating money laundering cases by looking into the legal system and operational issues faced in conducting the investigation. Design/methodology/approach The purpose of this paper is to review and analyze the data collected from the Financial Action Task Force (FATF) Mutual Evaluation Report, focusing on the information outlined in the third chapter. The legal system and operational issues cover the area of technical compliance and effectiveness compliance, which were introduced in the latest FATF Evaluation Methodology issued in 2013. Findings The results show that both countries have the power needed to investigate money laundering and terrorism financing under their respective Anti-Money Laundering Act. However, Australia is seen to have a better investigative support system to assist LEAs during the investigation process. This explains the reason for difficulties in increasing the number of prosecutions for money laundering and terrorism financing cases. Hence, improvement actions are needed in curbing this issue. Practical implications The result suggests that Malaysia should strengthen the cooperation, coordination and capacity among LEAs to ensure effective targeting, investigation and prosecution of money laundering. The government should also revise the money laundering investigation time frame and broaden the power of LEAs in retrieving information during the investigation process. Malaysia should also enhance the investigative support system, which will be helpful for LEAs in gathering sufficient evidence to support their money laundering charges. Unlimited power in gathering evidence is prominent to charge money launders as it helps to gather information required for prosecution. Originality/value Prior literature focuses on the prevention mechanism, where this paper aims to focus on detection and investigation mechanism focusing on money laundering investigation conducted by LEAs. Lack of study on money laundering investigation calls for this research to be done to understand the strengths and weaknesses to improve its effectiveness in the future.
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Wang, Hsiao‐Ming, and Dan T. E. Chan. "A review of Taiwan's money laundering control act of 1997." International Journal of Comparative and Applied Criminal Justice 27, no. 1 (March 2003): 107–16. http://dx.doi.org/10.1080/01924036.2003.9678703.
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Sanjaya, Aditya Wiguna, I. Nyoman Nurjaya, Prija Djatmika, and Masruchin Ruba'i. "Sociological implication of pro parte dolus pro parte culpa form of fault in the formulation of passive money laundering." Research, Society and Development 9, no. 11 (November 25, 2020): e53991110323. http://dx.doi.org/10.33448/rsd-v9i11.10323.
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This research determines and analyzes the sociological implications of the provisions of the passive money laundering in Article 5 paragraph (1) of Law Number 8 of 2010 concerning the Prevention and Eradication of Money Laundering formulated in pro parte dolus pro parte culpa form of fault. Normative legal research with the statute and conceptual approaches was used. The results showed that the sociological implication of the formulation of provisions in question is that it can cause state budget overspending for disproportionate interests. With the existence of a large state budget expenditure, especially for the implementation of imprisonment against the criminal act of negligent passive money laundering, the state budget which should be used for the welfare of the community is reduced.
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Nugroho, Nur. "ANALISIS TERHADAP PENCEGAHAN TINDAK PIDANA PENCUCIAN UANG OLEH BANK BNI DI TINJAU DARI UNDANG UNDANG NOMOR 8 TAHUN 2010 TENTANG TPPU." JURNAL MERCATORIA 9, no. 2 (June 7, 2017): 119. http://dx.doi.org/10.31289/mercatoria.v9i2.435.
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Formally, the prevention and eradication of criminal acts of money laundering in Indonesia began on 17 April 2002, ie when the enactment of Law No. 15 of 2002 on Money Laundering. Before the enactment of this Act phases of prevention of money laundering have been done but its scope is limited to banking. This can be demonstrated through a set of regulations issued by the banking authority, better known as Bank Indonesia Regulation concerning Know Your Customer. Urgency of this arrangement, of course based on solid arguments, especially regarding the impact of the money laundering activity in the economy and to meet the principles of effective bank supervision. Money laundering can undermine the national economy as it is very closely linked to the belief that one or another country against the policy of the State. Usually money laundering illicit money was made by mixing with legitimate money so that a legitimate business will not compete with companies who are honest, undermining the integrity of the financial markets due to the financial institutions (financial institutions) even rely on the proceeds of crime can face the danger of liquidity; resulting in a loss of government control of the economy of a country whose policies result in lack of confidence in other countries against its policies. This research was conducted in Bank BNI Cabang USU. In conducting the study, researchers conducted a study of documents about matters relating to the Prevention of Money Laundering. Fields that deal with money laundering in Bank BNI Cabang USU is the Compliance Division, in line with the needs after the end of 2015, the field of prevention is replaced by the Internal Controls under direct by branch managers. In carrying out its supervisory duties USU Bank BNI has implemented Law No. 8 of 20110 on AML with Bank Indonesia Regulation No. 11/28 / PBI / by applying the principle to know the Customer and step in stages in accordance with Circular No. 11/31 / DPNP Year 2009 Standard Guidelines for the Implementation of Anti-Money Laundering and Combating the Financing of Terrorism for Banks<br /><br />
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Narayan, Shannu. "Anti-Money Laundering Law in India: A ‘Glocalization’ Model." Statute Law Review 40, no. 3 (April 18, 2018): 224–35. http://dx.doi.org/10.1093/slr/hmy005.
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Abstract The move towards harmonization of International Anti-Money Laundering (AML) regimes has attained importance during the last two decades and has been almost universally adopted by the international community. Member States of the United Nations, and Inter-governmental Organizations like the Financial Action Task Force (FATF), have criminalized money laundering, and many of them have set up specialized agencies to combat it. Money laundering is the life blood of all transnational crimes. Illicit/illegitimate money is integrated and reinvested into the legitimate financial system, which in turn facilitates commission of further transnational crimes. The term ‘glocalization’ describes the locally embedded nature of transnational crime. India’s AML law regime is a perfect example of adopting a glocalization model which is manifested through various amendments carried out to the principal Act to align it with international standards and policies.
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Waris, Attiya, and Laila Abdul Latif. "The effect of tax amnesty on anti-money laundering in Bangladesh." Journal of Money Laundering Control 17, no. 2 (May 6, 2014): 243–55. http://dx.doi.org/10.1108/jmlc-04-2013-0011.
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Purpose – The article aims to rely on the global wealth chains theory to study the effect of tax amnesty on anti-money laundering (AML) in Bangladesh. This theory is an analytical framework intended to identify how wealth is repackaged and disguised to move it out of spheres of state oversight, regulation and taxation. It introduces the law on AML in Bangladesh, pointing out the revised Financial Action Task Force (FATF) recommendation that has expanded the scope of money laundering predicate offences to cover both indirect and direct tax crimes and smuggling in relation to customs and excise duties and taxes. Design/methodology/approach – Interviews in Bangladesh and desk research. Findings – There are some gaps in the scope of the offence, the coverage of predicate offences and the types of property covered by the money laundering offence. There is also an absence of financial penalties available to effectively sanction legal persons. The current money laundering offences are derived from the ordinance issued in 2008 by the caretaker government (2006-2008). The current act contains detailed definitions of money laundering and property and a list of predicate offences and sanctions for the offence. However, there are some gaps in the physical elements of the offence, and the range of its predicate offences remains too narrow. Adding tax evasion to its list of predicate offences will, given the history of money laundering in Bangladesh, aid in combating illegal transfer of assets abroad and recovery of the same and abolish tax amnesty. Originality/value – There is no paper that has analysed the linkages between money laundering and taxation in developing countries, especially Bangladesh.
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Aurasu, Anusha, and Aspalella Abdul Rahman. "Forfeiture of criminal proceeds under anti-money laundering laws." Journal of Money Laundering Control 21, no. 1 (January 2, 2018): 104–11. http://dx.doi.org/10.1108/jmlc-04-2017-0016.
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Purpose Money laundering has been a focal problem worldwide. Governments constantly come up with initiatives to fight against this offence. To clean proceeds of corruption, the laundering of money is utilised, as it transforms “dirty” money into “clean” ones. A comparative analysis between Malaysia’s Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) and United Kingdom’s Proceeds of Crime Act (POCA) is performed on the basis of the similarities and differences of both legislations, in terms of forfeiture provisions. The purpose of this paper is to investigate whether the current forfeiture regime in both jurisdictions is effective in fighting against money laundering. Design/methodology/approach This paper is based on a doctrinal research where reliance will mainly be on relevant case laws and legislations. AMLATFPUAA and POCA are key legislations which will be utilised for the purpose of analysis. Findings Strengths and weaknesses of both AMLATFPUAA and POCA are identified through a comparative analysis where findings show that POCA is more comprehensive than AMLATFPUAA in terms of offences covered by it and standard of proof. With that, the anti-money laundering (AML) laws can further be improvised by being a better and efficient regime where Malaysia and United Kingdom will be able to discharge their duties effectively on forfeiting benefits from criminals. Originality/value This paper offers some guiding principles for academics, banks, their legal advisers, practitioners and policy makers, not only in Malaysia but also elsewhere.
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Gil Soriano, Alberto. "Spain: financial ownership file and money laundering prevention." Journal of Money Laundering Control 19, no. 3 (July 4, 2016): 238–48. http://dx.doi.org/10.1108/jmlc-10-2014-0030.
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Purpose This paper aims to analyse the legal configuration of the Spanish financial ownership file and identifies its main legal shortcomings and its necessity and proportionality. Design/methodology/approach The primary and secondary sources of information on which this paper is based are statutes and reports issued by Spanish consultative bodies, respectively. Article 43 of Act 10/2010 of 28 April on the prevention of money laundering and terrorist financing created the “financial ownership file”, a publicly owned personal data file containing information on the opening and cancellation of all types of financial accounts. The recently enacted Royal Decree 304/2014 of 5 May approving the Regulations of Act 10/2010 contains further guidance. Findings The objective of the financial ownership file is laudable, but the way it has been configured creates new obligations that it could be argued are unnecessary as there are already mechanisms in place to obtain the information in question. The recently enacted regulations raise concerns to the author about access rights, data protection and monitoring, among other aspects. Originality/value This paper provides a comprehensive analysis of the Spanish financial ownership file, a topic not yet explored in great detail, and could be useful for other legislatures intending to implement similar systems in their countries.
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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.
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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
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Kusnedi, Kusnedi. "PENERAPAN UNSUR TINDAK PIDANA PENCUCIAN UANG YANG BERASAL DARI HASIL TINDAK PIDANA NARKOTIKA PADA TINGKAT PENYIDIKAN (Studi Pada BNNP dan Ditresnarkoba Polda Sumbar)." UNES Law Review 2, no. 4 (August 14, 2020): 208–419. http://dx.doi.org/10.31933/unesrev.v2i4.133.
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The crime of money laundering does not stand alone because the assets placed by integration are obtained from a crime. The investigator has the authority to submit an application to the District Court so that the court decides assets that are known or reasonably suspected to be the result of narcotics crime being assets of the State or returned to those entitled under Article 137 letter (a) of Law Number 35 Year 2009 regarding Narcotics, Article 3, 4, and 5 paragraph (1) of Law Number 8 of 2010 concerning the prevention and eradication of criminal acts of laundering. This has an impact on pinyidik at BNNP and the Directorate the West Sumatra Regional Police in proving the element of money laundering which is allegedly the result of narcotics crime. Application of elements of laundering money derived from proceeds of crime, narcotics based on Article 137 (a) Law of the Republic of Indonesia Number 35 Year 2009 on Narcotics, Articles 3, 4, and 5, paragraph (1) of the Act Republic of Indonesia Number 8 Year 2010. Constraints are faced by investigators BNNP namely: a) Constraints internal factors, and b) constraint factors external. Efforts were made to overcome the obstacles by the investigation BNNP, namely: a) attempts to overcome internal factor constraints faced by investigators BNNP in combating money laundering based narcotic crime, and b) the efforts made to overcome external factor constraints by BNNP investigators in eradicating money laundering which is based on narcotics crime.
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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.
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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.
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Hamin, Zaiton. "Recent changes to the AML/CFT law in Malaysia." Journal of Money Laundering Control 20, no. 1 (January 3, 2017): 5–14. http://dx.doi.org/10.1108/jmlc-04-2015-0013.
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Purpose The aim of this paper is to examine some of the recent changes to the old anti-money laundering and anti-terrorism financing law, which is now known as the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The paper will highlight the newly consolidated money laundering offences and the newly created offences including structuring of transactions or “smurfing”. Also, the transgression of cross-border movement of cash and negotiable instruments and tipping off about a money laundering disclosure will be assessed. Design/methodology/approach The paper uses a doctrinal legal research and secondary data, with the new AML/CFT legislation as the primary source. For comparative analysis, legislations in the UK, Australia and New Zealand are also examined. Secondary sources include case law, articles in academic journals, books and online databases. Findings The review of the AML/CFT law is timely and indicates the Malaysian government’s efforts to adhere to international standards set by the financial action task force. However, it is imperative that the Malaysian government addresses the remaining instrumental and normative deficiencies in the AML/CFT law to ensure that the recent legal changes are sufficiently comprehensive to prevent and regulate money laundering and terrorist financing within Malaysia. Originality/value This paper is a useful source of information for legal practitioners, academicians, law enforcement, policymakers, legislators, researchers and students.
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Rowe, Mark. "A difficult balancing act: the Samoan experience with money laundering regulation." Journal of Money Laundering Control 24, no. 3 (June 26, 2021): 502–13. http://dx.doi.org/10.1108/jmlc-08-2020-0096.
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Purpose This paper aims to examines the trade-offs that Small Island Developing States (SIDS) must make in navigating an inappropriate elite-driven global anti-money laundering anti-money laundering/countering the financing of terrorism (AML-CFT) order. This paper examines the case of Samoa, an under-researched Pacific Island nation. It is hoped that this paper will have a wider resonance for policymakers from other developing nations facing similar challenges. Design/methodology/approach It draws on the latest Samoan domestic source material and Asia/Pacific Group on Money Laundering Mutual Evaluation Reports to highlight the difficult balancing act that SIDS face in complying with complex global norms within their limited regulatory capacity and competing development priorities of financial inclusion and affordable remittance flows. Findings Samoa and other SIDS in balancing the existential risks of “blacklisting” with the significant regulatory opportunity costs of compliance undertake an expensive form of AML-CFT window-dressing. Policymakers need to be more sensitive to the needs and regulatory opportunity costs of small jurisdictions, particularly when questions about the effectiveness of the AML-CFT remain open. Research limitations/implications The author notes Samoa’s offshore center’s role in raising its risk profile. However, owing to this paper's limited scope offshore center (OFCs) will not be explored in depth. Further research is needed in this area. Originality/value There is a dearth of contemporary academic research into AML-CFT regulation in the South Pacific and Samoa specifically. This paper presents through its Samoan case study insights into the cost-benefit calculations that small jurisdictions must make in seeking to comply with elite global AML-CFT norms vis-à-vis competing policy goals such as financial inclusion and ready access to remittance flows.