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1 – 10 of over 2000
Article
Publication date: 23 October 2007

He Ping

The purpose of this paper is to analyze the merits and disadvantages of the law of the People's Republic of China on antimoney laundering.

686

Abstract

Purpose

The purpose of this paper is to analyze the merits and disadvantages of the law of the People's Republic of China on antimoney laundering.

Design/methodology/approach

The paper describes the main contents contained in the newly adopted law of the People's Republic of China on antimoney laundering, celebrates the enactment of the law and points out the gap still remaining between Chinese legislation and international standards.

Findings

The enactment of the law of the People's Republic of China on antimoney laundering is of vital significance. Based on the international experience in the fight against money laundering, Chinese antimoneylaundering legislation has made considerable progress. Its shortcomings, however, are also evident.

Originality/value

This paper presents a comprehensive description of, and comments on, the law of the People's Republic of China, which would be beneficial to the legislature.

Details

Journal of Money Laundering Control, vol. 10 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 19 June 2007

TieCheng Yang and Nan Zhang

The aim of this paper is to outline some key features of China's new rules on antimoney laundering.

695

Abstract

Purpose

The aim of this paper is to outline some key features of China's new rules on antimoney laundering.

Design/methodology/approach

This paper describes the expanded definition of “antimoney laundering”; the application of the rules to a broader group of financial institutions; the three required antimoney laundering systems (client identity recognition, retention of client identity documents and trading records, and reporting of large‐sum transactions and suspicious transactions); the expected manner of antimoney laundering investigations by the People's Bank of China; liabilities for breach; and antimoney laundering regulations in the insurance and securities sectors.

Findings

The paper finds that new antimoney laundering rules expand the definition of “antimoney laundering” broaden the scope of institutions to which antimoney laundering regulations apply, and establish more stringent requirements for the three key internal antimoney laundering systems that financial institutions and certain non‐financial institutions must have: client identity recognition, retention of client identity documents and trading records, and reporting of large‐sum transactions and suspicious transactions. Compared to the old rules, the new antimoney laundering rules impose more serious punishment on violations.

Originality/value

The paper provides a detailed and readable reference on the new Chinese antimoney laundering regulations for those working in the China market and those who wish to compare these Chinese regulations with similar ones in other countries.

Details

Journal of Investment Compliance, vol. 8 no. 2
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 7 October 2019

Lisanawati Go and Njoto Benarkah

This paper aims to explore the obstacles that the ethical guidelines of legal professionals pose in the implementation of an effective anti-money laundering regime…

304

Abstract

Purpose

This paper aims to explore the obstacles that the ethical guidelines of legal professionals pose in the implementation of an effective anti-money laundering regime, established in the law on anti-money laundering in Indonesia. Some compliance schemes have been developed to integrate the participation of gatekeepers in anti-money laundering efforts, but the solution to mitigate the challenges must be implemented through the participation of the legal profession.

Design/methodology/approach

The study uses a qualitative research methodology, including a triangulation of interviews with relevant experts, literature review and analysis of regulations. A deductive approach is employed to analyse the data.

Findings

The legal profession’s ethical regulations and laws were considered to be the cause for the Indonesian Government’s inability to implement the anti-money laundering regime. The findings show two practical solutions that could be implemented: A government policy for the amendment of the anti-money laundering law and organizational policy to increase support for the anti-money laundering regime; and active participation of legal professionals in an effective anti-money laundering regime in Indonesia.

Originality/value

This study provides insight into the participation of the legal profession in anti-money laundering efforts.

Details

Journal of Money Laundering Control, vol. 22 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 2 January 2009

Güneş Okuyucu

The purpose of this paper is to analyze the antimoney laundering legislation and its implementation under Turkish law. The steps taken to combat money laundering in…

1056

Abstract

Purpose

The purpose of this paper is to analyze the antimoney laundering legislation and its implementation under Turkish law. The steps taken to combat money laundering in Turkey and the importance of combating money laundering for Turkey are also analyzed in the paper.

Design/methodology/approach

In the paper the main features of the Turkish antimoney laundering laws and regulations of general and specific nature, as well as the authorities and implementations of the Turkish antimoney laundering authority, namely the Financial Crimes Investigation Board (Mali Suçlar Araştırma Kurulu – MASAK), are analyzed.

Findings

Combating moneylaundering has a particular importance for Turkey in the achievement of its goal of becoming a European Union member. Having examined the Turkish antimoney laundering legislation and its implementation, it can be mentioned that certain major steps have already been taken by Turkey as a candidate for the European Union accession and as a member to several international conventions against money laundering.

Originality/value

In the paper the main features of the Turkish antimoney laundering laws and regulations of general and specific nature, as well as the authorities and implementations of the Turkish antimoney laundering authority are analyzed. The paper underlines the importance of combating money laundering for Turkey in order to become a member of the European Union.

Details

Journal of Money Laundering Control, vol. 12 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 January 2006

Ping He

To call for the legislature to pay more attention to the professional laundering and to improve the capability to attack money laundering.

2674

Abstract

Purpose

To call for the legislature to pay more attention to the professional laundering and to improve the capability to attack money laundering.

Design/methodology/approach

By describing the phenomena that money laundering crimes nowadays often involves lawyers, notaries and accounts, to analyze the necessity and rationale of bringing these professionals under the obligations of antimoney laundering, and to present a reasonable solution to the contradiction between professional privilege and antimoney laundering obligations.

Findings

In order to keep a balance between the fight against money laundering and the protection of professional privilege, we should make a difference among the professional activities: when professional activities are linked judicial proceedings or in the course of ascertaining the legal position of clients, they would be exempted from the obligation of antimoney laundering; when they perform financial or company law activities, they should assume antimoney laundering obligations.

Originality/value

This paper presents a reasonable solution to the contradiction between professional privilege and antimoney laundering obligations, which would be beneficial to the legislature.

Details

Journal of Money Laundering Control, vol. 9 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 17 February 2022

Olusola Joshua Olujobi and Ebenezer Tunde Yebisi

This study aims to investigate the Federal Government’s failure to combat money laundering and terrorism financing and the various hurdles to enforce the Money Laundering

Abstract

Purpose

This study aims to investigate the Federal Government’s failure to combat money laundering and terrorism financing and the various hurdles to enforce the Money Laundering (Prohibition) Act, 2012 (as amended), effectively, which prohibits illegal earnings criminally induced investments in and out of Nigeria. This has had an impact on the country’s economic potential and its image in the international community. Despite many anti-corruption laws criminalising money laundering and terrorism financing, it is rated among the nations with the highest poverty index despite its immense natural resources.

Design/methodology/approach

This study uses a conceptual legal method to help a doctrinal library-based investigation by using existing material. This study also makes use of main and secondary legislation, such as the Constitution, the Money Laundering (Prohibition) (Amended) Act 2012 and the Terrorism (Prevention) Act 2013 (as amended), as well as case law, international conventions, textbooks and peer-reviewed publications. A comparison of anti-money laundering legislation in Canada, the UK, Hong Kong, China and Nigeria was conducted, with lessons learned for Nigeria’s anti-money laundering and anti-terrorism financing laws. According to the findings, the Act is silent on the criminal use of legitimate earnings to fund terrorism and cultism.

Findings

There is no well-defined legal framework for asset recovery and confiscation. In Nigeria’s legal system, this evident void must be addressed immediately. To supplement existing efforts to prevent money laundering, the research develops a hybrid model that incorporates the inputs of government representatives and civil society organisations. This study suggests a complete revision of the Act to eliminate ambiguity and focus on the goals of global anti-money laundering and anti-terrorist funding restrictions.

Research limitations/implications

One of the limitations of this study is the paucity of literature and data on money laundering and terrorist financing in Nigeria due to the secrecy around the crimes, which do not give room for the collection of statistical data and due to the transactional nature of the crimes. This is not to submit that no attempts have been made in the past or recent times to quantify the global value of money laundering and its effects on Nigeria’s economy. Such attempts have been inconclusive and inaccurate.

Practical implications

The dearth of records on the magnitude of money laundering in Nigeria has limited generalising the research findings due to the limited access to some required information. However, this study is suitable for adoption in other sectors of the economy in dealing with clandestineness in money laundering and terrorism financing. Future researchers are commended to use the quantitative assessment method to appraise the effects of money laundering and terrorist financing laws and policies in Africa to supplement the current literature in the field.

Originality/value

The research develops a hybrid model that incorporates the inputs of government representatives and civil society organisations. This study suggests a complete revision of the Act to eliminate ambiguity and focus on the goals of global anti-money laundering and anti-terrorist funding restrictions.

Details

Journal of Money Laundering Control, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 7 October 2019

Ronald F. Pol

This paper aims to increase the transparency of information in official anti-money laundering rating data to assist evidence-informed decision-making in compliance…

Abstract

Purpose

This paper aims to increase the transparency of information in official anti-money laundering rating data to assist evidence-informed decision-making in compliance, policy-making and research.

Design/methodology/approach

This paper converts anti-money laundering rating data into information-rich visualisations, reintroduces a comparison methodology and ranks all anti-money laundering regimes evaluated to date.

Findings

Official anti-money laundering ratings as currently structured and presented offer surprisingly little policy-relevant information. Persistent failure to transform available data into information for knowledge and insight suggests that the risk has been realised that impressionistic judgments or politicised interests drive the policy agenda at least as much as objective evidence or substantive economic and social goals.

Practical implications

Any reluctance to generate policy-relevant information from the industry’s primary data set or disinclination to engage constructively with a growing body of independent critical policy effectiveness evidence calls into question whether implementing anti-money laundering controls with some prospect of achieving substantial societal benefits, or perpetuating the current system, prevails.

Originality/value

With a dearth of scholarship at the intersection of money laundering and policy effectiveness scholarship and practice, this paper combines elements of these disciplines and examines anti-money laundering effectiveness from a different viewpoint. Rather than seeking to measure money laundering or estimate the proportion of criminal proceeds successfully intercepted, this paper draws directly from the anti-money laundering industry’s own “main” data set.

Details

Journal of Money Laundering Control, vol. 22 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 3 October 2016

Ahmad Mohammad Abdalla Abu Olaim and Aspalella A. Rahman

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…

Abstract

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.

Details

Journal of Money Laundering Control, vol. 19 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 8 August 2008

Alexandra V. Orlova

The purpose of this paper is to cut through the rhetoric that shrouds Russia's antimoney laundering regime to uncover the reality that lies beneath.

Abstract

Purpose

The purpose of this paper is to cut through the rhetoric that shrouds Russia's antimoney laundering regime to uncover the reality that lies beneath.

Design/methodology/approach

This paper relies on both primary and secondary sources in Russian and English that deal with the problems of money laundering in the Russian context. Relevant sections of the Russian Criminal Code as well as Russia's antimoney laundering regulations have been consulted.

Findings

Overall, the Russian antimoney laundering regime has thus far proved ineffective in terms of meeting its stated purposes of combating organized crime and terrorism. Its limited success stems largely from structural weaknesses in the Russian banking system as well as that industry's lack of a culture of regulatory compliance. Moreover, Russian authorities have opportunistically seized on the current antimoney laundering regime as a useful tool in the pursuit of ends unconnected to the fight against organized crime and terrorism. The Russian authorities have used the regime to attempt to reform the banking system and to extend their strategic control in the domestic political and business realms. The ineffectiveness of the antimoney laundering regulations and their usage to achieve ulterior aims undermine the legitimacy of the regime as a whole.

Originality/value

The paper looks beyond the technical difficulties in applying the antimoney laundering regulations and examines the misuses of the antimoney laundering regime in the Russian context. However, the problems raised in the paper are not unique to Russia and have relevance to other jurisdictions, especially countries that are members of the Financial Action Task Force.

Details

Journal of Money Laundering Control, vol. 11 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 23 March 2020

Kalle Johannes Rose

Recent research has emphasized the need for engaging non-financial companies in combating money laundering for the efforts to be efficient and effective. To incentivize…

Abstract

Purpose

Recent research has emphasized the need for engaging non-financial companies in combating money laundering for the efforts to be efficient and effective. To incentivize engagement, several options are available, such as regulation, voluntary disclosure or commitment to international principles such as the United Nations (UN) Global Compact. The purpose of this paper is to analyze how anti-money laundering fits the aim of the UN Global compact and how anti-money laundering can support the other principles of the UN Global Compact. Furthermore, this paper addresses the necessity to include anti-money laundering in the core principles to reach the overall goal of sustainability by the UN Global Compact. Such an inclusion will incentivize the signatories of the UN Global Compact to include anti-money laundering as a part of their social responsibilities, helping the financial sector in combating money laundering.

Design/methodology/approach

The methodology of this paper is a functional approach to law and economics. It seeks to enhance the efficiency of the regulatory framework combating money laundering by including economic incentive theory and addressing new areas of law.

Findings

The paper finds a strong relationship between the UN Global Compact and anti-money laundering. Furthermore, it is concluded that it is necessary to include anti-money laundering as a core principle in the UN Global Compact if the Global Compact is to be efficient and effective in terms of its sustainability goals. The reason being that money laundering to a great extent supplies operational finances to the illegitimate sector related to core issues of the UN Global Compact such as human trafficking, child labor and corruption.

Originality/value

The paper identifies a significant missing element with regard to the core principles of the UN Global Compact. Although most research within anti-money laundering concerns the financial sector and thereby does not address the UN Global Compact, the focus of this paper is the link between anti-money laundering and the UN Global Compact. Furthermore, most research related to the UN global compact does not connect the core principles to the illegal financing of the businesses contradicting the principles. This paper addresses both of the neglected areas and combines them to improve the overall combating of money laundering while supporting the UN Global Compact sustainability goal.

Details

Journal of Money Laundering Control, vol. 23 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

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