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Pakistan is facing the momentous hazard of money laundering and a substantial risk of terror financing, which are seriously threatening its socioeconomic well-being. The purpose of this paper is to gauge the challenges posed by these threats in contrast with the existing potential and expertise of legal entities. It also examines legal and procedural measures enforced as a counter-strategy for terror financing and money laundering and the AMLA 2010 and National Action Plan (NAP) for countering terrorism financing.

This paper uses an analytical and comparative method using figures and comparative data on the success of the NAP and AMLA 2010 as national counterterrorism strategies. Terror financing and anti-money laundering regimes are confronted with grave legal and procedural odds, noncooperation and performance issues and conflicts of interest on the part of the enforcers/politicians. This paper highlights the issues that seriously jeopardize strategies to stop money laundering and terror financing, such as geography, informal financial transfers and exchange systems, un-regulated charities and real estate sectors, the modest performance of enforcement agencies and lukewarm political support for the NAP.

The situation requires the improvement of weak legislation and poor coordination and the adaptation of technological advancements and novel counter-strategies, along with properly trained enforcement personnel.

This paper will prove to be a valuable reference for exploring the shortcomings and insights. This will provide useful information for legal and financial practitioners, academicians, research scholars, policymakers and journalists.

Kenya has made little progress in its endeavor to categorize lawyers as designated non-financial businesses and professionals (DNFBPs), despite making spirited attempts in 2007, 2018 and lately in 2019. The legal professionals are, therefore, not bound by the reporting and other stringent obligations imposed by the Financial Action Task Force (FATF) to deter possible misuse by money launderers. The purpose of this paper, therefore, is to enumerate the ongoing efforts toward designating lawyers as DNFBPs in Kenya. The paper also assesses the institutional and legislative incentives (as well as barriers) for imposing the anti-money laundering (AML) duty thereto.

The paper provides a qualitative review of Kenya’s AML legislative framework and the potential support/hindrance to imposing the AML duty on lawyers. Also, this paper provides a suggestion for possible solutions.

The legislative framework in Kenya has outlawed money-laundering, and lawyers can be compelled to disclose confidential information observed in the course of employment if it embodies crime or fraud. Thus, imposing the AML obligation on lawyers is nothing out of the ordinary, rather a mere creation for a formal disclosure mechanism. However, this paper also revealed divergent views that merit reconciliation for the seamless designation of lawyers.

To enhance the legislative framework in Kenya, the paper borrows from the FATF’s Interpretive Note to Recommendation 23 and suggests a practical solution to the apparent conflict between the legal professional privilege and the AML duty.

Recent research shows that because of money-laundering risks, there has been an increase in the off-boarding of certain types of corporate clients in the financial sector. This phenomenon known as “de-risking” has been argued to have a negative impact on society, because it increases the possible risk of money laundering. The purpose of this paper is to analyze whether the de-risking strategy of financial institutions results in an expansion of the regulatory framework concerning anti-money laundering focusing on off-boarding of clients and, if so, is there a way to avoid further regulation by changing present behavior.

This paper applies functional methods to law and economics to achieve higher efficiency in combating money laundering.

In this paper, it is found that the continuing of de-risking by financial institutions because of the avoidance strategy of money-laundering risks will inevitably result in further regulatory demands regarding the off-boarding process of clients. The legal basis for the introduction of further regulatory intervention is that some of the de-risking constitutes a direct contradiction to the aim of the present regulatory framework, making the behavior non-compliant to the regulation.

There has been very little research concerning de-risking related to money laundering. The present research has focused on the effect on society and not the relationship between the financial institutions and the regulator. This paper raises an important and present problem, as the behavior of the financial institutions constitute a response from the regulator that is contradicting the thoughts behind the behavior of the financial institutions. It is found that the paper is highly relevant if an expansion of regulation is to be hindered.

The purpose of this paper is to determine whether anti‐money laundering measures are capable of providing a solution to the growing problem of public sector corruption in Iraq and, if so, the extent to which changes are required to the current Iraqi AML regime to enhance its effectiveness against such corruption.

This paper will initially explore the growing problem of public sector corruption in Iraq and the measures taken to address such corruption. Subsequently, the corruption‐money laundering relationship and the ability of AML measures based on prevailing international standards to serve as an anti‐corruption tool will be analysed. Finally, the current Iraqi AML regime will be examined to observe whether and to what extent changes are required to enhance its effectiveness against public sector corruption.

Considering the widely acknowledged nexus between corruption and money laundering, a robust AML regime can be effectively utilised by Iraq to combat endemic public sector corruption. This regime must involve a system where financial institutions at their own expense monitor transactions and file suspicious transaction reports with the Iraqi Money Laundering Reporting Office. This, in turn, must identify cases from those suspicious transaction reports that require further investigation by Iraqi anti‐corruption bodies and other law enforcement authorities, who should be empowered to investigate, freeze, seize and confiscate the suspected corrupt proceeds. Such a regime would provide a clear avenue for the obtaining of financial intelligence capable of exposing corruption, thereby addressing the fundamental issue presently encountered by Iraqi anti‐corruption bodies. Amendments are, however, needed to Iraqi anti‐money laundering laws to enhance their effectiveness in combating public sector corruption. Most importantly, financial institutions must be required to apply enhanced customer due diligence measures to domestic politically exposed persons.

This paper is a result of a remote analysis of material published in relation to the subject matter of the paper. Local and regional analysis (e.g. including interviews with the relevant agencies) would be required to confirm the practicality of the propositions made in the paper. Further, the draft version of the revised Iraqi anti‐money laundering law was not examined in an in depth manner due to the uncertainty in its status, including, in particular, whether it has been submitted to the Council of Representatives for approval.

Although the topics of corruption in Iraq, the Iraqi AML regime and the corruption‐money laundering relationship have been the subject of academic analysis, the related topics have not collectively been examined to determine whether, and to what extent, the Iraqi AML regime can address the rapidly growing problem of public sector corruption in Iraq. Accordingly, the findings in this paper will be of interest to Iraqi lawmakers, Iraqi law enforcement agencies, Iraqi financial institutions and investors in Iraq, particularly in the oil and gas industry.

Describes some aspects of money laundering through the lens of systems terminology. Claims that this approach can give insights beyond those of the conventional “linear” methodologies, and gives the American dominance of the Financial Action Task Force as an example. Sees money laundering and anti‐money laundering as coupled activities, subsystems each of which stimulates the other to expand its own powers within its particular domain, so that the harder that anti‐money laundering pushes, money laundering pushes back. Relates this to how the suspicious transaction reporting system works in the Greek context and recommends improvements. Argues that anti‐money laundering is not a “solution” to the “problem” of money laundering, and that there can be no solution: money laundering is as old as money itself.

This study aims to investigate the behavior of investigating officers in performance of their official duties of conducting inquiries and investigations of money laundering cases and their views about real problems and issues encountered during such investigations.

In total, 15 interviews were conducted with Inland Revenue Service (IRS) investigating officers and money laundering experts, whose responses were subjected to qualitative content analysis. Observation method was also used by the researcher during the whole process of investigation in multiple cases of money laundering investigations. Rationale for conducting qualitative study is to acquire original information from respondents which may not have been possible through a closed-ended questionnaire.

Findings of the study reveal that change in the behavior of investigating officers may result in better performance by way of conducting money laundering investigations in an effective and efficient manner. And the behavior of investigating officers may be changed by addressing the problems and issues encountered by them while at work and conducting anti money laundering investigations, better performance of investigating officers may result in better performance of investigating agency which may portray better image of the government in combating against terrorism financing and money laundering.

Findings of the study are limited to the perspectives of 15 interviewees. For this reason, it is probable that a study with a larger sample conducted in other offices of IRS Intelligence as well as other investigating agencies could have provided different or more concrete results.

Evidently, the addressal of such issues may invariably enhance the effective enforcement of money laundering activities by way of improving the performance of investigating officers in performance of their duties relating to money laundering investigations. It also provides legislators and money laundering investigating agencies with valuable insight into the whole process of money laundering investigations and challenges encountered by investigating officers. By enhanced understanding the specific problems of investigations, the enabling authorities should be able to more effectively combat both money laundering and terrorism financing.

This is the first study, to the best of the author’s knowledge, which tries to explain the behavior of investigating officer toward their work and their perceived understanding of the problems being faced while conducting investigations in money laundering.

The purpose of this paper is to provide some empirical findings on the predicaments of lawyers’ anti-money laundering (AML) compliance in Malaysia and the rationales for such predicaments.

This paper adopts a qualitative research in which the primary data are obtained from seven case studies involving legal firms within the Klang Valley, Selangor, Malaysia, which is triangulated with the data from the Central Bank and the Malaysian Bar Council.

The authors contend that despite the vulnerability of their profession to money laundering, the level of awareness of the AML obligations amongst Malaysian legal practitioners is rather minimal. Also, the imposition of obligations upon them in policing their clients and regulating money laundering is not only onerous but also contrary to the ethics of their profession.

This paper fills the gap in providing the empirical evidence on lawyers’ compliance to their statutory AML obligations in Malaysia. Also, this paper could be a useful source of information for practitioners, academicians and students. It could also be a beneficial guide for policymakers for any possible future amendments to the law.

The purpose of this paper is to examine the effectiveness of anti-money laundering/combating of financing of terrorism (AML/CFT) measures in Pakistan. Key variables of AML/CFT regulations of Pakistan are used. This study explores the impact of customer due diligence, record keeping, wire transfers, correspondent banking, reporting of transactions, new technology and internal controls/compliance/trainings on money-laundering risk.

Data is collected with the help of questionnaires developed in light of Financial Actions Task Force (FATF) recommendations and the AML/CFT regulations of Pakistan.

Results show that customer due diligence, correspondent banking and new technology may help control money-laundering risk in Pakistan, whereas impact of record keeping, wire transfers and reporting of transactions did not have an effect on money-laundering risk. This study suggests a better implementation of these measures.

The current study was limited to Pakistani banks. For more conclusive results, future studies should replicate similar studies in other countries.

Findings of this study may help the State Bank of Pakistan in taking measures to simplify the process of implementing FATF rules and regulations regarding AML/CFT, regular monitoring and trainings to the staff of banks and development finance institutions in customer due diligence, correspondent banking and new technology. Further, it helps to take appropriate measures in resolving banks-specific issues related to AML/CFT.

Effective AML/CFT control measures would strengthen socio-economic growth in a country. Further, formalization, compliance and integrity would eliminate money laundering risk. It would create an economy that works with equity and promotes transparency.

This research paper supports implementation of AML/CFT regulations, proper monitoring and novel supervision of banks.

The purpose of this paper is to explore the extent of anti-Money laundering (AML) disclosures in the annual reports and websites by differentiating between UAE Islamic and conventional banks, and examine the effect of AML disclosure on UAE bank’s performance.

This study uses content analysis to explore the extent of AML disclosure in the annual reports and the dynamic panel data two-step robust system to study the impact of the AML disclosures on banking performance.

The findings show that AML disclosure is at a low level for all UAE banks, conventional and Islamic banks. The results also show that the degree of AML disclosure on the websites of the banks is higher than that in the annual reports.

The sample for this study comes only from banks traded on UAE markets. Thus, the results may not be generalizable to banks traded on other financial markets.

Because of the cross-border character of the money laundry practices, our study suggests the UAE central bank to internationalize the AML regulations and develop an international AML regime as efforts to respond to the international development of the money laundry practices.

This is the first study that develops an index to measure the AML disclosure and contributes significantly in providing greater insight in respect to AML disclosure in banking industry within the emerging markets.

This paper aims to provide an insight into anti-money laundering (AML) regulations in light of the global AML framework. Specific analysis is drawn using a case study of Bangladesh – the national financial culture within the country is carefully examined to establish the extent to which it is conducive to adopting such frameworks. Particular focus is placed on customer due diligence requirements, and the unique challenges posed by alternative remittance systems. The paper evaluates the impact of globalisation as well as the correlation between developments based on resources available to the respective state.

The research has primarily been conducted through the usage of relevant websites (reports compiled by national and international agencies) and journal articles in electronic format. References have been made to studies and works carried out by authors on the global AML framework.

The internal structural development of Bangladesh must be enhanced and the various social and economic issues must be overcome before a practical AML framework can be successfully implemented.

The lack of published works on AML in Bangladesh is a shortcoming, and more work on this subject is encouraged. The absence of specific AML reports on Bangladesh has resulted in some informed assumptions based on other developing countries.

The research provides a deep insight into the global AML framework, how it can be applied to developing countries like Bangladesh and the drawbacks of implementing a universal framework domestically.

The study provides an innovative analysis, examining aspects of AML regulation in Bangladesh which have not previously been effectively studied.