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Article

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 anti‐money laundering.

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 anti‐money laundering.

Design/methodology/approach

The paper describes the main contents contained in the newly adopted law of the People's Republic of China on anti‐money 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 anti‐money laundering is of vital significance. Based on the international experience in the fight against money laundering, Chinese anti‐moneylaundering 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

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Article

TieCheng Yang and Nan Zhang

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

Abstract

Purpose

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

Design/methodology/approach

This paper describes the expanded definition of “anti‐money laundering”; the application of the rules to a broader group of financial institutions; the three required anti‐money 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 anti‐money laundering investigations by the People's Bank of China; liabilities for breach; and anti‐money laundering regulations in the insurance and securities sectors.

Findings

The paper finds that new anti‐money laundering rules expand the definition of “anti‐money laundering” broaden the scope of institutions to which anti‐money laundering regulations apply, and establish more stringent requirements for the three key internal anti‐money 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 anti‐money laundering rules impose more serious punishment on violations.

Originality/value

The paper provides a detailed and readable reference on the new Chinese anti‐money 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

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Article

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

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Article

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

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Article

Kern Alexander

This paper analyses the international regime of rules, principles and standards designed to reduce the risk of money laundering in the international financial system. The…

Abstract

This paper analyses the international regime of rules, principles and standards designed to reduce the risk of money laundering in the international financial system. The international anti‐moneylaundering regime ranges from a variety of soft law (non‐binding) principles and rules that involve voluntary cooperative arrangements among states that have evolved in recent years, to a more specific legal framework that binds an increasing number of major states. In particular, the Financial Action Task Force (FATF) and its member states have played a crucial role in developing international norms and rules that require financial institutions to adopt minimum levels of transparency and disclosure to prevent financial crime. The FATF has focused its anti‐moneylaundering efforts on financial institutions because of the ease with which criminal groups have used financial institutions to transmit the proceeds of their illicit activities and because of the threat that money laundering poses to the systemic stability of financial systems.

Details

Journal of Money Laundering Control, vol. 4 no. 3
Type: Research Article
ISSN: 1368-5201

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Article

Muhammad Usman Kemal

The purpose of this study is to check the effectiveness of anti-money laundering (AML) regulations in Pakistan. The study investigates and analyses some key variables that…

Abstract

Purpose

The purpose of this study is to check the effectiveness of anti-money laundering (AML) regulations in Pakistan. The study investigates and analyses some key variables that may be influencing the effectiveness of anti-money regulations in Pakistan. Money laundering is most prevalent in the banking sector, as banks deals with the money’s deposition, withdrawal and transfer, therefore, it is necessary to evaluate the effectiveness of anti-money regulations on subjective judgments. It is an exploratory study in which I have tried to find the relationship and impact of three regulations, which are customer record keeping, employee training and suspicious transaction reporting on money laundering.

Design/methodology/approach

A sample of hundred responses has been collected from employees working in different banks located in Rawalpindi and Lahore through questionnaire. Questionnaire has been developed on the basis of different dimensions of the research variables.

Findings

It has been found that that there is an impact of employee training on money laundering in banking system. A moderate inverse relationship between employee training and money laundering and anti-money laundering regulation of customer record keeping has weak impact on money laundering in developing countries.

Research limitations/implications

The research is limited to Pakistan only, and to apply the same concept in other countries, researchers need to check the financial institutions of that country as well.

Originality/value

It has been suggested that to stop money laundry, special budget should be allocated for the capacity building of employees through training. Timely guidance and assistance of foreign-trained instructors or experts in combating money laundering should be taken. Implementation of anti-money laundering regulations should be transparent, consistent and timely.

Details

Journal of Money Laundering Control, vol. 17 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

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Article

Ronald F. Pol

The purpose of this paper is to utilise underused information in anti-money laundering rating data to assist policymaking and research.

Abstract

Purpose

The purpose of this paper is to utilise underused information in anti-money laundering rating data to assist policymaking and research.

Design/methodology/approach

This paper explores what evidence “hidden in plain sight” in official anti-money laundering rating data reveals about claims justifying the expansion of money laundering controls in response to European bank scandals.

Findings

A perceived lack of international coordination influencing the policy response to a series of alleged anti-money laundering breaches does not accord with the anti-money laundering industry’s own evidence base.

Practical implications

Responding to new crises with superficial solutions without addressing fundamental questions with a multi-disciplinary perspective risks repeating and extending a decade-long cycle of ineffectiveness in efforts to mitigate the social and economic harms from profit-motivated crime.

Originality/value

This paper draws fresh conclusions from the anti-money laundering industry’s “main” data set, underused in policymaking and research.

Details

Journal of Money Laundering Control, vol. 23 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

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Article

Ahmad Mohammad Abdalla Abu Olaim and Aspalella A. Rahman

The purpose of this paper is to examine the impact of the Jordanian anti-money laundering law and its instructions on the Jordanian banking industry. The anti-money

Abstract

Purpose

The purpose of this paper is to examine the impact of the Jordanian anti-money laundering law and its instructions on the Jordanian banking industry. The anti-money laundering law in Jordan is newly enacted, but there are new developments not covered by the law. For instance, the revolutionary wave known as the Arab Spring surrounding Jordan has increased the crime rates in Jordan, and it has also reduced international coordination and cooperation to encounter money laundering operations. The emergence of new means for money transfer is affecting the efficiency and speed of bank transfers. Subsequently, the impact of the law on Jordanian banks is unknown.

Design/methodology/approach

This paper relies on the Jordanian Anti-Money Laundering and Counter Terrorist Financing Law 2007 as a primary source of information. The relevant Jordanian anti-money laundering instructions that have directly been affecting banks include the Jordanian Anti Money Laundering and Counter Terrorist Financing Instructions Number (51) 2010. These instructions were considered the most important legislation for the purpose of this paper.

Findings

While the Jordanian anti-money laundering law is based on certain principles, the effectiveness of the law is unknown. The Arab Spring, particularly the Syrian revolution, has negatively increased the crime rates and money laundering activities in Jordan. To make matters worse, the international cooperation and coordination between countries in combating money laundering are not at the required level, and this has encouraged money laundering groups to exploit the situation. Only time will tell whether the banks will be able to cope sufficiently with the increased anti-money laundering obligations. Obviously, it is critical at this stage to establish effective coordination between legislators, regulators and the banking industry to minimize problems encountered by the banks, thereby to ensure effective implementation of the law.

Originality/value

This paper provides an examination of the impact of the Jordanian anti-money laundering law that has directly affected banks. It is hoped that this paper would provide some insight into this particular area for academics, practitioners, the legal advisers, banks and policy-makers not only in Jordan but also elsewhere. In view of the international nature of money laundering and banking, there will be significant interest in how the anti-money laundering law affects banks operation in Jordan.

Details

Journal of Money Laundering Control, vol. 19 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

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Article

Ping He

The purpose of this paper is to make objective descriptions on various money‐laundering techniques and to put forward countermeasures in order to combat money laundering

Abstract

Purpose

The purpose of this paper is to make objective descriptions on various money‐laundering techniques and to put forward countermeasures in order to combat money laundering more effectively and efficiently.

Design/methodology/approach

This paper based on 20 simplified money‐laundering cases, describes various money‐laundering techniques, analyses the reasons why these methods prevail, and points out the future efforts to be made in the fight against money laundering.

Findings

As usual, the ways of money laundering include cash smuggling, making use of banks or insurance company, or making use of shell‐company or front‐company. Nowadays, criminals also turn to real estate, lottery, international trade, offshore company to launder money. Sometimes lawyers, accountants are exploited by money launderers. With the wide use of electronic money and internet, criminals prefer to launder money through non‐face to face transactions. The fight against money laundering is the fight between justice and evil. It is of great importance to pierce the secret veil of money laundering so that we can combat money laundering more effectively and efficiently.

Originality/value

This paper prevents a comprehensive description of, and comments on, various money‐laundering techniques and future efforts to be made in the fight against money laundering, which would be beneficial to policy makers, enforcement authorities, and judicial professionals.

Details

Journal of Money Laundering Control, vol. 13 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

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Article

Ping He

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

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 anti‐money laundering, and to present a reasonable solution to the contradiction between professional privilege and anti‐money 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 anti‐money laundering; when they perform financial or company law activities, they should assume anti‐money laundering obligations.

Originality/value

This paper presents a reasonable solution to the contradiction between professional privilege and anti‐money 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

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