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This paper aims to provide a review of Anti-Money-Laundering (AML) after the latest amendments, i.e. Anti-Money Laundering Act of 2020 in Pakistan.

This paper performs a detailed review of AML and related laws and amendments to record notable changes and improvements in the recent amendments and drew a comparison among these legal amendments.

This paper finds that recent amendments are essential and judiciously crafted to cover the legal clinches, ensuring effective implementation of AML laws and positive expected outcomes for Pakistan.

This paper is unique in the context of the ongoing struggle against money laundering (ML) in Pakistan; covering the legal progress of Pakistan regarding ML, corruption and terrorism financing.

The purpose of this paper is to examine the way in which the courts in the UK have interpreted the meaning of criminal property in the principal money laundering offenses under the Proceeds of Crime Act 2002 (POCA).

This paper employs a doctrinal legal analysis and secondary data, which analyze the primary source, which is POCA itself, and secondary sources including case law, articles in academic journals, books and online databases.

The authors contend that the courts in the UK have been dynamically interpreting the ambit of money laundering offenses in POCA and that despite such judicial activism in the construction of criminal property, it has provided a much needed certainty to the law.

This paper could be a useful source of information for the practitioners, academicians, policymakers and students in this particular area of crime.

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.

This paper aims to examine whether the money laundering/terrorist financing (ML/TF) model excludes important aspects of terrorist resourcing and whether the terrorist resourcing model (TRM) provides a more comprehensive framework for analysis.

Research consisted of case studies of resourcing activities of four listed terrorist organizations between 2001 and 2015: the Liberation Tigers of Tamil Eelam (LTTE), Hamas, a grouping of Al Qaeda-inspired individuals and entities under the heading “Al Qaeda inspired” and Hezbollah.

The most prevalent resourcing actors observed were non-profit organizations/associations, and the most prevalent form of resourcing was fundraising that targeted individual cash donations of small amounts. Funds were pooled, often passed through layers of charitable organizations and transmitted through chartered banks. The TRM is indeed found to provide a more comprehensive framework for identifying sources of resourcing and points of intervention. However, it does not in itself recommend effective means of response but it has implications for counter-resourcing strategies because it identifies resourcing actors and nodes where counter-resourcing could occur.

This paper advances the state of knowledge of terrorist resourcing activities in Canada and about the value of doing so through the analytical lens of the TRM as opposed to the predominant ML/TF model.

This paper aims to explore a narrative disclosure by Muslim charity organisations (MCOs) in the UK.

Using content analysis, this study assesses disclosure in MCOs’ trustee annual reports against the Statement of Recommended Reporting Practices (SORP) for charities using perspectives from accountability including the Islamic concept of accountability.

The findings suggest disclosure to be limited in showing how transactions and activities comply with the mandatory reporting requirements. Hence, MCOs need to increase their awareness of regulatory and sector challenges, as well as self-scrutiny of their current narrative reporting practices, especially in showing their mandatory reporting and hence religious accountability.

The paper provides important empirical data on the status quo of reporting practice by this important sub-sector. The paper provides a systematic analysis of the way trustee annual reports (TARs) are presented by MCOs and also provides a comprehensive framework for a better understanding of the minimum accountability requirements incumbent upon all charity organisations.

This paper aims to critically explore the factors influencing the regulation of gambling and cryptocurrencies as part of anti-money laundering (AML) initiatives in Bangladesh. As a member of the Asia/Pacific Group on money laundering, Bangladesh must adopt a risk-based approach to regulate these entities.

This study applied an exploratory design and investigated the real nature of the challenge Bangladesh facing in adopting a risk-based approach to regulate gambling and cryptocurrencies.

This study demonstrates that current regulatory responses towards gambling and cryptocurrencies in Bangladesh are largely influenced by passive wait-and-see policy instead of a proactive risk-based approach, a measure mandated by the Financial Action Task Force (FATF). It demonstrates that these financial entities, which are poorly regulated because of their unclear legal status in Bangladesh and the regulator’s apparent lack of understanding of the type of threats they pose, may facilitate money laundering. Effective risk-based regulation is required to control potential risks.

This paper focuses on two specific areas –gambling and cryptocurrencies – which are linked to two specific FATF Recommendations: designated non-financial businesses and professions (DNFBPs) and new technologies. Further research is required to investigate the concern from the perspective of other entities.

The results of this study will help inform policymakers about ways in which current regulatory approaches may need to be modified to better combat money laundering and financing of terrorism.

According to the authors’ knowledge, this is the first study aiming to explore challenges Bangladesh confronts in implementing a risk-based approach for DNFBPs and new technologies. Therefore, it provides important insights into the dilemma regulators facing in implementing global AML standards within their traditional legislative and regulatory framework.

The purpose of this paper is to examine the development of corporate social (CS) reporting in the developing country’s banking industry from the legitimacy theory perspective – Bangladesh as a case.

This study uses the longitudinal aspects and analyzes the content of annual reports using the ISO26000 standard with some country- and industry-specific adjustments as the method of data coding. All Dhaka Stock Exchange-listed banks (30 of 47, 2013) and 282 annual reports with 46 reporting items have been used for data analysis during a 10-year period (2004-2013). A CS reporting index has been constructed for this purpose of analysis.

The key findings are that the main impetus driving the development of CS reporting was the stakeholder initiatives; the CS reporting index was less than 20 in 2004, and it increased linearly and reached around 60 in 2013 because of the legitimization of the new banking process through social perceptions. This study explains that the contemplation of the legitimacy theory argument can similarly be applied to the developing countries as well as to the banking industry’s context.

The main implication of this study is the extension of the broader thrust of the legitimacy theory argument in the developing country’s banking industry, such as that of Bangladesh.

This study contributes to the documentation of the CS reporting practices of the developing country’s banking industry where there is a lack of published longitudinal studies from the legitimacy theory perspective.