Search results

The purpose of this article is to demonstrate that granting general amnesty to thousands of black-money holders in Bangladesh has failed to make any positive impact on the development of its securities market. Rather, such a move or mercy by the successive governments over the years has basically increased corruption in the country.

The article relies on both primary and secondary materials. An archival analysis of the materials has been carried out in this research.

The major findings are that whitening black money is legally flawed, morally indefensible and economically unsound; the ultimate outcome of the whitening opportunity appears to be the protection of corruption, the prevention of which is imperative for the sustainable development of the national economy of Bangladesh; and no credible evidence has been found to support the underlying assumption that this immunity offered over the past four decades has benefited the economy.

Its originality is evident in the analysis of the materials in a cohesive way to prove a hypothesis that the immunity granted to the black-money holders has been a flawed initiative of the successive governments of Bangladesh to increase investment.

The main purpose of this paper is to critically examine the impact of black money whitening opportunity on the Bangladesh housing market and its ramifications for honest taxpayers and criminal conduct of the people in the country.

This paper relies on both primary and secondary materials and carries out an archival analysis of the resources available in libraries and online databases.

It demonstrates that black money whitening opportunity has failed to create additional demands for housing property, rather it encourages money laundering, corruption and other criminal activities. Hence, a set of specific recommendations have been submitted to effectively deal with the prevention of generation of black money instead of allowing them to be invested in properties with impunity.

The discussions are concentrated on the legality of offering amnesty to black money holders and the impact of such indemnities on the housing market in Bangladesh; hence, it does not consider impacts on other economic sectors. It is expected that the publication of this paper will stimulate the government of Bangladesh to discontinue the disputed amnesty in Bangladesh, and other nations having similar problems with black money will be encouraged to follow suit.

It is anticipated that the implementation of the recommendations furnished in this paper will contribute to significantly decreasing money laundering, corruption and other offences involving money in Bangladesh and in other countries.

Prevention of corruption and other financial crimes.

This paper represents its originality in its critical analysis of frequent offerings of the opportunity for whitening black money and their unfair impacts on honest taxpayers and resultant stimulation for engaging in money laundering, corruption and other felonies. It evidently justifies the assumption that such amnesties to wrongdoers are contrary to the national constitution, anti-corruption and anti-money laundering legislation and they wound the sense of ethical behaviour of human beings. Moreover, it proves the hypothesis that such opportunities being offered to black money holders have no positive contribution towards creating additional demands in the country’s property markets.

The purpose of this paper is to demonstrate that the recurrent amnesties to black money holders (BMHs) in Bangladesh have not benefited the national economy, rather have increased corruption and money laundering, and that offering further opportunity to whiten back money as recommended by the Anti-Corruption Commission of Bangladesh will do more harm than good.

This research relies on both primary and secondary materials adopting an archival analysis of the existing literature.

The major findings include the following: the recurrent amnesties to BMHs have damaging impacts on corruption and money laundering in Bangladesh; the Anti-Corruption Commission of Bangladesh’s recommendation to provide further opportunity to legalise black money is flawed, ill thought-out and misjudgement of the futility of the amnesties offered to date; and the black money problem could be better addressed through using educational, preventive and punitive measures that have been specifically formulated in this paper.

This research does not examine the flaws that may remain in the provisions of existing laws; rather it gives emphasis to the enforcement of the law in place. Legal flaws thus can be a subject matter of another endeavour.

As implications, it is expected that this research will encourage the concerned authorities in Bangladesh to stop offering amnesties to BMHs for good. Also, other countries facing a similar problem can learn from the experience of Bangladesh presented, and specific recommendations submitted, in this paper, in dealing with black money, corruption and money laundering.

It is expected that if the recommendations furnished in this paper are implemented, corruption in, and money laundering from, Bangladesh will reduce. This reduction will facilitate ensuring fairness in the society in many respects, deter criminal activities associated with black money and enable honest taxpayers to buy their homes in a level-playing filed.

This paper presents original research in terms of analysis of materials and the recommendations submitted to deal with corruption, black money and money laundering.

This paper aims to focus on the concept of abolition of black money and the demonetization movement started in India for cleaning black money and its impact on corporate world and Indian economy. It discusses the corporate governance effect of the demonetization scheme and various policy measures taken by the government to unearth and curb the black money in the country. It also states the challenges in its process of implementation and implications for future.

It appraises and reviews the concept of demonetization and its process in India since its implementation on November 8, 2016.

The biggest positive effects of this move were eradication of stocked and staked up money, cleansing of the financial system and improving governance in India. But its implementation had mix outcomes with its own challenges for future improvement.

The lessons drawn from the experience are expected to pave way for the countries at large.

It is an original paper on demonetization in India, and it is hoped that the lessons learnt thereof will pave the way for the world at large.

Begging is undoubtedly an ancient phenomenon but when explored from the tourism perspective, it is relatively new. Begging has existed across several historical periods, but with sophistication and savviness, it has developed into a lucrative form of tourism business. While previous studies have reasonably explored the beggar–tourist interaction in several socio-economic contexts, the present one attempts to research an unusual aspect of these encounters which is termed as “black market tourism.” In the current study, black market is explained as a clandestine but visible market where tourism transactions take place within three important stakeholders, namely, the beggars, the tourists and shopkeepers. The transaction is found to have some aspects of illegality, but ultimately, serves the manifest function of yielding money and growing the underground network. This triangular interaction is therefore of relevance to understand the functioning of this black market involving those key stakeholders. With this notion as foundation, this study aims to empirically and conceptually explore the phenomenon of black market tourism which is derived from the beggar–tourist– shopkeeper encounter in an important city of India called Hyderabad. The specific location of the study was Chaar Minaar, a popular tourism city with ancient monument and shopping places in Hyderabad (India). Tourism in India is undeniably infused with the notions of color and culture, but how this colorful context gradually developed into a colorless black market tourism economy is worthy of study.

From a methodological point of view, this conceptual paper draws on unobtrusive research methods (written records, non-participant observations, informal interviews and occasional photography).

Findings show that begging is developing into a lucrative industry without costly investment and beggars operate in a cartel. The black tourism market is found to be an emerging underground tourism economy with established stakeholders, who are rapidly progressing and growing their network. The network is seen to be increasingly attracting educated and young professionals.

The research is explorative and provides a consistent and empirically based starting point for research on black market tourism involving beggar–tourist and beggar–shopkeeper interactions in Indian cities. The sample being very limited, it is important to stress the limited possibilities to generalize the findings of this study to other destinations. Moreover, the assumption that the background of the local researcher might have influenced the interpretation of primary data need not be neglected, thus suggesting a further examination to confirm validity of the results.

The study provides information not only to destination managers interested to diversify the tourism product, but also to policymakers who are fighting against begging in the city of Hyderabad. The beggar experience can be used to attract more tourists seeking authenticity, provided that the process is improved by adding in some level of professionalism. For instance, beggars could be trained to perform decently in a town hall where tourists are invited to attend cultural shows. To some extent, this study may also help empowering beggars to become part of the tourism ecosystem. This is important, as modern society has disempowered economically disadvantaged members of the community (Hutton, 2016). Ultimately, the study attempted to show that disempowered members of the community are not always passive and powerless. They can create business out of another business (a re-invented form of beggarism that has potential to generate money from tourism).

The study has a social aspect as it takes the involvement of three stakeholders, namely, the tourists, the beggars and the shopkeepers. The study shows how begging transactions affect the three stakeholders and it sheds light on its overall impact on Hyderabad, as a tourism destination.

To the best of authors’ knowledge, no tourism study (academic and non-academic) has so far considered the beggar–tourist encounter from a black market perspective. The findings offer new information on a reinvented form of beggarism and unveils that this black market is a well-entrenched system operated by an educated pool of people and professionals. Ultimately, the study attempts to show that disempowered members of the community (beggars) are not always passive and powerless. They can create business out of another business (a re-invented form of beggarism that has potential to generate money out of tourism).

Money laundering (ML) has become a global threat in recent years, impacting both developed and poor countries. Developing an efficient anti-money laundering (AML) regime is a difficult and time-consuming process owing to the ever-changing spectrum of methods used, weaknesses in control mechanisms, intricacies of laws and regulations, organizational malfunction and goal displacement. In Bangladesh, surge of illegal money, rising money heists and egregious capital outflows have posed a governance problem. The purpose of this study is to investigate the dimensions of ML and examine the structure and performance of the AML regime.

This study adopts a qualitative method, based on a thorough review of the conceptual and empirical literature on ML, content analysis of a range of publications, a scan of newspaper articles and digital resources and responses/comments of current and retired government employees in Bangladesh. The evaluation is informed by the recommendations of the Financial Action Task Force and supported by the mutual evaluation reports of the AGroup on Money Laundering.

Bangladesh, like most of South Asia, is highly vulnerable to ML and is hard-pressed to fully comply with global standards for control. Weak institutions, bureaucratic pathology, lack of transparency and accountability, high levels of corruption, an ambiguous regulatory environment, unregulated financial operations, a disordered banking sector, conflicting interests, criminal exploitation, poor oversight and reporting, flawed risk assessment and weak government performance have affected the performance of the AML system.

This paper looks at the problem of ML from a holistic perspective covering different dimensions such as black money whitening, illegal funds movements, informal money transfer systems, use of offshore refuge for hiding money and so on and the state’s responses to the syndrome. The evaluation will be of particular relevance to policymakers, anti-corruption and law enforcement agencies, the financial intelligence operators and public prosecutors dealing with criminal justice.

Tax amnesty (TA) schemes are typical in developing countries. Governments’ claims and suppositions are continually heightened; however, this may differ in actuality. This study aims to present an overview of the effectiveness of TA schemes and the problems they raise in implementing anti-money laundering regulations.

This study used a qualitative research design. Content analysis was used to analyse research articles, reports, legal documents and news articles.

Every amnesty offered in Pakistan from 1956 to 2018 failed to meet government expectations. Instead, the continuity resulted in an irrepressible black economy. The black economy’s uncontrollability undermines tax collection and hinders a robust anti-money laundering regime. Significantly, tax holidays with discrepant legislation strengthen evaders, plunderers and launderers. These policies severely impede the implementation of anti-money laundering policies in the financial institutions of Pakistan. Additionally, Pakistan's geopolitical location, circumstance and war against terror cannot afford any policy that provides monetary relaxation to offenders.

There is no concrete evidence to support long-term economic progress through the implementation of amnesty schemes as a revenue collection policy. This study evaluates previous studies and findings to understand the effect of tax amnesties on the financial industry of Pakistan. The findings have practical implications for tax collection authorities, policymakers and international financial bodies.

Previous studies have discussed the advantages and disadvantages of Pakistan’s regular tax amnesties. However, this study discusses the implementation of TA schemes concerning anti-money laundering regulations and customer due diligence by financial institutes and provides suggestions to minimise its negative implications.

This paper aims to examine the role in tax evasion and corruption played in Ukraine by money-laundering organisations called “conversion centres”: networks of sham firms and banks implementing “black cash” schemes that facilitate tax evasion by the private sector and embezzlement by the state sector. The paper describes their embedding both in a post-Soviet state as well as in the international political economy.

It draws on scholarship, journalist investigations, court records, government agency reports and other open source data and interviews with market participants. It first describes “conversion centres” as an ideal type and then presents three case studies, focusing on international financial flows and the domestic political setting.

Ukraine’s conversion centres generate significant international flows of dirty money handled by specialised foreign banks mostly in the Baltic states. Domestically, conversion centres thrive through state capture, resulting from their facilitation of embezzlement by state actors.

Open source data and investigative methods make it possible to conduct empirical research in crime and corruption in the post-Soviet context. As open sources expand, the scope for such enquiry will increase.

This is the first empirical description of “black cash” money-laundering platforms in terms of embedding in a post-Soviet state and in the international financial system.

A company as an entity could cease to exist owing to its merger and dormancy in activity. The latter can be attributed to two causes – unsustainability of present state of production or shell companies. Therefore, three questions are posed – one, why do companies merge, two – why do companies shut down and third – of those that disappear can they be identified as shell.

The motives for each of these cases of disappearance of a company are enlisted and a firm-level analysis is undertaken where each firm is compared with a counterfactual.

It is found that companies that survived despite the inefficiencies and smaller market shares were the ones that had some foreign affiliation and were unrelated to existing business entities. On the other hand, the dormancy or shutdown can be attributed to lack of access to imported technology and low shares of market with dismal profitability. With the growing intensity of globalisation, the Indian corporate sector is now more prone to global economic conditions. Lastly, the disappearance or shutdown of companies that may have been used for tax avoidance is supported by the data.

The present study is the first to amalgamate and discuss various the causes for shutdown of companies. Further, the methodology adopted is unique in terms of the use of counterfactuals.

The purpose of this paper is to highlight the importance of improving financial intelligence capture in understanding organized crime and the funding of terrorism.

The paper presents an analytical review of the core business processes used to harvest the revenues from illegal drug trafficking. Furthermore, assessment of the extent to which modern, organised crime – and the dynamics of the relationships between the relevant collaborating parties – can be more accurately defined in terms of these processes.

Understanding distinctive capabilities of criminal funding processes as well as their participants offers an approach to filling intelligence black holes which continue to afflict efforts to tackle organised crime and terrorism.

This paper establishes a framework for understanding and countering threat through application of competitive strategy analysis.