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Article
Publication date: 6 October 2023

Llewelyn Gray Curlewis

The purpose of this paper is to bring to light the present civil and criminal asset forfeiture procedures within the South African context and to make suggestions for reform…

Abstract

Purpose

The purpose of this paper is to bring to light the present civil and criminal asset forfeiture procedures within the South African context and to make suggestions for reform thereof. While there exists and is a need for constant change and reform of the law to ensure that it remains transparent, up-to-date and applicable to all means through which economic crime can be committed, South Africa lacks the necessary resources and attitudes to accomplish this essential goal.

Design/methodology/approach

The approach used in this paper is purely qualitative using journal articles, textbooks, reports, periodicals, speeches and legislation as its basis. It is through a consolidation of this literature that this paper was formed.

Findings

While South Africa’s present system of asset forfeiture is producing some impressive results, the process still has vast room for improvement. There are key areas which this paper outlines for reform. However, the probability of improvement is relatively low owing to the levels of corruption, illicit activities and attitudes of mistrust within the South African society at large.

Originality/value

The concept of asset forfeiture is not new to any international jurisdiction, let alone South Africa itself. However, this paper aims to give insight into the specific South African experience of this procedure and how it can possibly be improved within the specific context.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

Keywords

Open Access
Article
Publication date: 9 December 2022

Jacqui-Lyn McIntyre, Duane Aslett and Nico Buitendag

This paper aims to focus on the use of unexplained wealth orders (UWOs) in South Africa as a civil method to act upon lifestyle audit results that have indicated wealth from…

1460

Abstract

Purpose

This paper aims to focus on the use of unexplained wealth orders (UWOs) in South Africa as a civil method to act upon lifestyle audit results that have indicated wealth from unknown, possibly unlawful, sources.

Design/methodology/approach

This paper applied a comparative methodology. Legislation and the application of UWOs in Ireland, the UK and Australia were compared with the situation in South Africa.

Findings

It is proposed that South Africa includes UWO legislation within its Prevention of Organised Crime Act or be established as a separate piece of legislation. Also, South Africa should follow both the civil and criminal route to target the proceeds of crime.

Originality/value

Corruption in South Africa is rampant and, without the necessary legislation, impossible to fight. For these purposes, this paper proposes measures to be used from a civil forfeiture perspective.

Details

Journal of Money Laundering Control, vol. 26 no. 7
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 23 June 2020

Nicole F. Stowell, Carl Pacini, Martina K. Schmidt and Nathan Wadlinger

This study aims to increase awareness and educate the reader about health-care fraud targeting seniors in the USA to help stakeholders better understand, recognize and prevent…

Abstract

Purpose

This study aims to increase awareness and educate the reader about health-care fraud targeting seniors in the USA to help stakeholders better understand, recognize and prevent this type of fraud.

Design/methodology/approach

This paper collects statistics on the current state of health care frauds committed against seniors, and examines related cases and laws.

Findings

The authors find this type of fraud is highly prevalent and expected to increase. Current laws preventing this fraud from occurring are multifold and complex. While prevention strategies through law enforcement have been somewhat successful, a reduction in resources may put seniors at an increased risk in the years to come.

Research limitations/implications

Without additional prevention strategies, the problem will likely escalate with a growing population of older adults. This study encourages further research into effective prevention strategies and methods to fight health-care fraud against seniors.

Practical implications

Health-care fraud and its associated costs pose a significant threat to the society and economy of the USA. Reducing this fraud will not only reduce the costs to the US economy but also improve the physical and mental well-being of senior victims, reduce their mortality and hospitalization rates and improve the public trust placed to health-care providers.

Originality/value

This study highlights how health-care fraud is committed against seniors. With the projected trend of an aging US population, educating stakeholders, increasing awareness and applying tools to protect seniors will be important to reduce the absolute scope of this problem in the future.

Open Access
Article
Publication date: 3 July 2023

Howard Chitimira

It is important to note that insider trading is currently outlawed under the Securities Act 17 of 2004 (Chapter 24: 25) as amended (Securities Act) in Zimbabwe. This Act…

Abstract

Purpose

It is important to note that insider trading is currently outlawed under the Securities Act 17 of 2004 (Chapter 24: 25) as amended (Securities Act) in Zimbabwe. This Act enumerates some practices that may give rise to insider trading liability in the Zimbabwean financial markets. Nonetheless, numerous challenges, such as the lack of adequate financial resources, the lack of sufficient persons with the relevant skills and expertise on the part of the enforcement authorities, lack of political will, inadequacy of insider trading provisions, poor cooperation and collaboration between the relevant authorities and the ongoing coronavirus (Covid-19) pandemic have negatively impeded the effective regulation and combating of insider trading in Zimbabwe. To this end, the author explores the stated challenges and recommend measures that could be used by regulatory bodies and other relevant enforcement authorities to enhance the regulation and combating of insider trading in the Zimbabwean financial markets. This study aims to enhance the detection and combating of insider trading in Zimbabwe.

Design/methodology/approach

A qualitative research methodology is used through the analysis of relevant legislation and case law.

Findings

It is hoped that the findings and recommendations made in this study will be considered by the Zimbabwean policymakers.

Research limitations/implications

The study does not use empirical research methodology.

Practical implications

The findings and recommendations made in this study could enhance the combating of insider trading activities in Zimbabwe.

Social implications

The study seeks to curb insider trading in the Zimbabwean financial markets and financial institutions in the wake of the covid-19 pandemic-related regulatory and enforcement challenges.

Originality/value

The study provides original research on the regulation and combating of insider trading activities in Zimbabwe.

Details

Journal of Financial Crime, vol. 30 no. 6
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 24 October 2023

Doron Goldbarsht

The rise of cryptocurrencies and other digital assets has triggered concerns about regulation and security. Governments and regulatory bodies are challenged to create frameworks…

Abstract

Purpose

The rise of cryptocurrencies and other digital assets has triggered concerns about regulation and security. Governments and regulatory bodies are challenged to create frameworks that protect consumers, combat money laundering and address risks linked to digital assets. Conventional approaches to confiscation and anti-money laundering are deemed insufficient in this evolving landscape. The absence of a central authority and the use of encryption hinder the identification of asset owners and the tracking of illicit activities. Moreover, the international and cross-border nature of digital assets complicates matters, demanding global coordination. The purpose of this study is to highlight that the effective combat of money laundering, legislative action, innovative investigative techniques and public–private partnerships are crucial.

Design/methodology/approach

The focal point of this paper is Australia’s approach to law enforcement in the realm of digital assets. It underscores the pivotal role of robust confiscation mechanisms in disrupting criminal networks operating through digital means. The paper firmly asserts that staying ahead of the curve and maintaining an agile stance is paramount. Criminals are quick to embrace emerging technologies, necessitating proactive measures from policymakers and law enforcement agencies.

Findings

It is argued that an agile and comprehensive approach is vital in countering money laundering, as criminals adapt to new technologies. Policymakers and law enforcement agencies must remain proactively ahead of these developments to efficiently identify, trace and seize digital assets involved in illicit activities, thereby safeguarding the integrity of the global financial system.

Originality/value

This paper provides a distinctive perspective by examining Australia’s legal anti-money laundering and counterterrorism financing framework, along with its law enforcement strategies within the realm of the digital asset landscape. While there is a plethora of literature on both asset confiscation and digital assets, there is a noticeable absence of exploration into their interplay, especially within the Australian context.

Details

Journal of Money Laundering Control, vol. 27 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Open Access
Article
Publication date: 5 February 2024

Ariadna H. Ochnio

Recent developments in the EU’s anti-corruption strategy have brought the EU closer to meeting the UNCAC’s objectives, i.e. the Proposal for a Directive on combating corruption…

Abstract

Purpose

Recent developments in the EU’s anti-corruption strategy have brought the EU closer to meeting the UNCAC’s objectives, i.e. the Proposal for a Directive on combating corruption (2023) and the Proposal for a Directive on Asset Recovery and Confiscation (2022). This paper aims to discuss these developments from the perspective of the UNCAC, to identify missing elements in the EU’s asset recovery mechanisms.

Design/methodology/approach

Critical approach towards EU anti-corruption policy (discussing the problems and solutions). Review of EU developments in asset recovery law.

Findings

There is a political will on the part of the EU to fight corruption through the rules enshrined in the UNCAC. However, improving EU law by introducing a new type of confiscation of unexplained wealth and criminalising illicit enrichment, without establishing convergent rules for the return of corrupt assets from EU territory to the countries of origin, cannot be seen as sufficient action to achieve the UNCAC’s objectives. In modelling mechanisms of the return of assets, the EU should search for solutions to overcome the difficulties resulting from the ordre public clause remaining a significant factor conditioning mutual legal assistance.

Originality/value

This paper discusses the possible input of the EU, as a non-State Party to the UNCAC, to advance implementing the UNCAC solutions on asset recovery by establishing convergent rules for the return of corrupt assets from EU territory to countries of origin.

Details

Journal of Money Laundering Control, vol. 27 no. 7
Type: Research Article
ISSN: 1368-5201

Keywords

Book part
Publication date: 27 November 2023

Nicole C. Jones Young and Kemi S. Anazodo

Criminal history has been conceptualised as a socially stigmatised identity. From this perspective, we can understand criminal history as invisible, concealable and ‘not readily…

Abstract

Criminal history has been conceptualised as a socially stigmatised identity. From this perspective, we can understand criminal history as invisible, concealable and ‘not readily apparent to others’ (Chaudoir & Fisher, 2010, p. 236). Although previous periods of incarceration cannot be detected per se, during this chapter, we present several elements, such as embodiment, appearance-based inferences (i.e. assumptions of what a criminal history looks like), and information as proxy (e.g. résumé gaps, credit history), which may contribute to individual assessments and interpretations of the appearance of a criminal history. Once perceived, these elements may contribute an array of unique career experiences as individuals with a criminal history seek to navigate their employment experience. Therefore, this chapter offers insight into how the appearance of criminal history information, particularly when presented without a thorough explanation, may be left to interpretation and bias throughout the employment experience.

Details

The Emerald Handbook of Appearance in the Workplace
Type: Book
ISBN: 978-1-80071-174-7

Keywords

Open Access
Article
Publication date: 10 May 2021

Olusola Joshua Olujobi

This study aims to investigate why anti-corruption statutes are not efficient in Nigeria’s upstream petroleum industry.

5922

Abstract

Purpose

This study aims to investigate why anti-corruption statutes are not efficient in Nigeria’s upstream petroleum industry.

Design/methodology/approach

This study is a doctrinal legal research that embraces a point-by-point comparative methodology with a library research technique.

Findings

This study reveals that corruption strives on feeble implementation of anti-corruption legal regime and the absence of political will in offering efficient regulatory intervention. Finally, this study finds that anti-corruption organisations in Nigeria are not efficient due to non-existence of the Federal Government’s political will to fight corruption, insufficient funds and absence of stringent implementation of the anti-corruption legal regime in the country.

Research limitations/implications

Investigations reveal during this study that Nigerian National Petroleum Corporation (NNPC) operations are characterised with poor record-keeping, lack of accountability as well as secrecy in the award of oil contracts, oil licence, leases and other financial transactions due to non-disclosure or confidentiality clauses contained in most of these contracts. Also, an arbitration proceeding limit access to their records and some of these agreements under contentions. This has also limited the success of this research work and generalising its findings.

Practical implications

This study recommends, among other reforms, soft law technique and stringent execution of anti-corruption statutes. This study also recommends increment in financial appropriation to Nigeria’s anti-corruption institutions, taking into consideration the finding that a meagre budget is a drawback.

Social implications

This study reveals that corruption strives on feeble implementation of anti-corruption legal regime and the absence of political will in offering efficient regulatory intervention. Corruption flourishes due to poor enforcement of anti-corruption laws and the absence of political will in offering efficient regulatory intervention by the government.

Originality/value

The study advocates the need for enhancement of anti-corruption agencies' budgets taking into consideration the finding that meagres budgets are challenge of the agencies.

Details

Journal of Money Laundering Control, vol. 26 no. 7
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 May 2023

Husameddin Alshaer, Muhamad Helmi Md. Said and Ramalinggam Rajamanickam

The global cooperation and cooperation between nations at differing stages in anti-money laundering (AML) is critical. To improve the effectiveness of international cooperation in…

Abstract

Purpose

The global cooperation and cooperation between nations at differing stages in anti-money laundering (AML) is critical. To improve the effectiveness of international cooperation in AML, it is essential to diversify international cooperation mechanisms and improve the capacity of law enforcement officers in the field of preventing this crime. This paper aims to provide a comparative analysis of mutual legal assistance (MLA) and extradition within the AML legal framework in Palestine and Malaysia. It investigates the gaps and weaknesses in Palestine’s AML legal framework and offers recommendations to address them.

Design/methodology/approach

The present paper is solely legal. The method adopted in this research paper is qualitative research with an emphasis on the doctrinal mechanism. As a result, it concentrates on procedures, protocols, legislation and policies.

Findings

The Malaysian AML legal framework offers a clearer and more comprehensive framework for MLAs and extradition than the Palestinian AML legal framework. This framework is supported by laws that meet the basic requirements to support the issues of AML international cooperation. Both countries agree that the absence of a “bilateral or multilateral agreement” is not considered a reason for rejecting international cooperation in the field of AML with foreign countries. Moreover, the Malaysian AML legal framework divides the roles well between the law enforcement agencies and the competent authorities competing to Palestine.

Originality/value

This paper would be beneficial for the Palestinian legislative, policymakers and law enforcement agencies to make international cooperation, especially with MLAs and extradition effective.

Content available
Book part
Publication date: 25 March 2024

Sophia Beckett Velez

Abstract

Details

Compliance and Financial Crime Risk in Banks
Type: Book
ISBN: 978-1-83549-042-6

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