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Customer due diligence measures that are employed in the United Kingdom (UK) to detect and combat money laundering are discussed. The UK adopted a progressive regulatory and enforcement framework to combat money laundering which relies, inter alia, on the use of customer due diligence measures to regulate and curb the occurrence of money laundering activities in its financial institutions and financial markets. However, other regulatory measures that could have contributed to the effective combating money laundering in the UK will not be explored in detail since the article is focused on the reliance and use of customer due diligence measures to curb money laundering activities. Accordingly, the strength, flaws and weaknesses of the UK anti-money laundering regulatory and enforcement framework are examined. Lastly, possible recommendations to address such flaws and weaknesses are provided.

The paper discusses customer due diligence measures that are used in the UK to detect and combat money laundering.

It is hoped that policymakers and other relevant persons will use the recommendations provided in the paper to enhance the curbing of money laundering in the UK.

The paper does not provide empirical research.

The study is useful to all policymakers, lawyers, law students and regulatory bodies in the UK.

The study seeks to curb money laundering in the UK society globally.

The study is original research on the use of customer due diligence measures to detect and combat money laundering in the UK.

This paper explores the historical aspects of customer due diligence and related anti-money laundering measures in South Africa. Customer due diligence measures are usually employed to ensure that financial institutions know their customers well by assessing them against the possible risks they might pose such as fraud, money laundering, Ponzi schemes and terrorist financing. Accordingly, customer due diligence measures enable banks and other financial institutions to assess their customers before they conclude any transactions with them. Customer due diligence measures that are utilised in South Africa include identification and verification of customer identity, keeping records of transactions concluded between customers and financial institutions, ongoing monitoring of customer account activities, reporting unusual and suspicious transactions and risk assessment programmes. The Financial Intelligence Centre Act 38 of 2001 (FICA) as amended by the Financial Intelligence Centre Amendment Act 1 of 2017 (Amendment Act) is the primary statute that provides for the adoption and use of customer due diligence measures to detect and combat money laundering in South Africa. Prior to the enactment of the FICA, several other statutes were enacted in a bid to prohibit money laundering in South Africa. Against this background, the article provides a historical overview analysis of these statutes to, inter alia, explore their adequacy and examine whether they consistently complied with the Financial Action Task Force Recommendations on the regulation of money laundering.

The paper provides an overview analysis of the historical aspects of the regulation and use of customer due diligence to combat money laundering in South Africa. In this regard, a qualitative research method as well as the doctrinal research method are used.

It is hoped that policymakers and other relevant persons will adopt the recommendations provided in the paper to enhance the curbing of money laundering in South Africa.

The paper does not provide empirical research.

The paper is useful to all policymakers, lawyers, law students and regulatory bodies, especially, in South Africa.

The paper advocates for the use of customer due diligence measures to curb money laundering in the South African financial markets and financial institutions.

The paper is original research on the South African anti-money laundering regime and the use of customer due diligence measures to curb money laundering in South Africa.

The anti-money laundering (AML) frameworks of many countries were generally influenced by the international best practices of money laundering that were first established in 1988 through the Basel Committee on Banking Supervision (BCBS). The general belief is that these international best practices are applicable in all jurisdictions, although most countries are still affected by money laundering. The international best practices are universal measures that were developed as a yardstick to control and curb money laundering globally. Nonetheless, international best practices for money laundering are not tailor-made for specific jurisdictions and/or countries. Therefore, it remains the duty of respective jurisdictions and/or countries to develop their own context-sensitive AML measures in accordance with international best practices. An overview of the AML international best practices that were developed and adopted by several countries are analysed in this paper. These include customer due diligence measures established by the BCBS, the financial action task force (FATF) standards, as well as the ongoing monitoring and the risk-sensitive approach that were implemented to curb money laundering globally.

The article analyses the AML international best practices that were developed and adopted by several countries. These include customer due diligence measures established by the BCBS, the FATF standards, as well as the ongoing monitoring and the risk-sensitive approach that were implemented to curb money laundering globally.

It is hoped that policymakers and other relevant persons will use the recommendations provided in the paper to enhance the curbing of money laundering in financial institutions globally.

The paper does not provide empirical research.

The study is useful to all policymakers, lawyers, law students and regulatory bodies globally.

The study seeks to curb money laundering in the economy and society globally.

The study is original research on the use of AML/counter financing of terrorism international best practices to curb money laundering activities globally.

This study aims to provide the main contents of the revision of the 2023 OECD Guidelines for Multinational Enterprises and suggest implications for the Korean government and multinational enterprises.

Following the brief history of the revision of OECD Guidelines for Multinational Enterprises, this study reviews and evaluates major substantive and procedural revisions of the 2023 OECD Guidelines, and then suggests countermeasures for Korean government and businesses.

The most significant substantive change of the 2023 revision is that expectations for environmental due diligence and disclosure obligations, including climate change and biodiversity, for multinational enterprises have been expanded and strengthened. Regarding procedural changes, the biggest change is the introduction of a basis rule for the National Contact Points for Responsible Business Conduct (NCPs for RBC) to judge each issue and a rule that the final statement must include follow-up details and deadlines, which is expected to strengthen the effectiveness of the NCP dispute resolution mechanism.

This study is the first academic paper to introduce major substantive and procedural revisions to the 2023 OECD Guidelines for Multinational Enterprises in Korea. This study also provides implications for the Korean government and companies following the 2023 revised OECD Guidelines for Multinational Enterprises as follows. First, the Korean government must establish a public–private partnership to closely communicate to prevent Korean companies from being harmed by failing to meet strengthening international Environment, Social and Governance (ESG) standards. In addition, Korean government should actively participate in ESG-related international forums, including the OECD, and strive to reflect the needs and interests of Korean companies. Second, the Korean NCP should strengthen its activities to prevent potential damage by expanding education and promotions for Korean businesses on related overseas legislative trends and NCP dispute case studies so that Korean companies can effectively deal with the strengthened ESG standards. Third, Korean multinational enterprises should preemptively establish an advanced ESG management system to seize new opportunities in the global supply chain previously concentrated in China and India in the process of reorganizing global supply chains according to the trend of strengthening ESG standards and the US value alliance strategy.

The purpose of this study is to examine the South African banks’ customer due diligence (CDD) practices in the fintech era to mitigate money laundering (ML) risks and ensure financial stability. Financial technologies have brought substantial transformations to the financial services sector. However, such technologies have exposed the sector to emerging risks that threaten the integrity and stability of the financial system globally. Before any bank–customer relationship is established, proper customer background checks must be conducted. These background checks enable financial institutions to validate information provided and ensure customers are properly risk profiled. Failure to risk profile customers could result in financial institutions being used as conduits for ML. Undoubtedly, CDD procedures are pivotal to overall anti-money laundering efforts and curbing financing terrorism in a regulatory framework.

A qualitative research approach was adopted to address the research questions of the study. Given the confidentiality associated with the financial services sector, data triangulation was used in blending mainly secondary and primary data sources. Secondary data sources used in the study were published reports available in the public domain that were corroborated with subject matter experts’ interviews.

Based on the findings of this study, it is concluded that in South Africa, technological solutions have been incorporated into CDD functions, which is now risk-based (enhanced due diligence). Also, legally, South Africa has incorporated the biometrics, integration with Department of Home Affairs and Companies and Intellectual Property Commission databases, customer consent to third-party sources with the Financial Intelligence Centre Act and the Protection of Personal Information Act.

The shift towards digital banking in South Africa results in increased data and dynamic risk profiling. This study advocates a policy shift requiring a risk-based approach to mitigating emerging ML risks (in particular digital laundering), especially in the wake of South Africa’s recent greylisting by the Financial Action Task Force.

By January 1, 2023, the German supply chain due diligence act (SCDDA) has become effective. This represents a strong governmental intervention into global operations and supply chain management (SCM). Hence, its frame conditions and implications are worth being studied.

Expert interviews with managers reveal factors of risks and opportunities as well as performance impacts and implementation issues.

A conceptual framework and research avenues are outlined.

Pathways for SCM research and interdisciplinary studies are suggested.

Practitioners may gain a deeper understanding of relevant factors for managing supply chains (SCs) that are exposed to the new act.

Understanding implications of the act may help improve social SC sustainability.

This study offers an initial empirical exploration and a first conceptualization of the expected consequences of the German SCDDA.

Background: Commodity-driven deforestation is a major driver of forest loss worldwide, and globalisation has increased the disconnect between producer and consumer countries. Recent due-diligence legislation aiming to improve supply chain sustainability covers major forest-risk commodities. However, the evidence base for specific commodities included within policy needs assessing to ensure effective reduction of embedded deforestation.

Methods: We conducted a rapid evidence synthesis in October 2020 using three databases; Google Scholar, Web of Science, and Scopus, to assess the literature and identify commodities with the highest deforestation risk linked to UK imports. Inclusion criteria include publication in the past 10 years and studies that didn't link commodity consumption to impacts or to the UK were excluded. The development of a review protocol was used to minimise bias and critical appraisal of underlying data and methods in studies was conducted in order to assess the uncertainties around results.

Results: From a total of 318 results, 17 studies were included in the final synthesis. These studies used various methodologies and input data, yet there is broad alignment on commodities, confirming that those included in due diligence legislation have a high deforestation risk. Soy, palm oil, and beef were identified as critical, with their production being concentrated in just a few global locations. However, there are also emerging commodities that have a high deforestation risk but are not included in legislation, such as sugar and coffee. These commodities are much less extensively studied in the literature and may warrant further research and consideration.

Conclusion: Policy recommendations in the selected studies suggests further strengthening of the UK due diligence legislation is needed. In particular, the provision of incentives for uptake of policies and wider stakeholder engagement, as well as continual review of commodities included to ensure a reduction in the UK's overseas deforestation footprint.

M&A success and synergies are regularly discussed in the practical literature, but synergies are typically treated as a static concept (how do you get them?) with little discussion of financial bet acquirers create in paying an up-front premium. We describe the importance of investor reactions, the nature of the challenge, and discuss synergies as a process with five rules of the road covering M&A strategy, diligence, culture, leakage, and validation and reporting. Potential acquirers must be better prepared before they commit these major capital investments, involving multiple stakeholders throughout the process of creating the value they are promising with M&A.

We report the important results of our 24-year study on acquirer performance, the persistence of investor reactions, and the role of the acquisition premium to support our position that synergies must be trackable and defendable before and after deal announcement. From our collective author experience of advising on many hundreds of synergy programs over the years, we distilled our experience based on the common lack of understanding of what is required by executives, and when, and what we have seen greatly improve the odds of success in achieving sufficient M&A synergies.

Major findings include: 1. Initial market reactions are good predictors of the future, most deals persist, positive or negative, and there is a big spread of returns between winners and losers with losers paying the highest premiums; 2. Premiums additions to target’s growth value and may require larger performance increases than acquirers expect; 3. Synergies are a dynamic process involving multiple stakeholders from becoming a prepared acquirer in M&A strategy, building an early synergy roadmap during diligence, understanding that culture and change issues launch at announcement and preparation must begin long before, anticipating leakage, and validating and reporting post-close.

Our study is original covering three waves of mergers over 24 years; we formalize the synergy challenge created by paying a premium with respect to the already existing growth expectations for the target; we make clear that ultimately validating synergies begins with M&A strategy and diligence through to the workings of an Integration Management Office, anticipating synergy leakage, and preparing employees for change.

This paper aims to demonstrate to lawmakers that the addition of art dealers to the designated non-financial businesses and professions (DNFBPs) definition would provide Australia with more comprehensive protection against money laundering within the art market.

The paper opted for an exploratory study using doctrinal and jurisdictional comparative analysis that focused on arguments for and against the inclusion of art dealers in respective DNFBPs definitions. Evaluation of these arguments concludes that art dealers should be included in Australia’s DNFBPs definition and subject to anti-money laundering (AML) regulation.

The current omission of art dealers from Australia’s DNFBPs definition perpetuates AML vulnerabilities within the Australian art market.

This paper fulfils an identified need to study high-value dealers not included in Australia’s DNFBPs definition and provide arguments for and against the inclusion of Australian art dealers in the listed DNFBP.

Aspects of ESG have become key considerations during many M&A transactions. This ranges from the type of assets a firm purchases, to evaluating the management practices of target firms, to incorporating ESG assessments into due diligence checklists and valuation models, to including specific ESG provisions in the sale and purchase agreement (SPA). Companies are increasingly concluding that a more robust focus on ESG in deal-making allows for greater value to be captured. This article identifies how companies can go about incorporating ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example is provided.

This article provides key actions firms can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example from a large state-owned Norwegian utility is provided.

Various components of ESG have rapidly become key considerations in transactions. Firms that incorporate ESG across their M&A process, both pre- and post-deal can reap significant benefits. While firms that ignore ESG during M&A not only miss the upside potential, but also risk making damaging and costly deal mistakes.

M&A practitioners will find this article particularly useful, as many firms struggle with how to effectively include ESG in their transactions. This article provides M&A practitioners with key actions they can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example from a large state-owned Norwegian utility is provided.

The body of literature about M&A transactions is extensive, as is the recent writing about the importance of ESG to firms' costs, revenue, and societal impact. This article brings these two aspects together by providing M&A practitioners with key actions they can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration.