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The purpose of this paper is to examine the artificial intelligence (AI) methodologies to fight against money laundering crimes in Colombia.

This paper examines Colombian money laundering situations with some methodologies of network science to apply AI tools.

This paper identifies the suspicious operations with AI methodologies, which are not common by number, quantity or characteristics within the economic or financial system and normal practices of companies or industries.

Access to financial institutions’ data was the most difficult element for research because affect the implementation of a set of different algorithms and network science methodologies.

This paper tries to reduce the social and economic implications from money laundering (ML) that result from illegal activities and different crimes against inhabitants, governments, public resources and financial systems.

This paper proposes a software architecture methodology to fight against ML and financial crime networks in Colombia which are common in different countries. These methodologies complement legal structure and regulatory framework.

The contribution of this paper is how within the flow already regulated by financial institutions to manage the ML risk, AI can be used to minimize and identify this kind of risk. For this reason, the authors propose to use the graph analysis methodology for monitoring and identifying the behavior of different ML patterns with machine learning techniques and network science methodologies. These methodologies complement legal structure and regulatory framework.

The purpose of this paper is to identify the place of kleptocracy and foreign corruption within the broader framework of financial crime. This facilitates understanding the importance of kleptocracy and foreign corruption as social problems. Two other aims are to better understand the most problematic components of a kleptocratic network and the most effective combatants of that network. A subsequent goal is to offer solutions from a broad range of interventions, including policy, technology, education, research and collaborative efforts.

Theoretical economic concepts are used to analyze the importance of kleptocracy and foreign corruption. A small in-depth survey of 15 experts is conducted to identify the most problematic components of kleptocratic networks and the most effective combatants of those networks. The proposed solutions are based on a combination of argumentation, econometric developments, application of trends in related fields and material from in-depth surveys.

This paper identifies kleptocracy and foreign corruption as one of the most, if not the most, devastating financial crime according to its impact on the total marginal utility of wealth. Experts identify foreign kleptocrats or corrupt foreign government officials as the most problematic entities in kleptocratic networks and the most effective combatant is identified as the US Department of Justice. By adding up fines and asset forfeiture related to corruption, penalties are found to be a small fraction of the problem in terms of monetary magnitude.

The paper does not attempt to make causal claims because of the nature of the paper’s purpose and methodology.

The paper offers suggestions and methods for academic researchers who may wish to pursue a research agenda that is empirical and forensic with the aim of combatting kleptocracy and foreign corruption. The paper describes how information on kleptocracy and foreign corruption can be implemented into business and economics curriculum.

Kleptocracy and foreign corruption are important problems, and creative solutions are desperately needed.

The paper shows how understanding and combatting kleptocracy and foreign corruption can be considered an interdisciplinary activity, touching on fields including technology, economics, business, ethics, education, law, policy, statistics and research methods.

It is the author's view that there is a fairly broad consensus on the nature of the confronted threat. This is how the composition, the scope, the magnitude and the creativity of the transnational criminal elements are changing and growing — thanks in large part to the electronic information network that everyone has come to know and rely upon. As an example, there are the recent headlines in the USA surrounding an investigation allegedly involving funds in part generated by organised crime in Russia and seemingly involving dozens of banks around the globe. Whether there is money laundering or not, no matter the true source of the funds, the matter clearly highlights a growing concern which needs to be addressed in a spirit of cooperation. It is a fact that in using global electronic banking and other financial networks, it appears that financial institutions in many countries were used to moving billions of dollars in a relatively short period. This case study in the flow of not just money, but value, illustrates the types of vulnerability and challenge presented by electronic transfers to law enforcement, financial institutions and policy makers.

The purpose of this paper is to use two recent US prosecutions of Turkish nationals for sanctions evasion, the Zarrab and Atilla cases, as case studies of recent developments in US sanctions law and law enforcement.

This paper uses primary sources (pleadings and other court documents) to articulate the key facts and arguments in the Zarrab and Atilla cases and to explain the sanctions evasion methodologies used by the group. This paper then draws out the lessons of these cases for the practice of financial crime compliance in banking institutions.

This paper highlights the expanding scope of US sanctions laws and the challenges for banks in complying with them. In particular, it shows the similarities between sanctions evasion and other financial crime methodologies, arguing that banks need to become more interdisciplinary in their operational approach to financial crime.

The Zarrab and Atilla cases are of international significance in sanction law. This paper is the first in-depth case study of these cases from a legal and compliance perspective.

As part of the work of the Symposium a workshop was convened to consider the potential role of, and issues arising from, the expansion of previously political intelligence agencies into fighting international, organised economic (entrepreneurial) crime.

Intergovernmental bodies, governments, agencies, commercial and philanthropic institutions, when deciding whether or not to invest in low income nations where there is developmental uncertainty, do not now include formal appraisals of investment risk as including economic crime and its milieu correlates. Informal evaluations seem common, but appear to be hazarded by psychosocial and methodological processes and problems of which conventional decision makers are probably not aware. The authors consider these cognitive, group information processing and data adequacy hazards, and seek to examine investment risk as it relates to published reports bearing on economic crime and associated factors. The inadequacy of current data and assumptions is emphasised. Bulgaria is the illustrative case of poor data misinterpreted, eg the role of the underground economy, of careless ‘master trait’ summary reporting, and thus of exaggerated uncertainty for investment. Because the undertakings of the newly elected Bulgarian Government affirm the principles of loan recipient soundness long demanded by the IMF, now the criterion for World Bank loans, there is reason to believe Bulgaria will increasingly be viewed as a candidate for investment and Western European integration. Nevertheless economic crime and its associated features pose a measurement and forecast weighting challenge as ‘intangibles’. It is the better definition and more rigorous measurement of these, and avoidance of distorting information‐transmitting events which can exaggerate error, which remains to be done. Hard criminological evidence supporting confidence exists, for examination of earlier crime rates shows a society with low crime rates, such that current transitional fraud and violence may be but anomalies. Further, by assigning arbitrary positive values to cultural history and current governmental intentions, it may be concluded, that given evidence of modernisation of regulations and massive police reform, and a necessary speed in instituting change, development growth is likely. The authors are themselves, like most forecasting institutions, cautiously optimistic about the investment potential of Bulgaria. They nevertheless counsel that decision makers ignore at their peril the dangers in any low income country of crime and its correlated milieu.

The purpose of this paper is to better understand the origins and forms of organised crime and develop policy conclusions for deterrence efforts.

The paper begins by contrasting two theories of justice and evaluating their merits with respect to organised crime. Sociological and economic origins of organised crime, its institutional forms and law enforcement responses are identified. Research into the theory of organised crime is complemented by historical examples from Italy and the USA.

The paper finds that analysis of organised crime must go beyond the institutions of the state and its social contract with the populace. It must recognise relevant social and economic causative factors, and include institutional and rational choice analysis in order to better understand the nature of criminal organisations.

Policy implications for deterrence efforts include support for the establishment of ad hoc enforcement agencies, infiltration of criminal networks, targeting the proceeds of crime, and statutes allowing prosecution for conspiracy or a broad range of racketeering offences.

The paper presents a conceptual view of organised crime which provides useful policy conclusions and a basis for future research.

The purpose of the study is to show that divergent perceptions among regulators, the regulated and the associated regulatory bodies across multiple jurisdictions regarding the nature and functionality of cryptocurrencies hamper the development of a more comprehensive and coherent regulatory framework in curbing crimes and other related risks associated with cryptocurrencies.

The study has used a descriptive doctrinal legal research method to investigate and understand the insights of existing laws and regulations in four selected jurisdictions concerning cryptocurrencies and how these laws could be further improved and developed to reduce crypto-related crimes. Furthermore, the study has also used a comparative research method to conceptualize the contours of the new legal discourse emerging from cryptocurrencies to adopt and implement a sound regulatory framework.

The study illustrated that divergent regulatory treatment among different jurisdictions might suffocate novel digital innovations such as cryptocurrency. These fragmented regulatory approaches by various jurisdictions question the sustainability of the present national legislation adopted to regulate cryptocurrencies. Looking into other jurisdictional developments in regulating cryptocurrencies, it is apparent that a concerted regulatory approach is needed to minimize the abuse of this innovation.

The study has implications for regulators and policymakers to review the current regulatory framework for regulating cryptocurrencies to prevent regulatory arbitrage. The divergent legislative measures concerning cryptocurrency among different jurisdictions question the sustainability of these legislative initiatives, considering the evolving and borderless nature of cryptocurrency. Therefore, this paper will help regulators to consider the present legislative gaps in establishing a common global regulatory approach in the crypto sphere.

The study contributes to the existing body of literature by examining the regulatory frameworks of four jurisdictions, namely, the USA, Canada, China and the EU, related to cryptocurrencies, with a discussion on the development of cryptocurrencies-related laws among these four jurisdictions and their sustainability in curbing crimes in the Darknet.

The purpose of this paper is to review the use and application of shell entities, as they facilitate crime and terrorism, impede investigations and harm societies.

The study details the types and characteristics of shell entities, reviews actual cases to exhibit how shells are abused, outlines reasons shells disguise beneficial ownership and analyzes steps taken by countries and organizations to thwart the abuse of shell entities.

Many types of shell entities are used by white-collar criminals and are often layered in an intricate network which conceals the identity of beneficial owners. Nominees and bearer shares are used in tandem with shell entities to optimize concealment. Accountants, lawyers and trust and company service providers facilitate and promote the use and abuse of shell entities by lawbreakers. The G-8, Financial Action Task Force and G-20 have begun steps to improve ownership transparency, but the effort is moving at a modest pace.

The analysis makes clear the reasons for and means by which the wealthy and powerful, along with criminals, conceal trillions of dollars of income and wealth that remain untaxed and may be used for nefarious purposes. The paper is limited by the paucity of data on concealed assets and their beneficial owners.

The findings clearly show the need for more concerted action by national governments, organizations, the United Nations and law enforcement and to improve ownership transparency and information exchange regarding shell entities.

The findings demonstrate that shell entities used to conceal wealth prevent untold trillions in taxes from being collected by governments worldwide. This lack of revenue facilitates income inequality and skews national economic and fiscal policies. Also, more white-collar criminals and terrorist financiers could be brought to justice if ownership transparency is improved.

This study adds to the limited literature on shell entities, their characteristics and uses and abuses.

Russian organised crime (ROC) is on the increase, with new stories in the press appearing practically every day. In 1994, Boris Yeltsin announced in his address to the Duma (the Federal State Assembly) that Russia has become ‘the biggest Mafia State in the world’ and that it was now the ‘superpower of crime’. Louis Freeh, the director of the US Federal Bureau of Investigation, admitted in October 1997 to the US Congress that ROC was on the increase. The US Central Intelligence Agency (CIA) director John Deutch in 1996 announced that ROC's spread was global and a potential ‘threat to political and economic reform in Russia’.