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This paper aims to determine the preferable destinations of money laundered from Pakistan by using the Walker’s Gravity Model and to estimate the amount of money laundered through 156 countries. The research aims to facilitate policymakers and regulators to provide more efficient guidelines to counter the problem of money laundering.

This study uses a descriptive and quantitative approach. This study uses the Walker’s Gravity Model updated by Unger et al. (2006) to measure money laundering in Pakistan; Walker’s Gravity Model was first developed by John Walker in 1994.

The results indicate that Pakistani money launderers preferred countries having large financial sectors and political stability to hide their illegal money. In addition, the study estimates the amount of money laundered and shows that Pakistan has lost bulk of funds.

The major limitation is the non-availability of reliable data as the activity is hidden. Reliable data is either not available officially or scattered. Available data only reflect aspects that are reported. Non-availability of statistics for all years and countries resulted in the omission of some countries.

The study helps legislators and policymakers, including the Ministry of Finance, State Bank of Pakistan, Securities and Exchange Commission Pakistan, and other regulators, including law enforcement agencies and financial institutions, in formulating effective policies, regulations and internal control.

The study helps to identify the need of estimating the amount of money laundered to fight the problem effectively. Very few efforts have made to determine the size and the amount of money laundered, and this is the first study to determine the amount of money flowing out of Pakistan with the purpose of laundering.

Jamaica continues to experience financial crimes particularly in cyberspace including e-fraud, identity theft, credit card forging, money laundering and terrorist activities. Spoofing, spamming, virus propagation, spear phishing, buffer overflow and denial of service continue to be weaknesses found in organization’s cybersecurity in Jamaica. With the emergence of cryptocurrency and digital currency it is important that Jamaica uses intelligence led policing and data analysis to reduce and prevent financial crimes such as money laundering and corruption proceeds.

Literature review; review of domestic legislation; review of current matters in courts.

Cybersecurity is no longer a pure computer security issue but instead, cybersecurity is seen as a national policy matter because the illicit use of cyberspace could have a significant impact on the financial sector in Jamaica. Cyberattacks have been successfully targeting the financial sector worldwide. While much of the efforts and resources to address the risk imposed by these cyberattacks are directed at developed economies, far less attention has been devoted to developing nations. Because many of these nations such as Jamaica have modest cyber capabilities, their ability to respond to cyberattacks can be limited, yet they need to respond to these attacks to protect their critical financial infrastructure.

There are few scholarly articles that focus on cybersecurity issues and legislation in Jamaica.

The case is set in the emerging markets of Central Europe, shortly after the fall of communism. IQSOFT Ltd Hungary is a small information technology firm spun off from a centralized government agency. With very little capital, IQSOFT Ltd found itself competing in the same market with large multinational companies. The situation presents the delicate balance between traditional beliefs and values and the need to survive. As an organizational change problem there is an interrelationship between the strategy of the firm, the organizations capabilities, and the capacity to change. These interrelationships must then be meshed within the human context. The biases, opinions, agendas, and experiences of the key decision makers all have an impact on the feasibility of any change recommendation. Balint Domolki, Managing director of IQSoft, realized that the organization had evolved to meet the firm's survival needs, but was it positioned correctly for the future?

The purpose of this study is to examine the efficacy of various policy options for curbing the accumulation of illegal wealth and suggest ways to close the increasing wealth inequality gap.

The paper begins with a historical/literary analysis of the place of wealth in American Society and the ambivalent cultural attitudes toward wealth. Different policy approaches that seek to limit wealth inequality and the illegal accumulation of wealth are then examined. Finally, the current policy climate in the USA is reviewed to determine the likelihood of meaningful reform.

In Europe, the BASEL accords show promise for curbing the illegal accumulation of wealth by politically exposed persons. In the USA, tax reform efforts can close the wealth gap, but the current political landscape makes meaningful reform challenging particularly given the increasing use of “dark” money to influence elections.

Because financial reform is a moving target in both Europe and the USA, subject to the ebb and flow of political forces, it is difficult to predict what major reforms will be possible.

Without meaningful reform, an increase in populist movements can be expected (e.g. Brexit and Trump) with an overall, long-term negative impact on democratic capitalism.

The wealth gap and the sense that the system is rigged against the common people will result in increasing political turmoil.

Combining literary/historical analysis with the analysis of current policy interventions provides a set of tools not usually used in the examination of financial crimes.

This chapter develops a neoclassical growth model of illegal immigration with imperfect substitutability between native and immigrant workers in production. We investigate analytically and/or numerically the effects of illegal immigration on the average capital stock in the host economy as well as on the wage, income, and asset holdings of native workers. Our findings indicate that the effects of an increase in illegal immigration on the average levels of capital, consumption, and income are positive. Moreover, by employing the normalization technique (e.g., Klump & de La Grandville, 2000), we examine the effects of a change in the elasticity of substitution between immigrant workers and natives for any given immigration ratio. These effects are in general ambiguous, because of the presence of two opposing forces: the efficiency and the distribution effects. Finally, we extend the model by separating the domestic workers into skilled and unskilled and study the impact on distribution of income and wealth. We show that illegal immigration may not necessarily make the distribution of wealth more unequal and unskilled labor worse off. This is because the end results depend on the elasticities of substitution between different types of labor. Thus, assuming erroneously that immigrants and natives are perfect substitutes could lead to results that are not only overestimated but also of the wrong sign.

This study examines the new venue of moving illegal wealth from Pakistan under the umbrella of China–Pakistan Economic Corridor (CPEC). The study first discussed the features of CPEC in short and how it may bring stability and a new phase of development in the region and also in Pakistan. The review of related literature has suggested that previous studies are more focused on the advantages of CPEC and are almost neglecting the cons of the said project. Later, the research puts light on the problem of money laundering from Pakistan through CPEC and related trade transactions; Walker’s Gravity model has been used to calculate the attractiveness of money laundering. It has highlighted that China’s attractiveness for moving illegal wealth from Pakistan is increased in recent years; the risk of an increase in the amount of money laundered is also analyzed through the Fan Chart technique. Attributes which are making China more attractive for Pakistani wrongdoers are also discussed. The study aims to conclude that if the problem of money laundering will be addressed properly, the CPEC will play a vital role in bringing stability in Pakistan.

This study uses a descriptive and quantitative approach. This study uses the Walker’s Gravity Model updated by Unger et al. (2006) to measure money laundering in Pakistan. A newly developed technique for forecasting that is Fan Chart has been used to predict the trend of China’s attractiveness for money laundering as a preferred destination from Pakistan.

The study finds out that China is already increasing its ranking as a favorite destination for money laundering from Pakistan. Fan Chart analysis suggests that the attractiveness score will be increased.

The study helps in highlighting the problem of increase in money laundering from Pakistan through China under the umbrella of CPEC.

To the best of the authors’ knowledge, there is no study found on the topic of the problem of money laundering linked with CPEC, and this is the first effort to point out the problem.

Money laundering occurs in almost every crime where there is a financial motive. People who commit most crimes have personal enrichment as at least one of their motives. Because of the need to hide the fact that wealth came from a criminal act, the criminals need to disguise the money. This forms the basis of all money‐laundering and tax crimes. To complete the money‐laundering activity generally involves a series of transactions designed to disguise the source of funds, so that these assets may be used without discovery by law enforcement. Through the money‐laundering process the individual tries to transform the appearance of the funds derived from the illegal activity into one having come from a legitimate source. There has been an emerging new system of money laundering where the use of legitimate commercial trade activity is being used by criminals involved in illegal activity to disguise their criminally derived profits as coming from legitimate businesses.

This chapter offers a practitioners’ perspective on how Islamic banks in Malaysia deal with unlawful sources of funds. Specifically, it investigates the practice of Islamic banks in Malaysia in dealing with funds that originate from unlawful sources such as accepting deposits for safe-keeping and investment and providing financial facilities to customers whose incomes come from unlawful sources. This is regardless of whether the sources of fund are wholly unlawful or there is a mix of lawful and unlawful sources. A quantitative methodology is adopted to collect data from selected industry practitioners who are directly involved with Islamic banks, mainly officers of Sharīʿah departments, members of Sharīʿah committees and other stakeholders of Islamic banks. Based on a simple descriptive analysis, it is found that majority of the respondents opine that when the sources of funds are deemed unlawful, the bank cannot accept such deposits, investments or give financing to a customer if he or she is known to possess unlawful sources of funds. With respect to the mixed sources of funds or activities, that is, lawful and unlawful, the bank should not be prevented from receiving the funds either for safe-keeping, investment or payment of financing. The study also finds that banks have the right to investigate the sources of funds of the customers whether they are derived from Sharīʿah compliant, non-Sharīʿah compliant or mixed sources as part of the general due diligence implemented by such banks.

Money laundering is an activity where illegal proceeds are hidden. This often leads to a reduction in government revenue and loss of government control of public funds. This study aims to identify the important sources of growing demand for money laundering in developing countries. Further, it identifies the factors that reduce the impact of sources of demand for money laundering.

This study used the panel approach of feasible generalized least square to investigate the growing demand for money laundering in 62 developing countries and provides a moderation-based solution for managing the demand factors.

The empirical results of this study indicate that there are two sources that increase the demand for money laundering in developing countries. This includes a high tax rate on profit linked with private firms and businesses and diversion of public funds related to government officials and politicians. The results indicate that profit tax and diversion of funds increase the demand for money laundering. The profit tax-based money laundering can be moderated by the quality of the education system and the diversion of public funds and money laundering can be moderated using bureaucracy quality.

This is one of the first studies to empirically estimate the impact of two important sources (i.e. diversion of public funds by government officials and politicians and a high tax rate) that create demand for money laundering in developing countries. The findings help developing countries’ governments formulate policies and curb the growing demand for money laundering.

The purpose of this chapter is to examine how the broader characteristics of Pakistan’s public policies reflect Islamic law, how the financial crime rate has been affected by policy rules, and if the policies do indeed reflect Islamic law, how do they help the process?

It is a qualitative exploratory study where structured interviews have been conducted with experts and practitioners in Islamic Ideological Council and Parliament.

The findings constitute a threadbare discussion of financial crimes which policy takes into account under Islamic law; along with the relevant ramifications and recommendations.

It is suggested that the laws of Pakistan be studied taking Shariah density into consideration. Future research can focus on implementation of laws and policies as a factor improving governance.

This study is pertinent because financial crimes in light of Islamic law and public policy are not discussed in detail in previous research.