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This paper seeks to describe the recent SEC Roundtable on Money Market Funds and Systemic Risk and the context behind the roundtable.

The paper discusses the SEC's roundtable on money market funds. Context to the roundtable is provided by describing recent steps taken by regulators to address risks posed by money funds. The paper also examines the principal topics discussed at the roundtable, including the debate on the systemic risks posed by money funds and potential regulatory changes that could mitigate those risks.

A number of regulatory proposals that were raised at the roundtable could, if adopted by the SEC, significantly alter the operation of money market funds as we know them, including requiring money market funds to institute market‐based net asset value (“NAV”) instead of stable NAV, be subject to banking regulations, create an industry‐funded private liquidity bank, or maintain liquidity reserve requirements.

The roundtable is significant as it is likely to influence the future discussion of the regulation of money market funds, which has potential implications for both the money management industry and entities financed by money market funds.

The paper provides information on money market reform for investment advisers, broker‐dealers, regulatory lawyers, institutional investors, and investment companies.

The purpose of this paper is to illustrate how criminals launder money in the real estate business in Austria, Germany, Liechtenstein and Switzerland.

A qualitative content analysis of 58 semi-standardized expert interviews with both criminals and prevention experts and a quantitative survey of 184 compliance officers led to the identification of concrete techniques of money laundering in the real estate sector.

Real estate companies in German-speaking countries in Europe continue to be extraordinarily suitable for money laundering. In particular, they can be used for placement, layering and integration, combined with violations of the tax code. Most importantly, however, they are the vehicles for one of the very few profitable methods of laundering money.

As the qualitative findings are based on semi-standardized interviews, these are limited to the 58 interviewees’ perspectives.

The identification of gaps in existing anti-money laundering mechanisms is meant to provide compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate.

While the existing literature focuses on organizations fighting money laundering and on the improvement of anti-money laundering measures, this paper describes how money launderers operate to avoid getting caught. Both prevention and criminal perspectives are taken into account.

The purpose of this paper is to highlight the dangers posed by money‐laundering activities undertaken by criminals through the international trade mechanism, from the Malaysian perspective.

This is to be achieved by providing a description of the money‐laundering process in general and, more specifically, the international trade‐based money‐laundering mechanism. This is followed by an account of the development of international trade in Malaysia and related control mechanisms undertaken, so as to highlight the scope available to curb money laundering via the international trade mechanism in Malaysia.

The research showed two things: first, that the common techniques of laundering money via international trade involve over‐ and under‐invoicing of goods, multiple invoicing of goods, over‐ and under‐shipment of goods, falsely described goods and complex trade approaches; and second, the unfortunate state of affairs pertaining to the lack of data/information available on the existence and workings of such activity in the Malaysian context (which has in part hampered the aims of this paper).

Nevertheless, this paper has the practical implication of being something of a wake‐up call to the Malaysian policymakers (and the policymakers of developing countries), in that awareness of the impending challenges brought about by money laundering to international trade is crucial in tackling the menace.

This paper's call for increasing awareness and identification of international trade‐based money laundering and improving international cooperation and interaction makes it a useful read for policymakers, academics and students alike.

The criminal money laundering statutes grew out of the experience drug investigators had in tracking the proceeds of illegal drug transactions. Frequently, the cash was disguised as legitimate proceeds or hidden in a way that concealed the true owner and was then moved into the legitimate stream of commerce or returned to the country where the drugs originated to keep the scheme going. This led to training investigators to believe that money laundering always occurred in three stages: placement, layering and integration. That model, however, has little application to most money laundering scenarios, including those that involve funds already in electronic form when the laundering process begins. This paper aims to take a broader look at money laundering and suggests an accordingly broader approach to identifying money laundering transactions.

A review of the origins of the current paradigm.

The current paradigm is obsolete.

A broader approach to training is needed.

Malaysia has implemented a comprehensive AML/CFT framework, yet its effectiveness remains questionable due to low number of prosecutions on money laundering cases. Therefore, this study aims to understand the reasons for low number of prosecutions, by addressing the challenges faced by the law enforcement agencies in conducting money laundering investigation. This study then identifies future improvement actions to enhance their effectiveness in combating money laundering in future.

This study distributed surveys to the law enforcement agencies that are responsible for conducting money laundering investigation in Malaysia. In total, 65 surveys were distributed; however, only 61 were returned to the researchers. Out of the 61 surveys returned, only 39 can be analysed due to incomplete answers given by respective respondents.

The results show that the investigating officers are facing difficulties in gathering sufficient information to support their charges. Besides information gathering, they are also facing difficulties due to short investigation timeframe regulated in the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. This study concludes that, although the law enforcement agencies have the power to investigate money laundering and terrorism financing under the act, Malaysia is lacking in having a good investigative support system to assist the law enforcement agencies during the investigation process.

The results of this study are helpful to the regulators and law enforcement agencies in determining the flaws of the current money laundering investigation practices. This study also provides suggestions for future improvement action.

Lack of study focuses on money laundering investigation conducted by the law enforcement agencies, especially in the Malaysian setting, makes the study valuable to the money laundering research.

This paper aims to discuss how feasible it is for intelligent criminals to circumvent existing anti-money laundering mechanisms.

Based upon ten informal interviews with money launderers and their advisers; 18 formal, semi-standardized expert interviews with selected anti-money laundering specialists; and a quantitative survey of 181 compliance officers, 12 effective methods to launder money have been developed.

It has been found that gold, jewellery, raw diamonds, antiquities, art, real estate projects, consulting firms, mergers and acquisitions, banks in Dubai, deposit boxes, private cash deals and currency exchange offices continue to be extraordinarily suitable tools for money laundering.

The identification of gaps in anti-money laundering mechanisms is meant to provide both compliance officers and legislators with valuable insights. While the existing literature focuses on estimating the volume of money laundered in certain geographical areas and on the improvement of anti-money laundering mechanisms, this paper describes how money launderers proceed to avoid getting caught.

The empirical estimates for the money demand function reported here are based on quarterly time series for Saudi Arabia for the period 1962/I to 1981/IV. The money demand function estimated in this article is novel in that it takes into account the potential effect of external monetary and financial factors on domestic money de‐mand in the open economy of Saudi Arabia. The empirical results show that these external factors (foreign interest rates and exchange rates) do play an important role in the Saudi money demand function. Hence, the Saudi monetary authorities should not ignore the response of domestic money demand to these external factors in formulating their stabilisation policies. The empirical evidence also indicates that the inflationary expectations and permanent real income variables exert significant influences on money demand, with the latter variable exhibiting a unitary long‐run elasticity. Finally, the estimated money demand equation is found to be structurally stable over time.

The author, Director of the Office of Compliance Inspections and Examinations at the SEC, talks about how the anti‐money laundering laws apply to securities firms while also discussing a new examinations initiative that the SEC, NYSE, and NASD are undertaking to focus the industry's attention on compliance programs that detect and prevent money laundering.

Explores the attitudes of Italian children to money, with reference to US research which indicates a significant difference between boys and girls. Tests five hypotheses relating to gender differences in respect to money: boys are more positive in their attitudes to it, girls would be uncomfortable talking about it, men rather than women are seen by children as economically successful, sons rather than daughters would try to emulate their fathers’ economic status, and these gender differences might increase through adolescence. Explains the methodology of the study, and relates the findings to Italian society and the Catholic religion. Contrasts the attitudes of Italian parents to boys and girls regarding money: boys are more likely to receive regular pocket money and be expected to achieve highly paid jobs, whereas girls tend to value family or more creative activities.

This paper aims to assess the effectiveness of Jamaica’s anti-money laundering regime.

The research is based on secondary sources. Existing laws and reports of relevant agencies were reviewed.

The effectiveness of Jamaica’s anti- money laundering regime is compromised by weak implementation of the regulations. The real estate sector and the legal profession remain vulnerable to money laundering. Some features of the economy allow criminals to circumvent the regulations.

The research is based on qualitative analysis because of the absence of data to compute quantitative measures of effectiveness.

Strong enforcement is required for effective control of money laundering. Furthermore, investigation of money laundering needs to be pro-active and not dependent solely on suspicious transactions reports in countries where corruption is prevalent.

Weak money laundering control can contribute to social instability by allowing criminals to gain significant economic power and influence.

No other study has highlighted the factors undermining the effectiveness of anti-money laundering regulations in Jamaica.