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Article
Publication date: 11 October 2011

Musonda Simwayi and Wang Guohua

The purpose of this paper is to assess the role of commercial banks in combating money laundering in the People's Republic of China (PRC). An effective anti‐money…

Abstract

Purpose

The purpose of this paper is to assess the role of commercial banks in combating money laundering in the People's Republic of China (PRC). An effective anti‐money laundering (AML) regime within the banking sector can make a significant contribution to the fight against money laundering both nationally and internationally.

Design/methodology/approach

An assessment based on the AML law of China, rules and regulations issued by the People's Bank of China (PBOC) was conducted on commercial banks in Xichang City. A questionnaire and guided oral interviews were employed to collect data for the study.

Findings

The study found that all the five banks that responded to the questionnaire have, for the period 2006‐2010, not been assessed by the PBOC, despite being independently audited by external auditors. All banks have AML policies and procedures in place, have designated a compliance officer for AML activities and trained their employees.

Research limitations/implications

Only five banks responded to the questionnaire as most of them were not willing to release information on their AML activities, for various reasons. This raises the question of generalizing the findings of the current study.

Originality/value

The paper shows the extent to which AML rules and regulations have been embraced and implemented by commercial banks at a micro level. It is envisaged that the findings of this study will encourage similar studies in other cities of the PRC and help policy makers, especially at the PBOC, to re‐align their strategies in line with what is obtaining on the ground.

Details

Journal of Money Laundering Control, vol. 14 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 13 September 2011

Musonda Simwayi and Guohua Wang

The purpose of this paper is to assess the role of Money Laundering Reporting Officers (MLROs) in combating money laundering in Zambia's commercial banks.

Abstract

Purpose

The purpose of this paper is to assess the role of Money Laundering Reporting Officers (MLROs) in combating money laundering in Zambia's commercial banks.

Design/methodology/approach

Questionnaires were administered to MLROs in all commercial banks in Zambia as well as guided oral interviews.

Findings

The paper found that commercial banks in Zambia have generally complied with the Bank of Zambia AML directives of 2004 and they have taken AML laws and regulations very seriously. Support from senior management and board of directors is overwhelming. AML activities, in most banks, are incorporated in compliance departments and bank operations. However, some MLROs are not adequately trained and qualified to meet the demands of their positions. Further, some external factors have impacted negatively on the performance of MLRO. These factors include lack of feedback from the Anti‐Money Laundering Investigations Unit (AMLIU) and the snail's pace at which investigations are carried out.

Practical implications

The implications of these findings is that commercial banks should invest more resources in training MLROs and ensure that they are elevated to international standards. Such standards include certifications as money laundering experts.

Originality/value

MLROs are key to the AML regime all over the world. It is hoped that this study will encourage similar studies in other countries, particularly in Africa.

Details

Journal of Investment Compliance, vol. 12 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 1 January 2012

Musonda Simwayi and Muhammed Haseed

The purpose of this paper is to present a comparative position of Financial Intelligence Units (FIU) in Zambia, Zimbabwe and Malawi and assess their role in combating…

Abstract

Purpose

The purpose of this paper is to present a comparative position of Financial Intelligence Units (FIU) in Zambia, Zimbabwe and Malawi and assess their role in combating money laundering.

Design/methodology/approach

The study employed a multiple case study research methodology. The units in the three countries are compared using a framework based on the Financial Action Task Force (FATF) recommendations, the International Monetary Fund, the World Bank and Commonwealth guidelines and the Egmont Group guidelines.

Findings

The study established that the three countries have made tremendous progress in the fight against money laundering. The units in the three countries have several commonalities and differences. Zimbabwe is left behind in the process of establishing an effective FIU. Malawi is on top with Zambia coming second.

Research limitations/implications

Apart from the common limitations of the multiple case study methodology, the major limitation of this study was the utilization of secondary data in the case of Zimbabwe.

Practical implications

The practical implication of these findings is that policy makers and FIU authorities the world over would be particularly interested in regard to strengthening their units and comparing themselves with international standards.

Originality/value

By focusing on three countries the study has addressed weaknesses usually associated with single country case studies. These findings may be generalized without difficulties. It is envisaged that that research will encourage similar studies in other regions of the world.

Details

Journal of Money Laundering Control, vol. 15 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Content available
Article
Publication date: 13 September 2011

Henry A. Davis

Abstract

Details

Journal of Investment Compliance, vol. 12 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 3 July 2017

Osama Omar Jaara and Abdelrahim M. Kadomi

This paper aims to investigate Jordan’s framework specifics of the anti-money laundering (AML) policy and factors related to the Central Bank instructions on money laundering.

Abstract

Purpose

This paper aims to investigate Jordan’s framework specifics of the anti-money laundering (AML) policy and factors related to the Central Bank instructions on money laundering.

Design/methodology/approach

A questionnaire has been distributed to a random data sample of 100 branch bank managers and supervisors who have a sufficient experience in this issue, and a t-test statistical technique has been used.

Findings

The results revealed that commercial banks of Jordan are committed to the instruction of the central bank, and they are highly qualified in all investigated measures.

Practical implications

This study supports the Central Bank of Jordan’s efforts in combating money laundering, which encourage all commercial banks of one country to follow the same adopted regulations to identify and report transactions of suspicious behaviour: investigate capability of the tellers and customer account representatives to report such activities, use AML software, filter customer’s data classify available information according to levels of suspicion or based on the uncertain customers without being subject to the institutional secrecy jurisdiction and to work under cooperative management.

Originality/value

It has been recommended to utilize more advanced technology, intensify training and ensure for more knowing clients’ knowledge. The importance of this paper is to insure the following: first, the banking system is obliged to recognize and report suspicious money laundering transactions, regarding up to date the FATFA equivalence status of other countries; second, increase the awareness and ensure the central bank efforts’ success; third, assure the adequacy of different issues such as the internal control system tools; devices or tools availability; and sufficient employees’ qualifications in facing launderers attempts; fourth, to be sure that suspected transactions are checked against any commercial bank records; finally, to be sure that commercial banks are giving enough considerations to all the AML proactive actions such as the regulations of checking while opening an account, accepting money on deposit, giving loans, issuing a debit card, traveller’s check and collecting enough information about new clients.

Details

Journal of Money Laundering Control, vol. 20 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

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