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Article
Publication date: 1 February 2001

Peter Alldridge

The G7 finance ministers, at a meeting in London on 8th May, 1998, called for international action to enhance the capacity of anti‐money‐laundering systems to deal…

Abstract

The G7 finance ministers, at a meeting in London on 8th May, 1998, called for international action to enhance the capacity of anti‐money‐laundering systems to deal effectively with tax‐related crimes, with a view to achieving the following objectives: the extension of suspicious transaction reporting to money laundering related to tax offences; the permission to money‐laundering authorities to the greatest extent possible to pass information to their tax authorities to support the investigation of tax‐related crimes; and the communication of such information to other jurisdictions in ways which would allow its use by tax authorities.

Details

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

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Article
Publication date: 5 January 2015

Jonathan Mukwiri

– This paper aims to assess the effectiveness of the Bribery Act 2010 in curbing corporate bribery.

Abstract

Purpose

This paper aims to assess the effectiveness of the Bribery Act 2010 in curbing corporate bribery.

Design/methodology/approach

The paper takes a doctrinal focus in assessing UK bribery law using both primary and secondary sources.

Findings

This paper finds that the effectiveness of the Bribery Act 2010 in curbing bribery lies in its approach of changing the basis for corporate criminal liability from focusing on the guilt of personnel within the company to focusing on the quality of the system governing the activities of the company. Companies have to address the risks of bribery or risk facing liability for failure to prevent bribery. With its regulatory approach to corporate liability, coupled with its extraterritorial reach, the Bribery Act is likely to change business cultures that facilitate bribery, thereby proving an effective law to corporate bribes.

Originality/value

This paper highlights the deficiency of earlier laws in tackling corporate bribery, examines the crime of bribery from a company law perspective and argues that the regulatory strategy in the Bribery Act is likely to be an effective tool against bribery.

Details

Journal of Financial Crime, vol. 22 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 1 April 1997

Peter Sommer

The growing use of the Internet, online hosts, electronic banking and bulletin board systems means that with increasing frequency evidence needs to be collected from…

Abstract

The growing use of the Internet, online hosts, electronic banking and bulletin board systems means that with increasing frequency evidence needs to be collected from remote computers for use in legal proceedings. Issues of the evaluation of weight still need to be addressed even if strict rules of admissibility are removed. The background processes involved need to be understood if courts are to be able to test evidential quality. The controls that should be in place are discussed and a series of tests of provenance and reliability are suggested. Such tests, however, will never be more than decision aids.

Details

Journal of Financial Crime, vol. 5 no. 2
Type: Research Article
ISSN: 1359-0790

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Book part
Publication date: 18 November 2020

Liz Campbell and Nicholas Lord

Sustainable development and the enhancement of justice and security globally are predicated on the existence of sufficient and appropriately deployed assets. Mindful of…

Abstract

Sustainable development and the enhancement of justice and security globally are predicated on the existence of sufficient and appropriately deployed assets. Mindful of this, and of the misuse of both public and private wealth, UN Sustainable Development Goal 16.4 (SDG 16.4) seeks to ‘…significantly reduce illicit financial … flows’. This chapter critiques how this aim of SDG 16.4 has been operationalised. We argue that the choice and placement of the term ‘illicit’ is crucial: it can relate to the finances, the flows, or both, as well as to the people involved, as facilitators or protagonists, and is expansive enough to encompass criminal, unlawful and ostensibly legal but illegitimate or harmful assets, acts and actors. Moreover, this chapter explores why the movement of assets is significant, within and between jurisdictions, and how these transfers and transactions impact on sustainable development and can worsen inequalities. Our attention is on the conceptualisation, measurement and operationalisation of illicit financial flows (IFFs) in particular and the corresponding implications for available policy responses in the form of situational interventions as a more plausible route to understanding and reducing IFFs in the context of promoting SDG 16.4.

Details

The Emerald Handbook of Crime, Justice and Sustainable Development
Type: Book
ISBN: 978-1-78769-355-5

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Article
Publication date: 7 May 2019

Chad Albrecht, Kristopher McKay Duffin, Steven Hawkins and Victor Manuel Morales Rocha

This paper aims to analyze the money laundering process itself, how cryptocurrencies have been integrated into this process, and how regulatory and government bodies are…

Abstract

Purpose

This paper aims to analyze the money laundering process itself, how cryptocurrencies have been integrated into this process, and how regulatory and government bodies are responding to this new form of currency.

Design/methodology/approach

This paper is a theoretical paper that discusses cryptocurrencies and their role in the money laundering process.

Findings

Cryptocurrencies eliminate the need for intermediary financial institutions and allow direct peer-to-peer financial transactions. Because of the anonymity introduced through blockchain, cryptocurrencies have been favored by the darknet and other criminal networks.

Originality/value

Cryptocurrencies are a nascent form of money that first arose with the creation of bitcoin in 2009. This form of purely digital currency was meant as a direct competitor to government-backed fiat currency that are controlled by the central banking system. The paper adds to the recent discussions and debate on cryptocurrencies by suggesting additional regulation to prevent their use in money laundering and corruption schemes.

Details

Journal of Money Laundering Control, vol. 22 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 8 May 2018

Ronald F. Pol

This article aims to constructively critique the new global methodology for evaluating the effectiveness of anti-money laundering regimes against defined outcomes.

Abstract

Purpose

This article aims to constructively critique the new global methodology for evaluating the effectiveness of anti-money laundering regimes against defined outcomes.

Design/methodology/approach

With surprisingly little discussion at the intersection of the money laundering and policy effectiveness and outcomes scholarship and practice, this article combines elements of these disciplines and recent peer-review evaluations, to qualitatively assess the Financial Action Task Force’s (FATF’s) anti-money laundering “effectiveness” methodology.

Findings

FATF’s “effectiveness” methodology does not yet reflect an outcome-oriented framework as it purports. Misapplication of outcome labels to outputs and activities miss an opportunity to evaluate outcomes, as the impact and effect of anti-money laundering policies.

Practical implications

If the “outcomes” of the “effectiveness” framework do not match the crime and terrorism prevention policy goals of nation states, the new “main” component for assessing the effectiveness of anti-money laundering regimes potentially detracts focus and resources from, rather than towards, intended policy objectives.

Originality/value

There is a dearth of scholarship whether the global anti-money laundering “effectiveness” framework is sufficiently robust to assess effectiveness as it purports. This article begins addressing that gap.

Details

Journal of Money Laundering Control, vol. 21 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 7 October 2019

Eugene E. Mniwasa

This paper aims to examine how banks in Tanzania have been vulnerable to money laundering activities and how the banking institutions have been implicated in enabling or…

Abstract

Purpose

This paper aims to examine how banks in Tanzania have been vulnerable to money laundering activities and how the banking institutions have been implicated in enabling or aiding the commission of money laundering offences, and highlights the banks’ failure or inability to prevent, detect and thwart money laundering committed through their financial systems.

Design/methodology/approach

The paper explores Tanzania’s anti-money laundering law and analyzes non-law factors that make the banks exposed to money laundering activities. It looks at law-related, political and economic circumstances that impinge on the banks’ efficacy to tackle money laundering offences committed through their systems. The data are sourced from policy documents, statutes, case law and literature from Tanzania and other jurisdictions.

Findings

Both law-related and non-law factors create an enabling environment for the commission of money laundering offences, and this exposes banks in Tanzania to money laundering activities. Some banks have been implicated in enabling or aiding money laundering offences. These banks have abdicated their obligations to fight against money laundering. This is attributed to the fact that the banks’ internal anti-money laundering policies, regulations and procedures are inefficient, and Tanzania’s legal framework is generally ineffective to tackle money laundering offences.

Originality/value

This paper uncovers a multi-faceted nature of money laundering affecting banks in Tanzania. It is recommended that Tanzania’s anti-money laundering policy should address law-related, political, economic and other factors that create an enabling environment for the commission of money laundering offences. Tanzania’s anti-money laundering law should be reformed to enhance its efficacy and, lastly, banks should reinforce their internal anti-money laundering policies and regulations and policies.

Details

Journal of Money Laundering Control, vol. 22 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 4 January 2016

Tayo Oke

The high crimes of bribery and money laundering resonate vividly with the public, especially where politically exposed persons (PEPs) are involved. Conventional wisdom…

Abstract

Purpose

The high crimes of bribery and money laundering resonate vividly with the public, especially where politically exposed persons (PEPs) are involved. Conventional wisdom thus far, dictates the adoption of even stiffer criminal sanctions for perpetrators of such crimes to solidify deterrence. This paper contends that while this approach may be a viable option in respect of PEPs in Western jurisdictions, it is less so with PEPs in Africa, where their peculiar socio-legal antecedents have rendered the venomous arrow of criminal sanction a largely anodyne prickle. The paper further contends that only a paradigm shift away from criminal to tougher civil remedy options can effectively address the endemic incidents of a growing number of PEPs actively engaged in financial crime aimed at asset stripping the state for personal gain in Africa.

Design/methodology/approach

The paper juxtaposes empirical evidence from historical records with comparative regional and international approaches to establish some creative new thinking on the subject matter.

Findings

The paper makes an important, significant and persuasive argument for a kind of paradigm shift in the approach to fighting corruption by PEPs in Africa specifically …. It is quite creative in deciphering a major root cause of the ineffectiveness in most of Africa of criminal sanction as an anti-corruption weapon, and in pressing trust law and the principles of fiduciary obligation into the service of thinking through the reinvigoration of the legal battle against corruption in Africa.

Originality/value

The paper makes a significant original contribution to the legal and policy literature. The author also displays an impressively sound technical command of the relevant and rather pivotal trust law principles and case law.

Details

Journal of Money Laundering Control, vol. 19 no. 1
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 5 June 2019

Mahdi Salehi and Vahid Molla Imeny

Money laundering has become a global concern in recent years, and many countries attempt to employ some preventive measures to cope with this phenomenon. Anti-money…

Abstract

Purpose

Money laundering has become a global concern in recent years, and many countries attempt to employ some preventive measures to cope with this phenomenon. Anti-money laundering (AML) controls vary in different countries, and consequently many studies, to date, have taken account of these differences along with the AML efforts. In this regard, financial institutions play an important role to tackle money laundering by involving in all three stages of money laundering (placement, layering and integration). The purpose of this paper is to investigate the AML situation of the Iranian banks and also study some related variables.

Design/methodology/approach

Using the Wolfsberg questionnaire, a survey consisting of 24 Iranian authorized banks in 2017 was conducted.

Findings

We conclude that Iranian banks have proper AML controls in place. Furthermore, it is concluded that banks with more staffs and more experienced employees are more likely to establish strong AML controls; conversely, banks with more branches are less likely to set up strong AML controls.

Originality/value

The present study is the first study conducted in Iran, and the outcomes of the study may be helpful to the Iranian and also International Banking System to establish stronger AML controls.

Details

Qualitative Research in Financial Markets, vol. 11 no. 4
Type: Research Article
ISSN: 1755-4179

Keywords

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Article
Publication date: 4 January 2011

Nikolay Nikolov

This paper attempts to clarify and describe the general characteristics of civil forfeiture as a new national and international tool in the fight against organized crime.

Abstract

Purpose

This paper attempts to clarify and describe the general characteristics of civil forfeiture as a new national and international tool in the fight against organized crime.

Design/methodology/approach

The paper analyzes and compares the civil forfeiture legislations of five counties – the USA, Great Britain, Ireland, Bulgaria and Serbia and draws conclusions on the general characteristics of this legal phenomenon.

Findings

There are substantial differences between criminal and civil forfeiture which set the latter apart as an independent legal phenomenon. Unfortunately, few countries have effective legislations which regulate this tool for fighting organized crime. The importance of civil forfeiture lies in the fact that it shakes the economic foundations of organized crime using the methods and procedures of civil and administrative law even, in some countries, after the court has issued a verdict of “not guilty”.

Originality/value

The paper stresses the importance of international laws and regulations for the unification and development of national civil forfeiture legislations. The paper proposes that one way to develop civil forfeiture is to strengthen the imperative nature of EU legislation; to present annual reports at national and EU level before the EU Parliament and national parliaments proposing measures for the development and acceleration of the process; to turn CARIN into an EU institution. The paper also emphasizes the importance of the decisions of the Strasbourg court as standards for the application of civil forfeiture legislation.

Details

Journal of Money Laundering Control, vol. 14 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

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