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Shows how international standards and codes are increasingly addressing the integrity underpinnings of the international financial system, focusing on evolving standards for preventing money laundering, and relates these to the work of the International Monetary Fund’s Monetary and Financial Systems Department. Lists these reference points as: the revised 2003 Basel FATF 40 Recommendations; the Basel, IOSCO and IAIS Core Principles and the revised Basel Capital Accord or Basel II; the Sarbanes‐Oxley Act in the USA; the OECD Principles of Corporate Governance; and recent UK legislation ‐ the Financial Services Act 2000 and the Proceeds of Crime Act 2002. Outlines recent developments in each of these laws and codes as they affect the banking system.

To examine the implications of the changing compliance environment confronting banks as the international anti‐money laundering/combating the financing of terrorism (AML/CFT) standards have become more rigorous and more attention is paid to integrity related concerns by supervisors and market participants.

The paper describes recent regulatory and financial sector developments and draws analytical lessons.

Banks are facing increasing pressure from a number of sources to improve their compliance with AML/CFT and integrity related standards, and a number of institutions are responding positively to the challenge to establish robust AML/CFT regimes. However, there is a risk of disruption of legitimate business lines.

Striking the right balance in protecting systems from abuse while avoiding disruption to legitimate business lines will require further research on how best to implement the standards.

The paper initiates a discussion on the cost/benefit analysis of the implementation of the AML/CFT standard and outlines some of the challenges involved in going forward.

The paper seeks to draw lessons for effective policy and regulatory responses to protect financial systems in the face of terrorist attacks.

The paper presents data on the reaction of financial markets to the terrorist attacks in New York (2001) and Madrid (2004). It describes the authorities' crisis management responses and analyses their effectiveness. The paper describes the subsequent regulatory responses to protect the financial systems from abuse by terrorists.

Diversified, liquid, and sound financial markets were efficient in absorbing the shocks of terrorist attacks when supported by well organized crisis management responses.

The paper is limited in its coverage to the reaction of the financial markets to the 11 September 2001, terrorist attacks in New York, and 11 March 2004, attacks in Madrid.

The paper highlights the importance of effective contingency planning by the authorities and financial firms in mitigating the risks of disruption from terrorist attacks.

This paper provides an overview of the issues, challenges and responses in dealing with the risks posed by terrorism to financial systems. It combines empirical evidence with an institutional perspective, and notes some of the regulatory challenges in combating terrorist finance.

This study aims to examine the impact of terrorism on return and systematic risk of Pakistan’s equity industries. Daily data from 1 January 2000 to 31 December 2014 for 12 industries based on the specific types of companies listed on Karachi Stock Exchange are used for the empirical analysis.

A multiplicative (additive) term is introduced in the standard capital asset pricing model to examine the change in systematic risk (industry returns) in response to the terrorist activities. The authors use the multiscale beta approach (Yamada, 2005) and the maximal overlap discrete wavelet transform (MODWT) to test the heterogeneous market hypothesis.

Terrorism activities increase the systematic risk for most of the industries and the negative impact on returns of banks and the financial industry. It is noted that terrorism positively impacts (increases) the industrial systematic risk mainly in short-run (between two and four days-time horizon).

The paper examines the impact of terrorism on a broad list of industries’ (banks, basic materials, chemicals, construction, consumer goods, consumer services, financials, industrials, minerals, oil and gas, textile and utilities) risk and return in Pakistan, using the multiscale beta approach (Yamada, 2005) and the MODWT methods.

Concerns on money laundering (ML) and terrorist financing increased, as ML accounted 2%–5% of the global GDP, with Switzerland, the USA, Canada, India and Russia having high laundering rates. Banks were fined over US$320bn in 2008, but money laundering still accounted for 3.6% of global GDP in 2009, thereby indicating the need for effective regimes. Therefore, this study aims to critically analyze the antimoney laundering (AML)/CFT regime of Somalia, identify loopholes in the regime, raise awareness and propose recommendations for regime improvement.

The qualitative research approach is used to compare Somalia’s AML/CFT regime with the corresponding regime of Malaysia through the black letter method combined with document analysis. Malaysia is selected as a benchmark for two reasons: firstly, it is an Islamic country like Somalia, and secondly, Malaysia has complied with integrity-related standards.

This study revealed that an impactful AML/CTF regime is reached by closing loopholes in the law, reevaluating and improving regulatory agencies and measures, facilitating formal financial services and collaborating with regional and international standard setters. According to the results, Somalia AML/CFT regime is counterproductive in criminalizing offenses; regulating digital currencies and mobile money, disclosures and nonfinancial business and provisions; and governing training requirements for regulatory agencies and financial institutions.

To the best of the author’s knowledge, this paper is the first of its kind in the study of Somalia’s regime building. Also, this study incorporates rich scholarly discourse on effective regime building.

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.

Rapid tooling has numerous advantages when prototyping injection molded components, but the effects of the tooling on the resulting part properties are often overlooked. The purpose of this paper is to consider the effect of tooling on the final part properties and morphology.

Digital polyacrylonitrile-butadiene-styrene (ABS) tooling and aluminum tooling were used to mold test specimens from isotatic polypropylene (iPP). Tensile behavior, impact strength, shrinkage, surface roughness and porosity were evaluated for both sets of samples. Additionally, differential scanning calorimeter (DSC) and wide-angle X-ray scattering (WAXS) were used to assess the crystallinity of the samples.

Characterization of the molded parts showed that slower cooling rates in the Digital ABS inserts promoted the formation of ß-PP, while this crystal structure was not found in the parts molded using aluminum tooling. Additionally, parts molded on the digital ABS inserts exhibited higher mold shrinkage and SEM images identified microscopic shrinkage voids within the material. The change in morphology and the presence of voids significantly affected the tensile behavior with the parts molded in Digital ABS, which broke with little cold drawing and exhibited higher tensile moduli and higher yield strengths.

The results show that the choice of rapid tooling technique plays an important role on determining the properties of the final parts.

Previous studies have not characterized the effect of rapid tooling on the morphology of the molded articles fully or over a variety of processing conditions. This study builds on prior work by using both WAXS and DSC to characterize morphological changes over a wide range of processing conditions and comparing results to mechanical property and shrinkage data.

Reports on findings from a research project, which has been examining the development of the New Public Management (NPM), a managerial reform movement for change in public sectors worldwide, and reports on a series of semi‐structured interviews with academics in Sweden and England as elements of NPM are introduced into the daily routines of university work. The findings suggest that, despite evidence of common elements of the NPM appearing in Higher Education in the two countries in question, as well as many similarities of experience and response among those subjected to change, there are differences ‐ with academics in England reporting longer hours and increased monitoring of their work than their Swedish counterparts. The article explores the nature of these similarities and differences.

The body of literature in the field now commonly known as the “quality of working life” (QWL) has grown steadily over a period in which the industrialised nations have increasingly come to question the role and status of human beings in the modern technological environment. In recent years concern with the nature of work, its impact upon people, and their attitudes towards it, seem to have sharpened. Investigation of, and experimentation with, the qualitative aspects of working life—its ability to confer self‐fulfilment directly, for example, as opposed to being a means of acquiring goods—has gained momentum under the influence of a unique set of economic, social, political and technological factors. The outpouring of books, reports and articles from a wide variety of sources has, not surprisingly, grown apace.

This issue is a selected bibliography covering the subject of leadership.