Search results

1 – 10 of 212
To view the access options for this content please click here
Article
Publication date: 19 October 2020

Todor Kolarov

The purpose of this paper is to evaluate the benefits and challenges, on the national and international level, associated with the settlement of cases involving…

Abstract

Purpose

The purpose of this paper is to evaluate the benefits and challenges, on the national and international level, associated with the settlement of cases involving non-conviction civil confiscation of unexplained wealth.

Design/methodology/approach

This paper is centered on evaluation of key aspects of settlement of civil confiscation of unexplained wealth cases. Conducting a review of settlement of confiscation cases and of non-conviction-based unexplained wealth regimes, this research evaluates the validity of the lead thesis.

Findings

Settlement of civil asset confiscation of unexplained wealth cases presents several challenges that call for mitigation.

Originality/value

This paper emphasizes the theoretical and practical issues on the national and international level related to settlement of cases involving non-conviction-based civil asset confiscation of unexplained wealth, with recommendations for development of legal principles for non-conviction based civil asset confiscation.

Details

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

Keywords

To view the access options for this content please click here
Book part
Publication date: 2 May 2013

Toon van Meijl

Purpose − In the 1990s, the New Zealand government began returning land and other natural resources to Maori ownership in compensation for their dispossession in the…

Abstract

Purpose − In the 1990s, the New Zealand government began returning land and other natural resources to Maori ownership in compensation for their dispossession in the nineteenth century. This chapter examines the impact of the settlement of the Waikato-Tainui claim on the socioeconomic development of the tribe since the compensation agreement was signed in 1995.Design/methodology/approach − The ethnographic analysis is focused on the tribal debate that seeks to balance the corporate demand to maximize profits of commercial investments and the increasing demand of tribal beneficiaries for social services. This debate is situated within the broader discussion about the balance between ownership and (re)distribution, and between historical justice and social justice.Findings − The analysis demonstrates that the restoration of land to Maori ownership does not automatically result in an improvement of socioeconomic conditions for most Maori. Instead, it seems to facilitate a gradual transformation of tribal hierarchies into class distinctions.Research limitations/implications − Further research is required as this chapter shows that the settlement of Maori grievances does not immediately resolve all socioeconomic problems as was originally expected.Practical implications − The settlement of colonial grievances is inherently complex since each solution seems to create new problems, also because the sociopolitical organization of indigenous societies has changed fundamentally since the beginning of colonization.Social implications − It will be necessary to continue to negotiate historical and social justice in postcolonial societies.Originality/value − Ownership of natural resources does not automatically entail socioeconomic developments or improvements. Additional policy strategies are required to obtain the socioeconomic outcomes that people desire from their engagements with capitalism.

Details

Engaging with Capitalism: Cases from Oceania
Type: Book
ISBN: 978-1-78190-542-5

Keywords

To view the access options for this content please click here
Article
Publication date: 2 July 2019

Georgios Pavlidis

The purpose of this paper is to critically examine the strengths and weaknesses of a new European Union (EU) initiative attempting an interesting paradigm shift in the…

Abstract

Purpose

The purpose of this paper is to critically examine the strengths and weaknesses of a new European Union (EU) initiative attempting an interesting paradigm shift in the field of cross-border asset freezing and confiscation. The entry into force of the Lisbon Treaty and lessons learned from the manifest failure of past EU initiatives (Framework Decisions 2003/577/JHA and 2006/783/JHA) have allowed for such a paradigm shift for the strengthening of mutual recognition of freezing and confiscation orders in the EU.

Design/methodology/approach

This paper draws on reports, legal scholarship and other open source data to examine a legislative innovation for the mutual recognition of freezing and confiscation orders in the EU.

Findings

The EU legislative initiative that will be examined is innovative in nature and goes beyond international norms on cross-border asset freezing and confiscation. The new initiative needs to be integrated into the broader EU framework that targets criminal proceeds, and at the same time, to be anchored to respect for human rights.

Originality/value

This study examines the strengths and weaknesses of an important new EU initiative, its compatibility with human rights standards and its relationship to international standards of cross-border asset freezing and confiscation.

Details

Journal of Financial Crime, vol. 26 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

To view the access options for this content please click here
Article
Publication date: 1 January 1999

Timothy Ridley

Supporting the international fight against drug trafficking and serious crime is hard to contest; it is like being in favour of family values. Likewise, therefore, the…

Abstract

Supporting the international fight against drug trafficking and serious crime is hard to contest; it is like being in favour of family values. Likewise, therefore, the fight against money laundering, ie burying or disguising the financial proceeds of those activities, including helping someone else to do so. The real and potential long‐term damage to societies, honest government, the rule of law and sound economies is now well recognised. But, on closer inspection, the route mapped out by the international community to achieve the laudable goal of putting serious criminals (and those who assist them) out of business by attacking the financial jugular causes a number of political, economic and legal tensions.

Details

Journal of Money Laundering Control, vol. 2 no. 3
Type: Research Article
ISSN: 1368-5201

To view the access options for this content please click here
Article
Publication date: 1 April 2000

R.E. Bell

Organised crime groups, in particular drug traffickers, generate considerable amounts of money from their criminal activities. Over the last two decades jurisdictions…

Abstract

Organised crime groups, in particular drug traffickers, generate considerable amounts of money from their criminal activities. Over the last two decades jurisdictions around the world have therefore put in place confiscation and forfeiture legislation designed to remove such criminal gains. The Performance and Innovation Unit of the Cabinet Office, in its report entitled ‘Recovering the Proceeds of Crime’, has now recommended that a national confiscation agency (NCA) for England and Wales be established, the functions of which will include the institution of civil forfeiture proceedings and the application of the taxation legislation to the proceeds of criminal activity. If enacted, this will essentially provide a threefold strategy designed to remove criminal gains. First, where the evidence permits, the individual may be prosecuted for criminal offences and, upon conviction, a confiscation order may be sought against him. Secondly, if the evidence is not sufficient for criminal prosecution, the individual may have civil forfeiture proceedings instituted against him to deprive him of the illgotten gains, seeking to prove on the balance of probabilities that the property in his possession is, directly or indirectly, the proceeds of crime. Thirdly, if an individual can be shown to have received income during a particular period which the authorities suspect, but have insufficient evidence to prove, is the proceeds of crime, then they may apply the tax legislation to that income and raise a tax assessment against him.

Details

Journal of Financial Crime, vol. 8 no. 2
Type: Research Article
ISSN: 1359-0790

To view the access options for this content please click here
Article
Publication date: 15 January 2018

Diego Ravenda, Maika M. Valencia-Silva, Josep Maria Argiles-Bosch and Josep Garcia-Blandon

The purpose of this paper is to investigate how accounting is used to disguise and carry out money laundering activities in specific socio-economic and political contexts…

Abstract

Purpose

The purpose of this paper is to investigate how accounting is used to disguise and carry out money laundering activities in specific socio-economic and political contexts and whether discretionary accruals can provide evidence of such illicit practices performed through legally registered Mafia firms (LMFs).

Design/methodology/approach

The study is based on a sample of 224 Italian firms identified as LMFs, due to having been confiscated by judicial authorities because of their owners being accused of Mafia-type association. Using a multivariate regression model, specifically developed discretionary accrual proxies for LMFs are compared with those of a population of lawful firms (LWFs).

Findings

The results reveal that in the pre-confiscation years, LMFs manage aggregate, revenue and expense accruals more than LWFs do, in order to smooth earnings and disguise/carry out money laundering. In contrast, in the post-confiscation years, there is no significant difference in the level of accrual management between LMFs and LWFs, as a consequence of the effective intervention of legal administrators.

Originality/value

This study adopts discretionary revenue and expense accrual proxies that provide additional insight into the simultaneous manipulation of revenues and expenses, linked to money laundering, which may not be fully detected by traditional aggregate accrual models. Furthermore, it suggests that the incentive for LMFs to manage accruals may be fostered by the irrelevance of their financial statements to trades with stakeholders. Finally, this paper may provide regulators with financial accounting signals which could be included in risk assessment models aiming to detect money laundering activities within firms.

Details

Accounting, Auditing & Accountability Journal, vol. 31 no. 1
Type: Research Article
ISSN: 0951-3574

Keywords

To view the access options for this content please click here
Article
Publication date: 1 April 2002

David Lusty

‘It is incorrect to view the recovery of the profits of unlawful activity as a part of the criminal justice process and, as such, justifiable only on the basis of a prior…

Abstract

‘It is incorrect to view the recovery of the profits of unlawful activity as a part of the criminal justice process and, as such, justifiable only on the basis of a prior finding of guilt according to the criminal standard of proof beyond reasonable doubt.’

Details

Journal of Money Laundering Control, vol. 5 no. 4
Type: Research Article
ISSN: 1368-5201

To view the access options for this content please click here
Article
Publication date: 9 January 2007

Anthony Kennedy

The purpose of this paper is to explore how effective the four mechanisms of UK criminal asset recovery are – confiscation, cash forfeiture, civil recovery and taxation …

Abstract

Purpose

The purpose of this paper is to explore how effective the four mechanisms of UK criminal asset recovery are – confiscation, cash forfeiture, civil recovery and taxation – and whether they, or their application, might be enhanced.

Design/methodology/approach

The paper draws on both the author's own practical experience of involvement in criminal asset recovery in the UK, and other published material in the field.

Findings

While an increasing amount is being recovered from criminals by the various agencies involved in the recovery of criminal assets, there is clearly more that can be achieved with the tools provided. In order to do so, there requires to be change at a number of levels, including legislative, structural and cultural.

Practical implications

The paper identifies a number of challenges, which need to be met if asset forfeiture is to fulfil its potential to reduce crime.

Originality/value

The paper combines a strategic overview as to whether the mechanisms of asset recovery are accomplishing what they are designed to do with a practitioner's grasp of what is occurring at a practical level.

Details

Journal of Money Laundering Control, vol. 10 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

To view the access options for this content please click here
Article
Publication date: 13 September 2011

Ben Chigara

This article aims to examine the sustainability of European and SADC states' practice of agreeing bilateral investment agreements (BITs) for the promotion and protection of

Abstract

Purpose

This article aims to examine the sustainability of European and SADC states' practice of agreeing bilateral investment agreements (BITs) for the promotion and protection of foreign investments in light of the latter's recent inauguration of Black Economic Empowerment (BEE) as a basic norm of regional customary international law and strategy for countering the social and economic legacy of apartheid rule on their territories for over half a century.

Design/methodology/approach

The approach taken is textual analysis and deconstruction of emergent SADC BEE legislation, substantive BIT legislation provisions, dispute settlement mechanisms and emergent jurisprudence on the tensions between BEE policy and BIT obligations.

Findings

The strong elements of exclusivity between European/SADC BIT dispute settlement mechanisms on the one hand, and the “ouster clauses” of SADC BEE legislation and regulations on the other, are mutually incompatible. This incompatibility threatens the sustainability of the EU/SADC states' BIT dynamic for the promotion and protection of foreign direct investments (FDIs).

Originality/value

Demonstration of BEE as SADC's emergent basic norm of social reconstruction for countering the social and economic legacy of apartheid rule in affected states and implications of that for EU/SADC policy on the promotion and protection of FDIs.

To view the access options for this content please click here
Article
Publication date: 4 January 2016

Peter Leasure

Asset recovery proceedings increasingly target corrupt foreign officials who acquire lavish assets as a result of capital gained through criminal acts. One extremely…

Abstract

Purpose

Asset recovery proceedings increasingly target corrupt foreign officials who acquire lavish assets as a result of capital gained through criminal acts. One extremely difficult issue arising in asset recovery proceedings is whether the capital used to acquire the assets can be traced to a criminal act. The purpose of this paper is to critique US tracing procedure through comparative analysis.

Design/methodology/approach

A prominent series of cases brought by the USA and France against assets owned by Teodoro “Teodorín” Nguema Obiang, second Vice President of the Republic of Equatorial Guinea, produced mixed results on the tracing element. This paper utilizes a qualitative comparative case analysis to examine the US and French cases.

Findings

The US results reflect serious weaknesses in the US law as compared to more effective French asset recovery procedure.

Originality/value

Though this paper is certainly a comparative case study analysis, nearly identical facts and two different jurisdictions reaching separate conclusions bring us in the legal community as close as we can realistically come to quasi-experimental research. Comparative research in this area is severely lacking and sorely needed. The mechanisms identified in the French system clearly show flaws that are present in the US system.

Details

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

Keywords

1 – 10 of 212