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This study aims to evaluate the suspicious transaction reporting (STR) as a financial intelligence tool to identify the potential strengths and limitations of STR and to come up with the criteria, which will make this tool an effective one in early detection of terrorist financing activities.

Considering the research aim, this research uses the funnelling method for identifying effectiveness criteria. Funnelling is a method of literature review that helps find pertinent literature by refining the search through filtering the available research (Ridley, 2008). Using this method, the researcher first applied the criteria of actionable intelligence to filter the financial intelligence tools to select the most promising and important tool (suspicious transaction reporting) for early detection of terrorist financing activities. The funnelling method was also applied to derive the effectiveness criteria from the operational features, and corresponding limitations, of the suspicious transaction reporting system. The funnelling method was also used to identify those operational features and limitations of suspicious transaction reporting that have the most direct relevance to the early detection problem of suspicious transaction reporting.

There are some operational features of STR that give rise to certain limitations that undermine its effectiveness in terms of early detection of terrorist financing activities. The limitations of STR necessitate a search for criteria that will make STR effective in early detection of terrorist financing activities. Based on the operational features and their corresponding limitations, effectiveness criteria for STR have been derived in this study. It is shown how these effectiveness criteria can remove the limitations of STR.

The list of operational features and the corresponding limitations based on which the effectiveness criteria have been derived may not be exhaustive. There may have other operational features, and corresponding limitations that also make STR largely ineffective in the early detection of terrorist financing activities, and for which more effectiveness criteria should also be derived.

The limitations and the effectiveness criteria will pave the way for redesigning STR in such a way that will make it highly useful for detecting financing activities relating to imminent terrorist attacks.

The society will experience fewer terrorist attacks that will make the society peaceful, happy and vibrant.

In this study, the effectiveness criteria of STR for early detection of terrorist financing activities have been derived in an innovative way by deducing them from the operational features of STR and the corresponding limitations.

This paper aims to show how financial services firms determine whether customer transactions or behaviours meet the threshold for suspicious activity reporting mandated by the Terrorism Act 2000 and the Proceeds of Crime Act 2002, and how suspicious activity reporting is executed in practice.

Semi-structured interviews have been carried out among compliance professionals in UK financial services.

Two issues related to suspicious activity reporting have been identified. Firstly, a widespread misunderstanding about the tipping-off offence under s. 333 Proceeds of Crime Act 2002 has been identified, which appears to be a root cause for poor quality as well as over-reporting of suspicious activity. Secondly, issues related to the notice and moratorium periods used by the UK’s National Crime Agency appear to deter reporting of suspicious activity related to live transactions.

The paper makes suggestions for changes financial services firms and the UK’s National Crime Agency can make to improve the effectiveness of suspicious activity reporting.

The paper provides valuable insights which can be used to limit the flow of criminal funds, improve the quality of suspicious activity reporting and enhance the effectiveness of law enforcement agencies.

This study aims to evaluate the advantages and disadvantages of auditor mandatory suspicious activity reporting versus the exercise of professional judgement in the anti-money laundering regimes of the UK and the USA.

The research draws upon the following sources. Firstly, statistics provided by the UK National Crime Agency, 2019 (NCA) regarding suspicious activity report (SAR) filing rates. Secondly, anti-money laundering legislation in the USA and UK. Thirdly, statements made in the political domain in the USA, particularly those which raised constitutional concerns during the progress of the Patriot Act 2001. Finally, statements and recommendations by a UK Parliamentary Commission enquiring into the effectiveness of the suspicious activity reporting regime.

The UK reporting regime does not accommodate professional judgement, resulting in the filing of SARs with limited intelligence value. This contrasts with discretionary reporting in the USA: voluntary reporting guides and influences auditor behaviour rather than mandating it. Defensive filing by UK auditors (defence to anti-money launderings [DAMLs]) has increased in recent years but the number of SARs filed has declined.

The study evaluates auditor behavioural responses to legislative regimes which mandate or alternatively accommodate discretion in the reporting suspicion of money laundering. Consideration of constitutional and judicial activism in this context is a novel contribution to the literature. For its theoretical framework the study uses Foucault’s concept of discipline of the self to evaluate auditor behaviour under both regimes.

Illegal wildlife trade (IWT) is a transnational organized crime that generates billions in criminal proceeds each year. Yet, it is not regarded by many countries as a serious crime. There is also no general consensus on its recognition as a predicate offence for money laundering. In this regard, banks are misused in different ways to facilitate financial flows linked to IWT. This paper aims to illustrate the importance of the banking sector in combating money laundering relating to IWT. It also aims to demonstrate the need for a general recognition of IWT as a predicate offence for money laundering.

This study investigates the implementation of money laundering controls by banks in the illegal-wildlife-trade context. As background to this investigation, it provides an overview of IWT, which is followed by an exploration of some of the general characteristics of the banking sector, before discussing the relevant Financial Action Task Force (FATF) recommendations.

This study finds that the banking sector is well-placed to combat money laundering relating to the IWT and is, by virtue of its international nature and strong focus on compliance, able to be effective in preventing the use of the proceeds of IWT as well as in identifying broader trafficking networks. Moreover, the banking sector is well-equipped to develop appropriate platforms to facilitate the swift, easy and effective sharing of financial intelligence between banks at the local, regional and especially international level.

This study draws on publicly available information on financial flows relating to IWT. Little data and research are available on the financial flows and consequently the money laundering techniques used in cases suspected of IWT.

There has been little scholarly research on the relationship between money laundering and the IWT as well as the financial flows of IWT in general. This study highlights some of the money laundering techniques used in relation to IWT by drawing on the works of various international organizations, including the FATF.

This paper aims to demonstrate to lawmakers that the addition of art dealers to the designated non-financial businesses and professions (DNFBPs) definition would provide Australia with more comprehensive protection against money laundering within the art market.

The paper opted for an exploratory study using doctrinal and jurisdictional comparative analysis that focused on arguments for and against the inclusion of art dealers in respective DNFBPs definitions. Evaluation of these arguments concludes that art dealers should be included in Australia’s DNFBPs definition and subject to anti-money laundering (AML) regulation.

The current omission of art dealers from Australia’s DNFBPs definition perpetuates AML vulnerabilities within the Australian art market.

This paper fulfils an identified need to study high-value dealers not included in Australia’s DNFBPs definition and provide arguments for and against the inclusion of Australian art dealers in the listed DNFBP.

The purpose of this paper is to assess the current legal framework on money laundering control in the insurance sector. Essentially, this examination is premised on the interrogation of whether it is still appropriate for Mauritius to apply such stringent, opaque and unyielding Anti-Money Laundering/Combating Financing of Terrorism norms and rules on general insurance when developed nations such as the UK and Singapore have done away with them for a more effective combat against money laundering. It would also be assessed why the financial services commission (FSC) is not able to draw inspiration from its British and Singaporean counterparts in fighting money laundering more effectively.

This paper uses the doctrinal legal research methodology which is colloquially described as “black-letter law” approach. It is backed up by a contextual legal analysis that is based on an analysis of relevant legal provisions. It relies ground experience from the insurance industry through the experience of the authors. A comparative approach is used with Singapore and the UK as case studies given that there are significant commonalities to the Mauritian jurisdiction as well as useful differences.

It is observed that a move towards a de-regulation of the legal framework on money laundering in the insurance sector with a more relaxed approach is more effective for the Mauritian insurance sector. Evidence is drawn from the Singaporean and British models. A re-structuring of the FSC of Mauritius is also warranted for such an approach to be adopted.

This paper is among the first academic contribution that proposes a de-regulation and the adoption of a relaxed approach of and by the Mauritian Insurance Industry for a more effective combat against money laundering. It serves as a legal foundational basis for further research in this direction.

The phenomenal proliferation of crowdfunding platforms raises concerns on the heightened occurrence of financial crimes since billions of funds are exchanged through these online systems frequently. Accordingly, some countries have implemented legislative responses to address these risks, although each countries’ laws have varying degrees of severity. Hence, the purpose of this study is to assess the efficiency and robustness of Mauritian laws to combat financial crimes that may arise from a crowdfunding transaction with a particular emphasis on money laundering and tax evasion.

To achieve this research objective, the black letter approach was used to analyse Mauritian rules and regulations on the researched topic and a comparative analysis was carried out against the corresponding laws on crowdfunding in some other jurisdictions, notably the UK and the USA with the view of suggesting the policy recommendations to Mauritian authorities.

It was found that there is still scope for improving the existing legal and regulatory framework on crowdfunding in Mauritius to prevent instances of money laundering and tax evasion. The paper suggests that a crowdfunding operator must be categorised as a reporting person and must carry out regular due diligence checks. There must also be more collaboration in terms of information exchanges and training sessions among the tax authority of Mauritius, crowdfunding operators, fund seekers and investors to shed light on the tax treatment of income and deductions to avoid issues of tax evasion.

At present, to the best of the authors’ knowledge, this study is amongst the first academic writings on the efficiency of Mauritian laws in dealing with the risk of financial crimes through crowdfunding, and also, because existing literature is quite scarce on assessing the adequacy of crowdfunding rules in developing countries, this research aims at filling in the gap in literature. The study is carried out with the aim of combining a large amount of empirical, theoretical and factual information that can be of use to various stakeholders and not only to academics.

The purpose of this paper is to explore the legislative framework that governs whistleblowing in the UAE.

The paper examines social perceptions and practical challenges related to the act of whistleblowing. It focuses on the effectiveness, limitations and implications of the current legal status of whistleblowing in the UAE.

The UAE does not have a unified legal framework that governs whistleblowing and whistleblower protections like in the case of the USA. Therefore, there is an urgent need for comprehensive federal regulations that will apply to all sectors across the entire UAE. Each emirate and economic zone can then model their whistleblowing regulations against the federal law to ensure consistency and uniformity in application. The UAE will also benefit from public awareness and education programs to address the conservative culture that discourages whistleblowing. Most importantly, corporate governance and culture are central to the success of existing laws considering the overreliance on organizations and employees.

The paper provides a robust and analytical discussion of the whistleblowing laws and regulations in the UAE to dissect current practices and implications for future practice.