Search results

1 – 10 of over 2000
Article
Publication date: 8 February 2021

Howard Chitimira

Money laundering activities were allegedly rampant and poorly regulated in the South African financial markets and financial institutions prior to 1998. In other words…

Abstract

Purpose

Money laundering activities were allegedly rampant and poorly regulated in the South African financial markets and financial institutions prior to 1998. In other words, prior to the enactment of the Prevention of Organised Crime Act 121 of 1998 as amended (POCA), there was no statute that expressly and adequately provided for the regulation of money laundering in South Africa. Consequently, the POCA was enacted to curb organised criminal activities such as money laundering in South Africa. Thereafter, the Financial Intelligence Centre Act 38 of 2001 as amended (FICA) was enacted in a bid to, inter alia, enhance financial regulation and the combating of money laundering in the South African financial institutions and financial markets.

Design/methodology/approach

The paper provides an overview analysis of the current legislation regulating money laundering in South Africa. In this regard, prohibited offences and measures that are used to curb money laundering under each relevant statute are discussed. The paper further discusses the regulation and use of customer due diligence measures to combat money laundering activities in South Africa. Accordingly, the regulation of customer due diligence under the FICA and the Banks Act 94 of 1990 as amended (Banks Act) is provided.

Findings

It is hoped that policymakers and other relevant persons will use the recommendations provided in the paper to enhance the curbing of money laundering in South Africa.

Research limitations/implications

The paper does not provide empirical research.

Practical implications

The paper is useful to all policymakers, lawyers, law students, regulatory bodies, especially, in South Africa.

Social implications

The paper seeks to curb money laundering in the economy and society at large, especially in the South African financial markets.

Originality/value

The paper is original research on the South African anti-money laundering regime.

Details

Journal of Money Laundering Control, vol. 24 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 21 October 2021

Skirmantas Bikelis

This study aims at elaborating whether the criminalization of illicit enrichment has the potential to be an efficient and well-balanced measure against profiting from…

Abstract

Purpose

This study aims at elaborating whether the criminalization of illicit enrichment has the potential to be an efficient and well-balanced measure against profiting from serious crime.

Design/methodology/approach

This study offers a normative analysis of the concept of the criminalization of illicit enrichment, particularly from the perspective of the presumption of innocence. This paper supplements theoretical considerations using Lithuania, where illicit enrichment was criminalized a decade ago, as a case study. It analyses data of all 28 known criminal cases on illicit enrichment that resulted in judgements in Lithuania in 2015–2019.

Findings

The author concludes that on neither a fundamental nor practical level can the assumption that the criminalization of illicit enrichment efficiently carries out the task for which it was created be supported. Moreover, efforts to implement this legal strategy might unbalance the system of illicit asset recovery measures and obstruct the implementation of other promising legal instruments.

Originality/value

As very few states with developed democracy and strong rule of law traditions have implemented criminalization of illicit enrichment, there are very few if any empirical data or analysis of practices on this issue that could contribute to the theoretical discussion. This paper aims at contributing to fulfillment of this gap by presenting relevant data and insights from the perspective of Lithuanian criminal justice system.

Details

Journal of Money Laundering Control, vol. 25 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 19 July 2011

Luuk Ritzen

In 2009, the research team of Unger and Nelen was requested to study the scale of entwinement between money laundering activities and the Dutch real estate sector. For…

693

Abstract

Purpose

In 2009, the research team of Unger and Nelen was requested to study the scale of entwinement between money laundering activities and the Dutch real estate sector. For this, the team developed a data mining framework to detect real estate property at risk of being part of a money laundering scheme. Part of this study involved a criminological testing of the developed framework which resulted in the statement that improvements and alterations are necessary to increase the framework's validity and reliability. This paper aims to review this framework and generate refinements.

Design/methodology/approach

This paper is concerned with a review – on the basis of data mining theory – with respect to the original framework in order to generate refinements for a future model.

Findings

In general, three major shortcomings were identified, being: the use of unspecified detection clusters; the theoretical nature of some of the risk indicators in combination with data integrity issues; and the use of speculative/arbitrary risk indicators.

Originality/value

Addressing these shortcomings in a future data mining framework will very likely increase its effectiveness and so, increase the ability of law enforcement agencies to counter money laundering activities more effectively and efficiently.

Details

Journal of Money Laundering Control, vol. 14 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 July 2006

Jeffrey Simser

The purpose of this paper is to examine money laundering generally and the response of one jurisdiction, the Philippines, to international pressure for anti‐money…

984

Abstract

Purpose

The purpose of this paper is to examine money laundering generally and the response of one jurisdiction, the Philippines, to international pressure for anti‐money laundering measures.

Design/methodology/approach

Money laundering is examined and described. The source of international consensus around the problem is considered. The multilateral response, including the pressure placed on the Philippines as a formerly non‐compliant jurisdiction is examined. The initial measures of the Philippines were rejected. Finally the Philippine solutions that ultimately met with international approval are discussed: the establishment of a financial intelligence unit, the regulation of financial intermediaries and the provision of criminal and remedial measures are considered. Civil or non‐conviction based forfeiture as a remedial device is given particular attention. Finally the limited jurisprudence on topic is examined.

Findings

The Republic of the Philippines has put forward anti‐money laundering provisions that hold the prospect for success. Implementation will be challenging.

Research limitations/implications

Jurisprudence is still developing. This type of litigation takes time. As the financial investigation unit, the intermediaries and the courts respond to cases, there will be developments worthy of further research.

Practical implications

This paper looks at an international problem, money laundering, the multi‐lateral response (only Nigeria and Myanmar are non‐compliant) and the impact on the Philippines, their financial institutions and laws.

Originality/value

There is no comprehensive overview of the Philippine anti‐money laundering law currently available. There is a book published out of Manila (quoted in the paper) but it is out of date and has not caught up to recent developments.

Details

Journal of Money Laundering Control, vol. 9 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 2 July 2018

Wahaj Ahmed Khan, Syed Tehseen Jawaid and Imtiaz Arif

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Practical implications

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.

Originality/value

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.

Details

Journal of Money Laundering Control, vol. 21 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 11 December 2019

Xiaoyun Wu and Cynthia Lum

Empirical research suggests that traffic enforcement is the most common type of proactive activity police officers engage in on a daily basis. Further, agencies often use…

Abstract

Purpose

Empirical research suggests that traffic enforcement is the most common type of proactive activity police officers engage in on a daily basis. Further, agencies often use traffic enforcement to achieve both traffic safety and crime control. Given these goals, the purpose of this paper is to investigate whether (and to what extent) officers are accurately targeting their proactive traffic enforcement with crime and vehicle crashes in two agencies.

Design/methodology/approach

The study examines traffic enforcement patterns in two agencies to see whether proactive traffic enforcement aligns spatially with crime and vehicle crashes. This study employs negative binomial regression models with clustered standard errors to investigate this alignment at the micro-spatial level. Key variables of interest are measured with police calls for service data, traffic citation data and vehicle crash data from two law enforcement jurisdictions.

Findings

High levels of spatial association are observed between traffic accidents and crime in both agencies, lending empirical support to the underlying theories of traffic enforcement programs that also try to reduce crime (i.e. “DDACTS”). In both agencies, traffic accidents also appear to be the most prominent predictor of police proactive traffic enforcement activities, even across different times of day. However, when vehicle crashes are accounted for, the association between crime and traffic stops is weaker, even during times of day when agencies believe they are using proactive traffic enforcement as a crime deterrent.

Originality/value

No prior study to authors knowledge has examined the empirical association between police proactive traffic activities and crime and traffic accidents in practice. The current study seeks to fill that void by investigating the realities of traffic stops as practiced daily by police officers, and their alignment with crime and vehicle crashes. Such empirical inquiry is especially important given the prevalent use of traffic enforcement as a common proactive policing tool by police agencies to control both traffic and crime problems.

Details

Policing: An International Journal, vol. 43 no. 2
Type: Research Article
ISSN: 1363-951X

Keywords

Content available
Article
Publication date: 18 March 2020

Milind Tiwari, Adrian Gepp and Kuldeep Kumar

The purpose of this study is to review the literature on money laundering and its related areas. The main objective is to identify any gaps in the literature and direct…

6197

Abstract

Purpose

The purpose of this study is to review the literature on money laundering and its related areas. The main objective is to identify any gaps in the literature and direct attention towards addressing them.

Design/methodology/approach

A systematic review of the money laundering literature was conducted with an emphasis on the Pro-Quest, Scopus and Science-Direct databases. Broad research themes were identified after investigating the literature. The theme about the detection of money laundering was then further investigated. The major approaches of such detection are identified, as well as research gaps that could be addressed in future studies.

Findings

The literature on money laundering can be classified into the following six broad areas: anti-money laundering framework and its effectiveness, the effect of money laundering on other fields and the economy, the role of actors and their relative importance, the magnitude of money laundering, new opportunities available for money laundering and detection of money laundering. Most studies about the detection of money laundering have focused on the use of innovative technologies, banking transactions or real estate- and trade-based money laundering. However, the literature on the detection of shell companies being explicitly used to launder funds is relatively scarce.

Originality/value

This paper provides insights into an area related to money laundering where research is relatively scant. Shell companies incorporated in the UK alone were identified to be associated with laundering £80bn of stolen money between 2010 and 2014. The use of these entities to launder billions of dollars as witnessed through the laundromat schemes and several data leaks clearly indicate the need to focus on illicit financial flows through such entities.

Details

Pacific Accounting Review, vol. 32 no. 2
Type: Research Article
ISSN: 0114-0582

Keywords

Article
Publication date: 9 October 2009

Sven Tuzovic

The purpose of this study is to compare quality perceptions of virtual servicescapes and physical service encounters among buyers and renters of real estate.

2975

Abstract

Purpose

The purpose of this study is to compare quality perceptions of virtual servicescapes and physical service encounters among buyers and renters of real estate.

Design/methodology/approach

Qualitative data from a sample of 27 professionals engaged in higher education in the USA are gathered by recorded interview before being transcribed and imported into MAXQDA 2007 software for analytical coding.

Findings

Particular differences are found to exist between renters and buyers with regard to specific service attributes – for example, description of properties and type of visuals during the pre‐purchase stage, knowledge/experience and honest behavior of realtors during the service encounter stage and a continuous relationship with the realtor in the post‐encounter stage.

Research limitations/implications

Generalization of the results is limited because the study utilizes data from only one industry (real estate) and from only one demographic segment (professionals in higher education).

Practical implications

Real‐estate firms need to pay attention to both the training of agents and the design and content of their websites.

Originality/value

This paper contributes to knowledge regarding virtual servicescapes in professional services.

Details

Journal of Services Marketing, vol. 23 no. 7
Type: Research Article
ISSN: 0887-6045

Keywords

Article
Publication date: 1 January 2005

Ralph Miller

This article outlines the findings of an evaluation of the initial deployment of police community support officers in a county force. A public survey revealed strong…

Abstract

This article outlines the findings of an evaluation of the initial deployment of police community support officers in a county force. A public survey revealed strong support for the concept and indicated increased reassurance. There is potential for more involvement in policing tasks and organisational and management issues to be addressed.

Details

Safer Communities, vol. 4 no. 1
Type: Research Article
ISSN: 1757-8043

Keywords

Article
Publication date: 29 January 2021

Ricardo Godinho Bilro and João Fortes da Cunha

This paper aims to explore the external factors that lead Western firms to fail in the Chinese market, proposing to reveal the main challenges they face in this market…

Abstract

Purpose

This paper aims to explore the external factors that lead Western firms to fail in the Chinese market, proposing to reveal the main challenges they face in this market, such as culture, guanxi or others. Based on network theory, the authors propose to group failure attributes and actions to predict business failure.

Design/methodology/approach

Qualitative research based on in-depth interviews is conducted, with a sample of 21 individuals, from former/current managers that did or are currently doing business in China and a person from the Chinese Government. This research resorts to inductive reasoning and to Atlas.ti software to perform the analysis.

Findings

The findings reveal that it is possible to cluster seven distinct categories of external factors. Additionally, Chinese culture, local partnerships and the “catching-up effect” by Chinese firms are also external factors to be considered. The role of guanxi in China is changing, taking another format, and international companies in the Chinese market must take this into account.

Research limitations/implications

Several limitations arise in this research, such as information availability and time constraints, sample size and the characteristics of Chinese society (i.e. type of government). This study also proposes further confirmatory research to test the seven clusters proposed.

Practical implications

Managers can understand patterns of business failures when targeting the Chinese market and use the seven clusters as a tool to address this market appropriately in the future.

Originality/value

This paper intends to shed light on Western firms’ business failure in the Chinese market. The authors argue that several external factors linked to network surroundings contribute to Western firms failing in this market and that network failure attribution is still an understudied topic.

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 14 no. 2
Type: Research Article
ISSN: 1754-4408

Keywords

1 – 10 of over 2000