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Article
Publication date: 15 January 2020

Anastasia Suhartati Lukito

The purpose of this paper is to analyze the unexplained wealth inside the corporation and to initiate and apply unexplained wealth order in the Indonesian corporation…

Abstract

Purpose

The purpose of this paper is to analyze the unexplained wealth inside the corporation and to initiate and apply unexplained wealth order in the Indonesian corporation based on the Indonesian legal system and prevailing laws. An effective tool needs to be implemented because of the facts that numerous corporate illegal activities lead to economic and financial crime. Meanwhile, there are difficulties to implement the corporate criminal liability. Non-conviction-based asset forfeiture will be a way out to deal with the current condition.

Design/methodology/approach

This paper explores and analyzes the Indonesian legal system, particularly a non-conviction-based asset forfeiture for corporate illegal activities. This paper is based on the research paper conducted with the legal normative approach.

Findings

Non-conviction-based asset forfeiture through unexplained wealth order will be an effective tool and a revolutionary pattern in the crime prevention perspective dealing with corporate crime. Corporate criminal liability in anti-corruption regime can be viewed from two perspectives by combining and integrating crime prevention approach as well as the repressive approach. The Indonesian Supreme Court Regulation number 13 of 2016 is a breakthrough in the criminal justice system to redesign case handling procedure toward corporate crime. It needs to be supported by precise asset forfeiture law. Furthermore it is necessity to strengthening and built corporations with moral and ethical business values.

Practical implications

This paper can be a source to explore the unexplained wealth that can occur in the corporation and the way to overcome it through unexplained wealth order and non-conviction-based asset forfeiture.

Originality/value

This paper contributes by initiating a non-conviction-based asset forfeiture, which is implementing the in rem proceeding, to make sure the crime does not pay and the victim and society suffer less because of the corporate crime.

Details

Journal of Financial Crime, vol. 27 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 9 March 2020

Marie Freckleton

This paper aims to explain the reasons for the introduction of unexplained wealth orders (UWOs) in Trinidad and Tobago and highlights potential obstacles to implementation.

Abstract

Purpose

This paper aims to explain the reasons for the introduction of unexplained wealth orders (UWOs) in Trinidad and Tobago and highlights potential obstacles to implementation.

Design/methodology/approach

The research is based on secondary sources. The Civil Asset Recovery and management and Unexplained Wealth Act (CARAMAUWA) (2019) and relevant reports were reviewed.

Findings

The CARAMAUWA provides two potentially powerful tools to confiscate the proceeds of crime. However, the UWOs have greater potential. Effective implementation will require adequate human and financial resources, as well as measures to reduce corruption.

Research limitations/implications

The CARAMAUWA became operational on 14 June 2019 so it was not possible to assess actual implementation.

Practical implications

UWO is a useful tool for controlling money laundering.

Social implications

Effective control of money laundering can reduce crime.

Originality/value

No other study has examined the reasons for the introduction of the UWO in Trinidad and Tobago and the potential challenges to implementation.

Details

Journal of Money Laundering Control, vol. 23 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 22 January 2020

Asanga Abeyagoonasekera

Explore perspective from Sri Lanka on unexplained wealth and why it should be taken as a pivotal measure to fight corruption in the society.

Abstract

Purpose

Explore perspective from Sri Lanka on unexplained wealth and why it should be taken as a pivotal measure to fight corruption in the society.

Design/methodology/approach

Qualitative and referenced work to explain the viewpoint.

Findings

The prevailing political will in achieving goals to fight economic crime is questionable. The entire society has a role to play when fighting corruption, which is not only limited to regulators, bribery commissions and the state sector. Private sector and individual voices in the society, including whistle blowers, could play a leading role in combating cases of unexplained wealth.

Originality/value

This study highlights political corruption in Sri Lanka with a unique viewpoint connecting political lobbying and unexplained wealth.

Details

Journal of Financial Crime, vol. 27 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 3 March 2020

James F. Gilsinan, James E. Fisher, Muhammad Islam, Henry M. Ordower and Wassim Shahin

The purpose of this study is to examine the efficacy of various policy options for curbing the accumulation of illegal wealth and suggest ways to close the increasing…

Abstract

Purpose

The purpose of this study is to examine the efficacy of various policy options for curbing the accumulation of illegal wealth and suggest ways to close the increasing wealth inequality gap.

Design/methodology/approach

The paper begins with a historical/literary analysis of the place of wealth in American Society and the ambivalent cultural attitudes toward wealth. Different policy approaches that seek to limit wealth inequality and the illegal accumulation of wealth are then examined. Finally, the current policy climate in the USA is reviewed to determine the likelihood of meaningful reform.

Findings

In Europe, the BASEL accords show promise for curbing the illegal accumulation of wealth by politically exposed persons. In the USA, tax reform efforts can close the wealth gap, but the current political landscape makes meaningful reform challenging particularly given the increasing use of “dark” money to influence elections.

Research limitations/implications

Because financial reform is a moving target in both Europe and the USA, subject to the ebb and flow of political forces, it is difficult to predict what major reforms will be possible.

Practical implications

Without meaningful reform, an increase in populist movements can be expected (e.g. Brexit and Trump) with an overall, long-term negative impact on democratic capitalism.

Social implications

The wealth gap and the sense that the system is rigged against the common people will result in increasing political turmoil.

Originality/value

Combining literary/historical analysis with the analysis of current policy interventions provides a set of tools not usually used in the examination of financial crimes.

Details

Journal of Financial Crime, vol. 27 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 1 April 2019

Johan Boucht

The purpose of this paper is to paint a general picture of the asset confiscation regimes used in Europe and to outline potential challenges, practical and related to…

Abstract

Purpose

The purpose of this paper is to paint a general picture of the asset confiscation regimes used in Europe and to outline potential challenges, practical and related to issues of principle, associated with the current development with regard to the confiscation of the proceeds of crime and criminals’ proceeds.

Design/methodology/approach

The paper endeavours to analyse the various steps of the confiscation process, and the various approaches to the confiscation of proceeds of crime and criminals’ proceeds from a holistic perspective. The findings of the paper are based on a literature review along with a legal analysis of the existent legal frameworks.

Findings

It is suggested that the efficiency of asset confiscation should be looked at from a holistic perspective involving the entire confiscation process, and not only focus on the confiscation powers awarded to the courts. Challenges relating to efficiency exist along the entire process, from the stage of financial investigations to the enforcement stage. Some of the methods used for confiscating criminal proceeds are becoming very far-reaching and raise concerns related to basic principles of criminal law and criminal procedural law.

Research limitations/implications

This paper is not based on empirical research relating to, for example, the efficiency of confiscation. More empirical research would, however, be welcome in this field.

Practical implications

The paper suggests that the efficiency of asset confiscation is contingent on the entire confiscation chain functioning efficiently. Before new and more repressive measures are introduced, the existing legal framework should be fully deployed and the concrete needs for new tools clearly delineated.

Originality/value

The paper analyses confiscation with a view to the entire chain rather than merely looking at a particular confiscation scheme.

Details

Journal of Financial Crime, vol. 26 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 2 July 2019

Maruf Adeniyi Nasir

This paper aims to evaluate the recent steps and enforcement mechanisms employed in Nigeria to combat money laundering and terrorism financing to give a clear and deeper…

Abstract

Purpose

This paper aims to evaluate the recent steps and enforcement mechanisms employed in Nigeria to combat money laundering and terrorism financing to give a clear and deeper insight to the potential that it portends and locate its workability by combing through various policies that are adapted to reinforce the existing anti-money laundering/combating financing terrorism (AML/CFT) legal and regulatory framework in Nigeria. The paper, therefore, provides a comprehensive assessment of these measures to exhume necessary reinforcement elements required to achieve the desired result by exploring developments from other jurisdictions that have surpassed the country in the AML/CFT crusade.

Design/methodology/approach

This study adopted qualitative research methodology. It is structured in such a way that mixed qualitative methodology approach as a research strategy is employed. This is achieved by putting into use the combination of doctrinal and non-doctrinal research methods. Descriptive, interpretative and content analysis methods are used to analyse various AML/CFT government policies along with the existing AML/CFT laws. Judicial pronouncements, various scholarly opinions, along with the anti-money law (AML/CFT) within the Nigeria context are analysed in line with the 40 “Recommendations” of the Financial Action Task Force which depicts the acceptable legislative and regulatory precedent and an international standard to measure the adequacy or otherwise of any national or local laws on money laundering.

Findings

Factors that were militating against the effectiveness and positive performance of Nigeria government to combat money laundering-related matters were identified. A clear-cut amendment to the existing provisions of law that will address the issue is suggested to enhance the effectiveness and combat other similar challenges that are likely to come out of these policies, otherwise more problems would be created than could be solved.

Originality/value

This paper exposes deficiencies in the present mechanism adopted to combat money laundering in Nigeria and proffers necessary antidote to facilitate the effectiveness of the legislation. It provides necessary information that could facilitate amendments and new legislation(s) to curb the defects by the lawmakers and could serve as a veritable source of information to law students, legal practitioners and academia.

Details

Journal of Money Laundering Control, vol. 22 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 25 June 2021

Samah Al Agha

This paper aims to explore the offense of illicit enrichment by public officials. It examines whether “reconciliation” could be a preventive measure from corruption or a…

Abstract

Purpose

This paper aims to explore the offense of illicit enrichment by public officials. It examines whether “reconciliation” could be a preventive measure from corruption or a vehicle for corruption.

Design/methodology/approach

To obtain the data on identifying the illicit enrichment offense and on examining “reconciliation” as a legal tool that combats corruption, this study uses a combination of primary and secondary resources such as the assigned laws, precedents by the Egyptian Cassation Court, academic books, journal articles and reliable websites. Using the same resources, the study explores the adverse aspects associated with “reconciliation.”

Findings

The paper concludes that the Egyptian Illicit Gains Authority Law No.62 of 1975 jeopardizes the “presumption of innocence” because it shifts the burden of proof from the prosecution to the defendant, but the Egyptian Cassation Court decides differently in many cases, whereby it puts emphasis on the prosecution to present enough evidence on illicit enrichment. If the accused is unable to prove the legitimate source of the increased wealth, then there will not be any conviction of illicit enrichment offense due to the presumption of innocence.

Details

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

Keywords

Content available
Article
Publication date: 7 January 2019

Barry Rider

Abstract

Details

Journal of Money Laundering Control, vol. 22 no. 1
Type: Research Article
ISSN: 1368-5201

Content available
Article
Publication date: 7 January 2019

Barry Rider

Abstract

Details

Journal of Financial Crime, vol. 26 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 28 January 2020

Kenneth Murray

This paper aims to consider the ways organised crime exerts influence in legitimate commercial markets through its ability to act through corporate vehicles. Discussion of…

Abstract

Purpose

This paper aims to consider the ways organised crime exerts influence in legitimate commercial markets through its ability to act through corporate vehicles. Discussion of weaknesses in company registration procedures and the criminal justice system that enable this to happen. Development of strategic rather than tactical responses is proposed to counter it.

Design/methodology/approach

The paper presents case studies based on practitioner experience and discusses points that arise.

Findings

This paper considers the extent to which the problem represents a threat to the well-being and competitiveness of domestic commercial markets and how these threats can be most effectively addressed.

Research limitations/implications

This is a point of view paper authored by a practitioner with professional expertise in the field.

Practical implications

There is a need to develop strategic cross-agency responses to this problem. This will develop better levels of precautionary awareness of how these influences can establish footholds in commercial markets and provide a sounder basis for taking effective measures to contain and counter their influence.

Social implications

The social implications relate to the distorting influence of money derived from crime being deployed in legitimate spheres.

Originality/value

The originality/value of this paper is to raise awareness and re-invigorate discussion on the influence of organised crime in legitimate commercial markets.

Details

Journal of Financial Crime, vol. 27 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

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