Purpose Fraud omnipresent in the media, the corporate world and the academic literature has attracted a great deal of research interest. Fraud and its various types and forms have been characterized as significant contributing factors to the development of severe financial crises. Recurrent financial crimes in both the private and the public sectors remind us that fraud and its negative consequences

Purpose This paper aims to provide a holistic view of infiltration behaviour by organised crime groups (OCGs), with a specific focus on the methods used to access the legal market, including factors that drive an organised crime group to pursue infiltration. The act of infiltration is examined as a business decision; therefore, factors such as the surrounding community, the availability of criminal

Purpose Alternate remittance systems (ARS) are inherently not illegal; however, the nature of their activities has mostly been linked with money laundering and terrorist financing, which raises several questions as to why businesses in Ghana rely on these systems to conduct their cross-border trade. The purpose of this study is seeks to understand the nature of ARS in Ghana and analyse why business

Purpose This study aims to explore how to deanonymize cryptocurrency money launderers with the help of machine learning (ML). Money is laundered through cryptocurrencies by distributing funds to multiple accounts and then reexchanging the crypto back. This process of exchanging currencies is done through cryptocurrency exchanges. Current preventive efforts are outdated, and ML may provide novel ways

Purpose This paper aims to contend that when tackling financial crimes such as money laundering and terrorist financing, international regulators are seeking to hold offshore jurisdictions such as the Cayman Islands to higher standards and that this detracts from the pursuit of detecting and prosecuting money launders. Design/methodology/approach This paper will deal with the following perceived issues:

Purpose Money Laundering Reporting Officers (MLROs) carry out day-to-day anti-money laundering (AML) tasks while directors ultimately remain responsible for AML compliance. Therefore, directors’ expectations of what their MLROs do should ideally coincide with what their actual tasks to minimise liability risk. This paper aims to test for gaps between MLROs and their directors in terms of knowledge

Purpose This study aims to review the degree to which fraud and other unethical practices especially in the digital space have affected the Nigerian banking industry both in the past and present, and how it will be a growing concern in the imminent future. The objective of the study was to examine the impact of electronic fraud on the quality of assets and return on assets of Nigerian deposit money

Purpose By implementing Directive (EU) 2015/849 of the European Parliament and of the Council of May 20, 2015, the Polish legislator decided to pass the Act of 1 March 2018 on counteracting money laundering and financing of terrorism (AML). In connection with it, many interpretative doubts have arisen. The purpose of this paper is to explain one of them, namely, to indicate whether the provision by

Purpose Many studies of corruption and money laundering (ML) have been conducted throughout the previous few decades. The impact of corruption and ML on economic growth, banking performance and corporate financial performance has been the focus of various research. The present study aims to investigate the relationship between ML, corruption and inflation. Design/methodology/approach This study used

Purpose The purpose of this paper is to examine the divers and facilitators of money laundering in Ethiopia. Specifically, it looks at the risk factors that existed in the country’s economic and political system, which provide an appealing environment for money laundering to grow. Design/methodology/approach This qualitative study relies on primary data generated from interviewees drawn from the National

Purpose This study aims to examine the associations between customers’ awareness of money laundering and terrorism financing, trust in banking secrecy measures and discomforts in fulfilling the bank’s anti-money laundering (AML) procedure and their acceptance of existing practices of banks regarding AML and counter-terrorism financing. Design/methodology/approach This study adapts a set of survey instruments

Purpose Money laundering (ML) has become a global threat in recent years, impacting both developed and poor countries. Developing an efficient anti-money laundering (AML) regime is a difficult and time-consuming process owing to the ever-changing spectrum of methods used, weaknesses in control mechanisms, intricacies of laws and regulations, organizational malfunction and goal displacement. In Bangladesh

Purpose The purpose of the article is to analyze the notion of “financial intelligence (monitoring)” in the system of combating money laundering and compare foreign financial intelligence units. Money laundering poses a systemic risk to the financial and economic spheres, as well as to the national security of all countries. Financial monitoring should be pointed out while analyzing the issue of overcoming

Purpose There has been almost no scholarly work on the challenges of money laundering in sovereign states that use the US dollar as their currency of choice. This study aims to break the silence by highlighting how money laundering thrives in these situations mainly due to lack of or weak regulation of the US dollar by both the adopting states and the USA. Design/methodology/approach The research depended

Purpose The purpose of this study is to identify the prospects and main directions for improving Russian legislation on the protection of the rights of consumers of financial services taking into account the specifics of information asymmetry in banking. Design/methodology/approach Using the method of economic and legal analysis, the essence of information asymmetry in banking in the Russian Federation

Purpose The paper aims at developing a global ranking system determining a country's appeal as a destination for money laundering. Design/methodology/approach This paper uses principal component analysis (PCA), with a mix of standardised and unstandardised components relating to attractiveness, economic freedom and money laundering risk to come up with an index of money laundering appeal. Findings

Purpose This paper aims to examine the impact of corruption and money laundering (ML) on the profitability and stability of Islamic banks. Design/methodology/approach This study used the data of 53 conventional and 19 Islamic banks of Pakistan and Malaysia to have comparative insights. The empirical methods include the fixed effect and random effect regression and generalized methods of moment for

Purpose This paper aims to focus on the concept of money laundering and explores the evolution and expansion of criminalization of predicate offences to the money laundering within the international anti-money laundering (AML) regime over the time. It proposes how to limit the size and scope of predicate offences in designing a balanced legal definition. Design/methodology/approach This paper opted

Purpose This paper aims to promote corporate culture (CC) of compliance to ensure responsible business by motivating self-felt and self-imposed strategies by corporations in Australia. It argues that the way “legal compliance” is pursued in Australia may develop undesirable features within corporate internal affairs ranging from adverse reactions to resentment rationalising or concealing of misconduct

Purpose This paper aims to examine the validity of a state’s prohibition on virtual assets in the context of its global commitment to battle against money laundering. Design/methodology/approach This was empirical legal research exploring how a general lack of expertise to apply a risk-based approach in anti-money laundering strategies might have implications for invoking the Financial Action Task

Purpose In a classroom, a support vector machines model with a linear kernel, a neural network and the k-nearest neighbors algorithm failed to detect simulated money laundering accounts generated from the Panama papers data set of the offshore leak database. This study aims to resolve this failure. Design/methodology/approach Build a graph attention network having three modules as a new money laundering

Purpose According to the INTERPOL definition, money laundering is: “any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources”. Along this line, the purpose of this paper is to investigate the link amongst money laundering, mafia and food activities, in the Italian provinces. Design/methodology/approach

Purpose This paper aims to examine the authorities tasked to fight against money laundering in Tanzania and appraise the efficacy of the country’s anti-money institutional framework to tackle the problem. Design/methodology/approach The paper draws on a qualitative research and data generated from the analysis of documentary materials. It surveys the anti-money laundering (AML) law in Tanzania to describe

Purpose The purpose of this paper is to measure anti-money laundering (AML) and counter-terrorism financing (CTF) disclosures by money exchanger providers in the Gulf Cooperation Council (GCC) countries. Design/methodology/approach The authors conduct a content analysis on firms’ websites to compare their AML/CTF disclosure against the recommendations of the Financial Action Task Force (FATF). The

Purpose This paper aims to examine the framework for the regulation of crypto assets in Germany, the UK and Switzerland focusing on anti-money laundering (AML) laws. It comprehensively addresses the risks of crypto assets and the benefits along with the changes made to the existing laws to regulate cryptocurrency. Design/methodology/approach Qualitative data was analyzed to collect information for

Purpose This paper aims to provide a more nuanced understanding of the effectiveness of the anti-money laundering (AML) regime in the UK and explore opportunities to improve policy and performance. Design/methodology/approach Qualitative research design using semi-structured interviews and a focus group with practitioners from both public and private sectors. Findings This paper identifies preventive

Purpose This paper aims to inform the readers about the existing financial intelligence tools that are being used by financial intelligence units. It tries to demonstrate, with the help of a literature review, what the limitations of these tools are and how these limitations hinder the potential of the financial intelligence tools for early detection of terrorist financing activities. Design/methodology/approach

Purpose Precious stones and metals have commonly been used throughout the world as a conduit for terrorism and money laundering activities. Such illicit use of these assets has called for its much-needed attention from a regulatory perspective. This is particularly relevant in a financial haven such as Singapore. Accordingly, the purpose of this paper is to explore how several of the most common trading

Purpose This study aims to apply the modified Walker-Unger model to show the degree of attractiveness of a country for Mexican-based money launderers to send their illicit funds for the 2000–2015 time period. Design/methodology/approach The modified Walker-Unger model is used to conduct the analysis, as it combines several independent variables related to an illicit financial activity. These allow

Purpose This paper aims to inform the readers about the preferred type of financial intelligence for early detection of terrorist financing activities. Design/methodology/approach Literature review methodology was adopted to find the existing approaches of financial intelligence and logical reasoning was applied to sort out what type of financial intelligence is more preferable for early detection

Purpose The purpose of this paper is to evaluate the existing legal basis, and its practical application, of an arbitrator’s competence to raise on her own initiative money laundering issues. Design/methodology/approach The research focusses on presenting the essence of the problem through evaluation of the legal basis for the arbitrators to raise money laundering concerns on their own initiative and

Purpose The purpose of this study is to analyze the emergence of the changing face of criminal jurisdiction in dealing with cross-border money laundering that develops dynamically due to the development of globalization. Design/methodology/approach This research was a doctrinal legal research using conceptual approach concerning the very strict principle of territorial jurisdiction in criminal law

Purpose Money laundering (ML) is one of the greatest challenges, the global community faces today. Corporate entities such as financial institutions (FIs) are most susceptible to facilitate and launder money. The paper raises the following question: Who is to bear the burden of liability? Either a corporation or an individual, thus this paper examines liability issues in a corporate setting particularly

Purpose Pakistan is facing the momentous hazard of money laundering and a substantial risk of terror financing, which are seriously threatening its socioeconomic well-being. The purpose of this paper is to gauge the challenges posed by these threats in contrast with the existing potential and expertise of legal entities. It also examines legal and procedural measures enforced as a counter-strategy

Purpose This study aims to investigate Indonesian regulation of Article 69 of the Money Laundering Criminal Act (TPPU) related to proving predicate crimes, as it leaves a debate whether it must be proven beforehand or not. Design/methodology/approach This research is a normative juridical study, in addition to examining the views of criminal law experts on the formulation of Article 69 of the TPPU

Purpose This study aims to examine the direct and indirect effects of professional commitment, customer risk and independence pressure on money laundering risk judgment among bank analysts. Design/methodology/approach This study uses a within-subjects experimental research design and collects primary data via a questionnaire distributed to bank analysts in banking institutions in Malaysia. Findings

Purpose The purpose of this paper is to study the impact of the model of an financial intelligence unit (FIU) and the availability of resources of an FIU on the strength of the anti-money laundering and countering the financing of terrorism (AML/CFT) legal framework and the overall effectiveness of the AML/CFT regime. Design/methodology/approach The authors use FIU specific characteristics to measure

Purpose This paper aims to examine the contribution of Ethiopia’s cash economy to financial crimes. It also investigates the regulation of cash in the context of controlling crime stemming from the cash economy. Design/methodology/approach This study relies on primary data generated from 20 interviewees drawn from the National Bank of Ethiopia, Ethiopian Financial Intelligence Center, selected commercial

Purpose This paper aims to analyse the anti-money laundering (AML) obligations imposed on bankers as the main reporting entities under the AML regime in Malaysia. Apart from discussing the relevant provisions, several court cases were also examined to identify the problems which arise in the implementation of the law and the risk of dismissal that bankers may face. Design/methodology/approach This

Purpose The present paper aims to discuss the “money laundering” aspect and related governance practices of third sector, non-government organizations (NGOs). In NGOs globally, foreign contributions are not an old story. But in NGOs, the spotlight on the vulnerability of money laundering in the name of foreign contribution(s) requires special attention. The study highlights the dimension of money laundering

Purpose Good quality input data is critical to developing a robust machine learning model for identifying possible money laundering transactions. McKinsey, during one of the conferences of ACAMS, attributed data quality as one of the reasons for struggling artificial intelligence use cases in compliance to data. There were often use concerns raised on data quality of predictors such as wrong transaction

Purpose This paper aims to explain the de-risking phenomenon through Luhmann’s risk/danger model and demonstrate that de-risking should be facilitated and encouraged. Design/methodology/approach The paper applies Luhmann’s system theory and more specifically his risk/danger model to describe the de-risking phenomenon and identify recommendations to address its consequences. Findings The paper finds

Purpose The purpose of this study is to empirically examine how corruption impacts economic output growth in Nigeria. This is because of the recent trend in the level of corruption. Design/methodology/approach Using time series data ranging from 1995 to 2019, this study used the Johansen cointegration estimating approach and vector error correction mechanism to show an equilibrium relationship between

Purpose The purpose of this paper is to assess such processing of personal data for identification purposes from the point of view of the principle of data minimisation, as set out in the EU’s General Data Protection Regulation (GDPR) and examine whether the processing of personal data for these purposes can be considered proportionate, i.e. whether it is performed for the purposes defined and only

Purpose This paper aims to investigate the views of employees on the motives behind frequently reported fraudulent activities at the workplace. Using the fraud triangle theory (FTT) as the theoretical lens, the study examines the effect of pressure, opportunity and rationalization on fraudulent acts by employees at the workplace. Design/methodology/approach The study follows a correlational quantitative

Purpose The purpose of this paper is to present the risk of the non-financial sector in Croatia concerning the threats of money laundering through the prism of national and supranational risk assessment. In addition to a brief overview of the financial sector, the specifics of the non-financial sector have been highlighted. This paper aims to emphasize the peculiarities of the non-financial sector

Purpose The purpose of this paper is to assess African performance for substantially reducing all forms of corruption and bribery on the continent by 2030, through the indicators for achieving Target 16.5 of the sustainable development goals (SDGs). Design/methodology/approach Drawing on the available and accessible relevant data from credible sources, this work quantifies, outlines and analyses the

Purpose This study aims to define how countries can implement a risk-based approach (RBA) for non-profit organisations (NPOs) by measuring how well certain countries have complied with the Financial Action Task Force’s (FATF) “Recommendation 8, criterion 1” (recommendation [8.1]). Design/methodology/approach This study combines a comparative analysis methodology with a descriptive analytical approach

Purpose The purpose of this paper is to readily bring to the fore, the vital dimension that the Bretton Woods Institutions, exemplified by both the International Monetary Fund (IMF) and the World Bank, has brought into the global economic template to dampen the momentum of corruption and money laundering through the impact of their activities in less developed countries (LDCs). The original mandate

Purpose This study aims to illustrate and determine how illegally obtained funds are laundered through online platforms and companies in different economic sectors in the digital age. Design/methodology/approach A qualitative analysis approach using purpose sampling methods, including 21 semi-structured interviews with prevention experts, compliance officers and convicted cybercriminals, resulted in

Purpose This paper aims to critically explore the factors influencing the regulation of gambling and cryptocurrencies as part of anti-money laundering (AML) initiatives in Bangladesh. As a member of the Asia/Pacific Group on money laundering, Bangladesh must adopt a risk-based approach to regulate these entities. Design/methodology/approach This study applied an exploratory design and investigated

Purpose This study aims to investigate the impacts of the psychological behaviors of managers, including entrenchment, myopia, narcissism and overconfidence, on money laundering at Iranian companies listed on the Tehran Stock Exchange. Design/methodology/approach The present study is descriptive-correlational in terms of methodology and applied research in terms of objectives. The statistical population

Purpose This study aims to investigate the behavior of investigating officers in performance of their official duties of conducting inquiries and investigations of money laundering cases and their views about real problems and issues encountered during such investigations. Design/methodology/approach In total, 15 interviews were conducted with Inland Revenue Service (IRS) investigating officers and

Purpose The purpose of this interdisciplinary cross-country study is to investigate the influence of cultural tightness-looseness on money laundering. Design/methodology/approach The authors rely on tightness-looseness theory as the basis for their predictions. The authors use the Basel Anti Money Laundering Index to operationalize financial crimes. They use dynamic panel data regressions spanning

Purpose The purpose of this paper is to study the current state of the Russian banking system in the context of digital economy development, to establish and identify the benchmarks and needs of legal regulation, to study the potential possibilities of digitalization of relations in the banking sector in the mechanism of implementing prudential rules. Design/methodology/approach Using the method of

Purpose The aim of this paper is to assess the relevance of cryptocurrencies with regard to the money laundering risk on the market and to present widespread money laundering techniques and recognizable patterns of abuse. In addition, this paper aims to find an answer to the question to what extent the measures of the fifth EU Anti-Money Laundering Directive (AMLD) as well as other appropriate preventive

Purpose This paper aims to highlight the role of the Palestine Monetary Authority (PMA) in combating money laundering. The discussion will focus on the sectors under the PAM authority by examining the issued instructions. Design/methodology/approach The current study is a pure legal study. The methodology used in this paper is the qualitative approach by focussing on the doctrinal mechanism. Thus,

Purpose In 2008, the author wrote on the Concept of “Money Laundering Control: The Missing Link in Trinidad and Tobago. Now, approximately two years after that seminal assessment, the author has re-assessed the domestic anti-money laundering (AML) framework, with particular reference to the controls in place to address money laundering (ML) and the confiscation of the proceeds of crime. This paper

Purpose The purpose of the study is to investigate the feasibility of investing the religious heritage in anti-corruption efforts in public organizations in Palestine. The study sought to measure the current status of public organizations, if they are investing the religious heritage in the efforts of encountering corruption. Further, the study sought to measure the attitudes and future expectations

Purpose This paper aims to provide a review of Anti-Money-Laundering (AML) after the latest amendments, i.e. Anti-Money Laundering Act of 2020 in Pakistan. Design/methodology/approach This paper performs a detailed review of AML and related laws and amendments to record notable changes and improvements in the recent amendments and drew a comparison among these legal amendments. Findings This paper