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Money laundering prevention: the challenge of insurance termination for outlaw biker gangs’ club houses Journal of Money Laundering Control Pub Date : 2024-04-03 Petter Gottschalk
Purpose The purpose of this paper is to discuss the legal barriers to termination of an insurance arrangement where there is suspicion of money laundering when paying insurance premiums. Design/methodology/approach Trials in court between insurance firm and outlaw biker gangs regarding insurance of their clubhouses. Findings Protection of insured seems more important than prevention of money laundering
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The admissibility of illegally obtained evidence in cases involving money laundering offences: a Malaysian perspective Journal of Money Laundering Control Pub Date : 2024-04-04 Karunanithi Kanagaraj, Ramalinggam Rajamanickam
Purpose The purpose of this paper is to explore and evaluate the current legal position on the admissibility and exclusion of illegally obtained evidence in money laundering cases. Design/methodology/approach A thorough exploratory analytical analysis signifies that such illegally obtained evidence from money laundering offences is admissible, provided it does not undermine the administration of justice
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Employee whistleblowing: legislative perspectives and public perceptions in the United Arab Emirates (UAE) Journal of Money Laundering Control Pub Date : 2024-03-29 Tareq Na'el Al-Tawil
Purpose The purpose of this paper is to explore the legislative framework that governs whistleblowing in the UAE. Design/methodology/approach 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. Findings The UAE does not have a unified
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Oil rent, corruption and economic growth relationship in Nigeria: evidence from various estimation techniques Journal of Money Laundering Control Pub Date : 2024-02-19 Joseph David, Awadh Ahmed Mohammed Gamal, Mohd Asri Mohd Noor, Zainizam Zakariya
Purpose Despite the huge financial resources associated with oil, Nigeria has consistently recorded poor growth performance. Therefore, this study aims to examine how corruption and oil rent influence Nigeria’s economic performance during the 1996–2021 period. Design/methodology/approach Various estimation techniques were used. These include the bootstrap autoregressive distributed lag (ARDL) bounds-testing
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Restrictive measures: a question of adequacy or a failure of targeted measures? Journal of Money Laundering Control Pub Date : 2024-02-06 Daniel Cookman
Purpose This paper aims to discuss the adequacy of restrictive measures. Providing a synopsis of a global movement toward the imposition of target restrictive measures. Questioning the success of targeted restrictive measures in obtaining behavioural change. Identifying a reversion to the implementation of wide ranging sectoral restrictive measures in an attempt to encourage immediate behavioural change
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Capital flight, institutional quality and real sector in sub-Saharan African countries Journal of Money Laundering Control Pub Date : 2024-02-09 Taiwo Akinlo, Busayo Olubunmi Aderounmu
Purpose This study aims to provide an empirical investigation into rising capital flight and the role of institutional quality to mitigate its effect on the real sector in sub-Saharan Africa (SSA). Design/methodology/approach The study uses the system generalized method of moments and uses data spanning from 1989 to 2020 from 26 SSA countries. Findings The findings show that capital flight has no direct
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Recent developments in EU anti-corruption strategy: the missing element of the return of corrupt assets to “victim countries” Journal of Money Laundering Control Pub Date : 2024-02-05 Ariadna H. Ochnio
Purpose Recent developments in the EU’s anti-corruption strategy have brought the EU closer to meeting the UNCAC’s objectives, i.e. the Proposal for a Directive on combating corruption (2023) and the Proposal for a Directive on Asset Recovery and Confiscation (2022). This paper aims to discuss these developments from the perspective of the UNCAC, to identify missing elements in the EU’s asset recovery
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Tax evasion savings versus unlawful predicate proceeds: a substance-based approach Journal of Money Laundering Control Pub Date : 2024-02-01 Deen Kemsley, Sean A. Kemsley
Purpose This paper aims to determine whether tax evasion savings qualify as unlawful proceeds for money laundering purposes. Litigators, regulators and academics have debated the question for decades. A common argument is that tax evasion allows a bad actor to save money that the perpetrator already has on hand. It does not produce a new inflow of wealth that could properly be classified as proceeds
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Anti-money laundering and customer due diligence: empirical evidence from South Africa Journal of Money Laundering Control Pub Date : 2023-12-06 William Gaviyau, Athenia Bongani Sibindi
Purpose The purpose of this study is to examine the South African banks’ customer due diligence (CDD) practices in the fintech era to mitigate money laundering (ML) risks and ensure financial stability. Financial technologies have brought substantial transformations to the financial services sector. However, such technologies have exposed the sector to emerging risks that threaten the integrity and
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Exploring detection and prevention of money laundering with information technology Journal of Money Laundering Control Pub Date : 2023-11-30 Geo Finna Aprilia, Meiryani
Purpose Regarding the magnitude of the impact caused by money laundering, the size of the organization and the many parties involved, this paper aims to explore the methods used in detecting money laundering, especially the use of technology. Design/methodology/approach This research is a literature review from various research sources originating from Pro-Quest, Emerald, Science Direct and Google
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The economic consequences of money laundering: a review of empirical literature Journal of Money Laundering Control Pub Date : 2023-11-28 Imen Khelil, Hichem Khlif, Imen Achek
Purpose The purpose of this study is to provide a timely synthesis of the empirical literature focusing on the economic consequences of money laundering, as this topic has been gaining momentum among policymakers and academic researchers due to its adverse effects. Design/methodology/approach Empirical studies are collected by consulting accounting and finance journals in diverse digital sources (e
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Functioning of the register of beneficial owners: findings from Poland Journal of Money Laundering Control Pub Date : 2023-11-28 Tomasz Michał Matras
Purpose The implementation of the Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing resulted in the enactment by the Polish Parliament of the Act of March 1, 2018, on the prevention of money laundering and terrorist financing. One of the most important issues
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Is combatting money laundering an integrity issue? Insights from Nigeria Journal of Money Laundering Control Pub Date : 2023-11-17 Bello Umar
Purpose This study aims to determine how integrity influences money laundering combatting. Design/methodology/approach A qualitative approach using methodological triangulation was used to answer the question to describe and understand the phenomena from the participants’ perspective. Data was gathered with a semi-structured questionnaire, observation and field notes. Findings Analysis revealed that
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A comparative analysis of the FIUs and FATF compliance of Canada, Australia, The Netherlands and India Journal of Money Laundering Control Pub Date : 2023-11-17 Durgesh Pandey
Purpose This paper aims to analyse the Financial Intelligence Units (FIUs) of Canada, Australia, The Netherlands and India, focussing on key internal and external processes, such as the exchange of information, operations and compliance with Financial Action Task Force (FATF) recommendations. The paper relies on secondary sources to compare and assess the practices and strategies employed by FIUs within
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Suspicious activity reporting in the United Kingdom and the United States: statutory obligations of auditors and optimal harvesting of information Journal of Money Laundering Control Pub Date : 2023-11-06 Simon D. Norton
Purpose 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. Design/methodology/approach The research draws upon the following sources. Firstly, statistics provided by the UK National Crime Agency, 2019 (NCA) regarding suspicious activity
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Prevention and control of money laundering crimes on know your customer principles application: empirical study of Indonesia banking sector Journal of Money Laundering Control Pub Date : 2023-11-02 Meiryani
Purpose The purpose of this paper is to find out the role and factors that lead to efforts by banking institutions to deal with money laundering by using the principle of knowing your customer. Design/methodology/approach This research method uses a sociological juridical approach and descriptive analysis in analyzing the data. Findings The results of the study found that the implementation of the
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Technological innovation, prosperity and corruption outlook in Africa: a mediation analysis Journal of Money Laundering Control Pub Date : 2023-10-24 Eunice O. Akhigbe, Ebenezer I. Bowale, Ese Urhie, Ogechi Amonu
Purpose Ranking as the lowest-scoring region for many years on the corruption perceptions index (CPI) with an average score of 32 (2019–2021), Sub-Saharan Africa’s performance gives a bleak impression of inaction against corruption. The objective of this study aims to examine the effect of technological innovation in curbing corruption in Africa through prosperity. Design/methodology/approach CPI,
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Adapting confiscation and anti-money laundering laws to the digital economy: exploring the Australian interplay between proceeds and technology Journal of Money Laundering Control Pub Date : 2023-10-24 Doron Goldbarsht
Purpose The rise of cryptocurrencies and other digital assets has triggered concerns about regulation and security. Governments and regulatory bodies are challenged to create frameworks that protect consumers, combat money laundering and address risks linked to digital assets. Conventional approaches to confiscation and anti-money laundering are deemed insufficient in this evolving landscape. The absence
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An analysis of the determinants of money laundering in the United Arab Emirates (UAE) Journal of Money Laundering Control Pub Date : 2023-10-24 Mariam Aljassmi, Awadh Ahmed Mohammed Gamal, Norasibah Abdul Jalil, K. Kuperan Viswanathan
Purpose It is widely argued that money laundering (ML) is not a new phenomenon and the pervasiveness of ML is associated with some severe economic, social and political costs. Due to the lack of studies on the ML’s issue in the UAE, this study aims to examine the determinants of ML in the country between 1975 and 2020. Design/methodology/approach The autoregressive distributed lag bounds testing results
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European approach to remote customer onboarding solutions Journal of Money Laundering Control Pub Date : 2023-10-23 Daniel Cookman
Purpose This study aims to identify European positioning on the use of remote customer onboarding solutions in combating financial crime. Design/methodology/approach This study is a desktop research that examines European Banking Authority (EBA) policy statements relating to the use of innovative solutions in combating financial crime. Findings Technological advancements in biometric data and software
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Determinants of effective Shariah compliance auditing in Palestine: a theoretical and conceptual analysis Journal of Money Laundering Control Pub Date : 2023-10-20 Mustafa Faza', Nemer Badwan, Montaser Hamdan
Purpose This study aims to conduct a review and analysis of the literature on Shariah audit compliance by examining the difference between internal and external auditors, the scope of internal Shariah audits and the qualification of Shariah auditors. Design/methodology/approach The current study used content analysis and the descriptive approach to achieve the main objective of the study. To ensure
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Arbitrators’ suspicion of money laundering: choices against principles Journal of Money Laundering Control Pub Date : 2023-10-19 Jaffar Yakkop Alkhayer, Chander Mohan Gupta
Purpose This paper aims to examine the options available to arbitrators when they suspect money laundering during arbitration proceedings, considering their compatibility with fundamental principles and concepts of arbitration. Design/methodology/approach Using a doctrinal analysis approach, the paper draws on legal principles, antimoney laundering regulations and relevant literature to explore the
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Corruption and external debt nexus in sub-Saharan Africa: a panel quantile regression approach Journal of Money Laundering Control Pub Date : 2023-10-09 John Kwaku Amoh, Abdallah Abdul-Mumuni, Emmanuel Kofi Penney, Paul Muda, Leticia Ayarna-Gagakuma
Purpose Debt sustainability and the growing level of external debt in sub-Saharan African (SSA) continue to be significant research priorities. This study aims to examine the corruption-external debt nexus in SSA economies and whether different levels of corruption better explain this relationship. Design/methodology/approach The panel quantile regression approach was applied to account for the heterogeneous
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Assessing tax collection efficiency of G20 countries: an analysis of tax potential, tax evasion and anti-corruption efforts Journal of Money Laundering Control Pub Date : 2023-09-12 Usama Alqalawi, Ahmad Alwaked, Anas Al Qudah
Purpose This paper aims to determine the tax potential of G20 countries and estimate the tax revenue they could generate. The study evaluates the effectiveness of tax revenue collection for G20 nations from 2008 to 2020 and investigates the relationship between tax collection efficiency and tax evasion. The study also examines the link between tax collection efficiency and a proxy for tax evasion through
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The legal-criminal aspects of Iran’s anti-money laundering law in light of the FATF recommendations Journal of Money Laundering Control Pub Date : 2023-09-06 Zeynab Malakouti Khah, Aref Khalili Paji
Purpose The purpose of this study is to examine Iran’s anti-money laundering (AML) system from a legal and criminal perspective and to understand the obstacles for international cooperation and the extent to which it aligns with financial action task force (FATF) standards. In this regard, three aspects are examined, namely, enforcement and guarantees of preventive measures, penalty for ML offences
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Illegal wildlife trade: the critical role of the banking sector in combating money laundering Journal of Money Laundering Control Pub Date : 2023-08-31 Cayle Lupton
Purpose 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
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How to identify norms, laws, and regulations that facilitate illicit financial flows and related financial crimes Journal of Money Laundering Control Pub Date : 2023-08-31 Tiago Cardao-Pito
Purpose Illicit financial flows are targeted by the United Nations’ (UN) sustainable development goals (SDGs). However, these illicit flows are not entirely understood. Furthermore, they can benefit from economic norms, laws and regulations that lack mechanisms to detect and penalize them. This paper aims to investigate whether a recent test, the embezzler test, can be used to identify regulatory architectures
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What works in policing money laundering? Journal of Money Laundering Control Pub Date : 2023-08-25 Branislav Hock, Mark Button, David Shepherd, Paul Michael Gilmour
Purpose This paper aims to provide a comprehensive review of literature on policing money laundering to evaluate the quality of evidence presented in academic and grey literature. In doing so, this paper reflects upon what strategies and mechanisms work in preventing, detecting and disrupting money laundering. Design/methodology/approach To investigate the quality of evidence presented in academic
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Ethical implications for teaching students to hack to combat cybercrime and money laundering Journal of Money Laundering Control Pub Date : 2023-08-17 Tareq Na’el Al-Tawil
Purpose Malicious hackers are increasingly evolving with technology by developing advanced tools to infiltrate. They are looking at micro laundering via sites like PayPal or using job advertising sites, to avoid exposure. Micro laundering makes it possible to launder a large amount of money in small amounts through thousands of electronic transactions. Therefore, the purpose of this paper is to examine
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Structural deterrents of combating white-collar money laundering in emerging economies: evidence from Sri Lanka Journal of Money Laundering Control Pub Date : 2023-08-11 Sisira Dharmasri Jayasekara, K.L. Wasantha Perera, Roshan Ajward
Purpose The purpose of this paper is to discuss how agency conflicts between people and main government organs affect the combatting ability of white-collar money laundering in an emerging economy. Design/methodology/approach This paper uses a qualitative design under the philosophy of interpretivism. The case study research strategy is used inductively to investigate how structural limitations affect
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A study of the underground banking system in Sri Lanka – a phenomenon of Boyle’s law Journal of Money Laundering Control Pub Date : 2023-08-14 Dinesh Sivaguru, Kamal Tilakasiri
Purpose The purpose of the study is to examine the available literature to comprehend what the underground banking system is, for what purposes this method is used and how policymakers should proceed to address this issue. Design/methodology/approach The approach involved conducting this study and combining it with a critical analysis of the available literature as well as the available historical
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Cashless policy initiative in Nigeria: outline of crucial socio-economic and regulatory considerations Journal of Money Laundering Control Pub Date : 2023-08-07 Ogochukwu Monye
Purpose The Central Bank of Nigeria (CBN) recently relaunched Nigeria’s cashless policy initiative which seeks to reduce financial crime and tax avoidance, decrease cash dependency, advance the adoption of digital financial services (DFS), decrease the risks to the payment system and foster financial inclusion. This study aims to identify the unique challenges of going cashless in Nigeria, particularly
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Compliant or not compliant? The challenges of anti-money laundering regulations in crypto assets: the case of Switzerland Journal of Money Laundering Control Pub Date : 2023-07-24 Aline Renda, Stefano Caneppele
Purpose Criminals have quickly discovered the advantage of crypto assets, with its pseudo-anonymity, untraceability and the ability to freely exchange crypto assets across borders, which makes it an ideal tool for money laundering activities. Switzerland has a technology-neutral framework, and crypto assets are regulated by the existing anti-money laundering (AML) legislation. The purpose of this paper
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Hundi payment mechanism on the border trade between Myanmar and Northern Thailand: what you do not know about? Journal of Money Laundering Control Pub Date : 2023-07-06 Nisit Panthamit, Paisarn Panthamitr, Guowei Tian
Purpose This study aims to convey the understanding of the ecosystem – how “hundi” works on the border trade between Myanmar and northern Thailand, which is an informal transfer system and is widely used as an alternative banking system. Even though the role of hundi is unable to declare the sources of money under the standard settlement of formal banking system, a failure to operate of its official
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Fennoscandic comparison on KYC obligations of a virtual currency provider Journal of Money Laundering Control Pub Date : 2023-07-04 Kristian Keskitalo, Jaakko Väyrynen
Purpose This paper aims to analyse the virtual currency regulation especially in Finland, Sweden and Norway. Different member states had a bit differently incorporated regulation of AMLD5. Finland has gone the furthest in regulation and even issuers of virtual currency are under the Finnish regulation. Design/methodology/approach In one hand, the study approach is legal dogmatics, but in other hand
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Perceptions on jurisdiction risk: a cross-country analysis Journal of Money Laundering Control Pub Date : 2023-07-04 Mete Feridun
Purpose The purpose of this article is to make a contribution to the existing knowledge by using the unique cross-jurisdiction data drawn from the FCA’s REP-CRIM submissions to explore dynamics behind firms’ perceptions on financial crime. Capturing firm’s sentiment is notoriously challenging, and any relevant regulatory data is usually not available in the public domain. A recent exception is the
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Digitalization and money laundering: the moderating effects of ethical behaviour of firms and corruption Journal of Money Laundering Control Pub Date : 2023-07-05 Imen Khelil, Anis El Ammari, Mohamed Amine Bouraoui, Hichem Khlif
Purpose This paper aims to investigate the relationship between digitalization and money laundering and tests whether ethical behaviour of firms and corruption moderate this association. Design/methodology/approach The sample includes 114 countries during 2016. Basel Anti-Money Laundering Report for 2016 is used to collect data concerning money laundering. Digitalization proxies are collected from
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A critical analysis of Somalia’s current antimoney laundering and counter financing of terrorism regime: a comparative study with Malaysia Journal of Money Laundering Control Pub Date : 2023-06-23 Abdirahman Hassan Hersi
Purpose Concerns on money laundering (ML) and terrorist financing increased, as ML accounted 2%–5% of the global GDP, with Switzerland, the USA, Canada, India and Russia having high laundering rates. Banks were fined over US$320bn in 2008, but money laundering still accounted for 3.6% of global GDP in 2009, thereby indicating the need for effective regimes. Therefore, this study aims to critically
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Mechanisms for interaction of law enforcement agencies in the field of countering money laundering Journal of Money Laundering Control Pub Date : 2023-06-15 Olha Bondarenko, Maryna Utkina, Oleg Reznik, Mykhailo Dumchikov
Purpose The purpose of this paper is to develop a new methodology for the interaction of law enforcement agencies with each other, financial institutions and other legal entities in the field of counteracting and combating the legalization of criminal income as a prerequisite for increasing the effectiveness of their activity in the area of countering and combating money laundering, which will improve
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Shariah-compliant status and investors demand for IPOs: the moderating role of regulatory quality Journal of Money Laundering Control Pub Date : 2023-06-08 Waqas Mehmood, Anis Ali, Rasidah Mohd-Rashid, Attia Aman-Ullah
Purpose The purpose of this study is to look at how Shariah-compliant status and Shariah regulation affect the demand for initial public offerings (IPOs) in Pakistan. The Shariah-compliant status, which is seen as a method that offers a credible signal to investors, may explain the anomaly in IPO demand. Design/methodology/approach This research used multivariate and quantile regression models to assess
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Does institutional quality modulate the effect of capital flight on economic growth in sub-Saharan Africa? Journal of Money Laundering Control Pub Date : 2023-06-08 Taiwo Akinlo
Purpose Sub-Saharan African (SSA) region has been battling illegal outflow of capital over the years, with little success recorded so far. Without adequate attention, unemployment, infrastructure deficiencies and inefficient capital might be worse in the future. The purpose of this study is to investigate if institutional quality mitigates the effect of capital flight (CF) on economic growth. Desi
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Ponzi scheme like investment schemes in India – causes, impact and solution Journal of Money Laundering Control Pub Date : 2023-06-06 Shubhasree Bhadra, Kamakhya Narain Singh
Purpose News items like “A whopping 2 lakh gullible investors were cheated…….” amply illustrate the extent of problems and hardships caused by financial frauds related to Ponzi schemes, collective investment schemes (CIS), unregulated deposit schemes, etc. In India, over the years, many Ponzi and unregulated investment schemes have taken place, causing huge economic and financial loss to Indian economy
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Crypto-asset market development: the role of country’s institutional quality Journal of Money Laundering Control Pub Date : 2023-06-06 Blanka Škrabić Perić, Ana Rimac Smiljanić, Ivana Jerković
Purpose Crypto-asset can be traded on many different exchanges worldwide with servers located in countries with different financial characteristics and institutional surroundings. Trading volume on these servers varies considerably regarding the server’s location, even though the prices do not differ greatly. Crypto-asset markets are poorly regulated and, as such, may leave a place for potential fraudulent
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A legal perspective of corporate compliance governance to collusive bidding in China Journal of Money Laundering Control Pub Date : 2023-05-30 Tingting Li, Mohd Zamre Mohd Zahir, Hasani Mohd Ali
Purpose This study aims to make some contribution to the process of corporate compliance governance in China. Design/methodology/approach This paper adopts qualitative method, literature research, case analysis and comparative methods to explore the Chinese compliance governance model in the field of collusive bidding crimes. Findings In the process of criminal prosecution of enterprises suspected
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Practical considerations regarding the implementation of economic sanctions by Swiss financial service providers Journal of Money Laundering Control Pub Date : 2023-05-26 Fabian Maximilian Johannes Teichmann, Chiara Wittmann
Purpose The purpose of this paper is to discuss the practical problems which Swiss financial service providers face following the government’s decision to implement economic sanctions. Design/methodology/approach The practical problems of implementation are based on the identified methods of circumvention in the first author’s empirical research on the mechanisms of money laundering. Findings Secure
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Uncovering the depths of trade-based money laundering: evidence from a seaport in Bangladesh Journal of Money Laundering Control Pub Date : 2023-05-25 Md Noor Uddin Milon, Habib Zafarullah
Purpose Money laundering (ML) is a major criminal offence stemming from unethical practices by personnel on the ground at Chattogram Port, an important import and export facility in Bangladesh. Because money can be more easily laundered through imports, it is necessary to investigate the dubious process in this sector. This study aims to identify the items most regularly used for easy ML and the factors
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Exploring anti-corruption education in Malaysian educational institutions Journal of Money Laundering Control Pub Date : 2023-05-24 Nor Farizal Mohammed, Norziana Lokman, Norazida Mohamed, Norsuhaily Abu Bakar
Purpose From 2000 to 2021, the Malaysian corruption perception index demonstrated a declining tendency, identifying Malaysia as a highly corrupt nation. Corruption in the nation has become a social cancer that has impacted the workplace and political climate. Using Dewey’s (1937) theory of education and social change, this paper argues that anti-corruption education is a tool for reforming the corruption
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The EU MiCA Directive – chances and risks from a compliance perspective Journal of Money Laundering Control Pub Date : 2023-05-22 Fabian Maximilian Johannes Teichmann, Sonia Ruxandra Boticiu, Bruno S. Sergi
Purpose This study aims to review the current EU approach to regulating crypto assets. It highlights the key points, opportunities and risks of the MiCA regulation, which is designed to provide a comprehensive regulatory framework for digital assets in the EU. Design/methodology/approach To do so, the authors extensively reviewed the literature and reports from several advisory and watchdog bodies
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Deploying artificial intelligence for anti-money laundering and asset recovery: the dawn of a new era Journal of Money Laundering Control Pub Date : 2023-05-19 Georgios Pavlidis
Purpose This paper aims to critically examine the digital transformation of anti-money laundering (AML) and countering the financing of terrorism (CFT) in light of the Financial Action Task Force (FATF) San Jose principles, the Organisation for Economic Co-operation and Development (OECD) principles for artificial intelligence (AI) and the proposed European Union (EU) Artificial Intelligence Act. The
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Estimating the magnitude of money laundering in the United Arab Emirates (UAE): evidence from the currency demand approach (CDA) Journal of Money Laundering Control Pub Date : 2023-05-19 Mariam Aljassmi, Awadh Ahmed Mohammed Gamal, Norasibah Abdul Jalil, Joseph David, K. Kuperan Viswanathan
Purpose Despite the vulnerability of rapidly developing and emerging market economies, researchers have paid less attention to the determination of the size of money laundering (ML) in these economies, including the United Arab Emirates (the UAE). Therefore, this paper aims to estimate the magnitude of ML in the UAE between 1975 and 2020 based on the currency demand approach (CDA). Design/methodology/approach
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Exploration of potential money laundering crimes with virtual currency facilities in Indonesia Journal of Money Laundering Control Pub Date : 2023-05-19 Meiryani
Purpose The purpose of this study is to exploration potential money laundering crimes with virtual currency facilities in Indonesia. Money laundering using crypto is the process of disguising the origin of money obtained illegally. Then, the perpetrator transfers it to a legitimate business. Virtual money then started to become a phenomenon in society since the emergence of cryptocurrencies as a form
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Virtual currencies and money laundering: existing and prospects for jurisdictions that comprehensively prohibited virtual currencies like Pakistan Journal of Money Laundering Control Pub Date : 2023-05-10 Nasir Sultan, Norazida Mohamed, Mervyn Martin, Hafizah Mohd Latif
Purpose This study aims to examine the Financial Action Task Force’s recommendations on virtual currencies (VCs) and how Pakistan has responded to them. Design/methodology/approach Qualitative document and jurisprudence analysis techniques were used to achieve the study’s goal. Findings According to this study, VCs are modern FinTech that no jurisdiction can ignore. However, Pakistan has not adopted
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Money laundering, media and European banks Journal of Money Laundering Control Pub Date : 2023-05-05 Markus Tiemann
Purpose This paper aims to assess, from an empirical perspective, the research question if public media reports which relate concrete banks to concrete allegations of money laundering have an adverse impact on banks stock prices and what are the drivers of such impact? Design/methodology/approach The paper makes use of event study methodology and uses the constant mean and the market model. The event
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Evidencing source of wealth–challenges, questions, solutions and recommendations Journal of Money Laundering Control Pub Date : 2023-05-03 Mario Menz
Purpose The purpose of this paper is twofold. Firstly, it highlights areas of disconnect between how the financial services sector in the UK approaches the requirement to evidence source of wealth when conducting customer due diligence; the requirements of the UK’s laws and regulations in relation to evidence source of wealth; and the expectations of the Financial Conduct Authority (FCA) in this regard
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Mutual legal assistance and extradition under anti-money laundering laws: a comparative analysis between Palestine and Malaysia Journal of Money Laundering Control Pub Date : 2023-05-01 Husameddin Alshaer, Muhamad Helmi Md. Said, Ramalinggam Rajamanickam
Purpose The global cooperation and cooperation between nations at differing stages in anti-money laundering (AML) is critical. To improve the effectiveness of international cooperation in AML, it is essential to diversify international cooperation mechanisms and improve the capacity of law enforcement officers in the field of preventing this crime. This paper aims to provide a comparative analysis
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Is the UK’s anti-money laundering regime “worth the candle”? A tentative cost-benefit analysis Journal of Money Laundering Control Pub Date : 2023-04-28 Peter Alan Sproat
Purpose This paper aims to raise, and consider, first-order questions about the United Kingdom’s anti-money laundering (AML) regime. Design/methodology/approach The paper contrasts the original rationale for introducing AML and asset recovery to the UK with data on the assets recovered from organised crime and those involved in drug trafficking. It does this by analysing historical and contemporaneous
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Changes in credit score, transaction volume, customer characteristics, and the probability of detecting suspicious transactions Journal of Money Laundering Control Pub Date : 2023-04-20 Endre J. Reite, Are Oust, Rebecca Margareta Bang, Stine Maurstad
Purpose This study aims to use a unique customer-information data set from a Norwegian bank to identify how small changes in firm-specific factors correlate with the risk of a client subsequently being involved in suspicious transactions. It provides insight into the importance of updating client risk based on changes in transaction volume and credit risk to enable effective resource use in transaction
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Is Bangladesh’s policy response to the growing e-commerce sector compatible with its commitment to fight predicate offences for money laundering? Journal of Money Laundering Control Pub Date : 2023-04-14 Md. Zahurul Haq
Purpose This study aims to investigate Bangladesh’s e-commerce regulations in light of the growing criticism that they are insufficient to curb predicate crimes like fraud and money laundering in the online marketplace. Design/methodology/approach This study used the exploratory design to examine the latest ministerial directives and laws governing e-commerce in Bangladesh to determine why they cannot
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Historical aspects of customer due diligence and related anti-money laundering measures in South Africa Journal of Money Laundering Control Pub Date : 2023-04-14 Howard Chitimira, Sharon Munedzi
Purpose This paper explores the historical aspects of customer due diligence and related anti-money laundering measures in South Africa. Customer due diligence measures are usually employed to ensure that financial institutions know their customers well by assessing them against the possible risks they might pose such as fraud, money laundering, Ponzi schemes and terrorist financing. Accordingly, customer
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The role of virtue ethics in enhancing reputation through combatting financial crimes Journal of Money Laundering Control Pub Date : 2023-04-14 Ritab AlKhouri, Pashaar Halteh, Khaled Halteh, Milind Tiwari
Purpose This paper aims to outline how certain lessons from ethical systems can be relevant and applicable to tackling unethical behavior, including financial crime, within the finance profession. Design/methodology/approach This paper adopts a pragmatic perspective while acknowledging that there is a myriad of reasons managers act unethically, including the reality that many do so knowingly and deliberately