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Defining money laundering under Malawian law: a critical appraisal for compliance with international standards Journal of Money Laundering Control Pub Date : 2021-04-01 Lewis Chezan Bande
Purpose The purpose of this paper is to critically appraise the legal definition of the offence of money laundering under Malawian law. The goal is to evaluate whether the definition meets international standards and best practices on legal definition of money laundering, particularly as contained in the United Nations Convention against Transnational Organized Crime (UNCATOC). Design/methodology/approach
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Virtual currencies as a quasi-payment tool: the case of frequent-flier programs and money laundering Journal of Money Laundering Control Pub Date : 2021-04-01 Doron Goldbarsht
Purpose The purpose of this paper is to explore the various characteristics of frequent-flier programs and the threats they pose to the Australian anti-money laundering regime. Design/methodology/approach A thorough literature review was conducted on frequent-flier programs and the associated money-laundering threats. Money laundering (ML) risks were identified in relation to the three stages of ML
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The feasibility of investment in the religious heritage in anti-corruption efforts in Palestinian public organizations Journal of Money Laundering Control Pub Date : 2021-03-29 Mohammad W. Hanini
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
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Threshold fine-tuning of money laundering scenarios through multi-dimensional optimization techniques Journal of Money Laundering Control Pub Date : 2021-03-04 Abhishek Gupta, Dwijendra Nath Dwivedi, Ashish Jain
Purpose Transaction monitoring system set up by financial institutions is one of the most used ways to track money laundering and terrorist financing activities. While being effective to a large extent, the system generates very high false positives. With evolving patterns of financial transactions, it also needs effective mechanism for scenario fine-tuning. The purpose of this paper is to highlight
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Banking technology and cashless economy in selected Sub-Saharan African countries: does education matter? Journal of Money Laundering Control Pub Date : 2021-02-26 Ese Urhie, Ogechi Chiagozie Amonu, Chiderah Mbah, Olabanji Olukayode Ewetan, Oluwatoyin Augustina Matthew, Oluwasogo Adediran, Oreoluwa Adesanya, Adeleke Adekeye
Purpose This study aims to analyze the effect of banking technology [automated teller machine (ATM) and mobile cellular devices (MOBs)] and other traditional factors on the level of currency in circulation for a sample of 21 selected sub-Saharan African (SSA) countries. It also assessed the mitigating effect of education on the relationship between banking technology and the cashless economy. Desi
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Confiscation of proceeds of crime in Vietnam: improving the legal framework Journal of Money Laundering Control Pub Date : 2021-02-26 Louis De Koker, Thu Thi Hoai Tran
Purpose The purpose of this paper is to analyze the Vietnamese laws and practices concerning the confiscation of proceeds of crime, especially in view of Vietnam’s obligations to meet the international standards on money laundering and terrorist financing, set by the Financial Action Task Force and relevant international conventions that Vietnam ratified. To limit the scope of this paper, the analysis
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An exploration of the current regulatory aspects of money laundering in South Africa Journal of Money Laundering Control Pub Date : 2021-02-08 Howard Chitimira
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
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The anti-money laundering expectations gap in Iran: auditor and judiciary perspectives Journal of Money Laundering Control Pub Date : 2021-02-08 Vahid Molla Imeny, Simon D. Norton, Mahdi Moradi, Mahdi Salehi
Purpose This study aims to compare judicial and auditor expectations of audit in the detection and reporting of money laundering in Iran. It also aims to assess the implications of expectations gap for the reliability of data provided to the Financial Action Task Force (FATF) in its blacklisting policy. Design/methodology/approach Questionnaires were administered to auditors to determine perceptions
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Chasing criminal wealth: broken expectations for the criminalization of illicit enrichment in Lithuania Journal of Money Laundering Control Pub Date : 2021-02-12 Skirmantas Bikelis
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
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A methodology for enterprise-wide risk assessment in small banks and credit union Journal of Money Laundering Control Pub Date : 2021-02-01 Philippa Duncan
Purpose This paper aims to provide an easy to follow, practical guide for small traditional banks and credit unions to conduct an enterprise-wide risk assessment of the financial institution’s anti-money laundering compliance program. Design/methodology/approach Information was collected from relevant documents published by global standard setters in the disciplines of anti-money laundering, financial
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Asset recovery in the European Union: implementing a “no safe haven” strategy for illicit proceeds Journal of Money Laundering Control Pub Date : 2021-02-08 George Pavlidis
Purpose This paper aims to explore existing and proposed methods for enhancing asset recovery and targeting the proceeds of illicit trades and other types of criminal activity in the European Union (EU). Consistent and comprehensive implementation is needed at several levels (preventive measures, financial investigations, criminal proceedings and asset freezing and confiscation) to create a European
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The financial action taskforce and money laundering: critical analysis of the Panama papers and the role of the United Kingdom Journal of Money Laundering Control Pub Date : 2021-02-12 Aisha Hassan Al-Emadi
Purpose This paper aims to study the effectiveness of the implementation of the Financial Action Task Force (FATF) recommendations in the UK in an attempt to combat the laundering of proceeds of corruption. Design/methodology/approach A desk review of secondary resources was conducted to analyze available literature to examine the research topic. Findings The leakage of 11.5 million documents, known
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Analysing the AAOIFI Sharīʿah standard on zakat Journal of Money Laundering Control Pub Date : 2021-01-18 Khurram Parvez Raja
Purpose The Sharīʿah Standard No. (35) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) aims to identify the zakāt base for institutions (including Islamic insurance companies) as well as the subsidiary and the mother company of the institution (the company). By zakāt base, the standard means the items of financial statements that should or should not be
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The effects of illicit financial flows on oil and gas revenue generation in Nigeria Journal of Money Laundering Control Pub Date : 2020-12-01 Bello Umar, Zayyanu Mohammed
Purpose The purpose of this study is to determine the extent illicit flows affect the oil and gas revenue generation in Nigeria specifically the activities concerning oil theft. Design/methodology/approach A qualitative approach using a systematic quantitative assessment technique was used to select peer-reviewed articles and reports that discussed crude oil theft in Nigeria. This was followed by the
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Retooling our anti-corruption arsenals: exploring the potential use of CAQDAS in corruption investigation Journal of Money Laundering Control Pub Date : 2020-11-30 Hendi Yogi Prabowo
Purpose This paper aims to explore the potential of computer-assisted qualitative data analysis software (CAQDAS) to be used as a corruption investigation tool to help investigators in carrying out their investigative works. Design/methodology/approach By reviewing the literature on qualitative research and fraud investigation, this exploratory study identifies similarities between the two types of
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Can artificial intelligence, RegTech and CharityTech provide effective solutions for anti-money laundering and counter-terror financing initiatives in charitable fundraising Journal of Money Laundering Control Pub Date : 2020-11-30 Charanjit Singh, Wangwei Lin
Purpose Artificial intelligence has had a major impact on organisations from Banking through to Law Firms. The rate at which technology has developed in terms of tasks that are complex, technical and time-consuming has been astounding. The purpose of this paper is to explore the solutions that AI, RegTech and CharityTech provide to charities in navigating the vast amount of anti-money laundering and
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Aid diversion, accountability and questions unanswered: contextualising the World Bank working paper on offshore capture of foreign aid Journal of Money Laundering Control Pub Date : 2020-11-23 Stephen Damianos
Purpose The purpose of this paper is to engage a contentious World Bank publication beyond its controversy. In particular, it assesses mechanisms that facilitate elite capture of foreign aid and potential strategies of accountability. Design/methodology/approach This paper adopts desk research methodology, relying primarily upon journal papers, books and internet sources related to international development
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Money laundering in the modern crime system Journal of Money Laundering Control Pub Date : 2020-11-18 Georgy Rusanov, Yury Pudovochkin
Purpose This paper aims to study the role of money laundering in the system of modern crime. Design/methodology/approach The methodology of this research will include the study of quite obvious relationships, which in themselves do not need special substantiation today, namely, money laundering and terrorism; money laundering and corruption; money laundering and organized crime. Findings The following
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The role of financial intelligence in combating the financing of terrorism Journal of Money Laundering Control Pub Date : 2020-11-18 Seyfettin Unal, Mehmet Altun
Purpose This study aims to examine how important the countering terrorism financing is in the fight against terrorism and to what extent does financial intelligence contribute into this field. Design/methodology/approach To this end, to collect data, semi-structured interview method was conducted for 15 experts, including academicians, judges, security and intelligence officers who have specialised
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Exploring the role of corruption and money laundering (ML) on banking profitability and stability: a study of Pakistan and Malaysia Journal of Money Laundering Control Pub Date : 2020-11-16 Qamar Uz Zaman, Kinza Aish, Waheed Akhter, Syed Anees Haidder Zaidi
Purpose The purpose of this paper is to address the effect of corruption and money laundering (ML) on banking profitability and stability. Design/methodology/approach This study uses the panel data of 72 banks of Pakistan and Malaysia from 2012–2018. This paper uses fixed effect (FE) and random effect (RE) regression techniques for empirical testing and generalized methods of moment (GMM) technique
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The anti-money laundering law in Tanzania: Whither the ongoing “war” against economic crimes? Journal of Money Laundering Control Pub Date : 2020-11-16 Eugene E. Mniwasa
Purpose This paper aims to explore the evolution of the law for combating economic crimes including money laundering in Tanzania and explore the current developments in the anti-money laundering (AML) law and the ongoing fight against these crimes in Tanzania. Design/methodology/approach A desk-based review of documents on money laundering and its control in Tanzania was conducted. The paper presents
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Suspicious activity reports (SARs) regime: reforming institutional culture Journal of Money Laundering Control Pub Date : 2020-11-12 XiaoTong Loh
Purpose Against a backdrop of money laundering scandals in the banking industry, this study aims to assess anti-money laundering (AML) reporting obligations of bankers in the UK. By evaluating the effectiveness of the current suspicious activity report (SAR) regime, this study seeks to use the senior management functions of the Senior Managers and Certification Regime (SMCR) to achieve the goals of
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Holding aid-related misconduct accountable: civil and administrative remedies Journal of Money Laundering Control Pub Date : 2020-11-11 Sally Junsong Wang
Purpose The purpose of this paper is to provide an empirical analysis on aid-related misconduct and sectoral regulatory failures. Via a series of Oxfam revelations, this paper aims to highlight potential civil and administrative remedies to rectify wrongdoings and increase accountability in aid organizations. Design/methodology/approach Chronicling recent revelations of misconduct by aid workers, this
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The regulation of virtual currencies in comparative perspective: new private money or niche technological innovation? Journal of Money Laundering Control Pub Date : 2020-11-04 Hicham Sadok, Mohammed El Hadi El Maknouzi
Purpose This paper aims to situate virtual currencies (VCs) in a landscape of regulatory questions that help orient the direction and purpose of a possible legal approach, vis-à-vis this relatively recent technological and financial phenomenon. Design/methodology/approach The triangulation of historical overview and comparative examination of regulatory interventions allows to situate VCs in relation
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Do cryptocurrencies enable and facilitate modern slavery? Journal of Money Laundering Control Pub Date : 2020-11-04 Mohammed Ahmad Naheem
Purpose The purpose of this paper is to investigate the role of cryptocurrencies in facilitating operations relating to modern slavery and specifically human trafficking. Over the past decade, law enforcement agencies and intergovernmental organisations have established mechanisms, including financial regulations, to curb and identify such operations. Regulation over conventional financial institutions
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The Double Irish and Dutch Sandwich strategies and tax avoidance in Mauritius Journal of Money Laundering Control Pub Date : 2020-11-02 Ambareen Beebeejaun
Purpose The purpose of this paper is to analyze the Double Irish and Dutch Sandwich (DIDS) tax schemes used by international companies. Companies using these schemes are enabled to transfer a large amount of their profits to offshore tax havens by using wholly owned subsidiaries located in Ireland and the Netherlands. This paper also analyzes the US General Anti-Avoidance Rule (GAAR) to see whether
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Challenges in settling non-conviction based civil confiscation of unexplained wealth Journal of Money Laundering Control Pub Date : 2020-10-19 Todor Kolarov
Purpose The purpose of this paper is to evaluate the benefits and challenges, on the national and international level, associated with the settlement of cases involving non-conviction civil confiscation of unexplained wealth. Design/methodology/approach This paper is centered on evaluation of key aspects of settlement of civil confiscation of unexplained wealth cases. Conducting a review of settlement
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Role of FATF on financial systems of countries: successes and challenges Journal of Money Laundering Control Pub Date : 2020-08-31 Nankpan Moses Nanyun, Alireza Nasiri
Purpose This paper aims to examine the extent of successes and challenges of adoption and implementation of Financial Action Task Force (FATF) codes in member states by highlighting the influence of the FATF anti-money laundering policy framework on money laundering (ML) and the way forward in heightening the fight against the fast-evolving nature of ML and terrorist financing activities. Design/methodology/approach
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Morocco’s market economy expansion and its successful strategy in combatting money laundering and terrorist financing Journal of Money Laundering Control Pub Date : 2020-08-12 Mohammed Ahmad Naheem
Purpose Morocco is an expanding developing economy in North Africa with increasing bilateral trade relations with larger economies. This paper aims to examine the features of the expanding market economy and the preceding structural reforms initiated by King Mohammed VI. The paper’s primary focus is to study the systematic feature of anti-money laundering and combatting of terrorist financing (AML/CTF)
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Money-laundering risk and preventive measures in Pakistan Journal of Money Laundering Control Pub Date : 2020-07-27 Irfan Hassan Jaffery, Riffat Abdul Latif Mughal
The purpose of this paper is to examine the effectiveness of anti-money laundering/combating of financing of terrorism (AML/CFT) measures in Pakistan. Key variables of AML/CFT regulations of Pakistan are used. This study explores the impact of customer due diligence, record keeping, wire transfers, correspondent banking, reporting of transactions, new technology and internal controls/compliance/trainings
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Macroeconomic factors, corporate governance and financial malpractices in Nigerian banks Journal of Money Laundering Control Pub Date : 2020-07-24 Alexander Ehimare Omankhanlen, Ediomi Abasi-Favor Tometi, Ese Urhie
Purpose Many studies have traced the collapse of most banks in the past to weak corporate governance. In response to this, the Central Bank of Nigeria established a Code of Corporate Governance which was made mandatory for all banks in Nigeria since 2003. Fifteen years after this provision the amount of actual loss attributed to financial malpractices in banks is still substantial. Available statistics
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Deficient regimes of anti-money laundering and countering the financing of terrorism: agenda of digital banking and financial inclusion Journal of Money Laundering Control Pub Date : 2020-07-23 Sisira Dharmasri Jayasekara
Purpose The purpose of this paper is to discuss the dilemma of digital banking and the financial inclusion agenda of countries with the level of strength of the anti-money laundering and countering the financing of terrorism (AML/CFT) regime. Design/methodology/approach This study develops an AML/CFT compliance index using the assessment data of FATF to measure the level compliance strength of countries
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Challenges of identifying and monitoring politically exposed persons (PEPs) in Latin America Journal of Money Laundering Control Pub Date : 2020-07-23 Joel Harry Clavijo Suntura, Piedad Maribel Rosero Rosero, Gloria Esperanza Aragón Cuamacás
Purpose The purpose of this paper is to analyze politically exposed persons (PEPs) according to Financial Action Task Force (FATF) Recommendations and assess the identification process followed by financial institutions to create a harmonized regional model for PEPs identification in Latin America. Design/methodology/approach FATF Recommendation No.12 states that financial institutions should identify
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Perception versus reality: Iranian banks and international anti-money laundering expectations Journal of Money Laundering Control Pub Date : 2020-07-22 Vahid Molla Imeny, Simon D. Norton, Mahdi Salehi, Mahdi Moradi
Purpose Iran has been ranked by the Basel Committee on Banking Supervision and the Financial Action Task Force (FATF) as one of the foremost countries in the world for money laundering. However, Iranian banks claim that they comply with international standards for reporting suspicious activity, risk management and training. This paper aims to investigate this dichotomy between perception and reality
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Is there a commendable regime for combatting money laundering in international business transactions? Journal of Money Laundering Control Pub Date : 2020-07-17 Andrew Emerson Clarke
Purpose Money laundering and grand business corruption continue to plague the global economy, accounting for 2%-5% of the global gross domestic product. Illicit funds, produced through grand corruption, are laundered using complex layering schemes that cloak them in legitimacy by concealing their origins. Lamentably, weak anti-money laundering (AML) frameworks promote economic instability, unjust commercial
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How effective are the current global standards in combating money laundering and terrorist financing? Journal of Money Laundering Control Pub Date : 2020-07-15 Sisira Dharmasri Jayasekara
Purpose The purpose of this paper is to study the impact of global anti-money laundering and countering the financing of terrorism (AML/CFT) standards on combating money laundering and terrorist financing (ML/TF) efforts. This study will assess the impact of AML/CFT legal framework as well as the effective implementation of the framework on combating crimes. Design/methodology/approach The author develops
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The implications of the Brexit from EU and bitcoin Journal of Money Laundering Control Pub Date : 2020-07-13 Tareq Na'el Al-Tawil, Hassan Younies
Purpose The purpose of this paper is to tackle the most pressing issues confronting global anti-money laundering (AML) efforts, particularly, the implications of the Brexit from EU and the increasing association of bitcoin and cryptocurrencies with crimes. Design/methodology/approach This paper will evaluate the implications of Brexit to AML efforts and the threat that cryptocurrencies like bitcoin
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The conflict between anti-money laundering reporting obligations and the doctrine of confidentiality for legal practitioners in Kenya Journal of Money Laundering Control Pub Date : 2020-07-06 Njaramba E. Gichuki
Purpose The purpose of this paper is to assess the balance between anti-money laundering reporting obligations and the doctrine of advocate–client confidentiality for legal practitioners. Design/methodology/approach The methodology adopted for this research is secondary research and analysis. Findings The doctrine of confidentiality between advocates and clients and reporting obligations under the
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Discerning payment patterns in Bitcoin from ransomware attacks Journal of Money Laundering Control Pub Date : 2020-07-05 Adam B. Turner, Stephen McCombie, Allon J. Uhlmann
The purpose of this paper is to investigate available forensic data on the Bitcoin blockchain to identify typical transaction patterns of ransomware attacks. Specifically, the authors explore how distinct these patterns are and their potential value for intelligence exploitation in support of countering ransomware attacks.,The authors created an analytic framework – the Ransomware–Bitcoin Intelligence–Forensic
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Fiscal federalism and accountability in Nigeria: an ARDL approach Journal of Money Laundering Control Pub Date : 2020-06-30 Olabanji Olukayode Ewetan, Romanus Osabohien, Oluwatoyin Augustina Matthew, Abiola Ayopo Babajide, Ese Urhie
Purpose The purpose of this paper is to examine the relationship between fiscal federalism and accountability in Nigeria. Corruption is a global plague and is endemic in nature. Several policies have been adopted by the Nigerian Government to institutionalize accountability and combat the scourge of corruption that have hindered socio-economic progress but to no avail. Design/methodology/approach Thus
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Identifying and reducing the money laundering risks posed by individuals who have been unknowingly recruited as money rules Journal of Money Laundering Control Pub Date : 2020-06-27 Ehi Eric Esoimeme
Purpose This paper aims to help build awareness with financial institutions about the money laundering risks posed by individuals who have been unknowingly recruited as Money Mules and theme assures that financial institution scan adopt to detect illicit funds which are being received into the bank accounts of low risk or medium risk customers who are unknowingly recruited as “Money Mules”. Design
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Cryptocurrencies and financial crime: solutions from Liechtenstein Journal of Money Laundering Control Pub Date : 2020-06-27 Fabian Maximilian Johannes Teichmann, Marie-Christin Falker
Purpose The purpose of this paper is to illustrate how cryptocurrencies are being used as a vehicle for financial crime (such as money laundering, terrorist financing and corruption) and propose a more effective international standard for regulation that uses the Liechtenstein blockchain act as a benchmark. Design/methodology/approach This paper investigates how cryptocurrencies facilitate financial
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Crime control in Nigeria: how relevant is remittance inflow? Journal of Money Laundering Control Pub Date : 2020-06-27 Folorunsho M. Ajide
Purpose This paper aims to draw on extant literature to ascertain the relevance of remittance receipts in improving the level of crime control in Nigeria. Design/methodology/approach The study uses time series data spanning for a period of 1986–2017. It adopts dynamic ordinary least square (DOLS), vector auto regression impulse response function, variance decomposition and Toda and Yamamoto causality
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Terrorist organization “revolutionary organization November 17” and its links and relations with “Carlos the Jackal” Journal of Money Laundering Control Pub Date : 2020-06-23 Spyridon Repousis
Purpose The purpose of this paper is to research for possible interconnection of the Greek terrorist organization “November 17” with the international terrorist Ilich Ramirez Sanchez or “Carlos the Jackal.” Design/methodology/approach In this research are discussed documents, visits by Carlos and his team to Greece, operational support through training and supply of weapons to “ELA” and “November 17
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Role of FATF in spearheading AML and CFT Journal of Money Laundering Control Pub Date : 2020-06-13 Firas Murrar, Khaled Barakat
Purpose This study aims to define the role of the Financial Action Task Force (FATF) and its Style Regional Bodies (FSRBs) that combat money laundering (ML) and terrorist financing (TF) by measuring how well some Arab countries have complied with FATF’s “Forty Recommendations” with respect to the regulatory framework. Design/methodology/approach This study combines the comparative analysis methodology
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Combatting economic crimes in Nigeria through whistleblowing: a shift from policy to legal framework Journal of Money Laundering Control Pub Date : 2020-06-10 Sirajo Yakubu, Mohammed Kyari Dikwa
Purpose The purpose of this paper is a holistic assessment of the impact of whistleblowing policy adopted by the Nigerian Government in fighting corruption and an evaluation of the whistleblowing and witness protection bill. Design/methodology/approach This paper is a critical analysis of the whistleblowing policy and the draft whistleblowing and witness protection bill. The paper combines both qualitative
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Money laundering via cryptocurrencies – potential solutions from Liechtenstein Journal of Money Laundering Control Pub Date : 2020-06-06 Fabian Maximilian Johannes Teichmann, Marie-Christin Falker
Purpose The purpose of this paper is to demonstrate how cryptocurrencies are used to launder money and how solutions from Liechtenstein’s novel blockchain legislation could be used to tackle the issue. Design/methodology/approach Within the scope of the literature review, the characteristics of cryptocurrencies and how these characteristics facilitate money laundering are discussed. To investigate
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Tackling money laundering in Tanzania: are private legal practitioners crime enablers or ineffectual and reluctant gatekeepers? Journal of Money Laundering Control Pub Date : 2020-06-06 Eugene E. Mniwasa
Purpose This paper aims to examine the money laundering vulnerability of private legal practitioners in Tanzania, the involvement of these practitioners in money laundering activities and their role in preventing, detecting and thwarting money laundering and its predicate crimes. Design/methodology/approach The paper applies the “black-letter” law research approach to describe, examine and analyze
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Tracing criminal proceeds through fungible mixtures in money laundering cases Journal of Money Laundering Control Pub Date : 2020-06-06 Kenny Foo
Purpose The purpose of this paper is to examine the problem of tracing criminal proceeds through fungible mixtures, in the context of money laundering prosecutions and with a specific focus on whether clean withdrawals can be made from tainted mixtures. Design/methodology/approach The question of withdrawing clean funds from a tainted mixture is framed as a problem of proof rather than a problem of
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AI against money laundering networks: the Colombian case Journal of Money Laundering Control Pub Date : 2020-06-04 Olmer Garcia-Bedoya, Oscar Granados, José Cardozo Burgos
Purpose The purpose of this paper is to examine the artificial intelligence (AI) methodologies to fight against money laundering crimes in Colombia. Design/methodology/approach This paper examines Colombian money laundering situations with some methodologies of network science to apply AI tools. Findings This paper identifies the suspicious operations with AI methodologies, which are not common by
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The 1MDB case and the Swiss banking sector Journal of Money Laundering Control Pub Date : 2020-06-04 Fabian Maximilian Johannes Teichmann, Marie-Christin Falker
Purpose This case study highlights why and how the Swiss banking sector played a crucial role in the 1Malaysia Development Berhad (1MDB) corruption scandal. In particular, the paper illustrates how different actors in the Swiss financial sector neglected compliance guidelines and due diligence, thus effectively facilitating the laundering of misappropriated 1MDB funds. The purpose of this paper is
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Mapping the contours and limits of “irresistible inference” Journal of Money Laundering Control Pub Date : 2020-05-30 Kenny Foo
Purpose In R v Anwoir [2008] EWCA Crim 1354, the English Court of Appeal held that, in money laundering prosecutions, the criminal provenance of property can be proved by showing that the circumstances in which the property was handled give rise to the irresistible inference that it can only have been derived from crime. The purpose of this paper is to analyse subsequent developments that have revealed
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Anti-money laundering systems: a systematic literature review Journal of Money Laundering Control Pub Date : 2020-05-25 Alhanouf Abdulrahman Saleh Alsuwailem, Abdul Khader Jilani Saudagar
Purpose This paper aims to understand and document the state of the art in the anti-money laundering (AML) systems literature. Design/methodology/approach A systematic literature review (SLR) is performed using the Saudi Digital Library. The outputs published as conference proceedings, workshop proceedings, journal articles and books were all considered. The final sample size after omitting out-of-scope
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Anti-money laundering and anti-terrorism financing: a survey of the existing literature and a future research agenda Journal of Money Laundering Control Pub Date : 2020-05-16 Noura Ahmed Al-Suwaidi, Haitham Nobanee
Purpose There is a significant focus today on the deficiencies of the financial system as the sector continues to boom while facing the growing pains of financial scandals, money laundering and the financing of terrorism around the world. Here, this study aims to investigate past research and the development of knowledge and practice in the area of countering money laundering and terrorist financing
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Canada’s financial intelligence unit: FINTRAC Journal of Money Laundering Control Pub Date : 2020-05-06 Jeffrey R. Simser
International bodies, such as the Financial Action Task Force , have mandated the use of financial intelligence units (FIU) to address organized crime and money laundering. The purpose of this paper is to examine Canada’s FIU, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and explore its current effectiveness and future challenges.,This paper examines FIUs in general and
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Seeking economic cyber security: a Middle Eastern example Journal of Money Laundering Control Pub Date : 2020-05-04 Tanya Gibbs
The transformation of the United Arab Emirates (UAE) into an important global economic player has been accompanied by digitalization that has also left it at a risk to cybercrime. Concurrent with the rise in technology use, the UAE fast became one of the most targeted countries in the world. The purpose of this paper is to discuss how the UAE has tried to cope with accelerating levels of cyber threat
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Intricacies of anti-money laundering and cyber-crimes regulation in a fluid global system Journal of Money Laundering Control Pub Date : 2020-04-13 Norman Mugarura, Emma Ssali
Purpose The purpose of this paper is to decipher the law relating to cybercrimes regulation and benchmarking best practices that could be adopted to address regulatory weaknesses in some countries. In many countries, cybercrimes regulation is undermined by a lack of robust regulatory regimes. The few regimes that are available are fragmented with no coherent global strategy to deal with these offences
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Reverse engineering legal professional privilege in a globalising world – the Australian case Journal of Money Laundering Control Pub Date : 2020-04-10 Doron Goldbarsht
This paper aims to explore the ways in which the international standards in the field of anti-money laundering (AML) and counter-terrorist financing (CTF) have reshaped regulatory regimes in a globalised world.,This paper deconstructs the origins and development of international standards in the field of AML and CTF dealing with longstanding legal professional privilege. This paper adopts both qualitative
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Demonetization move in India: a conceptual study Journal of Money Laundering Control Pub Date : 2020-04-10 Deepa Jain, K.S. Thakur, Manoj Kumar Dash
Purpose The purpose of this paper is to explore the real causes of demonetization drive and the future path created by the drive. Design/methodology/approach The study started with a conceptual understanding of the demonetization drive in India and ended with a future impact analysis. For exploring the concept, the authors reviewed various articles, government and corporate reports as well as studies
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Investigating the impact of board characteristics on money laundering: Evidence from Iranian listed companies Journal of Money Laundering Control Pub Date : 2020-04-10 Shaban Mohammadi, Hadi Saeidi, Nader Naghshbandi
Purpose The purpose of this study is to examine the effect of board characteristics on money laundering in Iranian listed companies. Design/methodology/approach This was a descriptive-correlational study, and in terms of purpose, it was an applied research. The statistical population of this study was all companies listed in Tehran Stock Exchange during the years 2012-2018. A sample of 150 companies
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