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Journal Cover Journal of Money Laundering Control
  [355 followers]  Follow
   Hybrid Journal Hybrid journal (It can contain Open Access articles)
   ISSN (Print) 1368-5201
   Published by Emerald Homepage  [335 journals]
  • Editorial
    • Pages: 322 - 324
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 322-324, October 2017.

      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:54Z
      DOI: 10.1108/JMLC-08-2017-0035
  • Compliance landscape in central and eastern Europe – the case of
    • Pages: 325 - 333
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 325-333, October 2017.
      Purpose This paper aims to explore how the understanding of the concept of compliance as its own risk category and the role of compliance as a separate internal banking function developed during the central and eastern European (CEE) region’s restoration of the banking systems, both parallel to and as a part of their transition process from their centrally planned economies to market economies, with special focus on the case of Hungary. Design/methodology/approach The paper discusses the transition within CEE and the reconstruction of their banking systems, including that of money and the capital market and the law-abidingness of the banking sector, the role of its reputation, compliance and customer relationships, compliance after 2005, the Bank of International Settlement principles and their implementation, a Hungarian compliance survey conducted in 2009 and future challenges in the field of compliance. Findings There is still not a globally or continentally accepted “best” practice in the field of compliance. It is under these circumstances that banking systems must face the challenges of this new epoch of increasing migration and cybercrime. Originality/value This paper presents the development of compliance in CEE, with special focus on Hungary. The article was written by employees of the Hungarian Banking Association, put together with the help of the vast experience they gained throughout their careers in the banking sector.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:46Z
      DOI: 10.1108/JMLC-11-2016-0046
  • Implications of forfeiting property in money laundering cases in Malaysia
    • Pages: 334 - 344
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 334-344, October 2017.
      Purpose The purpose of this paper is to examine the broad concept of forfeiture, its legal positions in the UK and Malaysia, and to highlight the implications of such forfeiture systems and legislations. Design/methodology/approach This paper uses a doctrinal legal analysis and secondary data, which analyses primary sources, the POCA (2002) and the AMLATFA 2001, and secondary sources including case law, articles in academic journals, books and online databases. Findings The authors contend that the civil forfeiture system and law have far-reaching implications, affecting not only law enforcement agencies, but also on property owners, the courts and bona fide third parties. Also, civil forfeiture law as contained in AMLATFA 2001 represents one of the most serious encroachments on private property rights. Not only that, such a legal rule has made property, and not the owner, guilty until proven innocent. Originality/value This paper could be a useful source of information for practitioners, academicians and students. It could also be a beneficial guide for policymakers for any possible future amendments to the law.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:40Z
      DOI: 10.1108/JMLC-10-2015-0046
  • South Pacific transnational money laundering typologies
    • Pages: 345 - 353
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 345-353, October 2017.
      Purpose The paper aims to present typologies of transnational money laundering in South Pacific island countries, thereby filling a gap in the extant literature. Design/methodology/approach This paper is based on seven significant transnational money laundering cases involving South Pacific island nations. It provides analyses of the modus operandi of criminals and classifies those according to typologies from anti-money laundering authorities and bodies. Findings Typologies of money laundering have arrived through a content analysis of seven cases involving transnational money laundering destined for South Pacific island nations. The typologies which have emerged show the predominant forms of transnational money laundering in this region. This knowledge could be useful to government policy-makers and financial institutions pursuing anti-money laundering initiatives. Originality/value There is a dearth of academic research into typologies of transnational money laundering involving the South Pacific. This paper makes a useful contribution to the extant literature by providing the most recent typologies in this respect.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:49Z
      DOI: 10.1108/JMLC-11-2016-0045
  • Money laundering detection system (MLD) (a complementary system of Rastin
    • Pages: 354 - 366
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 354-366, October 2017.
      Purpose This paper aims to define a new system for detecting money-laundering activities by comparing tax payments (especially value-added tax) data to banking transactions data. Design/methodology/approach A money laundering detection (MLD) system provides the necessary bases for detecting deception and fraud. Though MLD is a complementary system of the Rastin Banking system, it can also be installed and executed separately. Findings The underground economic activities can be detected and traced by comparing banking information and transaction information in MLD system. It needs to force the direct transactors or other related forms of transaction to perform their money operations through the banks. In the next step, the tax information of transactors (in a chain of transactions) can be compared with them, and the incompatibility of the two sets of data will explore money-laundering operations. Research limitations/implications This system is novel and needs to be more elaborate to remove further practical problems and specific cases. Practical implications MLD system provides necessary protection for those who perform legal economic activities by detecting financial criminals. Social implications Money laundering harms individual and public rights as well as economies. Financial crimes, tax evasion, smuggling, conspiracy, embezzlement and various other offences are included in the general definition of money laundering, so detecting them will lead to important economic improvements in the society as well as international community. Originality/value MLD system provides structural and electronic bases for computerized tax data and banking data comparison.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:59Z
      DOI: 10.1108/JMLC-04-2016-0016
  • The current challenges of money laundering law in Russia
    • Pages: 367 - 385
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 367-385, October 2017.
      Purpose The purpose of this paper is to analyse the new Russian law on Money laundering. Globalisation has turned the international financial systems into a paradise for money launderers. As much as globalisation has expanded opportunities. The purpose of this paper is to analyse the new Russian law on money laundering which brought some changes to the existing system was introduced in Russia in 2002. Even though it has improved the regulation on money laundering greatly, it has failed to efficiently combat terrorism. Overall, the Russian anti-money laundering regime has proved ineffective in terms of meeting its stated purposes of combating organised crime and terrorism. The limited success of the Russian anti-money laundering law stems largely from the fact that Russian banking system is structurally weak. Design/methodology/approach This paper analyses the problems through literature review. Also, the problem will be looked at from an international law perspective, explaining why Russian efforts will not be efficient as long as no consensus is reached at international level. Findings This paper starts from the premise that Russian made great effort to comply with international recommendations but that its law fails to efficiently deal with terrorism finance partly due to the fact that no consensus exists at international level as to the definition of the terrorism. Furthermore, the doubt persists as to the real aim pursued by Russian Government while enacting the money laundering law. Originality/value Few papers have been published about money laundering in Russia, but none of them look at the problem of the lack of definition of terrorism at international level to explain the deficiencies of the system in place.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:02:01Z
      DOI: 10.1108/JMLC-09-2016-0041
  • Shadow economy and tax evasion. The Achilles heel of Greek economy.
           Determinants, effects and policy proposals
    • Pages: 386 - 404
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 386-404, October 2017.
      Purpose This paper aims to bring into surface two major socioeconomic problems of Greece, tax evasion and shadow economy. Design/methodology/approach It examines the determinants and the factors that led to the formation and expansion of tax evasion and subsequently of black economy. Empirical data and related research are used to provide a clearer view of the existing situation. Findings Tax evasion and shadow economy are proved to remain two of the most severe problems that torture Greek economy. The factors that contribute the most to the formation of these phenomena are the lack of tax awareness, the tax burden, the structure of the tax system, the role of the state, the level of approvement of public authority, self-employment, unemployment and the level of organization of the economy. Except from the negative characteristics, positive ones are also identified, and certain policies are suggested so as to combat tax evasion and black economy. Originality/value The paper highlights two major issues that constitute the deadly weakness of the Greek economy, providing a holistic view of the current situation, identifying the roots of the problem and suggesting specific measures.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:45Z
      DOI: 10.1108/JMLC-11-2016-0047
  • Legitimacy of the Summer 2017 GCC crisis and Qatar’s AML framework
    • Pages: 405 - 416
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 405-416, October 2017.
      Purpose In June 2017, members of the Gulf Cooperation Council (GCC) ended diplomatic ties with Qatar. There is a legitimate concern about the accusation levied on Qatar. This paper aims to analyse the progress Qatar’s financial system has made with respect to its anti-money laundering (AML) and counter-terrorist financing (CFT) regulations, which further serves as the country’s effort to combating the financing of terrorism (CTF). The paper further wishes to advance the discussion by considering the legitimate goals of the aforementioned bodies and their discourse on creating national and international obligations towards reducing terrorist financing through robust AML frameworks. Design/methodology/approach The paper analyses Qatar’s legislative and regulatory overhaul following the Financial Action Task Force’s Mutual Evaluation Report. Qatar had distinctively strengthened its approach against Money Laundering and Terrorist Financing. The paper takes an ex ante approach by understanding Qatar’s “strategic deficiencies” before the FATF’s mutual evaluation. Subsequently, the paper studies independent international evaluations of Qatar’s AML/CTF legislation and regulation. Findings The paper finds Qatar in significant compliance to the recommendations of the various international bodies, including the Financial Action Task Force (FATF), Basel AML Index, IMF’s financial sector reviews, United Nations and independent reports on AML progress from regulatory bodies around the world. None of these organizations present obligatory rules but have set and determined and international standard for AML/CTF laws. Originality/value The primary aim is to draw parallels between Qatar’s regulatory AML and CTF efforts through the country’s compliance with international initiatives, such as the FATF guidelines, Basel AML Index, IMF’s financial sector reviews, United Nations and independent reports on AML progress from regulatory bodies around the world.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:43Z
      DOI: 10.1108/JMLC-07-2017-0032
  • A critical analysis of the effects of the Central Bank of Nigeria foreign
           exchange policy on financial inclusion, anti-money laundering measures and
           fundamental rights
    • Pages: 417 - 427
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 417-427, October 2017.
      Purpose Following the drop in crude oil prices from a peak of US$114 per barrel in July 2014 to as low as US$33 per barrel in January 2016, the country’s reserves have suffered great pressure from speculative attacks, round tripping and front loading activities by actors in the foreign exchange (forex) market. The fall in oil prices also implied that the Central Bank of Nigeria’s (CBN) monthly foreign earnings had fallen from as high as US$3.2bn to current levels of as low as US$1bn. The net effect of these combined forces unfortunately is the depletion of the nation’s forex reserves. As of June 2014, the stock of forex reserves stood at about US$37.3bn but has declined to around US$28.0bn as of today. To avoid further depletion of reserves, the CBN adopted a number of policies including the prioritisation of the most critical needs for forex. This paper aims to critically analyse the effects of these policies on financial inclusion, anti-money laundering (AML) measures and human rights. Its aim is also to determine whether CBN’s Forex Policy does strike a fair balance between financial stability, inclusion, AML measures and human rights. Design/methodology/approach This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. Findings This paper determined that the CBN forex policy does not strike a fair balance between financial stability, inclusion, AML measures and human rights. Research limitations/implications This paper focuses on the effect of the most recent CBN Forex Policies on financial inclusion, AML measures and human rights. It does not address the older policies. Also, it does not address other vulnerable groups like low-income households. Its focus is on the under-served group. Originality/value While many have written papers on CBN’s forex policies, none of those papers critically analysed the effects of these policies on financial inclusion, AML and fundamental rights. The Lagos Chamber of Commerce and Industry, for example, analysed the impact of these polices on the financial services sector; the manufacturing sector; food and household products; tyre and rubber industry; pharmaceutical sector, oil and gas sector; free trade zone sector; furniture manufacturers; and foam manufacturers. It made no mention of inclusion, money laundering and fundamental rights. Also, Vincent Haruna analysed the effect of these policies on Nigerians, particularly those engaged in international trade, and those who have children studying abroad. He neither specifically addressed financial inclusion nor did he make any mention of human rights and money laundering.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:38Z
      DOI: 10.1108/JMLC-05-2016-0020
  • Practical application of anti-money laundering requirements in Bangladesh
    • Pages: 428 - 450
      Abstract: Journal of Money Laundering Control, Volume 20, Issue 4, Page 428-450, October 2017.
      Purpose This paper aims to provide an insight into anti-money laundering (AML) regulations in light of the global AML framework. Specific analysis is drawn using a case study of Bangladesh – the national financial culture within the country is carefully examined to establish the extent to which it is conducive to adopting such frameworks. Particular focus is placed on customer due diligence requirements, and the unique challenges posed by alternative remittance systems. The paper evaluates the impact of globalisation as well as the correlation between developments based on resources available to the respective state. Design/methodology/approach The research has primarily been conducted through the usage of relevant websites (reports compiled by national and international agencies) and journal articles in electronic format. References have been made to studies and works carried out by authors on the global AML framework. Findings The internal structural development of Bangladesh must be enhanced and the various social and economic issues must be overcome before a practical AML framework can be successfully implemented. Research limitations/implications The lack of published works on AML in Bangladesh is a shortcoming, and more work on this subject is encouraged. The absence of specific AML reports on Bangladesh has resulted in some informed assumptions based on other developing countries. Practical implications The research provides a deep insight into the global AML framework, how it can be applied to developing countries like Bangladesh and the drawbacks of implementing a universal framework domestically. Originality/value The study provides an innovative analysis, examining aspects of AML regulation in Bangladesh which have not previously been effectively studied.
      Citation: Journal of Money Laundering Control
      PubDate: 2017-10-09T02:01:55Z
      DOI: 10.1108/JMLC-09-2016-0042
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