scholarly journals Art Lawyers’ Due Diligence Obligations: A Difficult Equilibrium between Law and Ethics

2015 ◽  
Vol 22 (2-3) ◽  
pp. 401-417 ◽  
Author(s):  
Sandrine Giroud ◽  
Charles Boudry
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Due Diligence ◽  
Criminal Sanctions ◽  
Suspicious Transaction ◽  
Law And Ethics ◽  
Terrorism Financing ◽  
Professional Guidelines

Abstract:This article examines the duties of diligence of lawyers when handling art-related matters. Due diligence is paramount to any activity in the art market and a key element in ascertaining ownership, authenticity or provenance. In particular, it is a benchmark to help determine the existence of possible criminal activities, including money laundering, terrorism financing or document forgery, to which the art market is regularly exposed. The question arises as to the obligations incumbent to art lawyers who are privileged witnesses of the functioning of the art market. Such obligations include in particular the duty to enquire on the particularities of a transaction, the duty to terminate a mandate or the duty to report any suspicious transaction under threat of civil or criminal sanctions. A survey has shown that art law specialists would welcome more guidance in the form of tailored regulations or professional guidelines.

scholarly journals Nowe regulacje dotyczące przeciwdziałania praniu pieniędzy w obrocie dziełami sztuki. Między implementacją V AMLD a rozwiązaniem systemowym

2021 ◽  
Vol 7 (1) ◽  
pp. 61-82
Author(s):  
Wojciech Szafrański
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Essential Elements ◽  
Due Diligence ◽  
Legal Regulations ◽  
Cultural Goods ◽  
Art Collectors ◽  
Works Of Art ◽  
Terrorism Financing ◽  
Legal Concepts

New regulations to counteract money laundering in the trading of works of art. Between the implementation of AMLD V and the systemic solution Implementing the 5th AML (Anti-Money Laundering) Directive in the form of a 2021 amendment to the Act on Counteracting Money Laundering and Terrorism Financing in Poland is of fundamental importance for the market. It will be binding upon entities such as entrepreneurs operating in the field of trading in works of art, collectors’ items, and antiques covered by transactions worth at least 10,000 euros. The AML Directive presents a fragmentation of the Polish legal regulations on trade and thus the obligations imposed on intermediaries in the art market, depending on whether the regulations are developed based on cultural heritage protection regulations or economic and financial regulations. It shows the incompatibility of concepts used in both fields and the range of meanings of legal concepts that are directly relevant for the law’s application, and the specification of obligations imposed on entrepreneurs specialized in the trade of what is broadly understood as cultural goods. The essential elements of AML, crucial for entities operating in the art market, were presented. Attention was also paid to further work on trading regulations based on the due diligence model.

scholarly journals The Effectiveness of Money-Laundering Regulations: Evidence from Money-Services-Business Industry in Malaysia

2019 ◽  
Vol 8 (3) ◽  
pp. 8643-8648
Keyword(s):  
Money Laundering ◽  
Employee Training ◽  
Simple Random Sampling ◽  
Record Keeping ◽  
Roles And Responsibilities ◽  
Suspicious Transaction ◽  
Compliance Officers ◽  
Terrorism Financing ◽  
Global Strategies ◽  
The International Monetary Fund

The International Monetary Fund defines money laundering as the process of assets being spawned by criminal activities to hide or make obscure any connections established between the funds and their illegal origins. Nowadays, money laundering has already been labelled as a global crime where global strategies and policies should be developed to curb money laundering. Thus, global courts should be formed to put into trial all money-laundering cases and make sound decisions in reference to punishments and penalties. The aim of this study is to gauge the effectiveness of anti-money laundering (AML) regulations in the Money Services Business (MSB) industry in Malaysia. There are three (3) predictors that have been expected to influence money-laundering activities, namely customers’ record-keeping, suspicious transaction reporting, and employee training. The respondents have been selected from MSB officers across Malaysia by using simple random sampling. The questionnaires were distributed to all 344 MSB through the Money Service Association. The compliance officers have been selected as the primary participants in the study since their roles and responsibilities within the MSB correlates with the three constructs identified in the study. The total of 150 (43.6%) questionnaires returned and have been used for analysis. The sample was then analysed using the descriptive and multiple regression analysis. The results revealed that all hypotheses are supported, which indicates that customer record keeping, suspicious transaction reporting, and employees training have a significant impact on combating money laundering. This study proposes that money-laundering activities could be controlled by focusing on customer record keeping, suspicious transaction reporting, and employee training. The findings provide evident on how The Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) has filled an imperative gap in fight towards combating money laundering in Malaysia. The similar studies could be conducted in other settings with different rules and regulations towards money laundering.

An analysis of the obligations of gambling entities under the FATF's 2003 anti‐money laundering recommendations

2006 ◽  
Vol 9 (1) ◽  
pp. 7-18 ◽  
Author(s):  
Jackie Johnson
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Due Diligence ◽  
Content Type ◽  
Suspicious Transaction ◽  
Financial Action Task ◽  
Customer Due Diligence ◽  
Business Sectors ◽  
Practical Implications ◽  
Consultation Paper

PurposeTo highlight the compliance issues which face gambling entities with the implementation of the Financial Action Task Force's (FATF's) 2003 Forty RecommendationsDesign/methodology/approachTo determine the gambling sector's attitudes towards the FATF's new anti‐money recommendations their responses to an earlier FATF consultation paper are analysed. Interested parties were asked to provide feedback on a number of options proposed by the FATF. Twenty six of the 145 respondents provided feedback on issues relating to the gambling sector. It is these responses that form the bases of the analysis in this paper.FindingsThe preferences of the gambling sector were not taken on board by the FATF. The increased customer due diligence (CDD), suspicious transaction reporting and the identification of politically exposed persons will be a burden on casino operators, the only gambling sector to be specifically identified in the new recommendations. Non‐compliance could be a serious issue.Research limitations/implicationsThe small number of responses from the gambling sector does place limitations on the ability to generalise the outcomes to the global gambling industry, though five of the respondents were gambling organisations.Practical implicationsFor regulators, the possibility of non‐compliance by the gambling sector should be addressed as should the likelihood of pressure for reduced CDD procedures.Originality/valueThe FATF's updated 2003 Forty Recommendations impose considerable compliance costs on the financial sector. A number of other business sectors are also caught within the scope of these new recommendations. This paper addresses anti‐money laundering compliance issues for the gambling sector, an area not previously explored.

Anti-money laundering regulation on the Brazilian art market

2019 ◽  
Vol 21 (123) ◽  
pp. 95
Author(s):  
Diogo De Oliveira Machado
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Regulatory Framework ◽  
Due Diligence ◽  
Brazilian Art ◽  
Regulatory Measures ◽  
Criminal Penalties ◽  
Regulatory Model ◽  
Administrative Sanctions ◽  
Bureaucratic Constraints

Anti-money laundering regulation on the art market, is it a friend or a foe? This research contributes new insights to test possible answers to this question through the analysis of Ordinance no. 396/2016/IPHAN, enacted in Brazil to establish compliance measures to be followed by art and antiquities dealers to control money laundering practices. A pyramidal regulatory model suggests a conjunction of self-regulatory measures, administrative sanctions and criminal penalties as useful instruments to mitigate these illicit practices. This study focuses on the administrative initiatives requiring art professionals to undertake anti-money laundering due diligence measures and it critically analyses the extent to which they may rearrange the relations between dealers and clients. The contributions of the regulatory framework are recognised in so far as it shows itself able to meet societal aspiration for a respectable art market through a shrewdly responsive intervention rather than just formal bureaucratic constraints.

ANALISIS IMPLEMENTASI PENCEGAHAN PENCUCIAN UANG MENGGUNAKAN CUSTOMER DAN ENHACED DUE DILLIGENCE DI BANK SYARIAH MANDIRI JAKARTA

Paradigma ◽  
2020 ◽  
Vol 17 (1) ◽  
pp. 72-86
Author(s):  
Siti Noviatun ◽  
Isfandayani
Keyword(s):  
Money Laundering ◽  
Data Retrieval ◽  
Data Display ◽  
Suspicious Transaction ◽  
Qualitative Descriptive ◽  
Proceeds Of Crime ◽  
The Government ◽  
Transaction Services ◽  
Data Reductions ◽  
Descriptive Method

Abstract             The main fuction of the Bank as an funding and lending activities by offering various types of financial transaction services an attractive choice for people who do money laundering to hide money proceeds of crime. Because of that the government and Indonesian Banks make regulations related prevent money laundering that contains Customer Due Dilligence and Enhanced Due Dilligence. Bank Mandiri Syariah has implementation Customer Due Dilligence and Enhanced Due Dilligence as an effort to prevent money laundering. This analyze aims for knowing implementation Customer Due Dilligence and Enhanced Due Dilligence that has been applied by Bank Syariah Mandiri. In this study using a qualitative descriptive method. Data retrieval is done by observation, interviews and documentation to three sources of informants Bank Syariah Mandiri KCP Bekasi Timur and one sources of informants that specifically handles money laundering prevention program that is SKAP( Satuan Kerja APU PPT) Bank Mandiri Syariah. Data analysis will be done by doing three steps, they are; data reductions, data display, and verification.The observation result shows that implementation Customer Due Dilligence done at the time prospective customer open the account and the Bank doubt information customer by doing identification and verification. implementation Enhanced Due Dilligence is done to customers Politically Exposed Person/ High Risk open the account, but in practiceat Bank Syariah Mandiri KCP Bekasi Timur done when there is suspicious transaction or there is a case. Reporting process suspicious transaction through the system SIAP (System Aplikasi APU PPT) to Satuan Kerja APU PPT (SKAP) Bank Syariah Mandiri then SKAP reports to PPATK (Pusat Pelaporan Analisis Transaksi Keuangan). From implementation Customer Due Dilligence and Enhanced Due Dilligence Bank Mandiri Syariah has been prevent money laundering enter the financial system at Mandiri Sharia Bank.

An analysis of the forfeiture regime under the anti-money laundering law

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aspalella A. Rahman
Keyword(s):  
Money Laundering ◽  
Secondary Data ◽  
Primary Sources ◽  
Court Cases ◽  
Sources Of Information ◽  
Content Type ◽  
Terrorism Financing ◽  
Bona Fide ◽  
Descriptive Approach ◽  
Insight Into

Purpose This paper aims to analyze the forfeiture regime under the Malaysian anti-money laundering law. Apart from discussing the relevant provisions, several court cases also were examined to identify the problems which arise in the implementation of such a powerful forfeiture regime. Design/methodology/approach This paper mainly relies on statutes and court cases as its primary sources of information. It is supported by secondary data to justify the analysis. This paper also used analytical descriptive approach to analyze relevant forfeiture provisions from statutes and to examine current court cases regarding the implementation of the forfeiture regime. Findings The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) provides comprehensive procedures for the forfeiture of criminal proceeds. Any limitations of the previous statutory legislations have been addressed, and more importantly, the AMLATFPUAA introduces more powerful and innovative measures that can facilitate the recovery of illegal proceeds from money laundering and any other serious crimes. The AMLATFPUAA also provides avenue for the bona fide third parties to contest the forfeiture order. However, it appears that such right is not easy to be enforced. Originality/value This paper provides an analysis of the forfeiture regime under Malaysian anti-money laundering laws. It is hoped that the content of this paper can provide some insight into this particular area for enforcement authorities, practitioners, academics, policymakers and legal advisers not only in Malaysia but also elsewhere. The findings of this paper also expose any weakness or lacunae in the aspects of application and implementation of the forfeiture regime. Thus, more effective and workable legal solution especially on the issue of civil forfeiture of criminal assets could be considered for further accomplishment.

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