Part III The Professions and Financial Crime, 11 The Professions and Financial Crime

2017 ◽  
Author(s):  
Kirk David ◽  
Thornton-Dibb Andrew
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Criminal Law ◽  
Organised Crime ◽  
Financial Crime ◽  
Drug Dealing ◽  
Global Law ◽  
Professional Guidelines ◽  
Terrorist Finance

This chapter looks at corrupt professionals who facilitate crimes involving laundered money. Against a background where global law enforcement is targeting money laundering in order to seek to reduce organised crime, corruption, drug dealing, and terrorist finance, it is obvious that professionals, acting either as unwitting enablers, or as criminal conspirators, are under scrutiny as never before. They must therefore be aware of the extent to which they might be targeted by criminals to assist them in money laundering schemes. The chapter looks at several reasons that professionals might be targeted in this way. Some professionals are open to persuasion, and may knowingly lend themselves to such money laundering schemes or schemes of terrorist finance. In doing so, these professionals will be committing breaches both of the criminal law and of their own professional guidelines. The vast majority of professionals, however, will not knowingly participate in such schemes. The chapter examines the various issues that need to be considered here.

11. Financial crime

2019 ◽  
pp. 420-451
Author(s):  
Jeremy Horder
Keyword(s):  
European Union ◽  
Money Laundering ◽  
Criminal Law ◽  
Financial Crime ◽  
The European Union ◽  
Home Office ◽  
Corporate Activity ◽  
The Uk ◽  
The Impact ◽  
The Eu

This chapter examines three major examples of financial crime: fraud, bribery, and money laundering. The importance of financial crime, and of vigorous prosecution policies in relation to it, should not be underestimated. Fraud accounts for no less than one third of all crimes captured by the Crime Survey for England and Wales. The European Union Parliament has estimated that corruption costs the EU between €179 and €990 billion each year. Finally, the Home Office estimates that the impact of money laundering on the UK economy is likely to exceed £90 billion. An understanding of these crimes, and in particular the way that they reflect corporate activity, is nowadays essential to the study of criminal law.

scholarly journals ANALISIS PERAN PPATK SEBAGAI SALAH SATU LEMBAGA DALAM MENANGGULANGI MONEY LAUNDERING DI INDONESIA

Yuridika ◽  
2013 ◽  
Vol 28 (3) ◽  
Author(s):  
Toetik Rahayuningsih
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Criminal Law ◽  
Focal Point ◽  
Financial Information ◽  
Fundamental Change ◽  
Criminal Offence ◽  
Asset Recovery ◽  
Administrative Sanctions ◽  
Recovery Program

The promulgation of the Law No. 8 Year 2010 on the Prevention and Eradication of Money Laundering creates a fundamental advancement of law enforcement in the field of criminal law. The fundamental change includes; broader change of the authority of PPATK to investigate suspicious transactions, blocking delay transaction, recommend surveillance, enforce of administrative sanctions, and conducta joint cooperation on anti money laundering and asset returnsas results of a criminal offence. By the authority PPATKwill be able to maximize its role as focal point in the prevention and eradication of the crime of money laundering and be able to strengthen the cooperation in the event when the suspect rushed out of the country. In the asset recovery program, PPATK plays important role especially in terms of financial information intelligence for the purposes of assets tracing, both on the analysis, and the investigation, prosecution and proceedings in the court.Keywords: authority of PPATK, combating money laundering.

Follow the money to achieve success: achievable or aspirational

2017 ◽  
Vol 24 (3) ◽  
pp. 425-436 ◽  
Author(s):  
Nicholas Alan McTaggart
Keyword(s):  
Law Enforcement ◽  
Literature Review ◽  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Organised Crime ◽  
Economic Crime ◽  
Content Type ◽  
Terrorist Financing ◽  
The Subject

Purpose The purpose of this paper is to highlight the extent to which organised crime and the environment have altered in relation to money laundering and terrorist financing and to explore whether strategies to “follow the money” have been successful. Design/methodology/approach This paper is based on personal analysis and involvement as a practitioner in law enforcement and includes a broad literature review on the subject of terrorist financing and money laundering. Findings Money laundering, terrorist financing and economic crime activity are being disguised in the “noise” of business by specialists that have become very adept at their craft. Financial institutions and lawmakers have invested heavily in countering money laundering and terrorist financing. However, its real effectiveness is somewhat doubtful. Originality/value This paper serves to stimulate further discussion and research on how all actors can increase collaboration and co-operation to increase the effectiveness of disruption strategies associated with these classes of crime.

Anti-money laundering law: a new legal regime to combat financial crime in Malaysia?

2016 ◽  
Vol 23 (3) ◽  
pp. 533-541 ◽  
Author(s):  
Aspalella A. Rahman
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Traditional Approach ◽  
Financial Crime ◽  
Sources Of Information ◽  
Legal Regime ◽  
Content Type ◽  
Legal Enforcement ◽  
Terrorism Financing ◽  
The Individual

Purpose Before the enactment of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA), the fight against financial crime can be found in several statutes such as the Penal Code, Anti-Corruption Act 1997 and Companies Act 1965. It is generally accepted that by freezing and forfeiting the proceeds of the crime, it would give significant impact on the fight against financial crime. However, under these legislations, there were few shortcomings of the procedures on how the proceeds of the crime could be seized and forfeited. As such, the enactment of the AMLATFA is considered timely to overcome these problems. This paper aims to examine how the AMLATFA could be utilized to combat financial crime in Malaysia. Design/methodology/approach This paper mainly relies on statutes as its primary sources of information. As such, the relevant provisions under the Malaysian anti-money laundering laws that relate to measures for freezing, seizure and forfeiture of proceeds of the crime will be identified and analyzed. Findings The AMLATFA provides innovative tools for the law enforcement officials to follow the money trail, which will eventually lead to those who committed the financial crime. It also provides authorities with more powerful seizure and forfeiture measures. This is seen as a new law enforcement strategy to combat financial crime. It is believed that this approach is more effective than the traditional approach, which only punished the individual criminal but failed to diminish the criminal operations. However, it is vitally important to ensure that the effectiveness of the regime must not jeopardize the innocent third parties who could lose their money or any other proprietary interest due to the invocation of the forfeiture order. Originality/value This paper analyzes the new legal regime under the Malaysian anti-money laundering law that can be invoked to combat financial crimes activities. This paper would provide some guidelines into this particular area for legal enforcement authorities, academics, legal practitioners and policy makers, not only in Malaysia but also elsewhere.

scholarly journals KEBIJAKAN PENEGAKAN HUKUM PIDANA TERHADAP PENANGGULANGAN MONEY LAUNDERING DALAM RANGKA PEMBAHARUAN HUKUM PIDANA DI INDONESIA

2016 ◽  
Vol 2 (1) ◽  
pp. 46
Author(s):  
Sri Endah Wahyuningsih ◽  
Rismanto Rismanto
Keyword(s):  
Law Enforcement ◽  
Human Resources ◽  
Money Laundering ◽  
Criminal Law ◽  
House Of Representatives ◽  
Financial Analysis ◽  
Law Reform ◽  
Law Enforcement Agencies ◽  
Enforcement Policy ◽  
The Government

Criminal law enforcement policy on prevention of money laundering in the context of criminal law reform in Indonesia can be started with the establishment of an appropriate legal products through through the government and passed by the House of Representatives, the readiness of law enforcement, protection for whistleblowers, reverse proof, constraints faced in the implementation of policies enforcement of criminal law on prevention of money laundering in the context of criminal law reform in Indonesia, the Increasing Money Laundering, human resources investigator’s ability is limited, Lack of coordination among law enforcement agencies, Prevention and Eradication of Money Laundering in the form a the Reporting Center and Financial analysis hereinafter referred PPATK. This institution is an independent agency that has the authority and duty to examine the suspected actions related to money laundering.

scholarly journals Corporate Responsibility in Money Laundering Crime (Perspective Criminal Law Policy in Crime of Corruption in Indonesia)

2018 ◽  
Vol 3 (02) ◽  
pp. 213-236
Author(s):  
Muhtar Hadi Wibowo
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Criminal Law ◽  
Corporate Responsibility ◽  
Justice System ◽  
Corporate Accountability ◽  
The Future ◽  
Almost All ◽  
Corporate Liability ◽  
Crime Of Corruption

Money laundering is a stand-alone crime, although money laundering is born from its original crime, such as corruption, but the anti-money laundering regime in almost all countries places money laundering as a crime independent of its original crime in the case of a money laundering probe. The purpose of this study is to describe and analyze criminal law policies in regulating corporate accountability for current money laundering, analyze the implementation in law enforcement against corporations engaging in money laundering, and establish a model of criminal law policy on corporate liability that commits a crime money laundering in the future. This research emphasized that criminal law policy in ordering corporate responsibility to money laundering crime has been regulated in Money Laundering Criminal Act. The Money Laundering Act in Indonesia has indeed accepted corporations as a subject of criminal law, there are several cases that indicate the involvement of corporations engaging in money laundering practices in Indonesia but at the stage of settlement within the justice system there is not a single corporation that has been charged and sanctioned criminal. In line with the development of specific laws, corporations are categorized as subjects of criminal law.

Money laundering via cryptocurrencies – potential solutions from Liechtenstein

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann ◽  
Marie-Christin Falker
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Design Methodology ◽  
Financial Crime ◽  
The Novel ◽  
Content Type ◽  
International Attention ◽  
Compliance Officers ◽  
Practical Implications ◽  
Potential Remedy

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 concrete methods that money launderers use, a qualitative study with 10 presumed money launderers and 18 prevention experts was conducted. The results were subsequently tested quantitatively. Thereafter, the novel Liechtenstein blockchain act is discussed and it is detailed how the legislation could contribute to the establishment of an international standard in blockchain regulation. Findings Money launderers continue to abuse cryptocurrencies such as Bitcoin as vehicles for financial crime. The Liechtenstein Blockchain Act could serve as a benchmark for regulators around the world aiming to solve the issue. Research limitations/implications Current anti-money laundering regulations are rather ineffective when it comes to cryptocurrencies. Practical implications The findings of this paper illustrate that new and innovative means for combating money laundering are needed. In particular, this paper provides insights into cryptocurrency crime and Liechtenstein’s response for legislators, law enforcement, compliance officers and regulatory authorities. Originality/value Liechtenstein’s blockchain act, as a potential remedy to money laundering, has thus far not received international attention.

scholarly journals Expanding Criminal Responsibility in Transnational and International Organised Crime

2016 ◽  
Vol 4 (1) ◽  
pp. 1 ◽  
Author(s):  
Harmen Van der Wilt
Keyword(s):  
Law Enforcement ◽  
Criminal Law ◽  
Subject Matter ◽  
International Criminal ◽  
War Crimes ◽  
Organised Crime ◽  
International Criminal Law ◽  
Crimes Against Humanity ◽  
International Crimes ◽  
The Subject

In international criminal law theory, a conceptual divide is made between international crimes stricto sensu (genocide, crimes against humanity, war crimes, aggression) and transnational organised crime. This differentiation sustains the direct, respectively indirect enforcement mechanism: the so called ‘core crimes’ belong to the subject matter jurisdiction of international criminal tribunals and the International Criminal Court, whereas national jurisdictions aim to counter transnational crimes, by concluding ‘suppression conventions’ and seeking international cooperation on the basis of the aut dedere, aut judicare principle. Nevertheless, the division is questioned for being too rigid and simplistic, as the boundaries between the categories are increasingly blurred. On the one hand, political rebel groups and organised crime often unite to challenge the power monopoly of the state, while corrupt governments and private business conspire to exploit the local population (by pillage, deportation from their lands or pollution of the environment). On the other hand, there is an ongoing debate, triggered by the ICC Kenya Decision of March 2010, whether the commission of crimes against humanity is the ‘privilege’ of states and state-like groups, or whether the category should be expanded to cover larger organisations that are capable of committing such atrocities. In other words, there is a proliferation of state and non-state actors that engage in both ‘classic’ international crimes (war crimes, crimes against humanity) and transnational crime. These developments have fuelled the plea for supranational law enforcement in respect of transnational (organised) crime, exceeding the realm of inter-state cooperation on a horizontal basis. This essay will pay a modest contribution to this discussion by arguing that the quest for more effective law enforcement is bedeviled by the perplexity of fitting new patterns of crime and new perpetrators of international crimes into the classic mould of international criminal law. These two aspects are obviously intimately related and should not be considered in isolation. Any initiative to invigorate international criminal law enforcement - by for instance establishing new (international or regional) courts or by expanding the subject matter jurisdiction of existing courts – should therefore pay attention to both the elements of crimes and the modes of criminal liability.

scholarly journals Countering the Australian ‘ndrangheta: The criminalisation of mafia behaviour in Australia between national and comparative criminal law

2016 ◽  
Vol 50 (3) ◽  
pp. 321-340 ◽  
Author(s):  
Anna Sergi
Keyword(s):  
Law Enforcement ◽  
Criminal Law ◽  
Academic Research ◽  
Organised Crime ◽  
Comparative Approach ◽  
Paper Briefly ◽  
The Usa ◽  
Illegal Activities ◽  
Organised Crime Groups ◽  
Criminal Groups

Mafia-type criminal groups belonging to, or originated from, the Calabrian ‘ndrangheta from Southern Italy, have been object of recent academic research and media attention in Australia. The Australian ‘ndrangheta, as qualified form of organised crime, poses new challenges for law enforcement in the country. This paper briefly looks at the strategies to fight organised crime in Australia, with specific focus on anti-association laws. By using a comparative approach, the paper will look at the criminalisation of mafias as qualified forms of organised crime in other two jurisdictions, Italy and the USA, to advocate for an effective mafia criminalisation in Australia. In conclusion, this paper will argue that, in order to also fight mafia phenomena, criminal law in Australia should focus on behaviours of organised crime groups rather than only on the criminalisation of proscribed associations and their illegal activities.

Sign in / Sign up

Export Citation Format

Share Document