Allegation of diversion of recovered proceeds of crime: defect in the EFCC Act 2004 and the need for amendment

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sirajo Yakubu
Keyword(s):  
Law Enforcement ◽  
Personal Experience ◽  
Design Methodology ◽  
Financial Crime ◽  
Content Type ◽  
National Assembly ◽  
Personal Use ◽  
Proceeds Of Crime ◽  
Economic Crimes ◽  
Laws And Regulations

Purpose The purpose of this paper is to critically examine the Economic and Financial Crime Act 2004 to investigate whether there are defects in the 2004 Acts which enable abuse of the system by those who are responsible for fighting corruption and other economic crimes in Nigeria. Design/methodology/approach The paper adopts qualitative methods of research. The research studied the laws and regulations relevant to the recovery and management of proceeds of crime. However, personal experience of the author in the civil service, security and law enforcement accounts significantly. Findings The paper finds that the provisions of the EFCC Act 2004 relevant to the recovery of proceeds of crime and management of recovered assets are defective. The 2004 Act contains loopholes that enable mismanagement and diversion of recovered assets for personal use. Although the EFCC Act empowers the Minister of Justice to issue Regulations to regulate the activities of the EFCC, the Asset Tracing, Recovery and Management Regulations 2019 the Minister of Justice issued cannot be used to close the loopholes. Thus, there is an urgent need to amend the EFCC Act 2004. Research limitations/implications Non-availability of data on the mismanagement of seized and recovered assets is a severe limitation. Thus, analysis in this research focuses on the laws and regulations to illustrates the defects in the 2004 Act. Also, the study could only use reported cases and incidence of corruption among the security and law enforcement to illustrate unsuitability of security and law enforcement for the position of the chairman of the EFCC. Originality/value There is no comprehensive work that examines the defects of the provisions of the 2004 Act that breeds lack of transparency in the recovery of proceeds of crime as well as mismanagement of recovered assets. Therefore, this paper is of value to the Nigerian Government and the National Assembly in considering amendments to the EFCC Act 2004. The paper is also of importance to researchers.

Halkbank and OFAC: a sanctions evasion case study

2019 ◽  
Vol 22 (4) ◽  
pp. 734-743 ◽  
Author(s):  
Benjamin Fraser Scott
Keyword(s):  
Law Enforcement ◽  
Case Studies ◽  
Design Methodology ◽  
Primary Sources ◽  
Financial Crime ◽  
Operational Approach ◽  
Content Type ◽  
Recent Developments ◽  
Banking Institutions

Purpose The purpose of this paper is to use two recent US prosecutions of Turkish nationals for sanctions evasion, the Zarrab and Atilla cases, as case studies of recent developments in US sanctions law and law enforcement. Design/methodology/approach This paper uses primary sources (pleadings and other court documents) to articulate the key facts and arguments in the Zarrab and Atilla cases and to explain the sanctions evasion methodologies used by the group. This paper then draws out the lessons of these cases for the practice of financial crime compliance in banking institutions. Findings This paper highlights the expanding scope of US sanctions laws and the challenges for banks in complying with them. In particular, it shows the similarities between sanctions evasion and other financial crime methodologies, arguing that banks need to become more interdisciplinary in their operational approach to financial crime. Originality/value The Zarrab and Atilla cases are of international significance in sanction law. This paper is the first in-depth case study of these cases from a legal and compliance perspective.

A case for the use of cyber-systemics to combat financial crime in Australia

Kybernetes ◽  
2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Brendan Walker-Munro
Keyword(s):  
Law Enforcement ◽  
World Economy ◽  
Design Methodology ◽  
Research Work ◽  
Integrated Approach ◽  
Financial Crime ◽  
Content Type ◽  
Potential Benefits ◽  
Systemic Design

Purpose Financial crime costs the world economy more than $1tn. Yet policing responses continue to apply traditional law enforcement methods to detect, identify and disrupt criminal actors in financial systems. The purpose of this paper is to challenge existing thinking around law enforcement practices in financial crime within an Australian context, by presenting an alternative model grounded in management cybernetics and systemic design (SD), which the author terms “cyber-systemics”. Design/methodology/approach This study reflects on prior research work across cybernetics and SD to suggest an integrated approach as a conceptually useful basis for considering regulation of financial crime, and to demonstrate utility using a case study. Findings The Fintel Alliance between financial crime regulators and financial institutions in Australia demonstrates a strong connection with, and example of, this study’s cyber-systemic regulatory framework. It will be demonstrated that the form of co-design framework offered under cyber-systemics is both consistent with cybernetic and SD literature, but also a means of avoiding regulatory disconnection in times of change and disruption. This study also invites consideration of how future forms of governance might be structured using cyber-systemics as a conceptual backbone. Research limitations/implications This work proposes a novel methodology at odds with traditional law enforcement ways of doing, inevitably requiring a change of regulatory mindset. In addition, this paper is purely conceptual and therefore more research on an empirical basis is required to prove the potential benefits in a real-world regulatory environment. Originality/value This is (to the author’s knowledge) the first conceptual exploration of blending SD and management cybernetics in the field of criminal law regulation.

The establishment of the OECD Asia-Pacific academy for tax and financial crime investigation

2020 ◽  
Vol 28 (4) ◽  
pp. 541-554
Author(s):  
Akira Matsuoka
Keyword(s):  
Law Enforcement ◽  
Design Methodology ◽  
The Other ◽  
Historical Background ◽  
Asia Pacific ◽  
Financial Crime ◽  
Content Type ◽  
Financial Crimes ◽  
Crime Investigation ◽  
Long Time

Purpose This viewpoint paper has two purposes: One is to argue that the Academy activities should increasingly be promoted and used for disseminating the practical and useful skills for the related law enforcement people who fight against financial crime, while the other is to contribute to the basis of discussions and further academy research. Design/methodology/approach This study summarizes and indicates potential usefulness of the new academy, specializing in the related social and political contexts in qualitative and descriptive ways. Findings This study indicates that the new academy activities in Japan would continue for a long time, thus providing immediately useful skillsets for the investigators and officers at the very frontline who face against various financial crimes. Originality/value While little research has been done about the series of related academy activities by OECD, this study describes the historical background and usefulness of the academy of the OECD in a specialized manner, thus showing its linkage with FATF.

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.

In the shadow of the dark twin – proving criminality in money laundering cases

2016 ◽  
Vol 19 (4) ◽  
pp. 447-458 ◽  
Author(s):  
Kenneth Murray
Keyword(s):  
Law Enforcement ◽  
Supreme Court ◽  
Money Laundering ◽  
Design Methodology ◽  
Content Type ◽  
Fit For Purpose ◽  
Proceeds Of Crime ◽  
Uk Supreme Court ◽  
The Uk ◽  
Practical Implications

Purpose This paper aims to highlight the persistent influence of the concept of “predicate offence” in respect of how the crime of money laundering is conceived and discussed, and to discuss how this inhibits the ability to prosecute the crime even where, as is the case in the UK, “predicate offence” is not a requirement of the relevant legislation. Design/methodology/approach Discussion of a recent UK Supreme Court judgment, R v GH, in particular, how the import of it appears to contrast with perceptions offered by the experience of two recent money laundering convictions on Scotland, where no evidence was led on establishing the money was criminal before the criminal act was libelled as money laundering. Design of modern money laundering schemes are illustrated and assessed in terms of how they can be prosecuted in the context of prevailing interpretations of the law. Findings The effectiveness of the UK money laundering offences as set out in the Proceeds of Crime Act of 2002 requires revaluation. Clarification is required in respect of how criminality in such cases can be proved. Consideration should be given to introducing new legislation targeted at the transmission of money or value under the cover of false documentation. Research limitations/implications Clarification is required on how the concept of “irresistible inference” as established by R v Anwoir can be applied to money laundering cases in light of the R v GH judgement of the UK Supreme Court. Practical implications Upgrade of law enforcement knowledge base and investigation skills is required to prosecute existing money laundering offences more effectively, but the lack of clarity as to what will suffice as proof of criminality serves to inhibit the investigation of these crimes as well as their prosecution. Social implications Protection of democracies, democratic institutions and the communities they serve from the corrupting influence of laundered criminal money through more effective prosecution of money laundering offences. Originality/value To encourage discussion on whether the relevant legislation remains fit for purpose and what practical measures can be taken to improve it.

Organized crime in Brazil

2015 ◽  
Vol 18 (2) ◽  
pp. 234-247 ◽  
Author(s):  
George Henry Millard ◽  
Tim Hundleby
Keyword(s):  
Law Enforcement ◽  
Organized Crime ◽  
Design Methodology ◽  
Research Needs ◽  
Content Type ◽  
Developmental Context

Purpose – The purpose of this paper is to look at the origins and development of organized crime in Brazil. Design/methodology/approach – The authors draw on their experience working in law enforcement for many years in Brazil. Findings – The paper outlines the major crimes committed by organized crime in Brazil and the structure of the main organization carrying them out. Research limitations/implications – The research concentrates on São Paolo and further research needs to be done. Originality/value – This is the first attempt to put the development of organized crime in Brazil into a historical and developmental context.

A critical examination of the regulation of Ponzi scheme in Mauritius

2018 ◽  
Vol 60 (6) ◽  
pp. 1393-1400
Author(s):  
Valerie Uppiah
Keyword(s):  
Research Method ◽  
Design Methodology ◽  
Legal Framework ◽  
Critical Examination ◽  
Financial Crime ◽  
Modus Operandi ◽  
Content Type ◽  
Ponzi Scheme ◽  
Definition Of ◽  
Legal Mechanism

Purpose The purpose of this paper is to analyse the regulation of the financial crime of Ponzi scheme in Mauritius. Contrary to money laundering which has a legal framework to combat it, for Ponzi scheme, there is no specific legal mechanism to combat this particular financial crime. Therefore, the aim of the paper is to provide for an analysis of Ponzi scheme which includes, inter alia, the definition of a Ponzi scheme, its modus operandi and how it should be tackled. Focus will be placed on devising a specific legal framework for it in Mauritius. Design/methodology/approach The research method used to conduct this research and write this paper is a black letter legal research method. An analysis of several laws and cases is carried out so as to provide for the legal background of the research. Findings The investigation conducted in this paper will lead to the conclusion that Mauritius has to devise a law which will specifically combat Ponzi schemes. This law shall provide for the ways to counter this financial crime as well as the duties of the various financial supervisory bodies. Originality/value The paper provides for an analysis of the operation of Ponzi scheme in the Mauritian context. The paper also examines the existing legal framework that combats this financial crime in Mauritius and highlights its strengths and weaknesses.

Cold water swimming for well-being

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Billie Oliver
Keyword(s):  
Personal Experience ◽  
Design Methodology ◽  
Cold Water ◽  
Well Being ◽  
Research Literature ◽  
Content Type ◽  
Social Prescribing ◽  
Growing Body ◽  
Health And Well Being ◽  
Is Value

Purpose The purpose of this paper is to discuss the health and well-being benefits of outdoor, cold water swimming. Design/methodology/approach This paper describes the personal experience of one cold water swimmer. It also explores some of the research literature suggesting there is evidence of the benefits to the health and well-being of people of all ages. Findings The paper explores literature suggesting there is evidence of the benefits of “blue therapy” to the health and well-being of people of all ages. Originality This paper describes the personal experience of one cold water swimmer. However, a growing body of published literature suggests there is value in “blue therapy” informing future social prescribing programmes.

Lawsuits raise cost and existential risks for US tech

2021 ◽  
Keyword(s):  
Law Enforcement ◽  
Financial Risks ◽  
Business Practices ◽  
Regulatory Oversight ◽  
Content Type ◽  
Regulated Industries ◽  
Liability Risks ◽  
Laws And Regulations

Significance Plaintiffs range from users, customers, app developers, investors, competitors, employees (current and former), law enforcement and tax agencies. They are seeking redress for alleged harm across a gamut of the companies’ business practices, creating financial risks for many firms and existential risks for a few. Impacts Losing privately brought lawsuits will disadvantage tech companies’ efforts to rebuff enhanced regulatory oversight. Some tech companies will initiate litigation to contest laws and regulations they consider a restraint on their businesses. As app platforms penetrate regulated industries such as finance and healthcare, liability risks will rise.

Criminal minds: profiling architects of financial crimes

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shazeeda Ali
Keyword(s):  
Design Methodology ◽  
Comprehensive Analysis ◽  
Psychological Disorder ◽  
Financial Crime ◽  
Health Issues ◽  
Content Type ◽  
Psychological Attributes ◽  
Financial Crimes ◽  
Reduction Strategies ◽  
Risk Reduction Strategies

Purpose The purpose of this paper is to construct a profile of a financial criminal, with special emphasis on their psychological attributes. The objective is to determine if such a profile can provide a valuable tool for detecting perpetrators of financial crime and for implementing risk-reduction strategies. Design/methodology/approach The approach involved a review of various personality disorders and other mental health issues, as well as an analysis of a number of cases involving serious financial crime, to ascertain whether the behaviour of the perpetrators was consistent with certain psychological challenges. In addition, the study examined various motivators for the commission of the financial crime. Findings The research revealed some key commonalities among the perpetrators of financial crime and that their behaviour was often consistent with that of a person afflicted with a personality or other psychological disorder. Originality/value The study provides a comprehensive analysis of various personality and other psychological challenges afflicting a number of offenders involved in financial crime. It also provides some critical findings that could be valuable for those charged with establishing measures to prevent and detect financial crime.

Sign in / Sign up

Export Citation Format

Share Document