scholarly journals Criminalisation of terrorism financing in Iranian law

2020 ◽  
Vol 27 (1) ◽  
pp. 231-244 ◽  
Author(s):  
Zeynab Malakoutikhah
Keyword(s):  
Task Force ◽  
Research Field ◽  
International Standards ◽  
National Liberation ◽  
Content Type ◽  
Counter Terrorism ◽  
Iranian Law ◽  
Terrorism Financing ◽  
Liberation Movements ◽  
Financing Of Terrorism

Purpose The purpose of this study is to demonstrate that to what extent the Iranian criminalisation of terrorism financing meets the international standards of counter-terrorism financing regime, particularly the Financing Convention and the Financial Action Task Force (FATF) Recommendations, and what is the main impediment for Iran to integrate at the international level to combat terrorism financing. Also, it tries to rate the Iranian criminalisation of terrorism financing in accordance with the FATF technical compliance rating. Design/methodology/approach This subject is analysed from an Iranian perspective by undertaking fieldwork through collecting documents in Iran and using the official documents, statements and laws, particularly the Iranian Law of Combating Financing of Terrorism (2018) from both Persian and English sources. Findings Iran’s terrorism financing offence is not completely in line with international counter-terrorism financing regime because of an exemption for the struggle of individuals, nations and national liberation movements with the aim of countering domination, foreign occupation, colonisation and racism. The Iranian support for national liberation movements is derived from the Constitutional Law that requires Iran supports the struggles of the oppressed for their rights against the oppressors anywhere in the world. As a result, the FATF Recommendation 5 (criminalisation of terrorism financing) would be rated partially compliant. Originality/value No article exists specifically on this research field. To the author’s knowledge, this paper, for the first time, examines the Iranian criminalisation of terrorism financing. It rates the criminalisation (Recommendation 5) based on the FATF technical compliance rating because no mutual evaluation has been conducted to date. The paper is useful for academicians, law enforcement, policymakers, legislators and researchers.

Measuring Qatar’s compliance with international standards on money laundering and countering the financing of terrorism

2016 ◽  
Vol 19 (3) ◽  
pp. 264-277 ◽  
Author(s):  
Jon Truby
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Research Field ◽  
International Standards ◽  
International Terrorism ◽  
Regulatory Requirements ◽  
Content Type ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
Mutual Evaluation

Purpose Under scrutiny in light of the growing threat of international terrorism, Qatar faces pressure and accusations that it is not doing enough to counter terror financing and clamp down money laundering. The issue is not that Qatar is avoiding positive action, but that by the time measures are implemented, they become outdated because the international community has by then tightened its regulatory requirements. Qatar’s slow pace has led to a case of cat-and-mouse chase with respect to updating its standards, with a revised set of rules being required by the time Qatar implements the last set of international standards. This study aims to draw on lessons from the past to help Qatar avoid findings of it falling below international standards in the upcoming 2017 mutual evaluation. Design/methodology/approach The primary purpose of this article is to catalogue Qatar’s efforts to comply with international anti-money laundering (AML) and anti-terror finance standards. It demonstrates the real legislative progress post-2008 recorded by Qatar to minimize money laundering and terrorist financing. The paper also contests the view that Qatari law is insufficient. Findings The paper explains Qatar’s efforts to comply with the recommendations made by each evaluation by the Financial Action Task Force (FATF). It also highlights the potential for Qatar to be caught out again by the evolution of international expectations in an upcoming review, which, it is understood, is likely to take place in 2017. Originality/value No article exists specifically on this research field. As Qatar prepares for its 2017 FATF evaluation, it should be reminded of the need to comply with all new standards.

Confiscation of proceeds of crime in Vietnam: improving the legal framework

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Louis De Koker ◽  
Thu Thi Hoai Tran
Keyword(s):  
Asset Management ◽  
Task Force ◽  
Development Program ◽  
Legal Framework ◽  
International Standards ◽  
Content Type ◽  
Current Asset ◽  
Proceeds Of Crime ◽  
The Law ◽  
Financing Of Terrorism

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 focuses on the confiscation of proceeds of domestic crimes that do not require international legal assistance. This paper concludes with recommendations for improving the legal framework on criminal asset recovery in Vietnam. Design/methodology/approach This is a doctrinal study that considers the applicable legal framework. This study is supported by brief case studies of major cases involving the confiscation of proceeds of crime. Findings Vietnam has a functioning asset confiscation regime but gaps in the law, lack of financial investigation expertise and lack of focused investigative attention on asset preservation and confiscation are hampering its effectiveness. The key gaps can easily be closed with appropriate amendments to the law. These reforms should be combined with a dedicated skills development program to produce sufficient number of financial investigation experts and criminal asset management experts to support the regime. The training should extend to judicial officers to ensure an appropriate understanding of the asset confiscation law. Reforms such as these should follow on a comprehensive review of Vietnam’s law and practices relating to the confiscation and forfeiture of criminal assets. This review should extend to assets linked to the financing of terrorism and proliferation to ensure that Vietnam has a comprehensive regime to deal with criminal assets. Research limitations/implications This paper draws on publicly available information regarding the confiscation of proceeds of crime in Vietnam. Little data is available on asset confiscation and that prevents an in-depth assessment of the regime. Originality/value This paper highlights gaps in the current asset confiscation regime and proposes reforms and approaches that will ensure a more effective asset confiscation regime for Vietnam.

scholarly journals FATF in Combating the Financing of Terrorism

2014 ◽  
pp. 88-96
Author(s):  
K. S. Melkumyan
Keyword(s):  
International Law ◽  
Money Laundering ◽  
Task Force ◽  
World Politics ◽  
Timely Manner ◽  
Financing System ◽  
Counter Terrorism ◽  
Terrorism Financing ◽  
Geographical Expansion ◽  
Financing Of Terrorism

The article examines the FATF specific approach to the problem of terrorism financing. The FATF essence, content of the activity and influence levers are also analyzed within the article. It is shown that the FATF has reviewed the problem of terrorism financing in the broadest perspective, having engaged simultaneously and consistently mechanisms for combating money laundering and terrorism financing. The Task Force has greatly contributed to building of the world counter-terrorism financing system through forming the legal and institutional basis as well as through interaction with all the possible participants and actors of world politics in this area. Moreover, the FATF has succeeded in geographical expansion of the FATF influence from the original 16 to187 jurisdictions by promotion of FATF-style regional bodies establishment. Particular attention is drawn to the unique features of the FATF Recommendations in comparison with the earlier issued sources of international law, which define the international counter-terrorism financing regime. The author believes that one of the advantages of the FATF as an institute within the counter-terrorism financing system among others is the informal status of the FATF, which provides its flexibility and high ability to respond quickly and in a timely manner to evolving nature of money laundering and terrorism financing as well as emerging threats.

Recent changes to the AML/CFT law in Malaysia

2017 ◽  
Vol 20 (1) ◽  
pp. 5-14
Author(s):  
Zaiton Hamin
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Primary Source ◽  
Secondary Data ◽  
International Standards ◽  
Content Type ◽  
Secondary Sources ◽  
Online Databases ◽  
Terrorism Financing ◽  
The Uk

Purpose The aim of this paper is to examine some of the recent changes to the old anti-money laundering and anti-terrorism financing law, which is now known as the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The paper will highlight the newly consolidated money laundering offences and the newly created offences including structuring of transactions or “smurfing”. Also, the transgression of cross-border movement of cash and negotiable instruments and tipping off about a money laundering disclosure will be assessed. Design/methodology/approach The paper uses a doctrinal legal research and secondary data, with the new AML/CFT legislation as the primary source. For comparative analysis, legislations in the UK, Australia and New Zealand are also examined. Secondary sources include case law, articles in academic journals, books and online databases. Findings The review of the AML/CFT law is timely and indicates the Malaysian government’s efforts to adhere to international standards set by the financial action task force. However, it is imperative that the Malaysian government addresses the remaining instrumental and normative deficiencies in the AML/CFT law to ensure that the recent legal changes are sufficiently comprehensive to prevent and regulate money laundering and terrorist financing within Malaysia. Originality/value This paper is a useful source of information for legal practitioners, academicians, law enforcement, policymakers, legislators, researchers and students.

Anti-money laundering and counter-terrorism financing disclosure by money exchange providers in the GCC countries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Md Abubakar Siddique ◽  
Haitham Nobanee ◽  
Osama Fayez Atayah ◽  
Mohammed Khereldin Bayzid
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
Content Type ◽  
Counter Terrorism ◽  
Gcc Countries ◽  
Terrorism Financing ◽  
Financial Action Task ◽  
High Degree ◽  
Practical Implications

Purpose The purpose of this paper is to measure anti-money laundering (AML) and counter-terrorism financing (CTF) disclosures by money exchanger providers in the Gulf Cooperation Council (GCC) countries. Design/methodology/approach The authors conduct a content analysis on firms’ websites to compare their AML/CTF disclosure against the recommendations of the Financial Action Task Force (FATF). The authors use a one-sample t-test to examine the degree of these disclosures. Findings Overall, money exchange providers in GCC countries do not demonstrate a high degree of AML/CTF disclosure (20.27%). Country-wise disclosure levels are: Qatar 31%, UAE 19%, Kuwait 17.1%, Oman 26.27%, Bahrain 23.27% and KSA 6.1%. Research limitations/implications The study contributes immensely to understanding the disclosure behavior of this sector. It also helps in assessing their compliance with FATF recommendations. Practical implications The results show poor AML/CTF disclosure and compliance by money exchange providers, which should lead to increased regulations by policymakers and more disclosure by practitioners. Social implications Money laundering (ML) and terrorism financing (TF) can adversely affect societies. This study should help regulators to identify vulnerable areas in ML and TF activities, compare disclosures by companies in their countries with those of other countries and identify areas for improvement. Originality/value The study is a novel attempt. No study has been undertaken before to investigate AML and CTF disclosure by money exchange providers either globally, regionally or in any country.

Designated non-financial businesses and professions

2017 ◽  
Vol 20 (3) ◽  
pp. 247-261 ◽  
Author(s):  
Michael Newbury
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Task Force ◽  
Objective Assessment ◽  
Content Type ◽  
Counter Terrorism ◽  
Terrorism Financing ◽  
Financial Action Task ◽  
Practical Implications

Purpose The purpose of this paper is to highlight vulnerabilities in Australia’s anti-money laundering/counter-terrorism financing (AML/CTF) regime through Australia’s non-compliance with the Financial Action Task Force (FATF) recommendations on the regulation of designated non-financial businesses and professions (DNFBPs). It is intended that through examination of the justifications for and against AML/CTF regulation of DNFBPs, the paper will provide support for the position that Australia’s AML/CTF regime should incorporate regulation of DNFBPs. Design/methodology/approach The paper presents findings from research conducted in 2015 that focused on some of the principal arguments for and against the extension of Australia’s AML/CTF regime to DNFBPs. Review and consideration of the merits of these arguments is undertaken to support the conclusion that AML/CTF regulation should be extended to DNFBPs, in line with the FATF recommendations. Findings The current exemption of many DNFBPs from AML/CTF regulation perpetuates vulnerabilities within Australia’s AML/CTF regime; until this is addressed, criminals will continue to exploit these vulnerabilities and the regulated AML/CTF sector will continue to shoulder an unfair burden of Australia’s AML/CTF response. Practical implications This paper provides an objective assessment of factors for and against the regulation of DNFBPs in Australia. It may be of value to government policymakers, regulators, financial institutions and DNFBPs. Originality/value This paper complements existing research on this subject and provides a specific focus on some of the main arguments for and against the extension of Australia’s AML/CTF regime to specific DNFBPs.

scholarly journals Features of legal nature Financial Action Task Force on Money Laundering FATF

2020 ◽  
pp. 370-374
Author(s):  
Оlga Pereverzyeva ◽  
Vasif Gadjiev
Keyword(s):  
Money Laundering ◽  
Large Scale ◽  
Task Force ◽  
International Standards ◽  
Intergovernmental Organization ◽  
Successful Work ◽  
Legal Nature ◽  
Organization Analysis ◽  
The Status ◽  
Financing Of Terrorism

The article is devoted to the peculiarities of the legal nature of FATF, the process of its creation, the legal principles of activity,as well as the speciality of its legal entity. Attention is also devoted to the main Conventions, which were signed on the eve of The FirstWorld War and after The Second World War and shows the main preconditions and reasons for the creation of the intergovernmentalorganization FATF.The ongoing growth of the drug business, the expansion of its geographical boundaries, increasingly sophisticated and dangerousforms of this criminal business, the struggle of states on large-scale crime related to the legalization of criminal proceeds led to the creationof FATF and it achieved important results in this area.FATF cannot be considered by an international organization because it has not been established on the basis of an internationaltreaty and does not have an approved statute. However, despite this, FATF has a decision to establish a group – this is the legal basisfor its activities and is an intergovernmental organization. Analysis of FATF’s activities shows that FATF’s initial priority was to combatlaundering of proceeds from drug trafficking. Today FATF’s activities have three main directions: expanding the actions of its adoptedrecommendations to all continents and regions of the globe; checking how member states are executed and how anti-money launderingmeasures are implemented in other states, based on 40 plus 9 FATF recommendations that are guidance to action; tracking worldwidemethods and schemes of laundering criminally used capital and developing countermeasures. To date, a set of 40 FATF recommendationsand 9 Special Recommendations for Countering The Financing of Terrorism is a set of universal standards that lead to a successfulfight against money laundering. The new version of this document was adopted in 1996, 2003 and 2012. One of FATF activities is todefine so-called non-cooperative countries and territories and make their list, which is called the «blacklist». Although the country’sinclusion in the “blacklist” does not lead to the application of sanctions by the world community, it indicates a degree of trust in it onthe part of foreign investors. Lacking the status of an international legal act, FATF’s recommendations in practice received generalrecognition as universal international standards in the field of anti-money laundering. Successful work on counteracting the launderingof dirty funds should be carried out simultaneously at two levels – at international and national levels. FATF functions – to monitor theprocesses of implementation of such measures, to study ways and techniques of money laundering, to develop preventive and preventivemeasures, to promote the global implementation of anti-money laundering standards. FATF’s recommendations in practice receivedgeneral recognition as universal international standards in the field of anti-money laundering. Every year FATF organizes meetings onthe analysis of methods and trends related to combating the laundering of criminal proceeds and financing of terrorism.

Challenges in customer due diligence for banks in the UAE

2020 ◽  
Vol 23 (2) ◽  
pp. 527-539
Author(s):  
Dina ElYacoubi
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Business Environment ◽  
Law Firms ◽  
Due Diligence ◽  
Remedial Action ◽  
Content Type ◽  
Narcotics Control ◽  
Financing Of Terrorism ◽  
Customer Due Diligence

Purpose The purpose of this paper is to unpack the customer due diligence (CDD) vulnerabilities and to examine and analyze the UAE specific dynamics that make the country exposed to these threats. This research also intends to put on the table suitable solutions and remedial action steps that the UAE government, regulators and financial institutions (FIs) can adopt. Design/methodology/approach This study is qualitative in nature. Findings Despite the impressive regulatory framework and the satisfactory practices by FIs, there still remains some UAE specific challenges that make it difficult to undertake CDD for certain customers. The challenges that were identified include difficulties in Arabic names, complications in identifying the beneficial owners, impediments in establishing the source of wealth/funds, concerns with politically exposed persons, the increasing cost of compliance that resulted in a pattern of de-risking within FIs. Research limitations/implications The international bodies whose mandate is to formulate the necessary anti-money laundering and combating the financing of terrorism policies and regulations for global implementation together with Association of Certified Anti-Money Laundering Specialists (ACAMS) have published sufficient studies on CDD-related issues in the UAE. Yet on the other hand, very limited literature was found by independent scholars. This paper will, therefore, largely reference publications by Financial Action Task Force, the International Narcotics Control Strategy Report and ACAMS. It will also include works by respected law firms that have operations in the UAE, local publications, government documents, academic papers by the International Monetary Fund and the World Bank, legal journals and others. Originality/value Illicit actors exploit the UAE’s relatively open business environment, a multitude of global banks and exchange houses and global transportation links to undertake illicit financial activity […] the UAE does not have any major anti-money laundering (AML) deficiencies. However, the monitoring of FIs for AML purposes, particularly in the area of CDD, could be improved. This paper unpacks the CDD vulnerabilities and analyzes the UAE specific dynamics that make the country exposed to these threats. This research also puts on the table suitable remedial action steps that the UAE government, regulators and FIs can adopt.

European antiquities trade: a refuge for money laundering and terrorism financing

2019 ◽  
Vol 22 (3) ◽  
pp. 410-416 ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Criminal Activity ◽  
Valuable Insight ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
Terrorism Financing ◽  
Financing Of Terrorism ◽  
Antiquities Trade

Purpose This paper aims to demonstrate how criminals launder money in the antiquities trade in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach A qualitative content analysis of 58 semi-structured expert interviews with both criminals and prevention experts and a quantitative survey of 184 compliance officers revealed the concrete techniques used to launder money in the European antiquities trade. Findings The antiquities market facilitates the placement, layering and integration of the transfer of assets to terrorist organizations. Most importantly, it is among the few profitable methods of laundering money. Research limitations/implications As the findings of the qualitative study are based on semi-standardized interviews, they are limited to the 58 interviewees’ perspectives. Practical implications The identification of concrete methods of money laundering and terrorism financing aims to provide compliance officers, law enforcement agencies and legislators with valuable insight into criminal activity. Originality/value While the existing literature focuses on organizations fighting money laundering and the financing of terrorism, this study instead describes how criminals avoid detection by taking into account prevention and criminal perspectives.

Updates on Hong Kong’s anti-money laundering laws 2020

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Foster Hong-Cheuk Yim ◽  
Ian Philip Lee
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
High Standard ◽  
Case Law ◽  
Evaluation Report ◽  
Content Type ◽  
Financial Centre ◽  
Salient Points ◽  
Financing Of Terrorism ◽  
Mutual Evaluation

Purpose The purpose of this paper is to discuss the latest developments of anti-money laundering (AML) laws in terms of case law and to give meaningful response in relation to certain key findings (KFs) and recommendations by the financial action task force contained in its mutual evaluation report dated September 2019. Design/methodology/approach In terms of AML case law, the authors analyse the latest judgment from the Hong Kong (HK) court of final appeal. In terms of the evaluation report, the authors outline salient points from the KFs and recommendation, commenting on their likelihood of success. Findings With the developments in AML case law and the KFs identified, HK is expected to maintain its high standard in AML/counter financing of terrorism (CFT) compliance. Originality/value A robust AML/CFT regime is the bedrock of HK’s reputable status as an international financial centre. This study seeks to illicit meaningful interactions amongst all stakeholders.

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