scholarly journals Anti-money laundering in the United Kingdom: new directions for a more effective regime

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rafael Pontes ◽  
Nick Lewis ◽  
Paul McFarlane ◽  
Patrick Craig
Keyword(s):  
Money Laundering ◽  
Structured Interviews ◽  
Regulatory Requirement ◽  
Public And Private ◽  
Content Type ◽  
Qualitative Research Design ◽  
The United Kingdom ◽  
Nuanced Understanding ◽  
And Performance ◽  
The Uk

Purpose This paper aims to provide a more nuanced understanding of the effectiveness of the anti-money laundering (AML) regime in the UK and explore opportunities to improve policy and performance. Design/methodology/approach Qualitative research design using semi-structured interviews and a focus group with practitioners from both public and private sectors. Findings This paper identifies preventive measures are underfunded by the public sector; there is a disconnect between the regulatory requirement and the regulators’ supervisory approach leading to the ineffective application of the risk-based approach; and authorities have limited ability to stop low-utility reports. Increased collaboration across institutions and sectors, better utilisation of innovative technologies and a sustainable funding plan are needed to drive a collective response to money laundering. Research limitations/implications Few practitioners in the industry have the knowledge and expertise to discuss the topic at a strategic level and participants were limited (n = 8). Practical implications This paper adds to the growing corpus of research showing that the AML regime in the UK is ineffective and needs reform. Social implications This paper encourages practitioners to improve the AML regime, this research contributes to the reform of the existing measures against financial crime. Originality/value This paper presents new data from AML practitioners to provide a better understanding of the limitations of the AML regime in the UK.

scholarly journals Trade-based money laundering (TBML) empowers criminals to run free post-Brexit

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mariola Jolanta Marzouk
Keyword(s):  
Developing Countries ◽  
Law Enforcement ◽  
Money Laundering ◽  
Subject Matter ◽  
Small Sample ◽  
Subject Matter Experts ◽  
Structured Interviews ◽  
Content Type ◽  
The Government ◽  
The Uk

Purpose This paper aims to provide unique empirical findings exploring the impact of the UK’s post-Brexit Economic Strategy to boost trade with developing countries on the UK banking sector’s ability to manage trade-based money laundering risks. Design/methodology/approach Exploratory research design that used structured literature review, followed by semi-structured interviews with key subject matter experts employed by large UK banks. Findings Both banks and law enforcement struggle to prioritise trade-based money laundering (TBML) intelligence discovery due to deficient skills, resources, technology and lack of strong regulatory stimulus. The regulated sector calls for the UK anti-money laundering (AML) reform that would better incentivise TBML deterrence, yet the Government underestimates the money laundering risks while trading with high-risk jurisdictions post-Brexit. Research limitations/implications The findings are based on a small sample of six semi-structured interviews with difficult to access population of key subject matter experts. Despite the small sample, participants provided well-articulated and informed insights. Practical implications The UK’s post-Brexit Economic Strategy to boost trade with developing countries downplays the TBML risks it carries. The findings should alert UK banks, law enforcement and the Government who will collectively bear the responsibility to effectively manage TBML while enabling smooth trading. Originality/value The research provides unique perceptions of UK banks’ senior subject matter experts on managing TBML threats from opportunistic criminals.

Delivering well-being through the coronavirus pandemic: the role of human resources (HR) in managing a healthy workforce

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kay Lisa Maddox-Daines
Keyword(s):  
Human Resources ◽  
Well Being ◽  
Business Continuity ◽  
Physical And Mental Health ◽  
Structured Interviews ◽  
Effective Response ◽  
Public And Private ◽  
Content Type ◽  
The Public ◽  
The Uk

PurposeThis paper examines how human resources (HR) professionals in the UK have supported employee wellbeing during the coronavirus disease (COVID) pandemic. It considers the extent to which HR professionals were prepared for the crisis and their readiness in supporting the wellbeing of their people.Design/methodology/approachSemi-structured interviews were conducted with 15 senior HR professionals working across the public and private sectors in the UK. Using an in-depth interview structure, the research explored how respondents both reacted to and managed the crisis in their respective organisations. Template analysis was used to analyse the data allowing a certain degree of fluidity in the establishment of ordered relationships between the themes.FindingsThis study finds that business continuity plans turned out to be useless during the pandemic because they focussed on data, not people. It highlights the tension between home-working and burn-out as online presenteeism increased due to staff changing their behaviour in response to self-surveillance. The paper emphasises the importance of soft skills and authentic leadership and the tensions in respect of equity.Research limitations/implicationsThe study was conducted with HR professionals in the UK, not internationally. Although the sample did include HR professionals from across the public, private and third sectors, the experience may not be representative of all those working in HR.Originality/valueThis research found that those organisations that had engaged in business continuity planning prior to the pandemic focussed on the retrieval and accessibility of data rather than people. This prioritises staff as a resource rather than emphasising people as an organisation's most valuable asset. Furthermore, the study found that staff worked harder and for longer periods of time as a consequence of self-imposed surveillance. Organisational responses were contradictory as despite implementing well-being strategies to promote physical and mental health, there was little evidence of an effective response to this online presenteeism.

scholarly journals The Private Fund Limited Partnership: a new fund vehicle for the UK

2017 ◽  
Vol 18 (3) ◽  
pp. 75-78
Author(s):  
Sally Gibson ◽  
Geoffrey Kittredge ◽  
Simon Witney
Keyword(s):  
United Kingdom ◽  
Design Methodology ◽  
Global Fund ◽  
Investment Management ◽  
Public And Private ◽  
Content Type ◽  
Limited Partnership ◽  
The United Kingdom ◽  
The Face ◽  
The Uk

Purpose To explain the UK government’s long-awaited reforms to limited partnership law. Design/methodology/approach This article discusses the key updates to limited partnership law in the UK that the reforms represent and draws some conclusions as to what may lay ahead. Findings The article concludes that the new regime is a welcome step and one that should help the United Kingdom to remain competitive as a jurisdiction for global fund formation in the face of competition from other jurisdictions. Originality/value This article contains key details on the new limited partnership regime in the UK and guidance from experienced lawyers with specialties in investment management and public and private funds.

The financial action taskforce and money laundering: critical analysis of the Panama papers and the role of the United Kingdom

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aisha Hassan Al-Emadi
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
Content Type ◽  
The United Kingdom ◽  
Rapid Changes ◽  
Financial Action Task ◽  
The Uk ◽  
Desk Review

Purpose This paper aims to study the effectiveness of the implementation of the Financial Action Task Force (FATF) recommendations in the UK in an attempt to combat the laundering of proceeds of corruption. Design/methodology/approach A desk review of secondary resources was conducted to analyze available literature to examine the research topic. Findings The leakage of 11.5 million documents, known as the Panama papers, has revealed that the UK functioned as a safe haven for illicit and corrupt money. In an attempt to address this, the country called for a public registry of beneficial owners to disclose the identities of the owners of the incorporated corporations and to extend them to individuals abroad holding UK property. The FATF report recognizes the UK’s far-reaching regulation. Despite the measures taken, UK still faces serious risks with regard to the laundering of criminal proceeds, which demonstrates that technical compliance with FATF rules is not enough to effectively curb money laundering. Originality/value This study suggests that FATF rules’ effectiveness in identifying instances of laundering the proceeds of corruption is limited because of the deeply rooted system vulnerabilities and the rapid changes in money laundering trends.

UK fraud and tax evasion measures enhanced

2017 ◽  
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
House Prices ◽  
Content Type ◽  
Terrorist Financing ◽  
Financial Activity ◽  
The United Kingdom ◽  
The Government ◽  
Overseas Territories ◽  
The Uk

Subject Money laundering and terrorist financing clampdown. Significance On March 15, the UK Treasury announced plans to create a new watchdog aiming to improve detection of crimes relating to money laundering and terrorist financing, and published draft updates to money-laundering regulations. After Brexit, the United Kingdom will no longer have to adhere to EU money-laundering rules; improving the regulatory framework around suspicious financial activity is crucial to ensure it does not become even more attractive to international launderers. Impacts The new watchdog should make compliance easier, minimising the regulatory burden on high-value sectors. Increased scrutiny of estate agents and lawyers may reduce demand for high-end UK residential property, slowing growth in house prices. Against the backdrop of Brexit, the government may shy away from pressuring Overseas Territories in case it provokes independence demands.

Show me the money – managing politically exposed persons (PEPs) risk in UK financial services

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mario Menz
Keyword(s):  
Risk Management ◽  
Money Laundering ◽  
Financial Services ◽  
Structured Interviews ◽  
Content Type ◽  
Services Sector ◽  
Mixed Messages ◽  
Crime Risk ◽  
The Uk ◽  
Insight Into

Purpose The purpose of this paper is two-fold. First, it highlights areas of disconnect between how the financial services sector in the UK approaches the management of politically exposed persons (PEPs) risk; the requirements of the UK’s laws and regulations in relation to PEPs; and the expectations of the Financial Conduct Authority (FCA) in this regard. It then proposes an alternative approach to the risk-management of PEPs. Design/methodology/approach Semi-structured interviews have been carried out among compliance professionals in UK financial services. Findings This paper provides rare insight into the anti-money laundering (AML) arrangements of UK banks, an area that has not yet been widely researched in the academic literature. It argues that the expectations of the FCA exceed both the letter and the spirit of the UK’s laws and regulation around AML by emphasising an administrative approach over a qualitative/analytical approach to risk-management. It further suggests that mixed messages disseminated by the FCA have incentivised banks to shift their focus from financial crime risk (i.e. preventing money laundering and terrorist financing, etc.) towards regulatory risk (i.e. the risk of falling foul of regulatory expectations). Practical implications The paper makes suggestions for a more relationship-centric approach to PEP risk-management. Originality/value It provides unique insight into PEP risk-management in financial services, and argues for the FCA to propagate a more relationship-centric approach to PEP risk-management.

Dirty money in Jamaica

2014 ◽  
Vol 17 (3) ◽  
pp. 355-366 ◽  
Author(s):  
Mary Alice Young
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Financial Services ◽  
Police Training ◽  
Primary Data ◽  
Structured Interviews ◽  
Content Type ◽  
Proceeds Of Crime ◽  
The Law ◽  
The Uk

Purpose – The purpose of this paper is to examine the current state and future pressures of money laundering on Jamaica and the financial crime connections between the UK and Jamaica. Design/methodology/approach – The paper focuses on the primary data collected from a series of semi-structured interviews with members from the law enforcement and financial services sectors of Jamaica. The main objective of the interviews was to secure a range of opinions concerning the problem of money laundering in the country. Interviewees were selected from the Office of the Director of Public Prosecutions, the Financial Investigation Division of the Ministry of Finance and Planning, the British High Commission and the Financial Services Commission. The names of all subjects shall remain anonymous to protect the privacy of those who were interviewed. Findings – Through the analysis of primary data it will be shown that Jamaica remains vulnerable to money laundering – particularly the proceeds of crime laundered through the remittance sector – despite a legislative overhaul in 2007 to adopt the UK’s Proceeds of Crime Act. Ineffective legislation is most certainly due to generic weaknesses and flaws which are applicable to many Caribbean states, for example, a lack of political will to enforce anti-money laundering regulations, corruption, inadequate police training, lack of resources, a strong remittance sector and geographical positioning along a drug-trafficking route. Originality/value – This paper is the first of its kind to comprehensively analyze the money laundering situation in Jamaica, using detailed first accounts from members of the law enforcement and financial sectors.

Leading faith schools in a secular society: Challenges facing head teachers of Muslim schools in the United Kingdom

2018 ◽  
Vol 47 (6) ◽  
pp. 943-959 ◽  
Author(s):  
Waheed Hammad ◽  
Saeeda Shah
Keyword(s):  
Structured Interviews ◽  
Muslim Identity ◽  
Head Teachers ◽  
Qualitative Research Design ◽  
The United Kingdom ◽  
Leadership Experiences ◽  
Negative Perceptions ◽  
Secular Society ◽  
The Uk ◽  
Faith Schools

Muslim faith schools have been existent in the UK since the 1980s and their number has been rising ever since. These schools are established specifically to provide Muslim children with a learning environment based on Islamic values. However, fulfilling such a mission would not be an easy task in a globalised context characterised by secularism and materialism. The study reported in this paper sought to explore the leadership experiences and challenges as perceived by the head teachers of Muslim schools in the UK. The study employed a qualitative research design using semi-structured interviews with a sample of head teachers from four Muslim schools in London and Nottingham. The findings revealed that although the participating head teachers were proud of their role as leaders of Muslim schools, they faced significant challenges in their practice of leadership within British secular society. While some of these challenges were general in nature such as parental expectations and lack of support from Muslim community, other challenges were more practical and mission related such as negative perceptions among the wider society, issues in developing Muslim identity among students in a secular society, recruitment of qualified Muslim teachers and financial challenges.

scholarly journals Drivers of Broad-Spectrum Antibiotic Overuse across Diverse Hospital Contexts—A Qualitative Study of Prescribers in the UK, Sri Lanka and South Africa

Antibiotics ◽  
2021 ◽  
Vol 10 (1) ◽  
pp. 94
Author(s):  
Carolyn Tarrant ◽  
Andrew M. Colman ◽  
David R. Jenkins ◽  
Edmund Chattoe-Brown ◽  
Nelun Perera ◽  
...  
Keyword(s):  
South Africa ◽  
Sri Lanka ◽  
Antimicrobial Stewardship ◽  
Broad Spectrum ◽  
Low Income ◽  
System Level ◽  
Comparative Approach ◽  
Structured Interviews ◽  
Public And Private ◽  
The Uk

Antimicrobial stewardship programs focus on reducing overuse of broad-spectrum antibiotics (BSAs), primarily through interventions to change prescribing behavior. This study aims to identify multi-level influences on BSA overuse across diverse high and low income, and public and private, healthcare contexts. Semi-structured interviews were conducted with 46 prescribers from hospitals in the UK, Sri Lanka, and South Africa, including public and private providers. Interviews explored decision making about prescribing BSAs, drivers of the use of BSAs, and benefits of BSAs to various stakeholders, and were analyzed using a constant comparative approach. Analysis identified drivers of BSA overuse at the individual, social and structural levels. Structural drivers of overuse varied significantly across contexts and included: system-level factors generating tensions with stewardship goals; limited material resources within hospitals; and patient poverty, lack of infrastructure and resources in local communities. Antimicrobial stewardship needs to encompass efforts to reduce the reliance on BSAs as a solution to context-specific structural conditions.

The reflexive turn in key account management

2014 ◽  
Vol 48 (11/12) ◽  
pp. 2071-2104 ◽  
Author(s):  
Markus Vanharanta ◽  
Alan J.P. Gilchrist ◽  
Andrew D. Pressey ◽  
Peter Lenney
Keyword(s):  
Empirical Studies ◽  
Negative Relationship ◽  
Success Rates ◽  
Key Account Management ◽  
Content Type ◽  
Account Management ◽  
Long Run ◽  
Key Account ◽  
And Performance ◽  
The Uk

Purpose – This study aims to address how and why do formal key account management (KAM) programmes hinder effective KAM management, and how can the problems of formalization in KAM be overcome. Recent empirical studies have reported an unexpected negative relationship between KAM formalization and performance. Design/methodology/approach – An 18-month (340 days) ethnographic investigation was undertaken in the UK-based subsidiary of a major US sports goods manufacturer. This ethnographic evidence was triangulated with 113 in-depth interviews. Findings – This study identifies how and why managerial reflexivity allows a more effectively combining of formal and post-bureaucratic KAM practices. While formal KAM programmes provide a means to initiate, implement and control KAM, they have an unintended consequence of increasing organizational bureaucracy, which may in the long-run hinder the KAM effectiveness. Heightened reflexivity, including “wayfinding”, is identified as a means to overcome many of these challenges, allowing for reflexively combining formal with post-bureaucratic KAM practices. Research limitations/implications – The thesis of this paper starts a new line of reflexive KAM research, which draws theoretical influences from the post-bureaucratic turn in management studies. Practical implications – This study seeks to increase KAM implementation success rates and long-term effectiveness of KAM by conceptualizing the new possibilities offered by reflexive KAM. This study demonstrates how reflexive skills (conceptualized as “KAM wayfinding”) can be deployed during KAM implementation and for its continual improvement. Further, the study identifies how KAM programmes can be used to train organizational learning regarding KAM. Furthermore, this study identifies how and why post-bureaucratic KAM can offer additional benefits after an organization has learned key KAM capabilities. Originality/value – A new line of enquiry is identified: the reflexive-turn in KAM. This theoretical position allows us to identify existing weakness in the extant KAM literature, and to show a practical means to improve the effectiveness of KAM. This concerns, in particular, the importance of managerial reflexivity and KAM wayfinding as a means to balance the strengths and weaknesses of formal and post-bureaucratic KAM.

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