The conflict between anti-money laundering reporting obligations and the doctrine of confidentiality for legal practitioners in Kenya

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Njaramba E. Gichuki
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Self Regulation ◽  
Fair Trial ◽  
Confidential Information ◽  
Secondary Research ◽  
Content Type

Purpose The purpose of this paper is to assess the balance between anti-money laundering reporting obligations and the doctrine of advocate–client confidentiality for legal practitioners. Design/methodology/approach The methodology adopted for this research is secondary research and analysis. Findings The doctrine of confidentiality between advocates and clients and reporting obligations under the anti-money laundering regime are relevant issues today more than ever. The equitable doctrine of confidentiality seeks to protect confidential information provided by one party to another in circumstances that import an obligation not to disclose that information or to use it for unauthorised purposes. The Constitution guarantees fair trial. Money laundering is a menace that should be fought from all fronts. Self-regulation is the best bet to address money laundering for legal practitioners. Originality/value This paper is the work of the author and has not been submitted for publication elsewhere.

Designating lawyers as reporting entities under the Kenya’s anti-money laundering regime

2020 ◽  
Vol 23 (3) ◽  
pp. 637-649
Author(s):  
Kennedy Otieno Pambo
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
Confidential Information ◽  
Content Type ◽  
Practical Solution ◽  
Legal Professionals ◽  
Legislative Framework ◽  
Financial Action Task ◽  
Apparent Conflict

Purpose Kenya has made little progress in its endeavor to categorize lawyers as designated non-financial businesses and professionals (DNFBPs), despite making spirited attempts in 2007, 2018 and lately in 2019. The legal professionals are, therefore, not bound by the reporting and other stringent obligations imposed by the Financial Action Task Force (FATF) to deter possible misuse by money launderers. The purpose of this paper, therefore, is to enumerate the ongoing efforts toward designating lawyers as DNFBPs in Kenya. The paper also assesses the institutional and legislative incentives (as well as barriers) for imposing the anti-money laundering (AML) duty thereto. Design/methodology/approach The paper provides a qualitative review of Kenya’s AML legislative framework and the potential support/hindrance to imposing the AML duty on lawyers. Also, this paper provides a suggestion for possible solutions. Findings The legislative framework in Kenya has outlawed money-laundering, and lawyers can be compelled to disclose confidential information observed in the course of employment if it embodies crime or fraud. Thus, imposing the AML obligation on lawyers is nothing out of the ordinary, rather a mere creation for a formal disclosure mechanism. However, this paper also revealed divergent views that merit reconciliation for the seamless designation of lawyers. Originality/value To enhance the legislative framework in Kenya, the paper borrows from the FATF’s Interpretive Note to Recommendation 23 and suggests a practical solution to the apparent conflict between the legal professional privilege and the AML duty.

FINRA’s disciplinary actions in 2017: increased restitution ordered with minimal changes in number of cases

2018 ◽  
Vol 19 (2) ◽  
pp. 19-23
Author(s):  
Brian Rubin ◽  
Adam Pollet
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Disciplinary Actions ◽  
Financial Industry ◽  
Electronic Communications ◽  
Content Type ◽  
The Past ◽  
Expert Analysis ◽  
Research Analysts ◽  
Practical Implications

Purpose The purpose of this paper is to analyze the Financial Industry Regulatory Authority’s (FINRA) 2017 disciplinary actions, the issues that resulted in the most significant fines and restitution and the emerging enforcement trends from 2017 and beyond. Design/methodology/approach The approach of this paper discusses the disciplinary actions in 2017 and prior years, details the top 2017 enforcement issues measured by total fines assessed, including anti-money laundering, trade reporting, electronic communications, books and records, research analysts and research reports, and explains current enforcement trends, including restitution, suitability cases and technological issues. Findings In 2017, restitution more than doubled from the prior year, resulting in the fourth highest total sanctions (fines combined with restitution and disgorgement) assessed by FINRA over the past 10 years. Practical implications Firms and their representatives should heed the trends in both the substantial restitution FINRA is ordering and the related enforcement issues in the cases FINRA has brought. Originality/value This paper provides expert analysis and guidance from experienced securities enforcement lawyers.

South Pacific transnational money laundering typologies

2017 ◽  
Vol 20 (4) ◽  
pp. 345-353 ◽  
Author(s):  
John Chelliah ◽  
Anita Prasad
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Academic Research ◽  
South Pacific ◽  
Pacific Island ◽  
Policy Makers ◽  
Content Type ◽  
Extant Literature ◽  
South Pacific Island ◽  
Pacific Island Nations

Purpose The paper aims to present typologies of transnational money laundering in South Pacific island countries, thereby filling a gap in the extant literature. Design/methodology/approach This paper is based on seven significant transnational money laundering cases involving South Pacific island nations. It provides analyses of the modus operandi of criminals and classifies those according to typologies from anti-money laundering authorities and bodies. Findings Typologies of money laundering have arrived through a content analysis of seven cases involving transnational money laundering destined for South Pacific island nations. The typologies which have emerged show the predominant forms of transnational money laundering in this region. This knowledge could be useful to government policy-makers and financial institutions pursuing anti-money laundering initiatives. Originality/value There is a dearth of academic research into typologies of transnational money laundering involving the South Pacific. This paper makes a useful contribution to the extant literature by providing the most recent typologies in this respect.

Data mining in anti-money laundering field

2017 ◽  
Vol 20 (3) ◽  
pp. 301-310 ◽  
Author(s):  
Noriaki Yasaka
Keyword(s):  
Data Mining ◽  
Knowledge Management ◽  
Money Laundering ◽  
Design Methodology ◽  
Point Of View ◽  
Important Task ◽  
Content Type ◽  
Suspicious Transaction ◽  
Mining Methods ◽  
The Creation

Purpose This report aims to focus on how suspicious transaction report is created with data mining methods and used from the point of view of knowledge management. Design/methodology/approach This paper considers data mining versus knowledge management in the anti-money laundering (AML) field. Findings In the AML field, the information and knowledge gained are not necessarily used for or shared with the related shareholders. Creating and co-evolving the network of “knowledge professionals” is the impending assignment in this industry. The first and most important task is knowledge management in the global AML field. Originality/value The report considers the creation with data mining methods and utilization from the point of view of knowledge management.

How instructors can use case based learning (CBL): CBL approach can inspire more self-regulated learning in students

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Keyword(s):  
Situated Learning ◽  
Design Methodology ◽  
Self Regulation ◽  
Use Case ◽  
Content Type ◽  
Self Regulated Learning ◽  
Regulated Learning ◽  
Case Based Learning ◽  
Based Instruction ◽  
Case Based

Purpose The purpose of this paper is to demonstrate the linkage of case-based instruction with the enhancement of self-regulated learning of employees. Design/methodology/approach The authors carried out a literature review of SRL and CBL, including reviewing the theories of situated learning and constructivism. They then provided a detailed design presentation for using CBL with trainees. Findings The findings of the analysis enable a full, detailed approach to the application of CBL for practitioner use Originality/value Case-based instruction has not previously been directly linked to the self-regulation of learning.

Money laundering in a CBDC world: a game of cats and mice

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel Dupuis ◽  
Kimberly Gleason ◽  
Zhijie Wang
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Economic Activity ◽  
Design Methodology ◽  
Central Banks ◽  
Content Type ◽  
Digital Currency ◽  
Individual Privacy ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this study is to describe the present taxonomy of money, summarize potential central bank digital currency (CBDC) regimes that central banks worldwide could adopt and explore the implications of the introduction of each of these CDBC regimes for money laundering through the lens of the regulatory dialectic theory. Design/methodology/approach The methodology used in the analysis of significant recent events regarding the progress of central banks in establishing a CBDC and the implications for money laundering under a CBDC regime. This paper also reviews the literature regarding the Regulatory Dialectic to highlight potential innovative responses of money launderers to circumvent the controls generated through the implementation of a CBDC. Findings This study examines the impact of Kane’s regulatory dialectic paradigm on the feasibility of money laundering under a CBDC regime and identifies potential avenues that would be available for those seeking to launder money, based on the form a CBDC would take. Research limitations/implications This paper is unable as of yet to empirically evaluate anti-money laundering (AML) tactics under a CBDC regime as it has not yet been fully implemented. Practical implications Many central banks worldwide are evaluating the structure of and introduction of a CBDC. There are a number of forms that a CBDC could take, each of which has implications for individual privacy and for entities involved in AML efforts within financial institutions and the regulatory community. The paper has implications for AML experts who are considering how AML procedures would change under a CBDC regime. Social implications The regulatory dialectic predicts that regulatory response reactive, rather than proactive when it comes to socially undesirable phenomena. As central banks and governments seek to divert economic activity away from the laundering of the proceeds of illicit activity, there are tradeoffs in terms of a loss of privacy. The regulatory dialectic predicts a corresponding innovative response of those who wish to undermine the controls generated through the establishment of a CBDC. Originality/value To the authors’ knowledge, this is the first paper to explore the impact of a potential CBDC on money laundering and the potential innovative circumventions within the paradigm of the Regulatory Dialectic.

Appraisal of the regulatory frameworks for combatting money laundering in Nigeria

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Adegboyega Adekunle Ige
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Attorney General ◽  
Securities And Exchange Commission ◽  
Review Of Literature ◽  
Content Type ◽  
Regulatory Frameworks ◽  
Legal Context ◽  
Made In

Purpose A review of literature revealed that many publications on efforts at combatting money laundering focus on two frameworks, namely, legal/legislative and institutional, while overlooking the third and equally important framework – the “regulatory/ supervisory framework.” This paper aims to eradicate the dearth in literature with regards to this third and seldom acknowledged framework and it aims at filling that gap. Design/methodology/approach The analysis took the form of a desk study, which distinguished the three frameworks for combatting money laundering and provided a comprehensive list of the main actors in each regime within the Nigerian legal context. The Money Laundering (Prevention and Prohibition) Act, 2016 was examined in detail. Findings Three categories of regulators were identified and discussed in this paper: the supervisory bodies that regulate the activities of financial institutions, namely, Central Bank of Nigeria, Securities and Exchange Commission and Nigerian Insurance Commission; The Bureau for Money Laundering Control which supervises – designated non-financial institutions and businesses; the Attorney General of the Federation; and (Self-Regulatory Organizations. The Attorney General of the Federation was identified as the prime regulator within the context of the 2016 Act. Suggestions on how the regulators could make the most of their roles were made in the concluding part. Research limitations/implications This paper only considered the Nigerian legal context and only the extant law – the Money Laundering (Prevention and Prohibition) Act, 2016 was critically examined. Originality/value The findings in this paper and the writing approach are original.

Money laundering control in Tanzania

2019 ◽  
Vol 22 (4) ◽  
pp. 796-835
Author(s):  
Eugene E. Mniwasa
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Case Law ◽  
Legal Framework ◽  
Law And Literature ◽  
Policy Documents ◽  
Content Type ◽  
Enabling Environment ◽  
Banking Institutions ◽  
Political Economic

Purpose This paper aims to examine how banks in Tanzania have been vulnerable to money laundering activities and how the banking institutions have been implicated in enabling or aiding the commission of money laundering offences, and highlights the banks’ failure or inability to prevent, detect and thwart money laundering committed through their financial systems. Design/methodology/approach The paper explores Tanzania’s anti-money laundering law and analyzes non-law factors that make the banks exposed to money laundering activities. It looks at law-related, political and economic circumstances that impinge on the banks’ efficacy to tackle money laundering offences committed through their systems. The data are sourced from policy documents, statutes, case law and literature from Tanzania and other jurisdictions. Findings Both law-related and non-law factors create an enabling environment for the commission of money laundering offences, and this exposes banks in Tanzania to money laundering activities. Some banks have been implicated in enabling or aiding money laundering offences. These banks have abdicated their obligations to fight against money laundering. This is attributed to the fact that the banks’ internal anti-money laundering policies, regulations and procedures are inefficient, and Tanzania’s legal framework is generally ineffective to tackle money laundering offences. Originality/value This paper uncovers a multi-faceted nature of money laundering affecting banks in Tanzania. It is recommended that Tanzania’s anti-money laundering policy should address law-related, political, economic and other factors that create an enabling environment for the commission of money laundering offences. Tanzania’s anti-money laundering law should be reformed to enhance its efficacy and, lastly, banks should reinforce their internal anti-money laundering policies and regulations and policies.

Virtual workplaces and lean leadership: integrative conceptualization and organizational implications

2020 ◽  
Vol 19 (4) ◽  
pp. 177-181
Author(s):  
Talina Mishra ◽  
Lalatendu Kesari Jena
Keyword(s):  
Design Methodology ◽  
Research Articles ◽  
Employee Morale ◽  
Virtual Leadership ◽  
Global Crisis ◽  
Secondary Research ◽  
Content Type ◽  
Organizational Goals ◽  
Virtual Workplace ◽  
The World

Purpose The purpose of this paper is to integrate the concept of lean in the world of virtual leadership by continuously engaging employees and building efficient teams to increase the effectiveness of digital workplaces. Design/methodology/approach Secondary research from various research articles by authors in lean and leadership was done. Findings Lean leadership can serve as a great way to boost employee morale and enrich their experience in times of global crisis. Employees can effectively contribute to the organization with the help of virtual lean teams and tools. Originality/value This paper adds to the scarce literature on the integration of lean and leadership by exploring the various ways in which employees can be empowered to achieve organizational goals in the virtual workplace.

Anti-money laundering systems: a systematic literature review

2020 ◽  
Vol 23 (4) ◽  
pp. 833-848
Author(s):  
Alhanouf Abdulrahman Saleh Alsuwailem ◽  
Abdul Khader Jilani Saudagar
Keyword(s):  
Literature Review ◽  
Money Laundering ◽  
Systematic Literature Review ◽  
Design Methodology ◽  
State Of The Art ◽  
Decision Makers ◽  
Journal Articles ◽  
Content Type ◽  
Final Sample ◽  
Learning Data

Purpose This paper aims to understand and document the state of the art in the anti-money laundering (AML) systems literature. Design/methodology/approach A systematic literature review (SLR) is performed using the Saudi Digital Library. The outputs published as conference proceedings, workshop proceedings, journal articles and books were all considered. The final sample size after omitting out-of-scope selections was 27 documents, which mainly span from 2015 to 2020. Findings The sample is discussed based on a categorization, which demarcates solutions, machine learning, data sources, evaluation methods, implementation tools, sampling techniques and regions of study. Originality/value This SLR could serve as a useful basis for researchers and salient decision-makers, who are seeking to understand the nature and extent of the currently available research into AML systems.

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