Defining money laundering under Malawian law: a critical appraisal for compliance with international standards

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lewis Chezan Bande
Keyword(s):  
Best Practices ◽  
Money Laundering ◽  
Case Law ◽  
International Standards ◽  
Content Type ◽  
Transnational Organized Crime ◽  
Legal Definition ◽  
Actus Reus ◽  
Definition Of ◽  
Constituent Elements

Purpose The purpose of this paper is to critically appraise the legal definition of the offence of money laundering under Malawian law. The goal is to evaluate whether the definition meets international standards and best practices on legal definition of money laundering, particularly as contained in the United Nations Convention against Transnational Organized Crime (UNCATOC). Design/methodology/approach The paper is a doctrinal analysis of the legal definition of the offence of money laundering under Malawian law. It examines the constituent elements of the offence based on the traditional conception of a criminal offence as constituting the prohibited conduct (or actus reus) and the mental element (or mens rea). The paper comparatively evaluates the offence vis-à-vis international standards and best practices, particularly as contained in the UNCATOC. Findings The paper concludes that the definition is compliant with international standards and best practices. Research limitations/implications The paper is based on the statutory definition of the offence, but was unable to examine how the offence is interpreted and applied in concrete cases by Malawian courts. The reason is the lack of any case law through which courts have interpreted and applied the offence. Practical implications The paper provides the template for future interpretation and application of the offence by courts in the future. Social implications Enhancing the clarity and certainty in the law on money laundering in Malawi. Originality/value The paper is an elucidation of a statutory provision that was recently adopted in Malawi and for which there is no authoritative clarification. The paper, therefore, makes an invaluable contribution to the fight against money laundering in Malawi by being a guide to law enforcers, lawyers, courts and policy/legislative makers.

Implementation of the concept of “politically exposed persons (PEPs)” in India

2017 ◽  
Vol 20 (1) ◽  
pp. 89-98 ◽  
Author(s):  
Ramandeep Kaur Chhina
Keyword(s):  
Money Laundering ◽  
Regulatory Focus ◽  
Task Force ◽  
International Standards ◽  
Regulatory Requirements ◽  
Content Type ◽  
Reserve Bank ◽  
Financial Action Task ◽  
Definition Of ◽  
Effective Development

Purpose The purpose of this paper is to critically examine the concept of “politically exposed persons (PEPs)” as provided under the Indian anti-money laundering (AML) regime, particularly focussing on the Reserve Bank of India guidelines to its supervised banks on dealing with the potential money laundering risks posed by PEPs. Design/methodology/approach The definition of PEPs as provided by international standard setters and the concept as defined by the Indian AML regime was examined to examine the extend of the compliance of the Indian AML regime with the mandatory requirements of revised 2012 Financial Action Task Force (FATF) recommendations and other international standards. Findings The paper clearly establishes that the current AML regime of India does not fully comply with the mandatory requirements of the revised 2012 FATF recommendations, and the RBI guidelines do not provide any clear indications to its supervised banks on the effective development and implementation of AML PEPs control. The paper argues that it is high time for India to increase its regulatory focus on the issue of PEPs and to expand its definition of PEPs by including both domestic PEPs and “close associates” of PEPs within the definition. Originality/value The paper demonstrates in an exceptional way that despite variations in the scope of the PEPs definition at an international level, all the standard setters have included certain key individuals (both domestic and foreign PEPs and “close associates” of PEPs) within the scope of the definition and how the legal and regulatory requirements in India are falling short of compliance even with these minimum key requirements. By adopting a step-by-step approach in critically examining the current legal and regulatory requirements enforced on banks in India to efficiently deal with the money laundering risks posed by PEPs, the paper makes a valuable contribution in highlighting the steps that might be taken to strengthen PEPs’ AML controls in India.

An overview of the anti‐money laundering laws of Hong Kong

2008 ◽  
Vol 11 (4) ◽  
pp. 345-357 ◽  
Author(s):  
David Y.K. Kwok
Keyword(s):  
Hong Kong ◽  
Money Laundering ◽  
Design Methodology ◽  
Mainland China ◽  
Case Law ◽  
Law Students ◽  
International Standards ◽  
Comprehensive Overview ◽  
Content Type ◽  
Relevant Case

PurposeThe purpose of this paper is to provide an overview of the anti‐money laundering laws of Hong Kong, in particular the Organised and Serious Crimes Ordinance.Design/methodology/approachAn analysis of the legislation with respect to anti‐money laundering as well as relevant case law.FindingsHong Kong authorities are serious about fighting money laundering crimes. The statutory scheme in Hong Kong is comprehensive and in line with international standards.Originality/valueBy discussing the key statutory provisions and the important cases, this paper provides a comprehensive overview of the anti‐money laundering laws of Hong Kong. This paper is of value to lawyers, prosecutors, academics, law students, etc. in not only Hong Kong, but in the region including mainland China.

scholarly journals The concept of money laundering: a quest for legal definition

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Saleem Korejo ◽  
Ramalinggam Rajamanickam ◽  
Muhamad Helmi Md. Said
Keyword(s):  
Money Laundering ◽  
Criminal Law ◽  
Task Force ◽  
Content Type ◽  
Terrorist Financing ◽  
Legal Definition ◽  
Balanced Approach ◽  
Wide Range ◽  
Definition Of ◽  
Terrorist Acts

Purpose This paper aims to focus on the concept of money laundering and explores the evolution and expansion of criminalization of predicate offences to the money laundering within the international anti-money laundering (AML) regime over the time. It proposes how to limit the size and scope of predicate offences in designing a balanced legal definition. Design/methodology/approach This paper opted a content analysis focussed on the criminalization aspect of offences to money laundering in the international AML regime under the United Nations Conventions (Vienna, Palermo and Corruption Convention) and Financial Action Task Force Standards. Findings This paper provides how the criminalization of money laundering has evolved and its definition expanded over the time. The international definition is widely drafted with wide range of predicate offences from proceeds of drug money to corruption, including terrorist financing and terrorist acts; however, the two phenomena – money laundering and terrorist financing are quiet distinct apart. This continual expansion of predicate offences quite leads legality issues such as over-criminalization and conflict with principles of criminal law. This paper suggests an approach to limit the size and scope of predicate offences to money laundering. Practical implications This paper includes implications for the development of a balanced approach in defining predicate offences through a qualitative limitation approach consistent with the minimalist theory of penalization of criminal law. Originality/value This paper attains an identified issue how the legal definition of the money laundering offence can be improved while considering rule of law and principles of criminal law concerns.

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.

Anti-money laundering – the need for intelligence

2017 ◽  
Vol 24 (3) ◽  
pp. 472-479 ◽  
Author(s):  
Richard John Lowe
Keyword(s):  
Money Laundering ◽  
Organized Crime ◽  
Financial Services ◽  
National Level ◽  
Financial Sector ◽  
International Standards ◽  
Policy Makers ◽  
Content Type ◽  
The Military ◽  
The Impact

Purpose The purpose of this paper is to highlight the need for predictive intelligence to support anti-money laundering programs in the financial sector. Design/methodology/approach The methodology adopted herein consists of a literature review on the use of intelligence in anti-money laundering, the sources of intelligence and information used in the financial sector, supported by experience gained from investigating and prosecuting money laundering cases, and the assistance provided to financial services companies. Findings Banks and other regulated services are required to meet international standards to deny services to criminals and terrorists, identify suspicious activity and report to the authorities. Regulated businesses have large operations which check customers against sources that confirm their identity or against lists of proscribed or suspected offenders at an individual or national level. Their controls tend to look backwards when other organisations that rely on intelligence, such as the military, value predictive, forward-looking intelligence. The penalties that banks and others face for failure in their controls are increasingly severe, as looking backwards and not forwards reduces the extent to which the controls meet their purpose of reducing the impact of organized crime and terrorism. Originality/value This paper serves as a useful guide to alert and educate anti-money laundering professionals, law enforcement and policy makers of the importance of predictive intelligence in countering organized crime and terrorism. It also considers whether lessons in intelligence handling from other areas can inform a debate on how intelligence can be developed to counter money laundering.

Visually Handicapped People and the Law

1987 ◽  
Vol 81 (2) ◽  
pp. 53-58 ◽  
Author(s):  
V.E. Bishop
Keyword(s):  
Final Section ◽  
Case Law ◽  
Legal Definition ◽  
Legal Precedent ◽  
Legal Position ◽  
Handicapped People ◽  
The Law ◽  
Definition Of ◽  
Visually Handicapped

This paper explores the definitional problems of visual handicaps, especially in terms of the legal definition of blindness. A brief history is given of the laws concerning visually handicapped people, and a discussion of case law describes legal precedent. A final section presents suggestions for strengthening the legal position of visually handicapped people in future litigation.

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.

Legal analysis of Qatar’santi-money laundering and combating terrorist financing legislation and regulation amidst the summer 2017 GCC crisis

2020 ◽  
Vol 23 (4) ◽  
pp. 793-804
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
International Standards ◽  
Legal Analysis ◽  
Content Type ◽  
Non Profit ◽  
Terrorist Financing ◽  
The Past ◽  
Regulatory Bodies ◽  
The Government ◽  
Financing Of Terrorism

Purpose The recent diplomatic split between members of the Gulf Cooperation Council (GCC) and Qatar with accusations of terrorist financing (TF). This paper aims to study Qatar’s domestic legislations, which specifically targets money laundering and TF activities. The country has stringently worked in compliance with international standards on combating financing of terrorism (CFT) and anti-money laundering (AML) practices by imparting autonomous power to regulatory bodies, such as the Qatar Central Bank and other agencies. Design/methodology/approach This paper studies independent legislations passed under the Emir’s decree over the past decade advancing Qatar’s AML ranking, with significant effort in CFT regulations. The paper also analyses the advancement in AML/CFT regulation and their validity with respect to international standards set by various governmental, intergovernmental and non-profit agencies. Findings The analysis finds Qatar in compliance with strong AML/CFT regulations. Further, it finds the government to have provided transparent oversight to international organizations that attest to the findings of the legislative efforts. This paper disproves claims and accusations that have possibly been presented to the GCC and subsequently led members to abruptly end diplomatic relations with Qatar over allegations of TF activities, amongst others. Originality/value The paper offers insight into Qatar’s legislative and regulatory advancement with respect to the AML/CTF in the past decade. The paper also discusses Qatar’s legislative advancement in relation to the evolutions of the country’s financial system, adopting a more robust mechanism to combat financing of terrorism and ML.

Deprivation of Liberty Safeguards: complexity, confusion and case law – a commentary

2014 ◽  
Vol 5 (4) ◽  
pp. 245-255 ◽  
Author(s):  
Chris Lennard
Keyword(s):  
Health Care Professionals ◽  
Design Methodology ◽  
Literature Search ◽  
Social Care ◽  
Case Law ◽  
Best Interests ◽  
Content Type ◽  
Critical Studies ◽  
Health And Social Care ◽  
Definition Of

Purpose – As a healthcare professional caring for people who lack capacity, the author has noted a wide variation in knowledge and awareness by staff of the Deprivation of Liberty Safeguards (DoLS). The purpose of this paper is to examine the DoLS and the background to their coming into being, describes their operation and qualifying requirements, and the continuing problems with their application nationwide. Design/methodology/approach – Utilising a literature search of government papers, official reports of statutory bodies, and critical studies, it examines the central criticisms of DoLS, particularly the lack of a clear statutory definition of deprivation of liberty, and reports on the wide variation in knowledge of the legislation by staff in health and social care, and uneven application of the safeguards nationwide. Findings – It cites evidence from studies showing that even professionals with high levels of expertise in the field find the legislation confusing, and presents testimony from legal experts that case law has failed to clarify the issues for professionals. Originality/value – Finally, it argues that the legislation is now too complex to successfully amend, and tentatively suggests that, pending a government review to make the process more understandable, health care professionals make ‘precautionary’ applications for DoLS. The author argues that, notwithstanding its faults, the process is a worthwhile exercise in care planning and ensuring that people's care is in their best interests and the least restrictive available.

scholarly journals Business qualities in labor law

2021 ◽  
Vol 3 ◽  
pp. 27-31
Author(s):  
S. Yu. Filchakova ◽  
Keyword(s):  
Labor Law ◽  
Personal Characteristic ◽  
The State ◽  
Point Of View ◽  
Professional Standard ◽  
State Of Health ◽  
Professional Qualification ◽  
Legal Definition ◽  
Definition Of ◽  
Constituent Elements

Based on the analysis of the current legislation, the necessity of a legal definition of the concept of «business qualities» is sub-stantiated. The point of view is argued that the state of health as a personal characteristic is not one of the constituent elements that determines, along with professional, qualification characteristics, the category of «business qualities». It is concluded that the definitions «labor function», «qualifications» and «professional standard» are interrelated concepts, defining in general the category of «business qualities».

Sign in / Sign up

Export Citation Format

Share Document