A difficult balancing act: the Samoan experience with money laundering regulation

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mark Rowe
Keyword(s):  
Money Laundering ◽  
Academic Research ◽  
Cost Benefit ◽  
Financial Inclusion ◽  
Asia Pacific ◽  
Small Island ◽  
Opportunity Costs ◽  
Content Type ◽  
Trade Offs ◽  
Remittance Flows

Purpose This paper aims to examines the trade-offs that Small Island Developing States (SIDS) must make in navigating an inappropriate elite-driven global anti-money laundering anti-money laundering/countering the financing of terrorism (AML-CFT) order. This paper examines the case of Samoa, an under-researched Pacific Island nation. It is hoped that this paper will have a wider resonance for policymakers from other developing nations facing similar challenges. Design/methodology/approach It draws on the latest Samoan domestic source material and Asia/Pacific Group on Money Laundering Mutual Evaluation Reports to highlight the difficult balancing act that SIDS face in complying with complex global norms within their limited regulatory capacity and competing development priorities of financial inclusion and affordable remittance flows. Findings Samoa and other SIDS in balancing the existential risks of “blacklisting” with the significant regulatory opportunity costs of compliance undertake an expensive form of AML-CFT window-dressing. Policymakers need to be more sensitive to the needs and regulatory opportunity costs of small jurisdictions, particularly when questions about the effectiveness of the AML-CFT remain open. Research limitations/implications The author notes Samoa’s offshore center’s role in raising its risk profile. However, owing to this paper's limited scope offshore center (OFCs) will not be explored in depth. Further research is needed in this area. Originality/value There is a dearth of contemporary academic research into AML-CFT regulation in the South Pacific and Samoa specifically. This paper presents through its Samoan case study insights into the cost-benefit calculations that small jurisdictions must make in seeking to comply with elite global AML-CFT norms vis-à-vis competing policy goals such as financial inclusion and ready access to remittance flows.

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.

A systematic review of the literature on supply chain agility

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bharat Singh Patel ◽  
Murali Sambasivan
Keyword(s):  
Supply Chain ◽  
Cost Benefit ◽  
Business Environment ◽  
Future Research ◽  
Research Directions ◽  
Content Type ◽  
Trade Offs ◽  
Supply Chain Agility ◽  
Agility Assessment ◽  
Future Research Directions

Purpose The purpose of this study is to critically examine the scholarly articles associated Murali Sambasivan with the diverse aspects of supply chain agility (SCA). The review highlights research insights, existing gaps and future research directions that can help academicians and practitioners gain a comprehensive understanding of SCA. Design/methodology/approach The present study has adopted author co-citation analysis as the research methodology, with a view to thoroughly investigating the good-quality articles related to SCA that have been published over a period of 22 years (1999-2020). In this study, 126 research papers on SCA – featuring diverse aspects of agility – from various reputed journals have been examined, analysed and assimilated. Findings The salient findings of this research are, namely, agility is different from other similar concepts, such as flexibility, leanness, adaptability and resilience; of the 13 dimensions of agility discussed in the literature, the prominent ones are quickness, responsiveness, competency and flexibility; literature related to SCA can be categorised as related to modelling the enablers, agility assessment, agility implementation, leagility and agility maximisation. This research proposes a more practical definition and framework for SCA. The probable areas for future research are, namely, impediments to agility, effective approaches to agility assessment, cost-benefit trade-offs to be considered whilst implementing agility, empirical research to validate the framework and SCA in the domain of healthcare and disaster relief supply chains. Practical implications This paper provides substantial insights to practitioners who primarily focus on measuring and implementing agility in the supply chain. The findings of this study will help the supply chain manager gain a better idea about how to become competitive in today’s dynamic and turbulent business environment. Originality/value The originality of this study is in: comprehensively identifying the various issues related to SCA, such as related concepts, definitions, dimensions and different categories of studies covered in literature, proposing a new definition and framework for SCA and identifying potential areas for future research, to provide deeper insights into the subject and highlight areas for future research.

Is there a commendable regime for combatting money laundering in international business transactions?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Andrew Emerson Clarke
Keyword(s):  
International Business ◽  
Money Laundering ◽  
Global Economy ◽  
Task Force ◽  
Academic Research ◽  
State Level ◽  
Content Type ◽  
The Usa ◽  
Enforcement Mechanisms ◽  
The Uk

Purpose Money laundering and grand business corruption continue to plague the global economy, accounting for 2%-5% of the global gross domestic product. Illicit funds, produced through grand corruption, are laundered using complex layering schemes that cloak them in legitimacy by concealing their origins. Lamentably, weak anti-money laundering (AML) frameworks promote economic instability, unjust commercial advantages and organized crimes. This study aims to highlight the need for comprehensive anti-corruption and AML frameworks by critiquing the exploitable gaps in the global AML regime created by heterogeneous state-level AML regimes to date. Design/methodology/approach This study welcomes the United Nations Convention against Corruption (UNCAC) and the financial action task force (FATF) recommendations but underscores the limitations of their effectiveness by investigating state-level enforcement mechanisms to determine these instruments’ true impact or lack thereof. The mutual evaluation reports (MERs) and state-level AML regimes in the UK, the USA and Canada are analyzed to illustrate the distinct implementation of international soft law in domestic legislation. Findings This study finds that UNCAC and the FATF recommendations are pivotal steps towards the establishment of a global AML regime for international business, albeit, one that remains imperfect because of the inconsistency of state-level AML frameworks. Consequently, international cooperation is needed to navigate and improve the discrepancies in varied AML legislation. Originality/value The author provides an in-depth and balanced analysis of current state-level AML developments and relies upon the recent 2016-2018 MERs to indicate the successes and flaws of various AML legislation. Therefore, this critique may guide stakeholders to construct robust AML frameworks and contributes to academic research in AML.

Institutionalization of risk management framework in Islamic NGOs for suppressing terrorism financing

2014 ◽  
Vol 17 (1) ◽  
pp. 96-109 ◽  
Author(s):  
Radiah Othman ◽  
Rashid Ameer
Keyword(s):  
Risk Management ◽  
Money Laundering ◽  
Process Model ◽  
Task Force ◽  
Political Process ◽  
Asia Pacific ◽  
Content Type ◽  
Management Framework ◽  
Risk Management Framework ◽  
Terrorism Financing

Purpose – The aim of this paper is to propose solutions for improving internal controls and transparency to alleviate concerns of international community over alleged linked with terrorist groups. Design/methodology/approach – The authors explore the counter-insurgency theory and political process model to explain the current state of counter-terrorism activities aimed at Islamic NGOs after 9/11. Findings – The authors believe the idea of money flow disruption to be of greater importance than freezing the accounts to suppress terrorism financing. Practical implications – Islamic NGOs established for philanthropic and humanitarian aid in third world Muslim countries have been accused of being involved in terrorism financing. This revelation is to the disadvantage of the donors who do not channel their donations for such activities. The authors propose risk management framework useful at operational level to detect and prevent welfare activities financing warfare activities. Originality/value – The proposed risk management framework is to complement various regional and international initiatives championed by Asia/Pacific Group on Money Laundering and Financial Action Task Force to combat money laundering and terrorist financing.

Deficient regimes of anti-money laundering and countering the financing of terrorism: agenda of digital banking and financial inclusion

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sisira Dharmasri Jayasekara
Keyword(s):  
Money Laundering ◽  
Financial Literacy ◽  
Quantitative Measure ◽  
Financial Inclusion ◽  
Content Type ◽  
Bank Branches ◽  
Compliance Level ◽  
Financing Of Terrorism ◽  
Work Done ◽  
The Impact

Purpose The purpose of this paper is to discuss the dilemma of digital banking and the financial inclusion agenda of countries with the level of strength of the anti-money laundering and countering the financing of terrorism (AML/CFT) regime. Design/methodology/approach This study develops an AML/CFT compliance index using the assessment data of FATF to measure the level compliance strength of countries to measure the impact of the strength of the AML/CFT regime on the financial inclusion. Financial literacy, literacy, number of bank branches and income level of countries are used as other control variables in regression analysis, which is used to test the developed model. Findings The results suggest that the AML/CFT compliance level of a country is a significant factor in determining the level of financial inclusion. Besides, the number of bank branches for 100,000 people, literacy and financial literacy are significant factors in financial inclusion. However, the results reveal that financial literacy is significant over literacy in determining financial inclusion. Therefore, having considered the importance of the AML/CFT regime for financial inclusion, regulators are required to strengthen the AML/CFT regime and make clarity on the AML/CFT regulations. This clarity will promote the digitalization and financial inclusion over time. Practical implications Most of the studies related to financial inclusion and AML/CFT aspects are qualitative. Therefore, this is only the start of measuring the strength of an AML/CFT regime. More appropriate measures will be developed in the future based on this foundation. Originality/value This paper is an original work done by the author, which discusses the issues of digital banking and financial inclusion agenda of countries with the compliance strength of the AML/CFT regime. The AML/CFT compliance index is the original idea of the author, which can be used as a quantitative measure to capture the strength of the AML/CFT regimes in future studies.

A critical analysis of the effects of the Central Bank of Nigeria foreign exchange policy on financial inclusion, anti-money laundering measures and fundamental rights

2017 ◽  
Vol 20 (4) ◽  
pp. 417-427
Author(s):  
Ehi Eric Esoimeme
Keyword(s):  
Human Rights ◽  
Central Bank ◽  
Foreign Exchange ◽  
Money Laundering ◽  
Financial Stability ◽  
Oil Prices ◽  
Fundamental Rights ◽  
Financial Inclusion ◽  
Content Type ◽  
Fair Balance

Purpose Following the drop in crude oil prices from a peak of US$114 per barrel in July 2014 to as low as US$33 per barrel in January 2016, the country’s reserves have suffered great pressure from speculative attacks, round tripping and front loading activities by actors in the foreign exchange (forex) market. The fall in oil prices also implied that the Central Bank of Nigeria’s (CBN) monthly foreign earnings had fallen from as high as US$3.2bn to current levels of as low as US$1bn. The net effect of these combined forces unfortunately is the depletion of the nation’s forex reserves. As of June 2014, the stock of forex reserves stood at about US$37.3bn but has declined to around US$28.0bn as of today. To avoid further depletion of reserves, the CBN adopted a number of policies including the prioritisation of the most critical needs for forex. This paper aims to critically analyse the effects of these policies on financial inclusion, anti-money laundering (AML) measures and human rights. Its aim is also to determine whether CBN’s Forex Policy does strike a fair balance between financial stability, inclusion, AML measures and human rights. Design/methodology/approach This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. Findings This paper determined that the CBN forex policy does not strike a fair balance between financial stability, inclusion, AML measures and human rights. Research limitations/implications This paper focuses on the effect of the most recent CBN Forex Policies on financial inclusion, AML measures and human rights. It does not address the older policies. Also, it does not address other vulnerable groups like low-income households. Its focus is on the under-served group. Originality/value While many have written papers on CBN’s forex policies, none of those papers critically analysed the effects of these policies on financial inclusion, AML and fundamental rights. The Lagos Chamber of Commerce and Industry, for example, analysed the impact of these polices on the financial services sector; the manufacturing sector; food and household products; tyre and rubber industry; pharmaceutical sector, oil and gas sector; free trade zone sector; furniture manufacturers; and foam manufacturers. It made no mention of inclusion, money laundering and fundamental rights. Also, Vincent Haruna analysed the effect of these policies on Nigerians, particularly those engaged in international trade, and those who have children studying abroad. He neither specifically addressed financial inclusion nor did he make any mention of human rights and money laundering.

Public health implications of spiritual healing practice, in conditions such as depression

2013 ◽  
Vol 12 (1) ◽  
pp. 6-9 ◽  
Author(s):  
Charles J.M. Bell
Keyword(s):  
Public Health ◽  
Health Care ◽  
Cost Benefit Analysis ◽  
Academic Research ◽  
Cost Benefit ◽  
Spiritual Healing ◽  
Public Health Care ◽  
Health Care Planning ◽  
Content Type ◽  
Health Implications

PurposePatient‐defined spiritual aspects of mental health care are an understudied and potentially important aspect to non‐pharmaceutical treatments. A review of this area will lead to improved rigorous research and better patient outcomes. The purpose of this paper is to examine the public health implications of spiritual healing practice, in conditions such as depression.Design/methodology/approachThe current research into spiritual healing was reviewed, and in particular its use in depression. Scientific and anecdotal evidence was considered, and areas of improvement were identified.FindingsThe attitudes of physicians and patients may affect the efficacy of patient‐defined spiritual healing, which is currently lacking in rigorous academic research. A better scientific understanding may aid in a cost‐benefit analysis of such treatments in the future.Originality/valueThis paper should aid those involved in public health‐care planning or who practice psychotherapeutic methods to ensure they utilise all possible methods, whilst working within a rigorous evidence‐based framework.

Moving in the right direction to fight financial crime: prevention and detection

2018 ◽  
Vol 25 (2) ◽  
pp. 362-368
Author(s):  
Fitriya Fauzi ◽  
Kenneth Szulczyk ◽  
Abdul Basyith
Keyword(s):  
Literature Review ◽  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Asia Pacific ◽  
Financial Crime ◽  
Content Type ◽  
Financial Crimes ◽  
The Right ◽  
Financial Intelligence

Purpose The purpose of this paper is to identify current measures taken for financial crime’s prevention and detection in the context of Indonesia. Design/methodology/approach This study is based on data from articles in Indonesian newspapers relating to the current financial crimes, current measures of preventing financial crimes in Indonesia and based on the literature review. Findings There are some attempts to combat financial crimes in Indonesia, both internally and externally. The attempts that have been made for the internal scope are the enactment of anti-money laundering law, the new monitoring system of financial institutions and the formation of a superintendent institution. The attempts that have been made for the external scope are the agreement between Indonesia’ financial intelligence unit Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK), and other countries’s financial intelligence unit, the affiliation member of the Asia/Pacific Group on Money Laundering (APG) to combat financial crimes through strengthening its anti-money laundering and terror financing capabilities. Originality/value This paper presents an overview of current prevention and detection measures in the context of Indonesia, and it is hoped that this paper will contribute to the current discussion of eliminating financial crimes.

Going, Going, Gone

2020 ◽  
pp. 73-87
Author(s):  
Elaine Hatfield ◽  
Richard L. Rapson ◽  
Jeanette Purvis
Keyword(s):  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Market Value ◽  
Opportunity Costs ◽  
Marriage Markets ◽  
The West ◽  
Men And Women ◽  
Trade Offs ◽  
Ancient Times ◽  
Advice Books

Marriage markets have existed since ancient times. Parents in traditional cultures routinely negotiate for the best deal possible. This fact is so taken for granted that when queried about “markets,” parents attempting to arrange such pairings have trouble even understanding the question. How could it be otherwise? In the West, for much of the past two centuries, young Romeos and Juliets have insisted they will marry for love. Is it possible that we are now coming full circle? People on websites are often eminently practical, using blatant metaphors of the marketplace. Advice books talk about selling yourself and creating your brand. They advise men and women to shop around, to realize there are always trade-offs, to do a cost-benefit analysis, and not to settle for damaged goods. Or they advise that it is wise to invest in a relationship before your market value plummets, and try to position yourself to optimize your romantic options, to be aware that there are opportunity costs in committing to the wrong partner. This chapter discusses market considerations in love.

Balancing anti-money laundering measures and financial inclusion

2020 ◽  
Vol 23 (1) ◽  
pp. 64-76
Author(s):  
Ehi Eric Esoimeme
Keyword(s):  
Central Bank ◽  
Money Laundering ◽  
Financial Institutions ◽  
Financial System ◽  
Secondary Data ◽  
Financial Inclusion ◽  
Content Type ◽  
Financing Of Terrorism ◽  
The Uk ◽  
Fair Balance

Purpose The purpose of this paper is to critically examine the anti-money laundering measures of the UK and Nigeria, to determine what the best approach is. The best approach is likely the one that strikes a fair balance between protecting the financial system against money laundering and promoting financial inclusion. Design/methodology/approach This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. Findings This paper critically analysed the anti-money laundering measures of the UK and Nigeria to determine that the anti-money laundering measures of Nigeria does not strike a fair balance between protecting the financial system against money laundering and promoting financial inclusion because it does not expressly provide for verification of a customer’s identity at the account opening stage for low risk accounts. The paper, however, determined that the anti-money laundering measures of the UK does strike a fair balance between protecting the financial system against money laundering and promoting financial inclusion because it requires customer identification and verification before the establishment of a business relationship for customers who want to open a basic bank account. Research limitations/implications This paper focuses on the anti-money laundering and financial inclusion measures in the UK’s Payment Accounts Regulations 2015 and the Central Bank of Nigeria’s (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013. Originality/value This paper offers a critical analysis of the anti-money laundering and financial inclusion measures of the UK and Nigeria as provided in the UK’s Payment Accounts Regulations 2015 and the Central Bank of Nigeria’s (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013. The paper will provide recommendations on how the measures could be strengthened. This is the only article to adopt this kind of approach.

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