Criminals move with the times

2014 ◽  
Vol 30 (6) ◽  
pp. 8-10
Keyword(s):  
Virtual Environments ◽  
Money Laundering ◽  
Content Type ◽  
Terrorism Financing ◽  
Pertinent Information ◽  
The Times ◽  
The Cost ◽  
Level Of Effort ◽  
Practical Implications ◽  
Research Show

Purpose – This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach – This briefing is prepared by an independent writer who adds his own impartial comments and places the articles in context. Findings – The findings of this research show that money laundering and terrorism financing can take place inside virtual environments. Virtual money laundering and terrorism financing offer high levels of anonymity and potentially low levels of detection, and remove many of the risks associated with real-world money laundering and terrorism financing activity. However, this comes at the cost of ease, time and, in some cases, the amount of funds laundered. Large sums (millions of dollars) can be laundered in virtual environments, but this exponentially increases the level of effort involved in setting up accounts and placing, layering and integrating funds. Practical implications – The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value – The briefing saves busy executives and researchers’ hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and an easy-to digest format.

scholarly journals Money laundering and terrorism financing in virtual environments: a feasibility study

2014 ◽  
Vol 17 (1) ◽  
pp. 50-75 ◽  
Author(s):  
Angela S.M. Irwin ◽  
Jill Slay ◽  
Kim-Kwang Raymond Choo ◽  
Lin Lui
Keyword(s):  
Virtual Environments ◽  
Money Laundering ◽  
Service Providers ◽  
Massively Multiplayer Online Games ◽  
Content Type ◽  
Number Of Factors ◽  
Terrorism Financing ◽  
The Cost ◽  
Level Of Effort ◽  
Research Show

Purpose – There is a clear consensus of opinion that virtual environments and virtual currencies pose a money laundering and terrorism financing threat. What is less clear, however, is the level of risk that they pose. This paper aims to clarify the suitability of virtual environments for conducting money laundering and terrorism financing activities. Design/methodology/approach – A number of experiments were conducted to estimate the quantity of funds that could be moved through these environments. These experiments took into account a number of factors such as the number of accounts that would need to be opened to launder/raise a specific amount of funds, the amount of funds that could be placed within a certain timeframe and the transaction limits imposed by each of the massively multiplayer online games and online financial service providers involved in the money laundering and terrorism financing scenarios. Findings – The findings of this research show that money laundering and terrorism financing can take place inside virtual environments. Virtual money laundering and terrorism financing offer high levels of anonymity, potentially low levels of detection, and remove many of the risks associated with real-world money laundering and terrorism financing activity. However, this comes at the cost of ease, time and, in some cases, the amount of funds laundered. Large sums (millions of dollars) can be laundered in virtual environments, but this exponentially increases the level of effort involved in setting up accounts and placing, layering and integrating funds. Originality/value – A number of authors have described potential virtual money laundering scenarios, but some of these are out-of-date due to closed loopholes, all are rudimentary and make no attempt to discuss the practicality or feasibility of using these scenarios. This research addresses those issues.

Terrorism financing and money laundering: two sides of the same coin?

2018 ◽  
Vol 25 (4) ◽  
pp. 962-968 ◽  
Author(s):  
Frederic Compin
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
White Collar Crime ◽  
Islamic State ◽  
Content Type ◽  
Fully Integrated ◽  
Financial Crimes ◽  
Terrorism Financing ◽  
Utilitarian Approach ◽  
The Cost

Purpose The purpose of this paper is to analyse how terrorism financing can be assimilated with money launderning when the amounts ofmoney involved differ so markedly. Not only is the cost of financing terrorist attacks minimal compared to the huge sums often at stake in financial crimes, but also the psychological profile of terrorists, who are reclusive by nature, contrasts starkly with that of financial criminals, who are usually fully integrated members of society. When terrorism financing is equated with money laundering this represents a utilitarian approach in that it facilitates the creation of a security strategy and stifles criticism of criminogenic capitalismthat turns a blind eye to tax evasion. Design/methodology/approach The analysis is conceptual, focussing on the assimilation of terrorism financing with money laundering. There is an interview with a French magistrate, specialized in the fight against corruption and white-collar crime, and data have been collected from international organizations and scholarly articles. Findings The fight against money laundering and money dirtying has clearly sparked numerous controversies around evaluation, scope, criminal perpetrators and a lack of vital cooperation between administrative and judicial services. Social implications This paper raises questions about the reasons behind the linking of money laundering and money dirtying by states and players in public international law and why the fight against money laundering is very much overshadowed by their focus on terrorist financing in dealing with the growing threat of Islamic State, otherwise known as ISIS or ISIL, in the Middle East and West Africa. Originality/value The paper enables the reader to raise the question of similarities between the fight against money laundering and the fight against terrorism financing.

Returning to work after injury: factors that influence the timing

2016 ◽  
Vol 24 (5) ◽  
pp. 19-21 ◽  
Author(s):  
Graham Cole
Keyword(s):  
Labor Markets ◽  
Design Methodology ◽  
Occupational Hazards ◽  
Way Of Life ◽  
Content Type ◽  
Returning To Work ◽  
Pertinent Information ◽  
Serious Injury ◽  
The Cost ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Occupational hazards are an unfortunate way of life for workers in many industries. For some, the risk of serious injury or illness is considerable. More positive is the decline over recent decades in the number of such incidents reported. However, in Western nations the cost of injury or illness at work remains substantial. Statistics show that in European Union (EU) countries, it can range between 2.6 per cent and 3.8 per cent of GDP. Regulations and conditions within specific labor markets help determine where these costs are absorbed. There are wide variations across countries in terms of how injured employees are compensated during their time off work. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

When training works: strategies for effective learning

2016 ◽  
Vol 30 (4) ◽  
pp. 21-23
Keyword(s):  
Organizational Performance ◽  
Design Methodology ◽  
Reading Time ◽  
Average Amount ◽  
Content Type ◽  
Knowledge And Skills ◽  
Effective Learning ◽  
Pertinent Information ◽  
The Cost ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Any organization paying out US$1,200 per employee wants to see some benefit for its spending. Especially if spending that money also involves taking up 30-plus hours of employee time. According to the Association for Talent Development, that is the average amount per employee that US businesses were spending on training in 2013 – and the cost typically goes up each year. What is less clear is how much newly learnt knowledge and skills gets applied to deliver improved organizational performance and increased competitiveness. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Current developments in money laundering and terrorism financing

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Quantitative Methods ◽  
Qualitative Content Analysis ◽  
Research Process ◽  
Content Type ◽  
Qualitative And Quantitative Methods ◽  
Compliance Officers ◽  
Terrorism Financing ◽  
Practical Implications

Purpose Whilst the existing literature focuses on developing prevention mechanisms for banks, this paper aims to demonstrate the ongoing feasibility of money laundering and financing terrorism undetected. This study thereby reveals that the current anti-money-laundering and anti-terrorism-financing mechanisms can easily be circumvented. Design/methodology/approach A three-stage research process was used, including both qualitative and quantitative methods. The empirical findings are based on a qualitative content analysis of 50 informal interviews with illegal financial services providers and 50 formal interviews with compliance experts and law enforcement officers. Findings During these interviews, specific methods of financing terrorism and limiting the risks of being prosecuted were discussed. Hence, specific methods of money laundering and terrorism financing have been analyzed. Research limitations/implications The findings thus convey only the perspectives of the 100 interviewees, such that generalizability is limited. Practical implications The practical implications include suggestions for financial regulators, financial institutions and compliance officers on how to more effectively combat money laundering and terrorism financing. Although the empirical findings are limited to Europe, the results could be applied globally. Originality/value This paper reveals new insights about criminals’ actions, which help to develop more effective compliance mechanisms.

Illustrating the incentivised steps criminals take to launder cash while avoiding government anti-laundering measures

2020 ◽  
Vol 23 (2) ◽  
pp. 515-526
Author(s):  
Nicholas Gilmour
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Methodological Approach ◽  
Professional Experience ◽  
Policy Compliance ◽  
Content Type ◽  
Terrorism Financing ◽  
High Level ◽  
Theoretical Assessment ◽  
Practical Implications

Purpose The purpose of this paper is to illustrate the incentivised steps criminals take to launder cash while avoiding government’s anti-money laundering (AML) measures. Design/methodology/approach To illustrate how and when technology is most prominent in the money laundering process, this paper analyses the criminal’s methodological approach to “technology-enhanced money laundering” by examining several high-level examples. To strengthen the theoretical assessment and the overall validity of the findings, the author incorporates details from their own research and professional experience to maximise comprehension of the methodological process that organised criminals and money launderers alike look to undertake when placing illicitly derived cash in the money laundering cycle. Findings The AML model of “placement, layering and integration” is synonymous with presenting the process of money laundering – in the most basic or generic forms. This paper identifies that the placement stage is a primary stage through which technology is exploited to assist in the entire laundering process. Practical implications Using money laundering case studies, this paper identifies that existing AML/countering terrorism financing international perceptions/practices and typological studies are not adequate for presenting an accurate assessment of the process used to undertake money laundering. Originality/value This paper provides an examination of the practicalities behind the prevention of money laundering from a compliance and investigative perspective. The paper is of interest to those involved in policy, compliance and investigations associated with money laundering.

Preserving the future of business

2017 ◽  
Vol 33 (7) ◽  
pp. 20-22
Keyword(s):  
Business Strategy ◽  
Design Methodology ◽  
Way Of Life ◽  
Content Type ◽  
Pertinent Information ◽  
Strategy Innovation ◽  
The Cost ◽  
The Impact ◽  
Practical Implications ◽  
Government Level

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings The cost to the environment that our current way of life is extracting is hard to calculate exactly, but few now deny that it is not unsustainable and potentially fatal. Our awareness of climate change and the impact consumerism has on our lives is becoming a constant concern, particularly in those countries that consume the most resources. While people individually, and at a government level, are concerned and acting with more environmental awareness, some of the most damaging behavior is occurring in consumer-driven private sector. Yet as many businesses continue with the attitude of profit before principle, some are now seeking ways to reduce their impact on the environment, both through their own production processes, as well as through their behavior or their customers. These companies, studied by Bocken (2017), have been able to reduce the consumption of both themselves and their customers, without harming their profits, and improving growth. Through careful business strategy innovation, similar practices should be possible in all sizes of companies and across all types of industry. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

The disastrous consequences of the Ikea Effect: Apple, Intel and Wang Labs learning the cost of true love

2015 ◽  
Vol 32 (1) ◽  
pp. 8-10
Author(s):  
Mark Thomas ◽  
Jayanth-Reddy Alluru
Keyword(s):  
Case Studies ◽  
Design Methodology ◽  
Reading Time ◽  
Rational Behavior ◽  
Content Type ◽  
True Love ◽  
Pertinent Information ◽  
Strategic Foresight ◽  
The Cost ◽  
Practical Implications

Purpose – This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach – This briefing is prepared by independent writers who add their own impartial comments and place the articles in context. Findings – Falling in love with one’s own product is not rational behavior and could be misleading, as it blinds people to strategic foresight. Products should be designed with a strategic focus that is both innovation- and customer-centric. Practical implications – The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value – The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Money-laundering and terrorism-financing compliance – unsolved issues

2020 ◽  
Vol 23 (1) ◽  
pp. 90-95
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Quantitative Methods ◽  
Qualitative Content Analysis ◽  
Research Process ◽  
Content Type ◽  
Qualitative And Quantitative Methods ◽  
Compliance Officers ◽  
Terrorism Financing ◽  
Practical Implications

Purpose This paper aims to focus on developing prevention mechanisms for banks, this paper shows the ongoing feasibility of laundering money and financing terrorism undetected. It, thereby highlights that the current anti-money-laundering and anti-terrorism-financing mechanisms can be easily circumvented. Design/methodology/approach A three-step research process, including both qualitative and quantitative methods, was used. The empirical findings are based on qualitative content analysis of 35 informal interviews with illegal financial services providers and 35 formal interviews with compliance experts and law enforcement officers. Findings During those interviews, concrete and specific methods of financing terrorism and limiting the risks of being prosecuted were discussed. To assess compliance officers’ awareness of those methods, a quantitative survey of 190 compliance officers was subsequently conducted to determine what leads to investigations. Research limitations/implications The findings only convey the perspectives of the 70 interviewees and 190 survey participants. Practical implications The practical implications include suggestions for financial regulators, financial institutions and compliance officers on how to more effectively combat money laundering and terrorism financing. Originality/value While the empirical findings are based in Europe, the results could be applied globally.

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.

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