scholarly journals LEGAL REGULATION OF LIABILITY FOR LAUNDERING (LEGALIZATION) OF THE PROCEEDS OF CORRUPTION IN THE REPUBLIC OF KAZAKHSTAN

2016 ◽  
Vol 2 (4) ◽  
pp. 0-0
Author(s):  
Дина Гехова ◽  
Dina Gekhova
Keyword(s):  
Money Laundering ◽  
Legal Regulation ◽  
International Community ◽  
Economic Security ◽  
International Standards ◽  
International Terrorism ◽  
Entire Area ◽  
The World ◽  
Financing Of Terrorism ◽  
Domestic Law

The article notes that the Eurasian group on combating money laundering and financing of terrorism (EAG) is the largest of the regional FATF-type bodies (Group of development of financial measures for combating money laundering — Financial Action Task Force, FATF) from the point of view of the entire area and population of member States and it covers such countries as Belarus, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Observer status in the EAG has been granted to 16 States and 14 international and regional organizations. The key task of the EAG is to assist the regional States in the creation and development of national systems to combat money laundering and financing of terrorism. The implementation of this task is conducive to the economic security and stability of the region, it also prevents the threat of international terrorism and helps to increase investment attractiveness of the region. Republic of Kazakhstan, as a young member of the international community, in the beginning of its career was sympathetic to the recommendations and requirements of the world community to conform its domestic legislation to the norms and provisions of international law. Naturally, it was a time consuming process but today we can safely say that, overall, domestic law and criminal legislation of Kazakhstan, in particular the General principles, are consistent with international standards in this area. It propounds that Republic of Kazakhstan as a responsible member of the international community, it consistently seeks to implement the recommendations and provisions of international legal norms, and today the domestic law of Kazakhstan on countering the legalization of illegal income is in full compliance with the world standards.

The implications of the Brexit from EU and bitcoin

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tareq Na'el Al-Tawil ◽  
Hassan Younies
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Financial System ◽  
International Community ◽  
Monitoring And Control ◽  
Content Type ◽  
Holistic Approaches ◽  
The World ◽  
Financing Of Terrorism ◽  
And Control

Purpose The purpose of this paper is to tackle the most pressing issues confronting global anti-money laundering (AML) efforts, particularly, the implications of the Brexit from EU and the increasing association of bitcoin and cryptocurrencies with crimes. Design/methodology/approach This paper will evaluate the implications of Brexit to AML efforts and the threat that cryptocurrencies like bitcoin pose to the financial system. Findings Instead of banning trade and other transactions using BTC and other cryptocurrencies, financial experts, with the able assistance of IT and mining experts, from all over the world need to convene and tailor an effective regulatory framework. Solid cooperation among the international community, supported by unitary standards and procedures, will help boost the worlds AML/combatting the financing of terrorism (CFT) efforts. As an added bonus, effective regulation, monitoring and control can facilitate more efficient tax collection. Originality/value Recommendations were advanced about the future of AML/CFT efforts and the need for internationally holistic approaches in combatting these twin scourges on all economies.

Measuring Qatar’s compliance with international standards on money laundering and countering the financing of terrorism

2016 ◽  
Vol 19 (3) ◽  
pp. 264-277 ◽  
Author(s):  
Jon Truby
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Research Field ◽  
International Standards ◽  
International Terrorism ◽  
Regulatory Requirements ◽  
Content Type ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
Mutual Evaluation

Purpose Under scrutiny in light of the growing threat of international terrorism, Qatar faces pressure and accusations that it is not doing enough to counter terror financing and clamp down money laundering. The issue is not that Qatar is avoiding positive action, but that by the time measures are implemented, they become outdated because the international community has by then tightened its regulatory requirements. Qatar’s slow pace has led to a case of cat-and-mouse chase with respect to updating its standards, with a revised set of rules being required by the time Qatar implements the last set of international standards. This study aims to draw on lessons from the past to help Qatar avoid findings of it falling below international standards in the upcoming 2017 mutual evaluation. Design/methodology/approach The primary purpose of this article is to catalogue Qatar’s efforts to comply with international anti-money laundering (AML) and anti-terror finance standards. It demonstrates the real legislative progress post-2008 recorded by Qatar to minimize money laundering and terrorist financing. The paper also contests the view that Qatari law is insufficient. Findings The paper explains Qatar’s efforts to comply with the recommendations made by each evaluation by the Financial Action Task Force (FATF). It also highlights the potential for Qatar to be caught out again by the evolution of international expectations in an upcoming review, which, it is understood, is likely to take place in 2017. Originality/value No article exists specifically on this research field. As Qatar prepares for its 2017 FATF evaluation, it should be reminded of the need to comply with all new standards.

scholarly journals Features of legal nature Financial Action Task Force on Money Laundering FATF

2020 ◽  
pp. 370-374
Author(s):  
Оlga Pereverzyeva ◽  
Vasif Gadjiev
Keyword(s):  
Money Laundering ◽  
Large Scale ◽  
Task Force ◽  
International Standards ◽  
Intergovernmental Organization ◽  
Successful Work ◽  
Legal Nature ◽  
Organization Analysis ◽  
The Status ◽  
Financing Of Terrorism

The article is devoted to the peculiarities of the legal nature of FATF, the process of its creation, the legal principles of activity,as well as the speciality of its legal entity. Attention is also devoted to the main Conventions, which were signed on the eve of The FirstWorld War and after The Second World War and shows the main preconditions and reasons for the creation of the intergovernmentalorganization FATF.The ongoing growth of the drug business, the expansion of its geographical boundaries, increasingly sophisticated and dangerousforms of this criminal business, the struggle of states on large-scale crime related to the legalization of criminal proceeds led to the creationof FATF and it achieved important results in this area.FATF cannot be considered by an international organization because it has not been established on the basis of an internationaltreaty and does not have an approved statute. However, despite this, FATF has a decision to establish a group – this is the legal basisfor its activities and is an intergovernmental organization. Analysis of FATF’s activities shows that FATF’s initial priority was to combatlaundering of proceeds from drug trafficking. Today FATF’s activities have three main directions: expanding the actions of its adoptedrecommendations to all continents and regions of the globe; checking how member states are executed and how anti-money launderingmeasures are implemented in other states, based on 40 plus 9 FATF recommendations that are guidance to action; tracking worldwidemethods and schemes of laundering criminally used capital and developing countermeasures. To date, a set of 40 FATF recommendationsand 9 Special Recommendations for Countering The Financing of Terrorism is a set of universal standards that lead to a successfulfight against money laundering. The new version of this document was adopted in 1996, 2003 and 2012. One of FATF activities is todefine so-called non-cooperative countries and territories and make their list, which is called the «blacklist». Although the country’sinclusion in the “blacklist” does not lead to the application of sanctions by the world community, it indicates a degree of trust in it onthe part of foreign investors. Lacking the status of an international legal act, FATF’s recommendations in practice received generalrecognition as universal international standards in the field of anti-money laundering. Successful work on counteracting the launderingof dirty funds should be carried out simultaneously at two levels – at international and national levels. FATF functions – to monitor theprocesses of implementation of such measures, to study ways and techniques of money laundering, to develop preventive and preventivemeasures, to promote the global implementation of anti-money laundering standards. FATF’s recommendations in practice receivedgeneral recognition as universal international standards in the field of anti-money laundering. Every year FATF organizes meetings onthe analysis of methods and trends related to combating the laundering of criminal proceeds and financing of terrorism.

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.

scholarly journals DEVELOPMENT OF UNIFIED PROCEDURES FOR FINANCIAL INSTITUTIONS IN ORDER TO PREVENT MONEY LAUNDERING AND TERRORISM FINANCING

2019 ◽  
Vol 2 (87) ◽  
pp. 141
Author(s):  
Suzanna Kalinina
Keyword(s):  
Risk Management ◽  
Public Relations ◽  
Money Laundering ◽  
Financial Institutions ◽  
Financial Institution ◽  
Legal Regulation ◽  
Graphical Analysis ◽  
Terrorism Financing ◽  
Financing Of Terrorism ◽  
Financial Monitoring

The relevance of the topic is confirmed by the changes taking place in the financial monitoring system: the expansion of the financial monitoring range of procedures complication´s supervisory bodies aimed at countering money laundering and financing of terrorism, the creation of specialized international and European requirements, which causes changes in the legal regulation of public relations in this area, both at the level of the Estonian Republic, and at international level. Taking into account these changes, financial institutions are a subject to significant legal risks. The purpose of this topic is to improve the financial institution risk management system, in the field of anti-money laundering and countering financing of terrorism. The theoretical and methodological basis of the study are the provisions and conclusions regarding anti-money laundering and countering financing of terrorism risk management issues contained in the research works of different Estonian and Russian authors; as well as the author analysed anti money laundering and counter terrorism financing legal acts and revealed the main recommendations to financial institutions for preventing money laundering and terrorism financing.  The author analyses reasons, which affect licenses withdrawal due to breach of money laundering. The nature of the tasks and the system approach to their solution determined the use of the following research methods in the research: analysis and synthesis, grouping and classification, scientific generalization, expert assessments and graphical analysis.

scholarly journals MODERN CRYPTOECONOMICS: INTERNATIONAL LEGAL REGULATION

2018 ◽  
pp. 135-142
Author(s):  
Antonina D. Levashenko ◽  
Ivan S. Ermokhin
Keyword(s):  
Money Laundering ◽  
Legal Regulation ◽  
International Experience ◽  
Tax Base ◽  
Public Interests ◽  
Terrorist Financing ◽  
The Us ◽  
Crypto Currency ◽  
The World ◽  
The Eu

Due to increasing interest around the world about crypto-currency there is a growing need among authorities for understanding the approaches to regulate the new phenomenon. Analysis of international experience in the regulation of crypto-currencies and other cryptoactive assets shows that regulators are now trying to reduce the risks associated with the violation of public interests - the risks of erosion of the tax base and money laundering and terrorist financing. The article provides information on the approaches of the EU, the US and other OECD countries to the regulation of crypto-currencies and other crypto assets, as well as possible proposals for regulators in Russia. 

scholarly journals Threats of banks participation in the criminal proceeds legalization in the field of environmental protection

2021 ◽  
Vol 258 ◽  
pp. 05005
Author(s):  
Kirill Ameleshin ◽  
Gennadiy Pryakhin
Keyword(s):  
Environmental Protection ◽  
Money Laundering ◽  
Positive Impact ◽  
Economic Security ◽  
The State ◽  
Financial Condition ◽  
Mass Outflow ◽  
Financing Of Terrorism ◽  
Credit Institutions

Every year, dozens of banks are revoked in Russia, and the main reason for revoking the license is the violation of legislation in the field of countering the legalization of proceeds from crime and the financing of terrorism (hereinafter referred to as AML/CFT). In this regard, it is increasingly important to identify banks that have an unstable financial condition, are potentially aimed at withdrawing funds, and are involved in dubious transactions aimed at legalizing criminal funds. This article is aimed at showing what tools the participants of the monetary sphere can use to analyze credit institutions for participation in dubious transactions with the purpose of money laundering. The results of this work will be a comparison of the current little-known and not widely used coefficients with the author's indicator, which should show the bank's ability to operate effectively during the period of mass outflow of funds. Based on the results of applying these coefficients, you can make sure that the bank is reliable and that your own savings are safe, all of which has a positive impact on the economic security of the state.

ON THE ADAPTATION OF UKRAINIAN LEGISLATION IN THE FIELD OF ATMOSPHERIC AIR PROTECTION TO THE LAW OF THE EUROPEAN UNION

2018 ◽  
Author(s):  
Viktoriia Bredikhina ◽  
◽  
Yuliya Ignatyuk ◽  
Keyword(s):  
Legal Protection ◽  
Legal Regulation ◽  
International Standards ◽  
The European Union ◽  
Adaptation To Climate Change ◽  
Atmospheric Air ◽  
Best Available Technologies ◽  
Eu Legislation ◽  
The World ◽  
The Eu

Atmospheric air is one of the main vital elements of the environment. The constant growth of the negative anthropogenic impact on it leads to a deterioration in the ecological state of the environment, an increase in morbidity and an increase in the risk of mortality among the population. This article explores the basic principles of legal protection of atmospheric air, on which EU legislation is based. In particular, ‒ is taking into account influences, practical reach, the principle of universality, uncertainty of requirements for specific technologies, the principle of the best available technologies, as well as the principle of "pollutant pays". The authors also analyzed the standards and standards of air quality of the EU, proposed ways to solve the problem of improving national legislation in this area, bringing it in line with international standards. The experience of some European countries proves the need and importance of implementing effective standards of air pollution, since ignoring such normalization can lead to detrimental consequences not only in Ukraine but also around the world. The article states that the regulatory and legal regulation of this sphere in the EU is effective and in a sense exemplary, because with the help of various legal instruments effective air protection is carried out, adaptation to climate change, which makes it possible to properly ensure environmental safety of the population not only in Europe, but also around the world. Ukraine, by adopting relevant regulations at the present stage of the development of legal regulation, takes generally successful steps in the field of approximation of its environmental legislation to EU legislation. However, this process is still gaining momentum and does not exclude problems, contradictions that can inhibit this approximation.

Classification of financial monitoring objects: criteria and indicators of suspicion

2021 ◽  
Author(s):  
Maria Perepelytsya
Keyword(s):  
Money Laundering ◽  
Legal Regulation ◽  
Economic Security ◽  
The State ◽  
Criteria And Indicators ◽  
Legal Norms ◽  
Financial Monitoring ◽  
Financial Transactions ◽  
Subjective Rights

Problem setting. The problem of legalization (laundering) of money and other property acquired by criminal means is of great importance for Ukraine, because the criminalization of the economy is the main threat to the economic security of the state. In order to successfully combat this negative phenomenon, it is necessary to constantly develop and improve the processes of identification and analysis of financial transactions that are the objects of financial monitoring. Detection of such transactions requires clear criteria and indicators that allow you to quickly and accurately identify among the range of financial transactions those related to money laundering. The list of criteria and indicators of suspicion of financial transactions is large and sometimes ambiguous in terms of its interpretation and application. This issues is important because it is about the scope of law, the subjective rights of participants in financial transactions, the ownership of such persons in their assets and the level of trust in entities that provide financial and other services. The purpose of the research is to study the legal norms in the field of establishment and classification of financial monitoring objects – types of financial transactions depending on the criteria and indicators developed by the subjects of state financial monitoring and supplemented by the subjects of primary financial monitoring. Analysis of resent researches and publications. The solution of problems of legal regulation of the national system of financial monitoring in Ukraine (procedures, methods, risks, criteria, indicators etc.) was devoted to the works of such scientists as A. P. Gavrilishyn, I. M. Patyuta, B. M. Surkalo, O. E. Kostyuchenko, K. A. Kryvulya, Zh. I. Dovgan, I. G. Biryukova, V. M. Berizko and others. However, the issue of classifying financial monitoring objects according to the criteria and indicators of suspicion is important and necessary, because it is on such indicators that all activities in the field of financial monitoring are based and the results of such activities depend on their establishment. Article’s main body. The list of criteria and indicators of suspicion of financial transactions and their classification as objects of financial monitoring is quite wide. Their classification according to the relevant criteria is necessary and enshrined in law, which is important to prevent their unrestricted spread. At the same time, the subjects of state financial monitoring at their own discretion, but taking into account the main requirements of the legislation in the field of financial monitoring, develop and establish the grounds for classifying a financial transaction as an object of financial monitoring. In turn, the subjects of primary financial monitoring at their own discretion, but taking into account the rules and subjects of state financial monitoring, supplement, expand and improve this list in order, on the one hand, to prevent the legalization (laundering) of proceeds from illegal by and their entry into the financial system of the state and, on the other hand, compliance with the subjective rights of customers – participants in financial transactions. Conclusions. The article examines the legal norms in the field of establishment and classification of financial monitoring objects – types of financial transactions depending on the criteria and indicators developed by the subjects of state financial monitoring and supplemented by the subjects of primary financial monitoring. It is concluded that the identification of transactions that are the objects of financial monitoring requires clear criteria and indicators that allow you to quickly and accurately identify among the range of financial transactions those related to money laundering. Risk criteria by type of client, by geographical basis, by type of service (product), by service supply channel (product) are considered. Differentiated indicators of suspicion of financial transactions into indicators related to the activities or behavior of the client, indicators related to the financial operations of the client and indicators for different types of products (services). It is emphasized that the problem of defining clear and standard types of criteria and indicators of financial transactions is important and relevant in the current relations in the field of financial monitoring between the state and the participants of the respective financial transactions.

scholarly journals ABOUT THE IMPORTANCE OF STUDYING (EUROPEAN) MONETARY LAW AT DOMESTIC LAW FACULTIES

2021 ◽  
pp. 197
Author(s):  
Marko Dimitrijević ◽  
Srđan Golubović
Keyword(s):  
Monetary Policy ◽  
Legal Regulation ◽  
Living Standards ◽  
European Monetary ◽  
Academic Teaching ◽  
Monetary Stability ◽  
Positive Law ◽  
The World ◽  
Specialist Knowledge ◽  
Domestic Law

This paper points to the real and logical need for academic studying of the positive law discipline of (European) Monetary law at Law Faculties in Serbia. This branch of law is necessary for the optimal legal regulation of monetary policy, state monetary conduct and preserving monetary stability as an important public good for every monetary jurisdiction in the world. The introduction of Jean Monnet Module for European Monetary Law at the Faculty of the Law, University of Niš, is a very important step in academic teaching and scientific research on the legal regulation of public monetary affairs. The authors conclude that lawyers must have specialist knowledge from this branch of law, considering the frequency of monetary disputes and implication of monetary stability on living standards of monetary habitats and their rights to have healthy and solid currency.

Sign in / Sign up

Export Citation Format

Share Document