The role of financial investigations in combating money laundering

2022 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Bakytzhan A. Zhakupov ◽  
Murat G. Kozhanov ◽  
Maral T. Abzalbekova ◽  
Roza M. Zhamiyeva ◽  
Gulmira B. Sultanbekova
Keyword(s):  
Money Laundering

Concealment of Illegally Obtained Assets in Nigeria: Revisiting the Role of the Churches in Money Laundering

2020 ◽  
Vol 28 (1) ◽  
pp. 106-121
Author(s):  
Kato Gogo Kingston
Keyword(s):  
Economic Growth ◽  
Money Laundering ◽  
Financial Crime ◽  
The Past ◽  
Key Drivers ◽  
Nigerian Government

Financial crime in Nigeria – including money laundering – is ravaging Nigeria's economic growth. In the past few years, the Nigerian government has made efforts to tackle money laundering by enacting laws and setting up several agencies to enforce the laws. However, there are substantial loopholes in the regulatory and enforcement regimes. This article seeks to unravel the involvement of the churches as key drivers in money laundering crimes in Nigeria. It concludes that the permissive secrecy which enables churches to conceal the names of their financiers and donors breeds criminality on an unimaginable scale.

scholarly journals The Role of Auditors Against Money Laundering- Albania Case

2018 ◽  
Vol 10 (1) ◽  
pp. 17
Author(s):  
Nertila Cika ◽  
Sotiraq Dhamo ◽  
Igli Tola
Keyword(s):  
Money Laundering ◽  
Banking System ◽  
Public Confidence ◽  
Chi Square ◽  
Main Research ◽  
Construction Companies ◽  
Illegal Activities ◽  
Control Institution ◽  
And Function

In the process of the globalization of the economy one of the biggest challenges is combating and preventing criminal activities such as the money laundering. This phenomenon affects the failure of many sectors, such as monetary and banking system, the loss of public confidence in the financial system, the problem in calculating GDP in the affected countries. Albania has been considered a 'paradise' for investing and money laundering from suspicious or illegal activities, for more than 20 years. To prevent Money Laundering is necessary to make proper legislation and the involvement of several parties, including also the accounting professionals. The purpose of this paper is to estimate the role and function performed by Albanian Chartered Auditors (CAA –EKR) and auditors of State High Control Institution against Money Laundering. We try to give answer to the main research questions as: Are the Albanian auditors involved in fighting Money Laundering? Which is the level of legislation of Albania regulated against Money Laundering? What is the role of professional body of the auditors in preventing Money Laundering? The conclusions of this paper are based on literature review and data analysis through the independent test, Chi-Square test, gathered from questionnaires designed and intended for Albanian auditors to understand practically how they face this phenomenon in Albania. We find out a negligence of the auditors in reporting ML.Typically the construction companies with Albanian capital are involved in the money laundry transactions and further research studies are recommended to be made.

scholarly journals PERTANGGUNGJAWABAN ADVOKAT SEBAGAI GATEKEEPER DALAM KAITANNYA DENGAN TINDAK PIDANA PENCUCIAN UANG

Media Iuris ◽  
2018 ◽  
Vol 1 (2) ◽  
pp. 350
Author(s):  
Rendy Ardy Septia Yuristara
Keyword(s):  
Human Rights ◽  
Law Enforcement ◽  
Money Laundering ◽  
Legal Profession ◽  
The State ◽  
Professional Responsibilities ◽  
Basic Purpose ◽  
The Law

Advocates are the most vulnerable professions to be Gatekeepers in money laundering. Indeed, the advocate profession is part of the law enforcement apparatus that can contribute better in preventing money laundering activities to develop. Affirmation about the role of advocate that can suppress the occurrence of money laundering crime, that is with the issuance of PP. 43 of 2015, which places advocates as one of the reporting parties in the agenda of eradicating money laundering crime. However, the substance of the rule draws criticism from some misguided advocates in interpreting the intent and purpose of the arrangement. Moreover there are some advocates who consider that the rule is against the rules that regulate immunity rights in the profession advocate. The misinterpretation of some advocates related to the immunity rights inherent in the profession, causing the work of the advocate profession to be considered irrelevant, and not worthy of being called the nobleprofession (OfficiumNobile), But as a bad profession in integrity and promoting commercialization. In fact, the basic purpose of the arrangement of PP. 43 of 2015, which places the advocate profession as one of the reporting parties on the eradication agenda of money laundering, is a form of respect for the profession of advocate who is a noble profession, by prioritizing his professional responsibilities to the state, society and God, as well as his obligations as part of The legal profession to uphold the law and uphold the value of human rights while on duty.

scholarly journals THE ROLES OF FORENSIC ACCOUNTANTS IN PREVENTION AND DETECTION OF MONEY LAUNDERING IN PHOENIX ACTIVITIES

2019 ◽  
Vol 1 (1) ◽  
pp. 83-111
Author(s):  
Samuel Anindyo Widhoyoko ◽  
Deoga Payudha ◽  
Jeannada Natasha ◽  
Jerremy Immanuel
Keyword(s):  
Literature Review ◽  
Money Laundering ◽  
Legal Assistance ◽  
Business Valuation

The process of company liquidation is always full of money laundering allegations and vulnerable to fraud. This fraudulent scheme is referred to as phoenix activity. The main purpose of phoenix activity is to avoid liability and expenses, which detriments the stakeholders. This research explains the importance of the role of forensic accountants prior, during, and after bankruptcy. The methodology used in this research is literature review examining the problems through various researches and frameworks. The literature review discusses three aspects related to fraudulent bankruptcy scheme i.e. motivation, the scheme processes and litigation processes. The research concludes that the presence of forensic accountants is important in the insolvency prevention and detection, in their roles as(1) independent and hired experts; (2) professional legal assistance providers of Anti-Money Laundering (AML) and asset manager; (3) business valuation experts; (4) private investigators; and (5) surveillance body for anti-money laundering purposes.

Due Diligence Debates in International Anti-corruption and Money Laundering Law

2020 ◽  
pp. 288-301
Author(s):  
Radha Ivory
Keyword(s):  
International Economic ◽  
Money Laundering ◽  
Legal Framework ◽  
Economic Crime ◽  
Due Diligence ◽  
New Approach ◽  
State Actors ◽  
Legal Entities

This chapter describes and problematises the role of due diligence norms in international anti-corruption and money laundering law. It analyses the international legal framework against the abuse of trust or power for private gain—corruption—and finds that states are obliged to prevent the perpetration or facilitation of such conduct by non-state actors. The chapter demonstrates that, to this end, states must ‘responsibilise’ legal entities and require supervision by those entities of other non-state actors. Both horizontal (state-to-state) and traversal (state-to-business) anti-corruption due diligence obligations are calibrated by discretions and notions of risk. The chapter points out that the international economic crime standards seem to employ a ‘new’ approach to governance or—more problematically—to diffuse ‘new’ forms of ‘penality’ or global governmentality.

scholarly journals Deconstructing Digital Currency and Its Risks: Why ASIC Must Rise to the Regulatory Challenge

2019 ◽  
Vol 47 (1) ◽  
pp. 121-150
Author(s):  
Paul Latimer ◽  
Michael Duffy
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Currency Markets ◽  
Regulatory Response ◽  
Digital Currency ◽  
Terrorism Financing ◽  
Wait And See ◽  
Regulatory Challenge ◽  
Regulatory Challenges

Digital currency is a ‘disrupter’ of financial services and currency markets, and as such presents new regulatory challenges. International regulatory responses to digital currency range from being largely ignored in some jurisdictions to being banned in others, with most jurisdictions charting a middle course of ‘wait and see’ while attempting to deal with pressing issues (such as taxation liability and potential money laundering and terrorism financing issues). This article explains digital currency, its benefits, its problems, its risks and the regulatory response so far. It analyses the extent to which the Australian Securities and Investments Commission (ASIC, the national securities regulator) may or may not have regulatory power and jurisdiction under existing Australian law, and the role of other relevant regulators and institutions. It concludes that digital currency may well be a ‘financial product’ under Corporations Act 2001 (Cth) s 763A (though many suppliers/issuers of that product will be website operators located outside Australia). If it is a financial product, ASIC would also have jurisdiction over issuers and markets that trade in that product. This conclusion could easily be fortified by legislative confirmation; however, it is suggested that ASIC should in all events test its powers to determine whether any legislative change is needed. Regulation by ASIC would add to recent moves to deal with digital currency by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Taxation Office (ATO). In all cases, this article argues that the time has come for Commonwealth regulation of digital currencies by ASIC as the relevant regulator. This would then trigger the obligations set out in the Corporations Act and the ASIC Act, including Australian Financial Services Licensing, Australian Market Licensing, standards of efficiency, honesty and fairness, disclosure provisions, possible market offences and corporate regulation generally. The suggested jurisdiction of ASIC would build on its existing role as well as the roles of the Australian Competition and Consumer Commission, the ATO and AUSTRAC.

scholarly journals Public-Private Partners Against Crime: Governance, Surveillance and the Limits of Corporate Accountability

2011 ◽  
Vol 8 (4) ◽  
pp. 471-484 ◽  
Author(s):  
Karin Svedberg Helgesson
Keyword(s):  
Money Laundering ◽  
Banking Industry ◽  
The State ◽  
Corporate Accountability ◽  
Private Business ◽  
Private Partnership ◽  
Tentative Conclusion ◽  
Initial Assumption ◽  
Business As Usual

Recent risk-based regulation on anti-money laundering emphasises the need for private business actors to be more actively engaged in preventative efforts. This proposed public-private partnership against crime raises important questions of how to balance values and interests as it situates business actors in an intricate position at the centre of conflicting claims and attributions. Based on an interview study of the banking industry in Sweden, this article analyses how surveillance for the state in relation to anti-money laundering is implemented into the business-as-usual of business actors. The findings support the initial assumption that the role of agent of the state is in conflict with the role of being an agent for private principals. However, a complementary tentative conclusion is that the demands of one principal could also be beneficial for promoting the interests of the other principal. Finally, it is suggested that making oneself more accountable may, in fact, be a means to limit corporate accountability.

Sign in / Sign up

Export Citation Format

Share Document