scholarly journals A Lavagem de Dinheiro e o Financiamento do Terrorismo no Mercado de Seguros, Capitalização e Previdência Privada Aberta

2021 ◽  
Vol 13 (13) ◽  
pp. 453-467
Author(s):  
Silvia Marinho Pereira Santos Netto ◽  
Jorge Mascarenhas Lasmar
Keyword(s):  
Money Laundering ◽  
Transnational Crime ◽  
Historical Research ◽  
Private Pension ◽  
Insurance Market ◽  
Recent Interest ◽  
Terrorism Financing ◽  
The Subject ◽  
The Creation ◽  
Financing Of Terrorism

This article focus on the emergence of the criminalization of money laundering and the financing of terrorism, as well as the conventions and bodies that promote the prevention of these crimes. It also approaches how the current transnational crime – and evolution of how they are commited – as well as the need for fast and constant legislative adaptation and the creation of specialized bodies to combat these crimes. It further discusses the recent interest of criminals in the insurance, capitalization and open private pension market, and thus, it analyzes SUSEP;s Circular nº 612/2020. The methodology used was historical research, addressing the evolution of conventions and legislation on the subject. The objective is to answer the following questions: How did the laws evolve so that they adapt and effectively prevent crime? Which international and national bodies are responsible for this prevention? How do terrorists operate in the insurance market, and what does the program to prevent money laundering and combat the financing of terrorism have in place? It is concludes that the union of countries is essential for the fight against terrorism, as well as the evolution of legislation on the subject, in order to cover all phases of the process, including the raising of resources. We can also conclude that Circular SUSEP nº 612/2020 is in line with the policies on the prevention of money laundering and terrorism financing, as it is aligned with the risk-based approach model.

National Anti-Money Laundering/Counter-Terrorist Financing Risk Assessment as a Partial Tool for Creditor’s Protection

2017 ◽  
Vol 9 (1) ◽  
pp. 47-57 ◽  
Author(s):  
Lucia Kurilovská ◽  
Marek Kordík
Keyword(s):  
Risk Assessment ◽  
Money Laundering ◽  
Slovak Republic ◽  
Qualitative Aspect ◽  
The Third ◽  
Financing Risk ◽  
Terrorism Financing ◽  
The Subject ◽  
Financing Of Terrorism ◽  
First Time

This paper deals with a national risk assessment. The subject of the risk assessment is money laundering and the financing of terrorism. This is the first time it has been conducted in the Slovak republic. The contribution shows what are the decisive criteria in evaluating the national system of terrorism financing. The first variable that needs to be taken in account is the number of cases. The second variable is the qualitative aspect of the cases. The competency of the personnel constitutes the third variable. The infrastructure generates a fourth variable in order to prevent, avoid and respond such a threat. The other variables are strongly related to the directions and channels of the terrorism financing. The infrastructure belongs to the category of other variables. The paper also deals with data sources and lists those that should be used as a source for further evaluation. The outcome of the NRA will be a comprehensive report.

scholarly journals Combating money laundering and terrorism financing instructions in Jordan

2018 ◽  
Vol 13 (3) ◽  
pp. 81-94
Author(s):  
Walid Muhammad Masadeh ◽  
Abdullah Tayel Al Hassan
Keyword(s):  
Central Bank ◽  
Money Laundering ◽  
Practical Application ◽  
Related Data ◽  
Cooperation Level ◽  
Terrorism Financing ◽  
Financing Of Terrorism ◽  
High Level ◽  
The Impact ◽  
Combat Money Laundering

This study aims to identify the extent of the response of operating banks in Jordan to the anti-money laundering and terrorism financing instructions set by the Central Bank of Jordan, and to enumerate the effectiveness of these sets of laws, the echelon of cooperation with the relevant government agencies and the impact of contiguous political and security conditions on the anti-money laundering and financing of terrorism. To attain the objectives of this study and to test its hypotheses, a descriptive analytical method was followed based on related data of the Central Bank instructions and the engaged procedures by operating banks to combat money laundering and financing of terrorism. Therefore, a questionnaire was designed and distributed to the managers of anti-money laundering departments in operating banks in Jordan. The study shows various outcomes, the most important is the high responding of operating banks in Jordan to the instructions of the anti-money laundering and terrorism financing issued by the Central Bank of Jordan. The existence of practical application of money laundering and terrorism financing instructions fights against money laundering and terrorism financing in banks in Jordan at a soaring level. In addition to the functional cooperation by the competent governmental authorities in the fight against money laundering and terrorism financing, this study introduces a set of recommendations to reinforce the cooperation level for every related party to achieve a high level of cooperation in the field of the anti-money laundering and financing terrorism.

European antiquities trade: a refuge for money laundering and terrorism financing

2019 ◽  
Vol 22 (3) ◽  
pp. 410-416 ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Criminal Activity ◽  
Valuable Insight ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
Terrorism Financing ◽  
Financing Of Terrorism ◽  
Antiquities Trade

Purpose This paper aims to demonstrate how criminals launder money in the antiquities trade in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach A qualitative content analysis of 58 semi-structured expert interviews with both criminals and prevention experts and a quantitative survey of 184 compliance officers revealed the concrete techniques used to launder money in the European antiquities trade. Findings The antiquities market facilitates the placement, layering and integration of the transfer of assets to terrorist organizations. Most importantly, it is among the few profitable methods of laundering money. Research limitations/implications As the findings of the qualitative study are based on semi-standardized interviews, they are limited to the 58 interviewees’ perspectives. Practical implications The identification of concrete methods of money laundering and terrorism financing aims to provide compliance officers, law enforcement agencies and legislators with valuable insight into criminal activity. Originality/value While the existing literature focuses on organizations fighting money laundering and the financing of terrorism, this study instead describes how criminals avoid detection by taking into account prevention and criminal perspectives.

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 ORGANISED CRIME IN PAKISTAN: A CRIMINOLOGICAL STUDY OF MONEY LAUNDERING

2018 ◽  
Vol 57 (1) ◽  
pp. 29-44
Author(s):  
Tahseen Ahmed Shaikh ◽  
Fateh Muhammad Burfat
Keyword(s):  
South Asian ◽  
Money Laundering ◽  
Research Work ◽  
Organised Crime ◽  
Research Literature ◽  
Economic Consequences ◽  
Terrorist Groups ◽  
The Subject ◽  
Financing Of Terrorism ◽  
The Cold War

Organised crime is chameleonic in nature. It is transnational, dynamic, overlapped criminal activities and pervasive in nature. In the same way, money laundering is the predicate offence and it is naturally linked to other organised crimes. After the cold war, this nexus culminated during the occurrence of 9/11 in particular which was a lethal combination of money laundering (ML) and terrorist financing (TF). This combination is currently being experienced by Pakistan; where various terrorist groups are involved with direct and indirect support of proceeds from drug trafficking, assassination, land grabbing, arms smuggling and various other organised crimes routing through the abusage of financial and non-financial channels and support to terrorism. This has left serious socio-politico and economic consequences in the south Asian region and global as well. The researcher found very limited evidence of money laundering characteristics in the existing research literature on Pakistan. Thus to carry out research work on the subject was need of the hour in Pakistan. This led the researcher to find out root causes and existing weaknesses at the regime’s end in countering financial crime and financing of terrorism.

scholarly journals Need of Legal, Administrative and Judicial Reforms in Pakistan to Combat Money Laundering and Terrorism Financing: An Analytical Study

2020 ◽  
Vol 3 (1) ◽  
pp. 91-100
Author(s):  
Khalil Haider ◽  
Naureen Akhtar
Keyword(s):  
Money Laundering ◽  
Analytical Study ◽  
Economic Prosperity ◽  
Financial Systems ◽  
Global Problems ◽  
Terrorism Financing ◽  
Financing Of Terrorism ◽  
The Stability ◽  
Combat Money Laundering

The main objective of this article is to discuss, review and analyze money laundering and terrorism financing simultaneously as both share common incentives, line of action and executing strategies. Money laundering and financing of terrorism are global problems which not only threaten security but also compromise the stability, transparency and efficiency of financial systems, thus undermining economic prosperity and peace of a country. This research defines and expounds the terms ‘money laundering’ and ‘terrorism financing’, and common strategies to execute both of these criminal activities. It also analyzes the current predicament of legal, administrative and judicial skeleton of Pakistan which makes the country more vulnerable to money laundering and terrorism financing. Furthermore, it would also provide its readers with the most needed reforms in the all-over blueprint of the country, and imperative amendments to make the Anti-money Laundering Act, 2010 and the Anti-terrorism Act, 1997 more efficacious to encounter money laundering and terrorism financing in one fell swoop.

Eff ectiveness of the Anti-Money Laundering and Counter-Terrorist Financing Legislation as a Determinant for Asset Confi scation and Freezing Sanctions

2018 ◽  
Vol 9 (2) ◽  
pp. 119-135
Author(s):  
Lucia Kurilovská ◽  
Marek Kordík
Keyword(s):  
Risk Assessment ◽  
Money Laundering ◽  
Slovak Republic ◽  
Legal Framework ◽  
The Other ◽  
Data Sources ◽  
The Third ◽  
Terrorism Financing ◽  
The Subject ◽  
First Time

The paper deals with a  national risk assessment. The subject of  the risk assessment is money laundering and terrorism financing. This is the first time it has been conducted in the Slovak republic. The contribution shows what are the decisive criteria in evaluating the national system of anti-money laundering and terrorism financing. The  first variable that needs to be taken in account is measures examining the legal framework. The second variable is the institutional framework. The competency of personnel represents the third variable. The infrastructure creates the fourth variable in order to prevent, avoid and respond to such a threat. The other variables are strongly related to the effectiveness of the sanctions. The infrastructure belongs to the other variables. The contribution deals also with data sources and lists those that should be used as a source for further evaluation. The outcome of the NRA will be a comprehensive report.

FATF and money laundering in Iran

2018 ◽  
Vol 21 (3) ◽  
pp. 314-327 ◽  
Author(s):  
Mansour Rahmdel
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Armed Forces ◽  
Penal Code ◽  
Content Type ◽  
Psychotropic Substances ◽  
International Regulations ◽  
Terrorism Financing ◽  
The Subject ◽  
International Conventions

Purpose The aim of this paper is considering that obtaining illegitimate property and obtaining property illegally is morally outrageous. The law also condemns it as a crime. The act of those who launder the proceeds of crime is also condemned. This condemnation is almost universal. So, money laundering as a way of diversion of the origin of the illegal gains into legitimate currency or other assets has been criminalized in most of the countries, including in Iran. Before criminalization of money laundering, there were different laws which referred to the case without referring to the term of money laundry. According to Article 49 of the Iranian Constitution “all proceeds of illegal sources like embezzlement, bribery, gambling and other ways should be confiscated.” Design/methodology/approach Article 662 of the Islamic Penal Code (IPC) ratified in 1996 criminalized dealing with the proceeds of theft and Note 2 of Article 119 of the Penal Code of the Armed Forces criminalized obtaining the proceeds of embezzlement. But, in 2008, to follow the international conventions, especially Article 3 of the psychotropic substances 1988 in Vienna and also Financial Action Task Force (FATF) recommendations on Money Laundering and Terrorism Financing, the legislator ratified the anti-money laundering code (AMLC). The methodology is an analytical one. The author using an analytical method, has analyzed the subject with consideration of Iran’s situation, as well as international documents and FATF’s recommendations. Findings The author has studied the issue, believing that domestic regulations of Iran comply with international regulations and FATF recommendations. The current paper considers the different aspects of the AMLCs in Iran in relation to FATF recommendations. Originality/value The author confirms the originality of the paper and declares that he has referred all the other materials.

Features of the Organization of Internal Control in Order to Counter the Legalization of Criminal Proceeds in Leasing Companies

2019 ◽  
Vol 8 (3) ◽  
pp. 67-74
Author(s):  
Елена Карпова ◽  
Elena Karpova
Keyword(s):  
Money Laundering ◽  
Russian Federation ◽  
Internal Control ◽  
Moderate Level ◽  
Control Rules ◽  
Terrorism Financing ◽  
The Subject ◽  
The Russian Federation ◽  
Financial Monitoring ◽  
Monitoring Service

The article describes the features of the functioning of leasing companies as subjects of primary financial monitoring, which necessitates their registration in the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring). The subject of the research is the compliance of leasing companies with the requirements of the Russian legislation aimed at countering the legalization of illicit gains (money laundering) and terrorism financing (AML / CFT) in terms of organizing and effectively implementing internal control for AML / CFT purposes. An analysis of the interaction between employees responsible for compliance with and implementation of internal control rules has been carried out. The study showed that leasing companies are characterized by a moderate level of risk of involvement in the process of laundering criminal proceeds.

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