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.

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.

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.

Suspicious transaction reporting: an Indian experience

2015 ◽  
Vol 18 (1) ◽  
pp. 2-16 ◽  
Author(s):  
B. Viritha ◽  
V. Mariappan ◽  
Irfan Ul Haq
Keyword(s):  
Money Laundering ◽  
Reporting System ◽  
Task Force ◽  
Annual Reports ◽  
Content Type ◽  
Suspicious Transaction ◽  
Financing Of Terrorism ◽  
Secondary Information ◽  
Financial Intelligence ◽  
The Impact

Purpose – The purpose of this paper is to assess the effectiveness of anti-money laundering (AML) reporting system in India in terms of Suspicious Transaction Reports (STRs) and its impact on countering money laundering through the conviction and confiscation. The main emphasis of financial action task force (FATF) guidelines on AML and countering of financing of terrorism (CFT) is the obligation of financial institutions and designated non-financial businesses and professions to instantaneously report the suspicious transactions to Financial Intelligence Unit (FIU), an agency with a mandate to deal with AML. Design/methodology/approach – It is a descriptive study to explore the outcome of the AML process. The study has used the secondary information published in the annual reports of FIU-India and FATF. The study period is 2006-2007 to 2011-2012. Findings – Though there is a significant increase in the STRs filed, the impact of AML is not realized in terms of neither AML-related convictions nor confiscations, since the enactment of the Prevention of Money Laundering Act (PMLA). However, the AML/CFT regime in India has just started earnestly, and it still has to go a long way before stabilizing and achieve tangible results. Research limitations/implications – In the Indian context, only few of the effectiveness indicators of the FATF methodology 2013 could be selected due to the limited availability of data, as much of the information maintained by various stakeholders, including reporting entities, FIU-India and other investigative and enforcement agencies, is kept confidential. Thus, it is difficult to establish the effectiveness of enforcement function of AML. Evaluation of effectiveness of AML is judged on the basis of convictions and confiscations. Originality/value – There is a dearth of studies assessing the reporting system under PMLA and thus this paper attempts to throw some insights on the outcome of AML chain, especially the impact of reporting suspicious transactions.

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.

Risk-Based AML/CFT Regulations for Effective Supervision

2021 ◽  
pp. 207-237 ◽  
Author(s):  
S. G. Sisira Dharmasri Jayasekara
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Financial System ◽  
Financial Systems ◽  
Financing Of Terrorism ◽  
Global Threat ◽  
The Impact ◽  
Effective Supervision ◽  
Global Initiatives ◽  
Final Impact

Money laundering is a global threat that requires an urgent attention of policymakers to protect financial systems from criminals. A jurisdiction is required to develop a regime to control or mitigate the impact of crimes that have multi-dimensional impacts on global economies. Prevention of global crimes is a challenge not only to jurisdiction but also to the global standard setters. The final impact of these crimes hit the financial system and other regulated institutions. Anti-money laundering/combating the financing of terrorism (AML/CFT) supervision is an emerging area; therefore, a sound regime of AML/CFT supervision is essential to support global initiatives in this regard. This chapter discusses the implementation of a sound risk-based AML/CFT supervision of financial institutions as well as designated non-finance business and professions. This is important for AML/CFT regulators to strengthen the AML/CFT regime of a country.

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.

The impact of reporting suspicious transactions regime on banks: Malaysian experience

2013 ◽  
Vol 16 (2) ◽  
pp. 159-170 ◽  
Author(s):  
Aspalella A. Rahman
Keyword(s):  
Money Laundering ◽  
Primary Sources ◽  
Sources Of Information ◽  
Policy Makers ◽  
Content Type ◽  
Effective Implementation ◽  
Terrorism Financing ◽  
The One ◽  
The Impact ◽  
Insight Into

PurposeReporting suspicious transactions under anti‐money laundering (AML) laws creates a major dilemma for banks. On the one hand, failure to report suspicious transactions is an offence under the laws. On the other hand, if they report the transaction, they may breach their duty of confidentiality to their customer or could be liable for tipping off the suspected customer. More importantly, it can also undermine customers' trust. The purpose of this paper is to look into these issues and analyse them against the background of the Malaysian AML laws.Design/methodology/approachThis paper mainly relies on statutes as its primary sources of information. As such, the relevant Malaysian AML that affect the reporting obligations will be identified and analyzed. It will be necessary to examine not just the provisions of the Malaysian Anti‐Money Laundering and Anti‐Terrorism Financing Act, but also its regulations and guidelines which affect banks in detail, as this is the most important legislation for the purpose of this paper.FindingsIt is apparent that the reporting suspicious transactions regime has had a significant impact on the operations of banks in Malaysia. While the regime is based on sound principles, the effectiveness of the regime is still unknown. As such, only time will tell whether the banks will be able to cope sufficiently with the increased AML obligations. Obviously, it is critical at this stage, to establish effective coordination between legislators, regulators and the banking industry, in order to minimize problems faced by the banks and thereby to ensure effective implementation of the regime.Originality/valueThis paper provides an examination of the impact of the reporting suspicious transactions regime on Malaysian banks. It is hoped that the study would provide some insight into this particular area for academics, banks, their legal advisers, practitioners and policy makers, not only in Malaysia but also elsewhere. In view of the international nature of money laundering and banking, there will be significant interest in how the AML laws affect banks operating in Malaysia.

scholarly journals MONEY LAUNDERING, PUBLIC BENEFICIAL OWNERSHIP REGISTERS AND THE BRITISH OVERSEAS TERRITORIES: THE IMPACT OF THE SANCTIONS AND MONEY LAUNDERING ACT 2018 (UK)

2018 ◽  
Vol 30 (1) ◽  
pp. 185-202
Author(s):  
John Hatchard
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Organised Crime ◽  
Natural Person ◽  
Beneficial Ownership ◽  
Financing Of Terrorism ◽  
Overseas Territories ◽  
The Impact ◽  
Potential Use

The revelations from the Panama Papers have highlighted the potential use of off-shore shell and shelf companies based in the British Overseas Territories and Crown Dependencies to facilitate money laundering, tax evasion, the financing of terrorism and other serious and organised crime. The use of such companies has enabled the natural person(s) who ultimately owned or controlled the company to remain concealed behind a nominee director(s) and nominee shareholder(s). This has led to international interest and pressure to increase the transparency in the beneficial ownership of such companies.   

Sign in / Sign up

Export Citation Format

Share Document