scholarly journals Investigation of graph databases suitable for work with big data while detecting money laundering and terrorism financing cases

2019 ◽  
Vol 26 (3) ◽  
pp. 103-116 ◽  
Author(s):  
Kirill V. Plaksiy ◽  
Andrey A. Nikiforov ◽  
Natalia G. Miloslavskaya
Keyword(s):  
Big Data ◽  
Money Laundering ◽  
Graph Databases ◽  
Terrorism Financing

Applying Graph Theory to Detect Cases of Money Laundering and Terrorism Financing

2020 ◽  
pp. 297-319
Author(s):  
Natalia G. Miloslavskaya ◽  
Andrey Nikiforov ◽  
Kirill Plaksiy ◽  
Alexander Tolstoy
Keyword(s):  
Big Data ◽  
Graph Theory ◽  
Information Security ◽  
Money Laundering ◽  
Automated System ◽  
Financial Security ◽  
Criminal Cases ◽  
Terrorism Financing ◽  
Financing Of Terrorism ◽  
Security Incidents

A technique to automate the generation of criminal cases for money laundering and financing of terrorism (ML/FT) based on typologies is proposed. That will help an automated system from making a decision about the exact coincidence when comparing the case objects and their links with those in the typologies. Several types of subgraph changes (mutations) are examined. The main goal to apply these mutations is to consider other possible ML/FT variants that do not correspond explicitly to the typologies but have a similar scenario. Visualization methods like the graph theory are used to order perception of data and to reduce its volumes. This work also uses the foundations of information and financial security. The research demonstrates possibilities of applying the graph theory and big data tools in investigating information security incidents. A program has been written to verify the technique proposed. It was tested on case graphs built on the typologies under consideration.

An analysis of the forfeiture regime under the anti-money laundering law

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aspalella A. Rahman
Keyword(s):  
Money Laundering ◽  
Secondary Data ◽  
Primary Sources ◽  
Court Cases ◽  
Sources Of Information ◽  
Content Type ◽  
Terrorism Financing ◽  
Bona Fide ◽  
Descriptive Approach ◽  
Insight Into

Purpose This paper aims to analyze the forfeiture regime under the Malaysian anti-money laundering law. Apart from discussing the relevant provisions, several court cases also were examined to identify the problems which arise in the implementation of such a powerful forfeiture regime. Design/methodology/approach This paper mainly relies on statutes and court cases as its primary sources of information. It is supported by secondary data to justify the analysis. This paper also used analytical descriptive approach to analyze relevant forfeiture provisions from statutes and to examine current court cases regarding the implementation of the forfeiture regime. Findings The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) provides comprehensive procedures for the forfeiture of criminal proceeds. Any limitations of the previous statutory legislations have been addressed, and more importantly, the AMLATFPUAA introduces more powerful and innovative measures that can facilitate the recovery of illegal proceeds from money laundering and any other serious crimes. The AMLATFPUAA also provides avenue for the bona fide third parties to contest the forfeiture order. However, it appears that such right is not easy to be enforced. Originality/value This paper provides an analysis of the forfeiture regime under Malaysian anti-money laundering laws. It is hoped that the content of this paper can provide some insight into this particular area for enforcement authorities, practitioners, academics, policymakers and legal advisers not only in Malaysia but also elsewhere. The findings of this paper also expose any weakness or lacunae in the aspects of application and implementation of the forfeiture regime. Thus, more effective and workable legal solution especially on the issue of civil forfeiture of criminal assets could be considered for further accomplishment.

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.

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.

Nigerian cryptocurrency curbs will not stem their use

2021 ◽  
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Money Laundering ◽  
Peer To Peer ◽  
Content Type ◽  
Legal Tender ◽  
Terrorism Financing ◽  
Potential Use

Significance The CBN has previously warned banks against cryptocurrency transactions, arguing cryptocurrencies are not legal tender in Nigeria and create risks due to their volatility and potential use in money laundering and terrorism financing. Unofficially, the decision reflects the CBN’s desire to maintain control over scarce forex supply and its official exchange rates. Impacts Remittances may increase through official channels briefly but this will ease once peer-to-peer cryptocurrency transfers become more common. Cryptocurrencies could increasingly be used to bypass official forex controls, further pressuring the CBN over its exchange rate policies. The CBN's stance could see shadow cryptocurrency markets emerge, creating the very problems the CBN claims to be trying to counter.

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.

The Analysis of Money Laundering Techniq

2011 ◽  
pp. 138-145
Author(s):  
Krzysztof Woda
Keyword(s):  
Money Laundering ◽  
Single Phase ◽  
Mobile Payment ◽  
Electronic Payment ◽  
Multistage Process ◽  
Payment Systems ◽  
Terrorism Financing

There exist many connections between money laundering and terrorism financing concerning illicit practices for fundraising, transfer or withdrawal of funds. The characteristic multistage process of money laundering is also typical for the terrorism financing and often contains a series of transactions in order to conceal the origin or disposition of money. The purpose of this article is the analysis of the best suited techniques of money laundering for terrorism financing using electronic payment systems (like transfers, mobile payment systems or virtual gold currencies). Furthermore, the suitability of payment systems for conducting secret transactions for terrorism financing will be analyzed regarding the realization of a single phase of money laundering.

Sign in / Sign up

Export Citation Format

Share Document