scholarly journals AN EXAMINATIONS OF ALLEGATION OF NON-COMPLIANCE WITH AML/CFT LAWS AGAINST ISLAMIC BANKING

Jurnal Akta ◽  
2021 ◽  
Vol 8 (2) ◽  
pp. 76
Author(s):  
Maruf Adeniyi Nasir ◽  
Dato� Ng See Teong
Keyword(s):  
Money Laundering ◽  
Focal Point ◽  
The United States ◽  
Islamic Banks ◽  
Weak Supervision ◽  
Western Countries ◽  
The Us ◽  
Islamic Financial Institutions ◽  
Terrorism Financing ◽  
To Come

The dangerous dimension which the terrorism financing incursion introduced to peace and harmonious life globally makes the issue of money laundering and combatting financing terrorism (AML/CFT) a serious phenomenon. The compliance with the AML/CFT laws now generates global interest. Assessment of whether Islamic banks are complying with AML/CFT compliance measures becomes a grave issue that require attention particularly against the background of allegation by Western countries of lax control and supervision. This is probably because of the havoc that the world has continuously experienced as a result of this menace. The issue has continued to come in different dimensions and like a Siamese twin, the banks have become the focal point and inseparable in the issue of how to combat this menace. Incidentally, the increase in the growth and development of Islamic banks across the globe has dragged it to the centre of discussion. Thus, there have being a recurring issue on Islamic financial institutions regarding its compliance with Anti-money laundering laws and Combating Financing Terrorism (AML/CFT) measures. There were allegations of non-compliance with AMLCFT laws by Islamic banks, particularly by some Western countries led by the United States of America. Consequently,� the issue of combatting money laundering and terrorism has become a major issue in the global domain. This paper has extensively examined the allegation of non-compliance of Islamic banks with AML/ CFT laws. This is done by beaming searching light on the growing perception of lax in the control, monitoring, weak supervision, and non-compliance of Islamic banks with AML/CFT measures that is been spearheaded by some western countries, led by the US. Thus, by using the doctrinal research methodology, the paper sought to determine the veracity of the allegation and incidentally found that the allegation is not only baseless but lacks empirical evidence.�

scholarly journals Ethnic Fundraising in America and the Irish and Lithuanian Wars of Independence, 1918–1923

2021 ◽  
pp. 1-23
Author(s):  
R. J. C. Adams ◽  
Vaida Nikšaitė
Keyword(s):  
Sovereign Debt ◽  
Focal Point ◽  
The United States ◽  
International Recognition ◽  
Nation States ◽  
The First World War ◽  
The Us ◽  
History Of ◽  
War Bonds ◽  
First World

Abstract The close of the First World War signalled a proliferation of newly established nation-states across Europe. However, the unilateral proclamations of these states’ independence did not guarantee their international recognition, nor did it guarantee their financial viability. This article examines the funding of two such states: the unrecognized Lithuanian (1919–23) and Irish (1919–21) republics. Both funded their wars of independence by selling ‘war bonds’ to their respective diasporas in the United States; the Lithuanians raising almost $1.9m from c. 28,000 subscribers and the Irish raising $5.8m from c. 300,000 subscribers. Communication between the organizers of these bond drives was virtually non-existent, but following the example of the US Liberty Loans they employed remarkably similar tactics. Yet, issued by self-proclaimed nation-states with neither territorial integrity nor a credible history of borrowing, the Lithuanian and Irish war bonds promised a return only when the states had received international recognition. In this sense, they were examples of what the authors term Pre-Sovereign Debt. Practically, they were a focal point for agitation for governmental recognition and rousing of American public opinion. Symbolically, they were tangible representations of the Lithuanian and Irish pretensions to statehood.

Riding the Waves of (Post)Colonial Migrancy: Are We All Really in the Same Boat?

1998 ◽  
Vol 7 (1) ◽  
pp. 25-51
Author(s):  
Carule Fabricant
Keyword(s):  
Los Angeles ◽  
Postcolonial Theory ◽  
The United States ◽  
News Article ◽  
Container Ship ◽  
Post Colonial ◽  
The Us ◽  
Port Of Los Angeles ◽  
To Come ◽  
Car Accident

I would like to begin by juxtaposing two very different pictures of global travel taken from recent articles in the popular media and considering their implications both for contemporary postcolonial theory and for our readings of “third world” fictional texts. In one article from the summer of 1997 (Newton 6-7), the Los Angeles New Times displayed on its cover a slender man in his thirties staring hopelessly out from behind a barred window. The caption read: “No Way Out: Romanian Gavrila Moldovan Risked His Life to Come to America. The INS Promptly Locked Him Up on Terminal Island. Three and a Half Years Later, He’s Still in Jail.” The accompanying story described Moldovan’s desperate flight out of Romania after being declared a “noncitizen” for writing an anti-government news article, which rendered him vulnerable to immediate arrest, and after his parents died in a suspicious car “accident.” Having slipped aboard a container ship bound for the United States together with some fellow countrymen (three of whom died en route), he was discovered and unceremoniously dumped ashore in Panama, only to stow away shortly thereafter on another container ship headed for the Port of Los Angeles. After finally reaching his destination, a “euphoric” Moldovan explained to the US authorities awaiting him at the port: “I come here to be in freedom.... ’” His “welcome” consisted of being arrested and locked up in the INS Processing Center on Terminal Island, in which, though never charged with any crime, he remained for several years before being transferred to Kern County Jail in Bakersfield, where he is currently languishing amongst a population of men awaiting trial for serious crimes (6-7)—one of thousands of refugees and immigrants who have been, and continue to be, incarcerated in prisons that have contracts with the INS, for lack of proper documents, for minor infringements of the law, or because they are denied political asylum despite compelling evidence of their vulnerability to government reprisal at home.

Afterword Quilting the Black-Eyed Pea

2019 ◽  
pp. 257-272
Author(s):  
Michael O. West
Keyword(s):  
Social Contract ◽  
The United States ◽  
The Self ◽  
Declaration Of Independence ◽  
The Social ◽  
The Us ◽  
The Republic ◽  
To Come ◽  
A Charge

It is a truism that black folk in the United States are an international people. From the beginning of the republic, they were compelled by force of domestic (national) circumstances to internationalize their struggle for liberation, the founders having excluded them from the US social contract. The initial affidavit of exclusion is right there in the inaugural document of the social contract, the Declaration of Independence, which, ever so cryptically, damned the king of England for having “excited domestic insurrections amongst us.” This was an attack on the self-emancipatory activities of the enslaved descendants of Africa, who were exploiting the chaos caused by the anticolonial rebellion to claim their freedom, sometimes in cahoots with the British colonialists. Unable or unwilling to confront their own contradictions, the authors of the Declaration of Independence condemned the self-determination of the slaves as the doing of outside agitators, a charge that would be hurled at African American movements and activists for generations to come—up to the present time, in fact....

scholarly journals Simulating a Foreign Policy Dilemma: Considering US Humanitarian Intervention

2014 ◽  
Vol 47 (03) ◽  
pp. 682-686 ◽  
Author(s):  
Bob Switky
Keyword(s):  
United States ◽  
Foreign Policy ◽  
Latin American ◽  
Latin American Country ◽  
Humanitarian Intervention ◽  
National Interest ◽  
The United States ◽  
The Us ◽  
To Come ◽  
Key Questions

ABSTRACTThe humanitarian impulse in the United States routinely clashes with isolationist sentiment, with appeals to the national interest, and with apathy in and out of government. This class exercise encourages students to explore the contours of the debate over humanitarian intervention with a crisis unfolding in Belagua, a fictitious Latin American country. As the crisis deteriorates, students increasingly feel the tension between wanting to help the at-risk civilian population and avoiding a messy conflict from which the United States could have trouble extracting itself. The project requires students to address key questions about the US role in the Belagua case and to consider what the United States could or should have done in actual situations, such as Rwanda and Syria. Because these crises are likely to occur in the decades to come, this exercise initiates students to the challenges that the United States, as well as the international community, undoubtedly will face.

scholarly journals Freezing Financial Assets in The United States and in Mexico: Contrasts in Constitutionality and Legal Parallels

2019 ◽  
Vol 11 (2) ◽  
pp. 115
Author(s):  
Delia Sánchez Castillo
Keyword(s):  
United States ◽  
Civil Rights ◽  
Money Laundering ◽  
Legal System ◽  
United States Of America ◽  
Due Process ◽  
The United States ◽  
Financial Assets ◽  
The Us

The purpose of this article is to understand how asset freezing works in the United States of America and in Mexico, as well as the contrasts and similarities in both systems. The threats posed to civil rights that can arise from asset freezing led us to compare the judicial criteria held by the US Courts and the corresponding reasoning in the Mexican legal system. Alternative rulings from European courts are also considered. Finally, some recommendations are made to improve due process in the Mexican legal system after preventing money laundering and funding terrorism when freezing financial assets.

scholarly journals Islamic finance and the global financial crisis: an empirical study

2021 ◽  
Vol 3 (3) ◽  
pp. 62-69
Author(s):  
Fadwa Errami ◽  
Jamal Abnaha
Keyword(s):  
Financial Institutions ◽  
Global Economy ◽  
Islamic Law ◽  
Global Financial Crisis ◽  
The United States ◽  
Muslim World ◽  
Islamic Finance ◽  
Islamic Banks ◽  
Islamic Financial Institutions ◽  
The Global Financial Crisis

Islamic finance can no longer be dismissed as a passing fad or as an epiphenomenon of Islamic revivalism. Islamic financial institutions now operate in over 70 countries. Their assets have increased more than fortyfold since 1982 to exceed $200 billion. In 1996 and 1997, they have grown at respective annual rates of 24 and 26 per cent.1 By certain (probably overly optimistic) estimates, up to half of the savings of the Islamic world may in the near future end up being managed by Islamic financial institutions. The first Islamic banks were created in the 1970s, at the time when the aggiornamento of Islamic doctrine on banking matters was taking shape. At the time, Islamic banks were typically commercial banks operating on an interest-free basis. Today, as a consequence of broad changes in the political–economic environment, a new generation of Islamic financial institutions, more diverse and innovative, is emerging as the doctrine is undergoing a new aggiornamento. Perhaps the most important development has been the growing integration of Islamic finance into the global economy. There is now a Dow Jones Islamic Market Index, which tracks 600 companies (from inside and outside the Muslim world) whose products and services do not violate Islamic law. Foreign institutions such as Citibank have established Islamic banking subsidiaries, and many conventional banks – in the Muslim world but also in the United States and Europe – are now offering ‘Islamic products’ that are sometimes aimed at non-Muslims.

Invading Iraq

2020 ◽  
pp. 119-149
Author(s):  
Wallace J. Thies
Keyword(s):  
United States ◽  
Persian Gulf ◽  
The United States ◽  
Persian Gulf War ◽  
Desert Storm ◽  
Operation Desert Storm ◽  
The Us ◽  
To Come ◽  
Iraqi Freedom ◽  
Invasion Of Iraq

This chapter evaluates the positions taken and the arguments made by observers of Saddam Hussein's Iraq during the decade-long interval between the end of Operation Desert Storm in 1991 and the start of Operation Iraqi Freedom (the US invasion of Iraq) in 2003. It focuses on the clash of views between those who believed that Hussein's Iraq could not be contained at a reasonable cost as long as Saddam himself remained on the scene (containment pessimists), and those who believed that containment was both feasible and sustainable, because the great disparity in resources between the United States and Iraq meant that the United States could pressure Iraq for years to come, if need be, without resorting to drastic methods, such as withdrawal or a resort to open warfare (containment optimists). To buttress their case, containment pessimists argued that containment could not be counted on to last indefinitely because of the asymmetry between what was at stake for Saddam and his regime, and for the United States and its allies, in the years after Iraq's defeat in the first Persian Gulf War (1990–91). For Saddam Hussein and the rest of his repressive apparatus, the stakes were nothing less than survival. Optimists, on the other hand, conceded that containment was not perfect, but in their view perfection was not needed to bring down Saddam and his regime.

Preventive Pediatrics: The Promise and the Peril

PEDIATRICS ◽  
1987 ◽  
Vol 80 (3) ◽  
pp. 415-422
Author(s):  
Leon Eisenberg
Keyword(s):  
Government Policy ◽  
Premature Death ◽  
The United States ◽  
Primary Motivation ◽  
Medical Specialists ◽  
The United Kingdom ◽  
The Us ◽  
To Come ◽  
Primary Focus ◽  
Do So

I was deeply honored to have been invited by the Canadian Paediatric Society to serve as its 18th Queen Elizabeth II Lecturer. Even as I relished the honor, I found it daunting, given the distinction of my predecessors. Having considered at length how best to respond, I chose to address prevention, a field with which pediatrics has been concerned since its inception as a specialty. Although the commitment of pediatrics to disease prevention has been unswerving, the diseases that have been the target of its efforts have necessarily changed as the distribution of disease in the population has changed and as scientific advances have created new opportunities for intervention. What pediatricians were once almost alone among medical specialists in emphasizing has now become the target of government policy in Canada,1 the United States,2 and the United Kingdom.3 This, however, is not quite the triumph it may seem. Physicians who advocate prevention do so in the hope of avoiding unnecessary suffering and premature death for their patients. Politicians who do so may not be unmindful of these goals, but their primary motivation is controlling the costs of medical care. The US Forward Plan for Health2 was unabashed about it: "the primary focus of our program is a major attack on cost escalation." The differences in motivation between physicians and politicians have important consequences for health policy, consequences that imperil the promise of prevention. Let me, then, begin with a few words of history, move on to the promise of preventive pediatrics in the years to come, and conclude by discussing the hazards associated with the use of prevention as a political rather than a medical slogan.

scholarly journals Danske Bank—A Smorgasbord of Risks

2020 ◽  
Vol 2 (3) ◽  
pp. 1
Author(s):  
Patrick McConnell
Keyword(s):  
Risk Management ◽  
Money Laundering ◽  
Large Scale ◽  
Financial Institution ◽  
Operational Risk ◽  
Initial Report ◽  
Study Approach ◽  
Operational Risks ◽  
Terrorism Financing ◽  
To Come

In September 2018, Danske Bank, the largest bank in Denmark and one of the largest in the Nordic region, published a report which detailed that the bank’s board had fallen into lapses in Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) policies at the bank, in particular, within its Estonian subsidiary. The report was devastating in its criticism of AML processes in the Estonian branch, stating that, over a period of several years, “all lines of defence failed” to manage money laundering risks. Soon after the publication of this report, the CEO of Danske resigned, causing the details of the underlying scandal to become public knowledge (although some the issues involved had been aired publicly on a number of occasions previously). It was also revealed that the bank had become the subject of criminal investigations by US authorities. While the events that are covered in the initial report related to failures to manage AML risks, the situation is more complex than merely deficient AML controls in a remote branch. There was a failure to manage a smorgasbord of different types of risks at both the local and group (i.e., headquarters) level, including: strategic risks; technology risks; and especially operational risks. As befits a sophisticated modern financial institution, Danske Bank operates a group-wide enterprise risk management (ERM) framework covering multiple types of risk (credit, market operational, etc.). The fact that the failure to manage the AML risks took several years to come to light casts doubts on the efficacy of their ERM framework and its implementation. Using Turner’s case study approach, this paper considers the Danske Bank case from the perspective of operational risk management with a view to identifying lessons that can be learned from the scandal that can be applied to future, large-scale operational risk events.

National Power and Regional Security

2019 ◽  
pp. 125-146
Author(s):  
Ian Hall
Keyword(s):  
National Security ◽  
The United States ◽  
Regional Security ◽  
Security Sector Reform ◽  
Security Sector ◽  
Sector Reform ◽  
The Us ◽  
Net Security ◽  
National Power ◽  
To Come

This chapter analyses the Modi government’s management of national security. It explores the role played by both inherited Hindu nationalist and newer understandings of India’s role as a potential ‘net security provider’ and ‘leading power’. It examines the government’s handling of India’s relations with China and the United States, as well as with Pakistan. And it addresses the vexed issue of security sector reform and military modernisation. It argues that despite considerable ambition and a concerted and largely successful attempt to build a stronger partnership with the US, Modi’s India struggled to come to terms with the sheer scale of the task of extending and leveraging the country’s hard power.

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