"The Phenomenon of Trade-Based Money Laundering in Bangladesh" - A Critical Review

Mapping Intimacies ◽

10.31235/osf.io/gw9qd ◽

2021 ◽

Author(s):

Monzur Morshed ◽

Taiabur Rahman

Keyword(s):

Gross Domestic Product ◽

Money Laundering ◽

Critical Review ◽

Academic Research ◽

Government Agencies ◽

Financial Crime ◽

Tax Havens ◽

Entire World ◽

The Government ◽

Combat Money Laundering

Bangladesh is one of the victims of financial crime like money laundering. Bangladesh's gross domestic product (GDP) has risen to 329.12 billion dollars in recent years and is steadily expanding. According to BASEL AML Index data (2020), Bangladesh's current AML score is 5.88. It stands in 38 rankings among 141 countries where Afghanistan ranks in the number one position, scoring 8.16, and Estonia ranks in 141 places with a score of 2.36. To fight financial crime like money laundering, The Central Bank of Bangladesh has taken necessary steps to be in line with FATF Status. In this connection, Trade-Based Money Laundering is a type of money laundering that shall closely monitor. Under-invoicing and over-invoicing are regularly practiced by the importers and exporters while declaring false prices of the goods. The remaining capital flies through "Hundi" and other media like Bitcoin or cryptocurrency platforms and uses offshore tax havens to hide the money. Though ML / TBML is a common problem over the entire world, in comparison to others, Bangladesh's progress is not significant, and not enough academic research is being published, which creates a considerable gap between the Government agencies and academia. This study attempts to break the ice between government agencies and academia. Still, more in-depth research shall be needed to combat Money Laundering (ML) or Trade-Based Money Laundering (TBML).

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The Effects of Money Laundering on Monetary Markets Introduction

Modern Applied Science ◽

10.5539/mas.v13n12p43 ◽

2019 ◽

Vol 13 (12) ◽

pp. 43

Author(s):

Marwan Mohammad Aboel-Majeed Abu-Orabi ◽

Abeer F.A. Al Abbadi

Keyword(s):

Exchange Rates ◽

Money Laundering ◽

Financial Institutions ◽

Foreign Investments ◽

Monetary Policies ◽

Study Population ◽

The Government ◽

The Stability ◽

The Impact ◽

Combat Money Laundering

The aim of this study is to determine the impact of money laundering on: the competition in the financial and monetary markets, the stability of the investment sector in Jordan, the ability of the government to control the monetary policies in Jordan, the attraction of foreign investments to the markets in Jordan and the Jordanian dinar exchange rates. A survey of the components and sample of the study population, composed of employees of the Central Bank of Jordan and the Audit Bureau, was used. A questionnaire was developed as a tool for the study, distributed to the study sample of (35). The study concludes that: Money laundering has a massive effect on monetary markets, competition in the financial and monetary markets, the government’s capability to control monetary policies, the investment sector’s stability, attracting foreign investments for the marketplace, and Jordanian Dinar’s exchange rate. Depending on the results of the study, the researcher recommends Introducing laws and regulations to combat money laundering, fostering the role judicial authorities, empowering prohibiting and punishment of involved financial institutions, confiscating of funds, punishing perpetrators, and developing legal procedures that regulate banks’, financial institutions’ and companies’ activities.  

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Panama will pursue transparency efforts in 2017

Emerald Expert Briefings ◽

10.1108/oxan-db217158 ◽

2017 ◽

Keyword(s):

Money Laundering ◽

Tax Evasion ◽

Multinational Companies ◽

International Banking ◽

Corporate Tax ◽

Tax Havens ◽

Content Type ◽

High Profile ◽

International Image ◽

The Government

Subject Panama’s efforts to improve transparency. Significance On December 12, Oxfam released its list of the world’s worst corporate tax havens. Much to the surprise of the Panamanian press, Panama was not included. After a year of high-profile scandals linked to tax evasion and money laundering, the government is striving to improve transparency levels and clean up the country’s image, in an effort to maintain its position as an international banking centre. Impacts Panama will be one of Latin America’s fastest-expanding economies in 2017 despite the blows to its international image. The government will strive to ensure fast growth is not harmed by multilateral bodies that are monitoring Panama’s transparency efforts. It will also aim to uphold Panama’s attractiveness to multinational companies and banks, safeguarding its role as a strategic business hub.

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ANALISIS IMPLEMENTASI PENCEGAHAN PENCUCIAN UANG MENGGUNAKAN CUSTOMER DAN ENHACED DUE DILLIGENCE DI BANK SYARIAH MANDIRI JAKARTA

Paradigma ◽

10.33558/paradigma.v17i1.2298 ◽

2020 ◽

Vol 17 (1) ◽

pp. 72-86

Author(s):

Siti Noviatun ◽

Isfandayani

Keyword(s):

Money Laundering ◽

Data Retrieval ◽

Data Display ◽

Suspicious Transaction ◽

Qualitative Descriptive ◽

Proceeds Of Crime ◽

The Government ◽

Transaction Services ◽

Data Reductions ◽

Descriptive Method

Abstract The main fuction of the Bank as an funding and lending activities by offering various types of financial transaction services an attractive choice for people who do money laundering to hide money proceeds of crime. Because of that the government and Indonesian Banks make regulations related prevent money laundering that contains Customer Due Dilligence and Enhanced Due Dilligence. Bank Mandiri Syariah has implementation Customer Due Dilligence and Enhanced Due Dilligence as an effort to prevent money laundering. This analyze aims for knowing implementation Customer Due Dilligence and Enhanced Due Dilligence that has been applied by Bank Syariah Mandiri. In this study using a qualitative descriptive method. Data retrieval is done by observation, interviews and documentation to three sources of informants Bank Syariah Mandiri KCP Bekasi Timur and one sources of informants that specifically handles money laundering prevention program that is SKAP( Satuan Kerja APU PPT) Bank Mandiri Syariah. Data analysis will be done by doing three steps, they are; data reductions, data display, and verification.The observation result shows that implementation Customer Due Dilligence done at the time prospective customer open the account and the Bank doubt information customer by doing identification and verification. implementation Enhanced Due Dilligence is done to customers Politically Exposed Person/ High Risk open the account, but in practiceat Bank Syariah Mandiri KCP Bekasi Timur done when there is suspicious transaction or there is a case. Reporting process suspicious transaction through the system SIAP (System Aplikasi APU PPT) to Satuan Kerja APU PPT (SKAP) Bank Syariah Mandiri then SKAP reports to PPATK (Pusat Pelaporan Analisis Transaksi Keuangan). From implementation Customer Due Dilligence and Enhanced Due Dilligence Bank Mandiri Syariah has been prevent money laundering enter the financial system at Mandiri Sharia Bank.

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

African Journal of International and Comparative Law ◽

10.3366/ajicl.2020.0304 ◽

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.

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A Critical Review on the Government Access to Cloud Data : “Data Exceptionalism” Debate and Legal Practice

KOREAN CRIMINOLOGICAL REVIEW ◽

10.36889/kcr.2019.09.30.3.149 ◽

2019 ◽

Vol 30 (3) ◽

pp. 149-180

Author(s):

Young-jin Song

Keyword(s):

Critical Review ◽

Legal Practice ◽

Cloud Data ◽

The Government

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Summary of Results

10.1093/oso/9780190698577.003.0008 ◽

2017 ◽

Author(s):

Adrian Kuenzler

Keyword(s):

Intellectual Property ◽

Supreme Court ◽

Government Agencies ◽

Property Law ◽

Trademark Law ◽

Intellectual Property Law ◽

The Past ◽

The Supreme Court ◽

The Government ◽

Networked Economy

The persuasive force of the accepted account’s property logic has driven antitrust and intellectual property law jurisprudence for at least the past three decades. It has been through the theory of trademark ownership and the commercial strategy of branding that these laws led the courts to comprehend markets as fundamentally bifurcated—as operating according to discrete types of interbrand and intrabrand competition—a division that had an effect far beyond the confines of trademark law and resonates today in the way government agencies and courts evaluate the emerging challenges of the networked economy along the previously introduced distinction between intertype and intratype competition. While the government in its appeal to the Supreme Court in ...

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Meta-Governance

10.1093/oso/9780198825074.003.0008 ◽

2018 ◽

Author(s):

Morten Egeberg ◽

Jarle Trondal

Keyword(s):

Large Scale ◽

Central Government ◽

Focal Point ◽

Reform Process ◽

Government Agencies ◽

Reform Processes ◽

The Government ◽

Central Government Agencies ◽

Instrumental Control

Chapter 8 draws attention to meta-governance and how the governing of reforms is affected by how reform processes are organized. The chapter asks how reformers can ensure support for large-scale reforms that are likely to attract profound resistance. The focal point of the chapter is a study of geographical decentralization of central government agencies. The chapter argues that successful meta-governance can be provided for by careful organization of the reform process. The empirical case studied is a large-scale relocation of government agencies in Norway during the early 2000s. In carrying out this reform, the government succeeded against the odds. Most importantly, research has revealed huge constraints on the instrumental control of large-scale reforms in general and of geographical relocation of organizations in particular. Yet, this chapter shows that large-scale reforms can be successfully achieved through careful crafting of the reform organization.

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Money laundering through raw diamonds

Journal of Money Laundering Control ◽

10.1108/jmlc-07-2019-0057 ◽

2020 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Fabian Maximilian Johannes Teichmann ◽

Marie-Christin Falker

Keyword(s):

Law Enforcement ◽

Money Laundering ◽

Qualitative Content Analysis ◽

Law Enforcement Agencies ◽

Content Type ◽

Compliance Officers ◽

German Speaking ◽

Three Stages ◽

Practical Implications ◽

Combat Money Laundering

Purpose This paper aims to illustrate how illegally obtained funds are laundered through raw diamonds in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach To identify specific money laundering techniques involving raw diamonds, this study used a qualitative content analysis of data collected from 60 semi-standardized interviews with both criminals and prevention experts and a quantitative survey of 200 compliance officers. Findings Raw diamonds are extraordinarily suitable for money laundering in European German-speaking countries. In particular, they may be used in all three stages of the laundering process, namely, placement, layering and integration. Research limitations/implications Because the qualitative findings are based on semi-standardized interviews, their insights are limited to the perspectives of the 60 interviewees. Practical implications Identifying gaps in existing anti-money laundering mechanisms should provide compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate. Originality/value While prior studies focus on the methods used by organizations to combat money laundering and how to improve anti-money laundering measures, this paper investigates how money launderers operate to avoid detection, thereby illustrating authentic experiences. Its findings provide valuable insights into the minds of money launderers and combines criminal perspective with that of prevention experts.

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