scholarly journals FATF and Terror Financing: The Perspective of Pakistan

2021 ◽  
Vol VI (II) ◽  
pp. 1-10
Author(s):  
Shabnam Gul ◽  
Muhammad Faizan Asghar ◽  
Shujat Ali
Keyword(s):  
Money Laundering ◽  
Rule Of Law ◽  
International Organizations ◽  
Third World ◽  
World State ◽  
Terrorist Financing ◽  
Financial Transaction ◽  
The World ◽  
Money Transfers ◽  
And Control

There is a plethora of international organizations that has been formed to maintain peace in the world. FATF is such an organization that has been formed in order to scrutinize and control the menace of money laundering and that of the terror financing. In a third world state like Pakistan where there is dearth of transparent mechanisms of money transfers and where there is no rule of law, it has become easy for the individuals to carry out the illicit activities like money laundering (Dube and Vargas, 2013). Pakistan has been in the grey list from the last few years and it has dramatically affected the economy of Pakistan. Pakistan has established a number of centralized mechanisms that are, without a doubt, on the correct track for monitoring the financial transaction system, which is currently very near to meet the certain much needed criteria for finding and freezing the founded and highlighted money laundering cases and that of the terrorist financing.

The treatment of Austrian private foundations under the Ultimate Beneficial Ownership Act

2019 ◽  
Vol 25 (6) ◽  
pp. 650-655
Author(s):  
Michael Petritz ◽  
Cordula Horkel-Wytrzens
Keyword(s):  
Money Laundering ◽  
Terrorist Financing ◽  
Private Foundations ◽  
Ultimate Ownership ◽  
Natural Person ◽  
Key Factor ◽  
Beneficial Ownership ◽  
Breach Of Duty ◽  
And Control

Abstract As part of the implementation of the fourth Anti-Money Laundering Directive in Austria, the Wirtschaftliche Eigentümer Register Gesetz, (The Ultimate Beneficial Owner Register Act) was introduced. The main aim of this Act is to provide accurate and up-to-date information on the ultimate beneficial owner (UBO) of entities, trusts, and foundations. This information is seen as a key factor in combating money laundering and terrorist financing. Paragraph 2 of the Ultimate Beneficial Ownership Act defines the UBO, which corresponds to the definition in paragraph 3 subparagraph 6 of the Anti-Money Laundering Directive. In the case of corporate entities, ultimate ownership and control are relevant for determining the UBO. In the case of trusts and private foundations, it is not ownership and control that are relevant for determining the UBO, but the function the person has with respect to the trust/foundation. All definitions have in common that the UBO has to be a natural person. Obliged entities are required to identify and report their UBOs to the register, in the case of a breach of duty/law severe penalties apply.

The Relevance of Maqasid al Shari'ah to Anti-Money Laundering and Terrorism Financing

2020 ◽  
pp. 179-194
Author(s):  
Maruf Adeniyi Nasir
Keyword(s):  
Money Laundering ◽  
Financial System ◽  
Islamic Finance ◽  
Complex Relationship ◽  
Terrorist Financing ◽  
The World ◽  
Terrorism Financing ◽  
Illegal Activities ◽  
Muslim Scholars

The modern financial system has continuously been traumatised by money laundering and terrorism financing. This is partly because it is a concept that revolves around the complex relationship between money and crime. The challenges posed by these menaces have become a phenomenon that the world has ceaselessly looked for means to address. Yet launderers and terrorists continue to perfect methods of perpetuating their illegal activities, while the havoc created by the menace of these crimes are enormous and remains unquantifiable in term of the actual estimate. Interestingly, Maqasid al Shari'ah has caught the attention of several Muslim scholars as a useful tool that can resolve several contemporary issues. Consequently, examining the relevance of Maqasid al Shari'ah which is the basis of Islamic Finance on money laundering and terrorist financing (AML/CFT) is desirable. The focus of this chapter, therefore, is to examine the relevance of Maqasid al Shari'ah in the fight against the menace of money laundering and terrorism financing

Blockchain Technology and General Issue of Tax Evasion via Bitcoin

2021 ◽  
pp. 92-108
Author(s):  
Güneş Çetin Gerger
Keyword(s):  
Supply Chain ◽  
Money Laundering ◽  
Tax Evasion ◽  
Market Value ◽  
Financial Fraud ◽  
Terrorist Financing ◽  
Blockchain Technology ◽  
The World ◽  
Financial Transactions ◽  
Digital Assets

Cryptocurrencies often also serve money laundering activities, terrorist financing, tax evasion, and other illegitimate activities with a market value of more than 7 billion euros across the globe, though the total amount is hardly measurable. Indeed, the blockchain technology involves many virtual currencies, including bitcoin, to conduct various financial transactions related practices throughout the world economies. Besides, other blockchain applications are making positive contributions to a wide array of other industries including healthcare, supply chain, manufacturing, etc. This technology which constitutes the backbone of digital assets transactions currencies is characterized by anonymity, privacy, security, and speed. In this sense, for tax administration authorities, detection of financial fraud and regulations with respect to taxation of virtual transactions pose newer emerging challenges. This chapter aims to examine the blockchain technology, cryptocurrencies, especially bitcoin, and look into regulations by world governments to combat tax evasion and illegal transactions.

scholarly journals MODERN CRYPTOECONOMICS: INTERNATIONAL LEGAL REGULATION

2018 ◽  
pp. 135-142
Author(s):  
Antonina D. Levashenko ◽  
Ivan S. Ermokhin
Keyword(s):  
Money Laundering ◽  
Legal Regulation ◽  
International Experience ◽  
Tax Base ◽  
Public Interests ◽  
Terrorist Financing ◽  
The Us ◽  
Crypto Currency ◽  
The World ◽  
The Eu

Due to increasing interest around the world about crypto-currency there is a growing need among authorities for understanding the approaches to regulate the new phenomenon. Analysis of international experience in the regulation of crypto-currencies and other cryptoactive assets shows that regulators are now trying to reduce the risks associated with the violation of public interests - the risks of erosion of the tax base and money laundering and terrorist financing. The article provides information on the approaches of the EU, the US and other OECD countries to the regulation of crypto-currencies and other crypto assets, as well as possible proposals for regulators in Russia. 

scholarly journals Approaches for Covid-19 infection control in the workplaces

2020 ◽  
Author(s):  
E Rafeemanesh ◽  
F Rahimpour ◽  
M Memarzadeh
Keyword(s):  
International Organizations ◽  
Public Transportation ◽  
Healthcare Workers ◽  
Epidemiologic Studies ◽  
Review Article ◽  
Work Absenteeism ◽  
Increased Risk ◽  
High Incidence ◽  
The World ◽  
And Control

Introduction: Due to the spread of the new coronavirus around the world, workplaces are not safe against this disease. Different guidelines have been proposed by international organizations regarding high-risk jobs and the necessity of implementing health rules in the workplaces. According to the high incidence of this disease in our country, the aim of this review article was to evaluate the epidemiologic studies on prevention and control of new coronavirus in the workplaces. Materials and Methods: In this study, different databases such as Scopus, PubMed, and Google Scholar from 2019 to 2020 and CDC, NIOSH, OSHA, and WHO instructions were evaluated. Eighteen articles and 5 instructions were selected for this review article. Results: Investigations revealed that most of occupations such as healthcare workers, waste workers, and public transportation staff are at increased risk of this disease. Conclusion: All members of the society including employers, employees and laborers should be completely ready to overcome the virus, even if the epidemic has not been spreading in that country or area. This point can be effective on the reduction of lost workdays, work absenteeism and prevent the spread of the virus in the community.

Part II History, Ch.5 International Organizations, 1945–Present

2016 ◽  
Author(s):  
Chimni Bhupinder
Keyword(s):  
International Organizations ◽  
Third World ◽  
World State ◽  
Theoretical Perspectives ◽  
History Of ◽  
The Subject ◽  
Different Dimensions

This chapter primarily focuses on histories of post 1945 international organizations (IOs) told from different theoretical perspectives by political scientists and legal scholars. It is organized as follows. Section I discusses the mainstream history of IOs as told by liberal and neo-liberal scholars in the form of a narrative of progress. Section II briefly narrates three alternative stories about the role of IOs in the post 1945 period: third world, Marxist, and feminist histories of IOs. These histories i.e. mainstream and critical histories need not be read as mutually exclusive histories. In many ways these capture different dimensions of the history of IOs. Section III reflects on salient issues and themes that are the subject of current debates including the emergence of a nascent world state.

World System, Class, and State in Third World Development

1984 ◽  
Vol 27 (1) ◽  
pp. 33-52 ◽  
Author(s):  
Hagen Koo
Keyword(s):  
Capital Accumulation ◽  
Third World ◽  
World System ◽  
Structural Factors ◽  
World State ◽  
The World ◽  
Third World Development ◽  
Basic Ideas ◽  
The Third World ◽  
World Development

The currently popular political economy approach to Third World development is divided in terms of three primary foci of analysis: (1) dependency or the world economic system; (2) the internal class structure and class struggles; and (3) the peripheral capitalist state. This article examines the basic ideas involved in these three approaches and seeks to integrate them into a single framework. The basic assumption of this framework is that the pattern of capital accumulation and socioeconomic change in Third World countries are shaped by world-system, class, and state factors jointly, rather than independently of one another. Only by looking at interactions among these structural factors can concrete ways in which each of them influences the pattern of accumulation be illuminated. Of the three sets of factors, this article highlights the role of the Third World state in linking the world system and class forces to the development process.

scholarly journals Financial monitoring of football sector: money laundering and countermeasures

2020 ◽  
pp. 160-164
Author(s):  
Ye. A. Sigayev ◽  
I. V. Selezneva ◽  
A. S. Duskaliyev
Keyword(s):  
Soviet Union ◽  
Money Laundering ◽  
International Organizations ◽  
Former Soviet Union ◽  
Shadow Economy ◽  
Economic Importance ◽  
The World ◽  
Financial Monitoring ◽  
Financial Transactions ◽  
Football Industry

The article is devoted to one of the poorly studied and at the same time relevant topics in the fight against the shadow economy - financial monitoring of the football sector. Criminal elements, mafia structures around the world are in constant search of new ways to legalize criminal proceeds. Sport is often is used by them to launder their “dirty” money. The last two to three decades have been associated with the enormous economic importance of sports. This is primarily about football. In general, it should be noted that money has begun to have a very serious impact on the world of sports. This influence of money on sports has, respectively, both positive and negative sides. The article examines certain problem areas that make the football sector vulnerable to money laundering. It is about corruption in football, the internal system of organization, financial transactions and football culture. Supranational and state structures develop and use complex measures to prevent “dirty” schemes in football. The article discusses vulnerabilities that need to be addressed to minimize the risks of money laundering in the football sector. For countries of the former Soviet Union, in particular Russia, Kazakhstan and other countries, football has always been and is a national sport. However, the football industry, as international experience shows, is also a field for laundering “dirty” money. Constant and painstaking work of financial monitoring bodies is needed to counteract the involvement of Kazakhstani sports in the process of money laundering. Also in this matter cooperation with specialized international organizations and other countries is of great importance.

scholarly journals The Current International and European Actions for De-offshoring the World

2019 ◽  
pp. 391-400
Author(s):  
Giuseppe Marino
Keyword(s):  
Money Laundering ◽  
Dark Side ◽  
European Level ◽  
Financial Systems ◽  
Terrorist Financing ◽  
Exchange Of Information ◽  
The World

This article discusses the most recent actions at international and European level for de-offshoring the world. From the automatic exchange of information to the sophisticated rules to fight money laundering and the use of the financial systems for terrorist financing, everything seems to go into the direction of a world tax transparency. However, there is a dark side of these international efforts that brings to re-offshoring again, in a never-ending story of States trying to eat the revenue from each other.

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