scholarly journals Mechanism to combat money laundering in Iraqi banks through compliance monitor applications

2020 ◽  
pp. 560-583
Author(s):  
نغم حسين نعمة ◽  
يوسف كاظم كطان
Keyword(s):  
Money Laundering ◽  
Banking Sector ◽  
Executive Management ◽  
Compliance Function ◽  
Compliance Monitor ◽  
Combat Money Laundering

The banking compliance function has become an important job in the banking sector, as it represents one of the internal banking supervisory bodies that tracks the extent of the bank’s commitment (executive management، divisions، branches ... etc.) to implement laws، regulations, risks، regulations، and legislation. The extent of the bank’s commitment to implement anti-money laundering procedures، and the compliance monitor’s follow-up in the bank to the extent of commitment to implementing these laws and legislation would limit and reduce money laundering operations L, and then avoiding the bank’s exposure to sanctions of various kinds.

scholarly journals BANKING COMPLIANCE FUNCTION(COMPARATIVE STUDY BETWEEN COMMERCIAL & ISLAMIC BANKS)

2021 ◽  
Vol 13 (1) ◽  
pp. 26-31
Author(s):  
Nagham H. Neama1 ◽  
Keyword(s):  
Comparative Study ◽  
Money Laundering ◽  
Banking Sector ◽  
Islamic Banks ◽  
Executive Management ◽  
Main Concept ◽  
Compliance Function

Never the less, banking compliance function became one of the most important functions in banking sector according to its characteristics that considered as an interior control tools to control (executive management, departments, subsidiaries…etc) in any bank; and their compliance towards applying rules, recommendations and legislations. In addition to, estimating the risks and limited them; and controlling the anti-money laundering. Thus, these functions that covered the main concept of (Banking Compliance) would avoid the bank to be under the control of any sanctions.

Money laundering through raw diamonds

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.

Does holding offshore jurisdictions to higher AML standards really assist in preventing money laundering?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Andrew James Perkins
Keyword(s):  
Money Laundering ◽  
Secondary Data ◽  
Cayman Islands ◽  
Content Type ◽  
Task Forces ◽  
Financial Crimes ◽  
Financial Action Task ◽  
Practical Implications ◽  
Combat Money Laundering

Purpose This paper aims to contend that when tackling financial crimes such as money laundering and terrorist financing, international regulators are seeking to hold offshore jurisdictions such as the Cayman Islands to higher standards and that this detracts from the pursuit of detecting and prosecuting money launders. Design/methodology/approach This paper will deal with the following perceived issues: firstly, to offshore jurisdictions as a concept; secondly, to outline the efforts made by the Cayman Islands to combat money laundering and to rate these changes against Financial Action Task Forces’ (FATAF’s) technical criteria; thirdly, to demonstrate that the Cayman Islands is among some of the world’s top jurisdictions for compliance with FATAF’s standards; and finally, to examine whether greylisting was necessary and to comment upon whether efforts by international regulators to hold offshore jurisdictions to higher standards detracts from the actual prosecution of money laundering within the jurisdiction. Findings Greylisting the Cayman Islands in these authors’ view was something that should have never happened; the Cayman Islands is being held to standards far beyond what is expected in an onshore jurisdiction. There is a need for harmonisation in respect of international anti money laundering rules and regulations to shift the tone to prosecution and investigation of offences rather than on rating jurisdictions technical compliance with procedural rules where states have a workable anti-money laundering (AML) regime. Research limitations/implications The implications of this research are to show that offshore jurisdictions are being held by FATAF and other international regulators to higher AML standards than their onshore counterparties. Practical implications The author hopes that this paper will begin the debate as to whether FATAF needs to give reasons as to why offshore jurisdictions are held to higher standards and whether it needs to begin to contemplate higher onshore standards. Originality/value This is an original piece of research evaluating the effect of FATAF's reporting on offshore jurisdictions with a case study involving primary and secondary data in relation to the Cayman Islands.

China’s dirty laundry – international organizations posing a risk to China’s AML systems

2018 ◽  
Vol 21 (2) ◽  
pp. 189-202 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Risk Assessment ◽  
Money Laundering ◽  
International Organizations ◽  
Banking Sector ◽  
Due Diligence ◽  
International Banking ◽  
Content Type ◽  
International Money ◽  
Customer Due Diligence ◽  
Chinese Banking

PurposeThis paper aims to review some of the current challenges that international money laundering schemes are posing in the Chinese banking sector. Anti-money laundering (AML) systems in China are relatively new, and customer due diligence checks and other AML systems are underdeveloped in some areas.Design/methodology/approachThe paper considers a particular case example of a multi-company organization that has known links to China. This company has been the target of both European and US investigations for suspected embezzlement and money laundering, and yet is still in operation.FindingsThe paper considers the complexities of this organization and how a seemly innocent link to a used clothing charity can fund an international organization spanning several countries. The paper offers a list of basic indicators of risk that could be applied to a risk-based system used within the Chinese banking context by using this group as an example.Originality/valueThe paper uses empirical and academic studies from other authors working in this region and supports many of the findings of the need to develop stronger risk-based, as opposed to rules-based, systems for managing AML risk assessment. Previous work by the author and suggestions from other authors are both used to suggest a basic framework for AML risk assessment. The paper concludes by reiterating the fact that China, like all other countries, is now operating in an international banking context, in much the same way that international organized crime is also operating at a global level.

FIFA – highlighting the links between global banking and international money laundering

2018 ◽  
Vol 21 (4) ◽  
pp. 498-512 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Banking Sector ◽  
Due Diligence ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Global Banking ◽  
Beneficial Ownership ◽  
The Impact

PurposeThis paper uses the recent (August 2015) FIFA arrests to provide an example of how illicit financial flows are occurring through the formal banking and financial services sector. The purpose of this paper is to explore which elements of anti-money laundering (AML) compliance need to be addressed to strengthen the banking response and reduce the impact of IFFs within the banking sector.Design/methodology/approachThe paper is based on the indictment document currently prepared for the FIFA arrests and the District Court case of Chuck Blazer the FIFA Whistleblower. It uses the banking examples identified in the indictment as typologies of money laundering and wire fraud. Corresponding industry reports on AML compliance are included to determine where the major weaknesses and gaps are across the financial service.FindingsThe main findings from the analysis are that banks still have weak areas within AML compliance. Even recognised red flag areas such as off shore havens, large wire transfers and front companies are still being used. The largest gaps still appear to be due diligence and beneficial ownership information.Research limitations/implicationsThe research topic is very new and emerging topic; therefore, analysis papers and other academic writing on this topic are limited.Practical implicationsThe research paper has identified a number of implications for the banking sector, addressing AML deficiencies, especially the need to consider the source of funds and the need for further enhanced due diligence systems for politically exposed and influential people and the importance of beneficial ownership information.Social implicationsThis paper has implications for the international development and the global banking sector. It will also influence approaches to AML regulation, risk assessment and audit within the broader financial services sector.Originality/valueThe originality of this paper is the link between the emerging issues associated with allegations of bribery and corruption within FIFA and the illicit financial flow implications across the banking sector.

scholarly journals A Study on Anti-Money Laundering: Principles And Perceptions in Context to India

2021 ◽  
pp. 127-137
Author(s):  
R. Harika ◽  
V. N. V. Sai Ramresh
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Tax Avoidance ◽  
Combat Money Laundering

Tax evasion is the focal turn of numerous genuine offenses. Hacking frameworks or laundering cash has become an extraordinary calling of individuals where they exploit distinctive monetary and general sets of laws of various nations. AML is needed to make the country less appealing for the launderers, in this manner shielding the monetary area from functional and reputational hazards. To have a thorough paper, the paper is partitioned into four sections. Part I opens up with clarifying the ideas and cycles of tax evasion calling attention to the causes and methods of illegal tax avoidance. Part II moves with rules and guidelines/control instruments to manage the issue of illegal tax avoidance. Considering the previously mentioned conversation Part III continues in expounding the ideas to have a decent enemy of tax evasion system. The paper is the principal endeavor to move toward AML Bill 2008 to combat money laundering.

scholarly journals KEDUDUKAN HAKIM AD-HOC PADA PENGADILAN TIPIKOR (TINDAK PIDANA KORUPSI) DITINJAU DARI UNDANG-UNDANG NOMOR 48 TAHUN 2009 TENTANG KEKUASAAN KEHAKIMAN

GANEC SWARA ◽  
2019 ◽  
Vol 13 (2) ◽  
pp. 298
Author(s):  
TITIN APRIANI
Keyword(s):  
Data Collection ◽  
Money Laundering ◽  
Ad Hoc ◽  
Criminal Case ◽  
Constitutional Court ◽  
Library Research

   This research is a library research that uses data in the form of books, laws, articles, journals and other literature related to the title, while the technique and data collection is by collecting various ideas, theories and concepts of various literature that are centered on the process of comparison between the evidence or other laws. The results of the study concluded that the ruling of the Constitutional Court against the position of the ad hoc judge is appropriate because it gives the same position on a different matter precisely caused injustice.   In addition to having the authority to check, prosecute, and break the criminal corruption, adhoc judges also have the authority to examine the criminal case of money laundering that the original criminal act is a corruption crime. So here corruption as the original criminal act is often referred to as predicate crimes. It is no less important that the role and authority of the adhoc judge specialising in the association of article 6 letter c The authority of the Court of Law to handle a strict follow-up in another law is determined as a corruption criminal act

scholarly journals Benchmarking and Rating of Private Commercial Banks of Bangladesh Through CAMELS Components

2020 ◽  
Vol 2 (2) ◽  
pp. 40-49
Author(s):  
A H M Ziaul Haq ◽  
Hosnay Nasrin
Keyword(s):  
Commercial Banks ◽  
Financial Stability ◽  
Banking Sector ◽  
Study Data ◽  
Annual Reports ◽  
Continuous Performance ◽  
Financial Failure ◽  
Strong Position ◽  
Composite Rating

The banking sector of Bangladesh is becoming more complicated than before. Ensuring the financial stability of the economy, monitoring, supervision, and continuous performance evaluation of the banking sector are compulsory. The present study, therefore, is an attempt to evaluate and compare the performance of our banks. One of the most effective supervisory techniques, CAMELS rating system has been used to benchmark and rate the banks based on their performance. In this study, 21 private commercial banks (PCBs) have been chosen as samples to meet the purpose of the study. Data for analysis has been collected from the banks’ annual reports for the period of 2008 to 2018. The result shows that none of the banks could achieve a 'strong' position, and only SEBL was able to secure a ‘satisfactory’ mark. Unfortunately, AB bank was rated "marginal" in the composite rating, which is the lowest rating among the sample banks. Hence, AB bank needs to develop reform and follow-up programs as soon as possible to avoid financial failure.

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.

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