International money, privileges and underdevelopment

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.

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International Money Laundering Control

Money Laundering ◽

10.1201/b11845-11 ◽

2011 ◽

pp. 92-101

Keyword(s):

Money Laundering ◽

International Money

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Effects of International and Internal Remittances on Financial Inclusion in Ghana

Financial Markets Institutions and Risks ◽

10.21272/fmir.4(3).109-123.2020 ◽

2020 ◽

Vol 4 (3) ◽

pp. 109-123

Author(s):

John Gartchie Gatsi

Keyword(s):

Financial Institutions ◽

Financial Services ◽

Financial Integration ◽

Positive Impact ◽

Financial Inclusion ◽

International Money ◽

International Remittances ◽

Analytical Review ◽

Money Transfers ◽

The Relationship

This article examines the relationship between remittances and financial inclusion in Ghana. The data for the study was extracted from the results of an analytical review of the living standards survey indicators in Ghana. The methodological tools of the study are represented by a regression equation based on the use of the Force Entry Method to test the functioning of variables in the model. The study empirically confirms and theoretically proves that domestic remittances have a positive and significant impact on access to financial services, while international remittances affect the likelihood of opening a bank account, but do not have any significant impact on applying for a loan and lending to remittance households. It is substantiated that domestic and international money transfers have a significant positive impact on the opening of bank accounts, even when forging collateral. Based on the results of calculations, the paper substantiates the conclusion that remittances contribute to increasing the availability of financial services in Ghana. It was noted that domestic remittances have a greater potential to improve financial inclusion in Ghana than international remittances. The paper emphasizes that the provision of collateral is an important lever for lending to households. Remittances will have very little impact on financial inclusion when financial institutions require collateral to facilitate the application and grant. According to the results of the study, the following recommendation were provideds: development of a strategy to improve domestic remittances to increase indicators of financial inclusion and economic development; improving the conditions for remittances, especially domestic remittances, in order to ensure their flexibility and deepen financial integration; use of domestic remittances as collateral for household loans. Keywords: collateral, financial inclusion, financial institutions, Ghana, remittances, loan application, migration.

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International Money and Finance

10.1016/c2010-0-68366-0 ◽

2013 ◽

Keyword(s):

International Money

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Trading Gold

Fear and Fortune ◽

10.7591/cornell/9781501707544.003.0007 ◽

2017 ◽

Author(s):

Mette M. High

Keyword(s):

Risk Taking ◽

Material Wealth ◽

International Money ◽

Money Flows ◽

Trading Partners ◽

Business Acumen

This concluding chapter looks at the gold traders who take part in economic circuits that are oriented away from the mines and toward the yuan of their Chinese trading partners within Asia's illegal gold trade. For them, the intersection of gold wealth with international money flows is conducive to the transformation of their “lifeless” earnings into profitable and productive currency. Holding and handling unmatched quantities, they quickly reinvest their “renewed” money into the gold trade or a business venture. Often transformed into visible, material wealth, money from the illegal gold trade thus offers a competing topography of wealth that is based not on the accumulation of fortune in livestock but on risk taking and business acumen.

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