The IPE of money laundering and terrorist finance

2020 ◽  
pp. 843-859
Author(s):  
William Vlcek
Keyword(s):  
Money Laundering ◽  
Terrorist Finance

Part III The Professions and Financial Crime, 11 The Professions and Financial Crime

2017 ◽  
Author(s):  
Kirk David ◽  
Thornton-Dibb Andrew
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Criminal Law ◽  
Organised Crime ◽  
Financial Crime ◽  
Drug Dealing ◽  
Global Law ◽  
Professional Guidelines ◽  
Terrorist Finance

This chapter looks at corrupt professionals who facilitate crimes involving laundered money. Against a background where global law enforcement is targeting money laundering in order to seek to reduce organised crime, corruption, drug dealing, and terrorist finance, it is obvious that professionals, acting either as unwitting enablers, or as criminal conspirators, are under scrutiny as never before. They must therefore be aware of the extent to which they might be targeted by criminals to assist them in money laundering schemes. The chapter looks at several reasons that professionals might be targeted in this way. Some professionals are open to persuasion, and may knowingly lend themselves to such money laundering schemes or schemes of terrorist finance. In doing so, these professionals will be committing breaches both of the criminal law and of their own professional guidelines. The vast majority of professionals, however, will not knowingly participate in such schemes. The chapter examines the various issues that need to be considered here.

scholarly journals The Evolving EU Anti-Money Laundering Regime

2016 ◽  
Vol 23 (2) ◽  
pp. 261-293 ◽  
Author(s):  
Valsamis Mitsilegas ◽  
Niovi Vavoula
Keyword(s):  
Private Sector ◽  
Money Laundering ◽  
Task Force ◽  
Legal Framework ◽  
Fundamental Rights ◽  
The European Union ◽  
Global Standards ◽  
Financial Intelligence ◽  
The Impact ◽  
Terrorist Finance

Over the past twenty-five years, the European Union has developed a far-reaching legal regime aimed at countering money laundering. The evolution of this regime has been linked inextricably with the parallel development of global standards in the field, most notably by the Financial Action Task Force on Money Laundering (FATF). This article will critically evaluate the content of EU anti-money laundering law, by putting forward a comprehensive typology of the EU anti-money laundering regime as outlined in the successive EU Anti-Money Laundering Directives and consisting of three elements: the criminalization of money laundering and terrorist finance; the prevention of money laundering via the imposition of a series of duties on the private sector; and the focus on financial intelligence, via the establishment and co-operation of financial intelligence units responsible for receiving and analysing reports received from the private sector. The article will examine the evolution of EU law as regards all elements of anti-money laundering law, by focusing in particular on the changes brought forward by the post-Lisbon Fourth Money Laundering Directive. The article will cast light on the influence of the FATF in shaping these standards and will highlight the impact of the ever expanding EU anti-money laundering legal framework on fundamental rights and the rule of law.

Examining the practical viability of internationally recognised standards in preventing the movement of money for the purposes of terrorism

2017 ◽  
Vol 24 (2) ◽  
pp. 260-276 ◽  
Author(s):  
Nicholas Gilmour ◽  
Tristram Hicks ◽  
Simon Dilloway
Keyword(s):  
Case Studies ◽  
Money Laundering ◽  
International Standards ◽  
Routine Practice ◽  
Content Type ◽  
Terrorist Financing ◽  
Script Analysis ◽  
Terrorist Finance ◽  
Crime Script ◽  
Crime Script Analysis

Purpose The purpose of this paper is to examine – using crime script analysis – the practical effectiveness of internationally endorsed and universally recognised counter-terrorism financing (CTF) standards in preventing the movement of money for the purposes of terrorism. The paper does not seek to examine the originating circumstances of terrorist finances or how laundered value is assigned. Design/methodology/approach Preliminary evaluation focuses on the discrepancies between the practices of money laundering and terrorist financing. Following an introduction to crime scripts, internationally endorsed anti money laundering (AML)/CTF practices are discussed to identify the process used to trace, prevent and limit money laundering and terrorist financing. Several terrorist financing case studies are then aligned to the process of crime script analysis to determine whether existing AML/CTF practices are effective in preventing terrorist financing. Findings The AML model “Placement, layering, integration” is only relevant to CTF in the comparatively rare cases when the origin of the money is crime. This creates a false sense of security through over reliance on AML/CTF for CTF purposes. A crime script approach can be applied to terrorist finance, but it is currently hindered by insufficient reporting of low level financing of terrorists, their addresses and associates. Law enforcement make insufficient use of financial intelligence – as a routine practice – in their crime and terrorist investigations; they have not adopted parallel investigation as a routine approach and consequently remain largely unconnected with the AML/CTF regime. Practical implications Utilising terrorist financing case studies, this paper identifies that existing AML/CTF international standards and practices are not adequate for controlling the movement of funds for financing terrorism because of the lack of focus on a specific script that aligns to known terrorist finance methodologies. While the paper identifies that existing AML/CTF international standards are thorough, the process underpinning the financing of terrorism is too dissimilar to the process of money laundering, namely, placement, layering, and integration, to support practices associated with terrorism prevention and detection. Originality/value This paper provides an examination of the practicalities behind the countering of terrorist financing from a compliance and investigative perspective. The paper is of interest to those involved in policy, compliance and investigations associated with terrorist financing.

scholarly journals The Eu Legislative Framework Against Money Laundering and Terrorist Finance: A Critical Analysis in the Light of Evolving Global Standards

2007 ◽  
Vol 56 (1) ◽  
pp. 119-140 ◽  
Author(s):  
Valsamis Mitsilegas ◽  
Bill Gilmore
Keyword(s):  
European Union ◽  
Money Laundering ◽  
Critical Analysis ◽  
The European Union ◽  
The Third ◽  
Global Standards ◽  
Legislative Framework ◽  
The Relationship ◽  
Terrorist Finance ◽  
The Eu

AbstractThis article examines the evolution of the EU anti-money laundering legislative framework (which in recent years has also included measures to counter terrorist finance), by focusing in particular on recent legislation such as the third money laundering Directive and the Regulation on controls of cash entering the EU, both adopted in 2005. The analysis highlights the relationship between these instruments and international initiatives in the field (in particular FATF standards), and addresses the challenges posed to the European Union legislative and constitutional framework when attempting to accommodate global standards.

Fiscal Paradises and G-20 as a Global Decision Maker

2015 ◽  
pp. 162-170
Author(s):  
Alper Dogan
Keyword(s):  
Economic Crisis ◽  
Money Laundering ◽  
Tax Evasion ◽  
Global Economy ◽  
Tax Avoidance ◽  
Dark Side ◽  
Financial Instability ◽  
International Level ◽  
Negative Role ◽  
Terrorist Finance

Fiscal Paradises are described as the “dark side of globalization” because of the negative role they have been playing in the global economy. Today, they are an extremely important reason of tax evasion and tax avoidance, financial instability, money laundering, terrorist finance, and other issues. Recent actions by G-20 have focused on fiscal paradise countries, targeting tax evasion and avoidance issues, because of the fact that the economic crisis in 2008 has showed the destructive influence of fiscal paradises in the economy not only on national but also on international level. The following year, in 2009, struggling with the fiscal paradises was the main focus of the G-20 London Summit. In addition, the following four G-20 summits refined the issue concern in fiscal paradises. This chapter aims to explain what has been achieved regarding the fiscal paradise problems at G-20 summits since the economic crisis of 2008.

Sign in / Sign up

Export Citation Format

Share Document