scholarly journals Najnowsze kierunki zmian regulacyjnych w zakresie walut wirtualnych z perspektywy przeciwdziałania praniu pieniędzy i finansowaniu terroryzmu, z uwzględnieniem wpływu pandemii COVID-19 na wzrost obrotu bezgotówkowego

2021 ◽  
Vol 13 (25) ◽  
pp. 31-58
Author(s):  
Dariusz Gradzi
Keyword(s):  
Money Laundering ◽  
Technological Development ◽  
European Parliament ◽  
Operating Costs ◽  
Electronic Payments ◽  
Regulatory Changes ◽  
Financing Of Terrorism ◽  
Criminal Groups ◽  
Regulatory Trends

The latest trends in regulatory changes for virtual currencies with regard to counteracting money laundering and financing of terrorism as well as the increase of cash-less transactions resulting from the COVID-19 pandemic In recent years, nothing has contributed so much to the development and digital expansion of technology, including the field of cashless transactions, as the situation caused by the global COVID-19 pandemic. Increased traffic of electronic payments and virtual currencies may generate more interest in these areas from criminal groups. The number of fraudulent card transactions in the first half of 2020 increased by 11.4% compared to the second half of 2019. Among the new regulatory trends in AML/CTF in the field of virtual currencies, the Digital Finance Package should be distinguished. It consists of the Proposal for a Regulation of the European Parliament on markets in crypto-assets and amendments to the AML/CTF Act. The specificity and formalism of these rules, but also the related operating costs, may lead to a significant collapse in the virtual currencies market and the escape of investors and money to Asian markets. The current regulations are a manifestation of a total legal solution, which will not favour technological development. W ostatnich latach nic tak bardzo nie przyczyniło się do rozwoju i cyfrowej ekspansji technologicznej, w tym w zakresie obrotu bezgotówkowego, jak sytuacja wywołana ogólnoświatową pandemią COVID-19. Bardziej natężony ruch w sferze płatności elektronicznych i walut wirtualnych może powodować większe zainteresowanie tymi obszarami ze strony grup przestępczych. Liczba transakcji oszukańczych dokonanych kartami w pierwszym półroczu 2020 r. w porównaniu z drugim półroczem 2019 r. wzrosła o 11,4 proc. Wśród nowych kierunków zmian w przepisach regulujących obrót walutami wirtualnymi pod kątem ryzyka związanego z praniem pieniędzy i finansowaniem terroryzmu należy wyróżnić pakiet finansów cyfrowych, na który składają się m.in. projekt rozporządzenia Parlamentu Europejskiego w sprawie rynku kryptoaktywów i znowelizowana ustawa o przeciwdziałaniu praniu pieniędzy oraz finansowaniu terroryzmu. Te regulacje przez swoją szczegółowość i formalizm oraz wiążące się z tym koszty operacyjne działalności mogą doprowadzić do istotnej zapaści na rynku walut wirtualnych i ucieczki inwestorów oraz wyprowadzenia pieniędzy na rynki azjatyckie. Obecne regulacje stanowią przejaw regulacji totalnej, która nie będzie sprzyjać rozwojowi technologicznemu.

scholarly journals Towards better implementation of the European Union’s anti-money laundering and countering the financing of terrorism framework

2020 ◽  
Vol 23 (2) ◽  
pp. 379-386
Author(s):  
Harold Koster
Keyword(s):  
European Commission ◽  
Money Laundering ◽  
Design Methodology ◽  
European Parliament ◽  
Content Type ◽  
Good Basis ◽  
Cross Border ◽  
Financing Of Terrorism ◽  
Cross Border Cooperation

Purpose On 24 July 2019, the European Commission adopted a Communication to the European Parliament and the Council towards better implementation of the European Union’s (EU) anti-money laundering (AML) and countering the financing of terrorism (CFT) framework. This Communication was accompanied by four reports. This papers aims to investigate these reports. Design/methodology/approach Review of EU developments and reports. Findings The European Commission continues to work on eliminating the vulnerabilities of the current AML and CFT system. As the reports show, there are still many issues regarding the EU’s AML and CFT framework. The reports offer useful insights into weaknesses and failures and provide a good basis for further discussions with relevant stakeholders, for certain amendments to the current rulebook and enforcement as well as for stronger mechanisms regarding supervision and supporting cross-border cooperation. Originality/value This article discusses important relevant EU developments.

scholarly journals INTERNATIONAL EXPERIENCE IN COUNTERING THE LAUNDERING AND LEGALIZATION OF CRIMINAL PROCEEDS OBTAINED WITH THE USE OF CRYPTOCURRENCIES AND THE FINANCING OF TERRORISM (ON THE EXAMPLE OF THE UNITED STATES OF AMERICA)

2021 ◽  
Vol 9 (3) ◽  
pp. 36-40
Author(s):  
Yakov Haminskiy
Keyword(s):  
United States ◽  
Money Laundering ◽  
United States Of America ◽  
Information Technologies ◽  
The United States ◽  
World Community ◽  
The World ◽  
Modern Information ◽  
Financing Of Terrorism ◽  
Criminal Groups

the article deals with the emergence of threats and challenges to the world community from the use by transnational criminal groups of tools of modern information technologies and cryptocurrencies for money laundering and the legalization of proceeds from crime, for the financing of terrorism and extremism.

The essential role of the investigation in fighting economic crime in Italy

2016 ◽  
Vol 23 (2) ◽  
pp. 465-480 ◽  
Author(s):  
Domitilla Vanni
Keyword(s):  
Money Laundering ◽  
Comparative Method ◽  
Economic Crime ◽  
European Convention ◽  
Right To Privacy ◽  
Content Type ◽  
Community Law ◽  
The Law ◽  
Financing Of Terrorism ◽  
The Right

Purpose This paper aims to analyse the evolution of European anti-money laundering discipline passing from the First Money Laundering Directive 91/308/EEC, that was only referred to banks and financial intermediaries, that has been furthermore extended to some activities and professions outside the financial sector. The research examines the different steps done buy Italian Legislation in the field of economic crime: at first Law n. 14/2003 of 3 February 2003 (Community Law 2002), they transposed the 2001 Directive 2001/97/EC and then the Law n. 56/2004 of 20 February 2004, that has implemented Directive 2001/97/EC. Now it is urgent to implement Directive 2005/60/EC that has extended the scope of the legislation, including the fight against the financing of terrorism and modified anti-money laundering obligations. Design/methodology/approach This paper deals with the Legislations of some European States (in particular UK and Italy) interpreting them by a comparative method. Findings This paper has put in clear some differences and some analogies between national legislations of different countries. Research limitations/implications In Italy, at first Law n. 14/2003 of 3 February 2003 (Community Law 2002), has transposed the 2001 Directive 2001/97/EC and then the Law n. 56/2004 of 20 February 2004, has implemented Directive 2001/97/EC. In 2005, Directive 2005/60/EC has extended the scope of the legislation, including the fight against the financing of terrorism and modified anti-money laundering obligations. Practical implications In the context of economic crime, capital investigations represent one of the most effective tools to fight the activities of organized crime in the phase of managing wealth illicitly produced and its immission in the circuit of the legal economy. Social implications The need of fighting economic crime must always be harmonized with the protection of right to privacy that has been acknowledged by Article 8 of the European Convention of Human Rights of 1950 as a fundamental right. Originality/value This paper develops the need to balance the right to privacy of every European citizen (Article 8 CEDU) with investigative power exercised by Public or Private Authorities, considering the possibility to comprise the first – if necessary – to allow the regular exercise of the second.

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.

scholarly journals Features of legal nature Financial Action Task Force on Money Laundering FATF

2020 ◽  
pp. 370-374
Author(s):  
Оlga Pereverzyeva ◽  
Vasif Gadjiev
Keyword(s):  
Money Laundering ◽  
Large Scale ◽  
Task Force ◽  
International Standards ◽  
Intergovernmental Organization ◽  
Successful Work ◽  
Legal Nature ◽  
Organization Analysis ◽  
The Status ◽  
Financing Of Terrorism

The article is devoted to the peculiarities of the legal nature of FATF, the process of its creation, the legal principles of activity,as well as the speciality of its legal entity. Attention is also devoted to the main Conventions, which were signed on the eve of The FirstWorld War and after The Second World War and shows the main preconditions and reasons for the creation of the intergovernmentalorganization FATF.The ongoing growth of the drug business, the expansion of its geographical boundaries, increasingly sophisticated and dangerousforms of this criminal business, the struggle of states on large-scale crime related to the legalization of criminal proceeds led to the creationof FATF and it achieved important results in this area.FATF cannot be considered by an international organization because it has not been established on the basis of an internationaltreaty and does not have an approved statute. However, despite this, FATF has a decision to establish a group – this is the legal basisfor its activities and is an intergovernmental organization. Analysis of FATF’s activities shows that FATF’s initial priority was to combatlaundering of proceeds from drug trafficking. Today FATF’s activities have three main directions: expanding the actions of its adoptedrecommendations to all continents and regions of the globe; checking how member states are executed and how anti-money launderingmeasures are implemented in other states, based on 40 plus 9 FATF recommendations that are guidance to action; tracking worldwidemethods and schemes of laundering criminally used capital and developing countermeasures. To date, a set of 40 FATF recommendationsand 9 Special Recommendations for Countering The Financing of Terrorism is a set of universal standards that lead to a successfulfight against money laundering. The new version of this document was adopted in 1996, 2003 and 2012. One of FATF activities is todefine so-called non-cooperative countries and territories and make their list, which is called the «blacklist». Although the country’sinclusion in the “blacklist” does not lead to the application of sanctions by the world community, it indicates a degree of trust in it onthe part of foreign investors. Lacking the status of an international legal act, FATF’s recommendations in practice received generalrecognition as universal international standards in the field of anti-money laundering. Successful work on counteracting the launderingof dirty funds should be carried out simultaneously at two levels – at international and national levels. FATF functions – to monitor theprocesses of implementation of such measures, to study ways and techniques of money laundering, to develop preventive and preventivemeasures, to promote the global implementation of anti-money laundering standards. FATF’s recommendations in practice receivedgeneral recognition as universal international standards in the field of anti-money laundering. Every year FATF organizes meetings onthe analysis of methods and trends related to combating the laundering of criminal proceeds and financing of terrorism.

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