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 Pandora Papers and the latest European efforts to combat money laundering, tax evasion and tax avoidance

2022 ◽  
Vol 27 ◽  
pp. 384-390
Author(s):  
Dragoș Mihail Mănescu
Keyword(s):  
European Commission ◽  
Money Laundering ◽  
Tax Evasion ◽  
Criminal Behavior ◽  
Tax Avoidance ◽  
European Parliament ◽  
Member States ◽  
Council Directive ◽  
Decisive Action ◽  
Combat Money Laundering

Following the revelations of the Pandora Papers on offshore financial mechanisms which allow European citizens to avoid paying tax obligations and to commit tax evasion or money laundering offenses, the European Parliament adopted Resolution 2021/2922 (RSP) requiring Member States to take urgent and decisive action, both legislative and investigative, to combat this type of criminal behavior. As a response to the request formulated by the Parliament, the European Commission drafted a Proposal for a council Directive laying down rules to prevent the misuse of shell entities for tax purposes by introducing new monitoring and reporting regulations.

Addressing illicit financial flows in Africa

2016 ◽  
Vol 23 (4) ◽  
pp. 1074-1091 ◽  
Author(s):  
Bernd Otto Schlenther
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Tax Avoidance ◽  
Medium Term ◽  
Profit Shifting ◽  
Financial Flows ◽  
Content Type ◽  
Priority Areas ◽  
Long Run ◽  
Illicit Financial Flows

Purpose This paper aims to identify the underlying key components of illicit financial flows (IFFs) and highlights the priority areas where government resources should be pooled under a whole of government approach to mitigate the risks posed by IFFs. These areas are tax avoidance and tax evasion (specifically intra-company profit shifting, investment and profit shifting within the extractive sector, fraud and beneficial ownership), anti-corruption measures, governance and accountability measures, anti-money laundering effectiveness and effectiveness in the detection of falsified customs declarations. Design/methodology/approach The concept of IFFs is emerging as an umbrella term for bringing together seemingly disconnected issues. The concept is ill-defined, but there are various identifiable components supporting the term IFF such as capital flight, corruption, money laundering, tax avoidance, tax havens and transfer pricing practices. The author identifies the key areas of concern through a literature review and recommends prioritization of short- to medium-term risk areas and long-term policy imperatives. Findings In the short- to medium-term, an effective “whole-of-government” approach should be based on uniform risk identification and prioritization between mandated government agencies and in the long run, it should be focused on building responsive and effective institutions through a process of good governance and effective taxation. Originality/value A large body of literature deals with “IFFs” and the “whole-of-government approach” as separate concepts. This paper draws on the existing literature and identifies priority areas for addressing IFFs, and, for these to be successful, they are entirely dependent on a whole-of-government approach – both in the short and long run.

scholarly journals Combating Fiscal Fraud and Empowering Regulators

2021 ◽  
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Business Models ◽  
Rapid Change ◽  
Tax Avoidance ◽  
Profit Shifting ◽  
Tax System ◽  
New Business ◽  
International Tax ◽  
The Impact

This book showcases a multidisciplinary set of work on the impact of regulatory innovation on the scale and nature of tax evasion, tax avoidance, and money laundering. We consider the international tax environment an ecosystem undergoing a period of rapid change as shocks such as the financial crisis, new business forms, scandals and novel regulatory instruments impact upon it. This ecosystem evolves as jurisdictions, taxpayers, and experts react. Our analysis focuses mainly on Europe and five new regulations: Automatic Exchange of Information, which requires that accounts held by foreigners are reported to authorities in the account holder’s country of residence; the OECD’s Base Erosion and Profit Shifting initiative and Country by Country Reporting, which attempt to reduce the opportunity spaces in which corporations can limit tax payments and utilize low or no tax jurisdictions; the Legal Entity Identifier which provides a 20-digit identification code for all individual, corporate or government entities conducting financial transactions; and the Fourth and Fifth Anti-Money Laundering Directives, that criminalize tax crimes and prescribe that the Ultimate Beneficial Owner of a company is registered. Working from accounting, economic, political science, and legal perspectives, the analysis in this book provides an assessment of the reforms and policy recommendations that will reinforce the international tax system. The collection also flags the dangers posed by emerging tax loopholes provided by new business models and in the form of freeports and golden passports. Our central message is that inequality can and has to be reduced substantially, and we can achieve this through an improved international tax system.

scholarly journals How Big Are Illicit Financial Flows?

2021 ◽  
pp. 75-88
Author(s):  
Joras Ferwerda ◽  
Brigitte Unger
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Tax Avoidance ◽  
Financial Flows ◽  
Illicit Financial Flows ◽  
The Cost ◽  
Insight Into ◽  
Tax Regulation

In recent years several leaks have given us insight into how the wealthy and criminals hide their money. The boom of leaks has resulted in a ‘hot phase’ in tax regulation. As a result, the number of studies that want to measure illicit financial flows has also increased. This chapter tries to provide an overview of this booming new field. What do all these studies teach us about the seriousness and size of tax avoidance, tax evasion, and money laundering? What is precisely measured, and how? This chapter concludes that the term ‘Illicit Financial Flows’ has become a bit of a floating identifier, a name that is vague enough to be used for many different concepts but at the cost of losing its meaning. We argue that decomposing the problem of illicit financial flows and what each study aims to measure, might give more useful insights.

scholarly journals Conclusions

2021 ◽  
pp. 311-330
Author(s):  
Brigitte Unger ◽  
Lucia Rossel ◽  
Joras Ferwerda
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Paradigm Shift ◽  
Tax Avoidance ◽  
Ecosystem Approach ◽  
International Taxation ◽  
Corporate Tax ◽  
Exchange Of Information ◽  
International Regulations ◽  
Policy Measures

This chapter presents the conclusions of the book in the light of the ecosystem approach. The chapter shows that there is a paradigm shift in the international taxation regime. Also, although international regulations such as Automatic Exchange of Information show some impact, the regulation aimed to tackle corporate tax avoidance, like BEPS, was less successful. Finally, the chapter outlines concrete policy measures to increase transparency and reduce secrecy. There is an emphasis, as in so many of the chapters in this book, on the idea that increasing transparency and reducing secrecy is the magic tool for combatting tax avoidance, tax evasion and money laundering, and for empowering the regulators.

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.

scholarly journals International Anti-Money Laundering Regulations Through the Prism of Financial Inclusion and Competition

2019 ◽  
Vol 12 (19) ◽  
pp. 75-89
Author(s):  
Oleksandr Khlopenko
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Soft Power ◽  
Common Good ◽  
Developing Economies ◽  
Tax Avoidance ◽  
Financial Inclusion ◽  
Long Term Effects ◽  
Classical Work ◽  
Wealth Of Nations

The last three decades have been marked by a battle with money laundering, tax evasion, and even though not strictly illegal, but no less harmful, tax avoidance after the boom in those legal and accountancy services back in the 1980s. The methods that national, international, and supranational organization have used range from doctrinal soft power to outright bullying, which were supported by their apologists for the sake of the common good. Yet the policies implemented so far have somehow not addressed the lack of theoretical and practical application of ‘inclusion’ and ‘equality’ into their framework. The same three decades have been characterized by the ever-growing wealth gap and the concentration of capital in the hands of the minority, whose prerogative, as pointed out by Gabriel Zucman in his classical work ‘The Hidden Wealth of Nations’ (2015), remains to preserve that wealth in their hands through whichever means necessary. The article researches into the implementation methods of anti-money laundering (AML) regulations, their long-term effects in developing economies, and the restrictive effects in relation to financial inclusion, the marginalized population in developing economies, and the application of the European Union’s principles and laws on competition.

Pengaruh Konvergensi International Financial Reporting Standards (Ifrs) Terhadap Penghindaran Pajak(Tax Avoidance)

2018 ◽  
Vol 26 (2) ◽  
pp. 158-169
Author(s):  
Umi Wahidah ◽  
Sri Ayem
Keyword(s):  
Financial Reporting ◽  
Tax Evasion ◽  
Stock Exchange ◽  
Control Variable ◽  
Tax Avoidance ◽  
Sampling Technique ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Control Variables ◽  
Financial Reporting Standards

This research aimed to examine the effect of the convergence of International Financial Reporting Standards (IFRS) on tax avoidance on companies listed in Indonesia Stock Exchange. Tax avoidance that used in this research was Cash Efective Tax Rate (CETR). This research is also use the control variable to get other different influence that different such as CSR, size, and earning management (EM. This research used populations sector of transport service companies that listed in Indonesia Stock Exchange. The data of this research taken from secondary data that was from the Indonesia Stock Exchange in the form of Indonesian Capital Market Directory (ICMD) and the annual report of the company 2011-2015. The method of collecting sample was purposive sampling technique, the population that to be sampling in this research was populations that has the criteria of a particular sample. Companies that has the criteria of the research sample as many as 78 companies. The method of analysis used in this research is multiple regression analysis. Based on regression testing shows that the convergence of International Financial Reporting Standards (IFRS) has a positiveand significant impact on tax evasion. This shows that IFRS convergence actually improves tax evasion practices. The control variables of firm size and earnings management also significantly influence the application of IFRS in improving tax avoidance practices, while CSR control variables have no role in convergence IFRS in improving tax evasion practice.

Legal Considerations of Tax Evasion and Tax Avoidance

2004 ◽  
Vol 26 (1) ◽  
pp. 41-85 ◽  
Author(s):  
Dániel Deák
Keyword(s):  
Tax Evasion ◽  
Tax Avoidance
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