scholarly journals En embuscade sur le sentier de l’argent. Une perspective internationale

Criminologie ◽  
2005 ◽  
Vol 30 (1) ◽  
pp. 35-52
Author(s):  
Michael Levi
Keyword(s):  
Money Laundering ◽  
Research Study ◽  
Organised Crime ◽  
Limited Effect ◽  
Financial Measures ◽  
Proceeds Of Crime ◽  
The Uk ◽  
The Impact ◽  
Investigation Process ◽  
Do So

This article examines the growth of financial measures against 'organised crime' in the form of money-laundering and asset confiscation. After discussing the implications of conflicts over what crimes should be included in money-laundering statutes —e.g. drugs-only or all 'serious' crime —it summarises the findings of a research study conducted by the author into the impact of money-laundering reporting in the UK upon criminal investigation by the police and customs, and into the forfeiture of the proceeds of crime. It concludes that these measures have had a very limited effect and will continue to do so, unless more technological and human resources are put into the investigation process. Furthermore, the tendency of offenders at all but the highest levels to spend their money as they go along places limits on the likely impact of these measures, based as they are on a model of criminal organisation that is more than the reality.

Part A Regulatory Matters, 7 Money Laundering Legislation

2015 ◽  
Author(s):  
Proctor Charles
Keyword(s):  
Money Laundering ◽  
Regulatory Environment ◽  
Terrorist Financing ◽  
Customer Identification ◽  
Proceeds Of Crime ◽  
The Uk ◽  
The Impact

This chapter considers the impact of anti-money laundering and anti-terrorist financing legislation on a bank's business. It provides a broad international background to anti-money laundering initiatives. It also gives an overview of the UK regulatory environment. The chapter then explains customer identification requirements; the substantive money laundering offences created by the Proceeds of Crime Act 2002; anti-terrorism legislation; and the civil consequences of the anti-money laundering framework.

The seizure, detention and forfeiture of cash in the UK

2003 ◽  
Vol 11 (2) ◽  
pp. 134-149 ◽  
Author(s):  
R. E. Bell
Keyword(s):  
Human Rights ◽  
Money Laundering ◽  
Crime Control ◽  
European Convention ◽  
Important Method ◽  
Standard Of Proof ◽  
Different Types ◽  
Proceeds Of Crime ◽  
National Border ◽  
The Uk

Stresses that the criminal economy is much more cash‐intensive than the legitimate economy, and explains why. Indicates the scope of the problem for crime control: that carrying illegal proceeds as cash across national border remains an important method of money laundering. Outlines the provisions of the Proceeds of Crime Act 2002 concerning powers to allow searches for cash, and the standard of proof required. Discusses the different types of evidence allowed: avoidance of the usual banking channels, previous convictions and acquittals, lack of business records, lack of an audit trail, credibility, presence of items indicating crime, criminal associates, lying and inconsistent statements, contamination of the cash by drugs, suspicious denomination of banknotes, attempts at concealment, travel destinations and arrangements, financial background, failure to cooperate, and confidential informants. Goes on to cash seizures under terrorist legislation, possible challenges to seizures as contrary to the European Convention on Human Rights, the choice between civil and criminal forfeiture, and how the investigation proceeds.

11. Financial crime

2019 ◽  
pp. 420-451
Author(s):  
Jeremy Horder
Keyword(s):  
European Union ◽  
Money Laundering ◽  
Criminal Law ◽  
Financial Crime ◽  
The European Union ◽  
Home Office ◽  
Corporate Activity ◽  
The Uk ◽  
The Impact ◽  
The Eu

This chapter examines three major examples of financial crime: fraud, bribery, and money laundering. The importance of financial crime, and of vigorous prosecution policies in relation to it, should not be underestimated. Fraud accounts for no less than one third of all crimes captured by the Crime Survey for England and Wales. The European Union Parliament has estimated that corruption costs the EU between €179 and €990 billion each year. Finally, the Home Office estimates that the impact of money laundering on the UK economy is likely to exceed £90 billion. An understanding of these crimes, and in particular the way that they reflect corporate activity, is nowadays essential to the study of criminal law.

26. Handling and related offences

2018 ◽  
Author(s):  
David Ormerod ◽  
Karl Laird
Keyword(s):  
Money Laundering ◽  
Mens Rea ◽  
Actus Reus ◽  
Proceeds Of Crime ◽  
English Law ◽  
Do So ◽  
Stolen Goods

This chapter deals with handling of stolen goods and related offences. Under s 22 of the Theft Act 1968, a person who dishonestly receives goods, or dishonestly undertakes or assists in their retention, removal, disposal or realization by or for the benefit of another person, or if he arranges to do so knowing or believing that they are stolen goods, is guilty of the offence of handling stolen goods. English law treats this offence as an independent crime rather than one of being an ‘accessory after the fact’ to theft. The chapter considers the actus reus and mens rea of handling stolen goods, when goods cease to be stolen, handling by omission, the ‘doctrine’ of recent possession, dishonest retention of a wrongful credit, advertising for the return of stolen goods and money laundering. It concludes with an overview of the Proceeds of Crime Act 2002.

Beyond placement, layering and integration – the perception of trade-based money laundering risk in UK financial services

2019 ◽  
Vol 22 (4) ◽  
pp. 614-625 ◽  
Author(s):  
Mario Menz
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Design Methodology ◽  
Banking Sector ◽  
Trade Finance ◽  
Content Type ◽  
Proceeds Of Crime ◽  
The Uk ◽  
Practical Implications ◽  
Insight Into

Purpose The purpose of this study was to investigate the perception of trade-based money laundering in Letters of Credit (“L/C”) transactions among trade finance practitioners in the UK banking sector and to compare it to the perception of the same risk by the Financial Conduct Authority (“FCA”), the regulator of the UK’s banking sector. Design/methodology A survey was used to carry out research among financial services professionals engaged in trade finance in the UK. Findings This paper contributes to the existing literature in a number of ways. First, it investigates the perception of trade-based money laundering risk from the perspective of financial services professionals, which has not previously been done. Second, it argues that the perception of trade-based money laundering in financial services is overly focussed on placement, layering and integration, and that the full extent of the offence under the Proceeds of Crime Act 2002 is less well known. It further found that financial services firms need to improve their understanding of the nature of trade-based money laundering under UK law. Practical implications This study argues that the financial services sector’s perception of trade-based money laundering risk in trade finance is underdeveloped and makes suggestions on how to improve it. Originality/value It provided unique insight into the perception of trade-based money laundering risk among financial services professionals.

scholarly journals A sieve that does hold a little water – gambling advertising and protection of the vulnerable in the UK

Legal Studies ◽  
2018 ◽  
Vol 38 (4) ◽  
pp. 529-548 ◽  
Author(s):  
Julia Hörnle ◽  
Malgorzata A Carran
Keyword(s):  
Regulatory System ◽  
Legal Reform ◽  
The Internet ◽  
Limited Effect ◽  
Regulatory Standards ◽  
Vulnerable People ◽  
Challenges And Opportunities ◽  
The Uk ◽  
The Impact ◽  
Vulnerable Persons

AbstractThe internet, social media and online profiling have fundamentally changed advertising, and the regulation of gambling advertising has not yet managed to address the challenges and opportunities arising from this technological shift. Furthermore, the regulation of gambling does not take into account sufficiently the needs of children and vulnerable persons. We review the empirical research on the impact of gambling advertising and show how regulatory standards firmly adhere to the transmission theory of communication that prioritises the communicative intent of the advertiser over how the advertising message is received by or impacts on vulnerable people. This article reviews the law on gambling advertising and argues that for gambling, the restrictions imposed by the largely co-regulatory system only have limited effect. We compare the regulation of gambling advertising, by way of analogy, to a sieve that holds only a little water, and make recommendations for legal reform.

Chronicle of a Crisis Foretold: The Politics of Irregular Migration, Human Trafficking and People Smuggling in the UK

2005 ◽  
Vol 7 (3) ◽  
pp. 324-339 ◽  
Author(s):  
Andrew Geddes
Keyword(s):  
Human Trafficking ◽  
Irregular Migration ◽  
Limited Effect ◽  
Irregular Migrants ◽  
Bilateral Relations ◽  
Human Rights Regime ◽  
Political Contention ◽  
Migration Flows ◽  
The Uk ◽  
The Impact

This article argues that a distinct repertoire of social and political contention associated with migration and the presence of immigrants in the UK plays a large part in structuring responses to ostensibly ‘new’ migration challenges such as people smuggling and human trafficking. This repertoire includes the elision and confusion of migration categories (particularly in this instance between irregular migration and asylum); the impact of state policies on the creation of ‘unwanted’ migration flows; fears of floods and invasions by ‘unwanted’ migrants; concerns that the state is losing control of migration; the depiction of migration and migrants as causes of increased support for the extreme right; the existence of labour market pull factors that provide economic spaces for both regular and irregular migrants; the symbolic power but limited effect of an international human rights regime and discourse; and problems of policy implementation. The contemporary twist is provided by the links made between irregular migration and the ‘war on terror’ and the ways in which migration has become a component of bilateral relations between the UK and other states, particularly those structured by EU competencies.

Anti-Money Laundering

2020 ◽  
Author(s):  
Hugo D. Lodge
Keyword(s):  
Money Laundering ◽  
Eu Law ◽  
The Core ◽  
The Uk ◽  
The Impact

Anti-money Laundering Powers in the UK Post-Brexit 13.01 Overview of the Amendments Made by the 2018 Act 13.01 Pre-Brexit AML Regime under EU Law 13.05 The Impact of the 2018 Act on AML in the UK 13.12 The Core AML Power:...

The civil law: a potent crime-fighting device

2014 ◽  
Vol 17 (1) ◽  
pp. 4-16 ◽  
Author(s):  
Shazeeda Ali
Keyword(s):  
Money Laundering ◽  
Civil Law ◽  
Content Type ◽  
Asset Recovery ◽  
Legislative Framework ◽  
Potential Risks ◽  
Proceeds Of Crime ◽  
The Law ◽  
The Uk ◽  
Civil Recovery

Purpose – The purpose of this paper is to increase the awareness of attorneys-at-law about the potential risks that they may encounter as a result of the developments in “intermeddler liability”. The article is also aimed at informing attorneys about the Proceeds of Crime Act (POCA) civil recovery machinery. Design/methodology/approach – The article is divided into two parts. The first part involves an analysis of the provisions in the POCA of Jamaica that invoke a civil machinery to recover criminally obtained wealth. In addition to a review of the main provisions of POCA, an examination of recent cases in Jamaica and in the UK, which has a similar legislative regime, has been undertaken. The legislative framework for providing a remedy to a victim of crime has also been examined. The second part of the article explores developments in the law of restitution and the law relating to constructive trusts which may impact lawyers and financial intermediaries who become engaged in transactions dealing with illicit funds. Findings – The first aspect of the article focuses on the ability of the Asset Recovery Agency to follow and recover illicitly obtained property in the absence of a criminal conviction. In the second part of the article, the evolution of the law relating to “intermeddler liability”, that is, knowing receipt and dishonest assistance, has been explored. It is observed that these developments are significant in providing a victim of financial crime with a remedy where the illicit activity involves a breach of trust or other fiduciary relationship. Originality/value – Much of the focus on anti-money laundering initiatives in Jamaica is on the money laundering offence and post-conviction orders under POCA. This article seeks to highlight the power of the civil law in countering serious crime.

Managing money laundering risks in commercial letters of credit

2016 ◽  
Vol 19 (2) ◽  
pp. 158-168
Author(s):  
Ramandeep Kaur Chhina
Keyword(s):  
Money Laundering ◽  
Regulatory Requirements ◽  
Trade Finance ◽  
Content Type ◽  
Letter Of Credit ◽  
Commercial World ◽  
Proceeds Of Crime ◽  
Letters Of Credit ◽  
The Uk

Purpose The purpose of this paper is to critically examine the role of banks in detecting and mitigating money laundering risks in trade finance activities, especially in commercial letters of credit, and to answer the central question: do banks comply with regulations that are inadequate (if so, is more stringent regulation compatible with the commercial world of trade finance?), or are banks are in danger of non-compliance? Design/methodology/approach The relevant principles promulgated by international organisations as well as the law enacted in UK to prevent money laundering risks in commercial letters of credit was examined to assess banks’ compliance with their anti-money laundering (AML) obligations. The key provisions of the Money Laundering Regulations 2007, Proceeds of Crime Act 2002 and the Wolfsberg Trade Finance Principles were discussed, and the extent of banks’ compliance with these provisions was highlighted by carefully analysing the steps a bank might take at various stages of the operation of a commercial letter of credit and what the banks in fact do. The paper relies heavily on the findings of the recent study conducted by the Financial Conduct Authority (UK) to analyse the actual practice followed by UK banks in controlling money laundering risks in transactions involving commercial letters of credit. Findings The paper establishes that considering the formal nature of commercial letters of credit (which makes them independent from the underlying transaction), any stringent measures to regulate trade finance activities of a bank may destroy the effectiveness of commercial letters of credit as a tool for promoting international trade. The current law and regulations together with the Joint Money Laundering Steering Group Sectoral Guidance and the Wolfsberg Principles provide the requisite legal and regulatory framework to control money laundering risks in commercial letters of credit. The paper however establishes that the majority of banks in UK currently appear to be in danger of non-compliance with the UK AML regime and certainly need to meet their AML obligations in a more serious way. Practical implications The findings may influence banks to adopt a more vigilant approach in their trade finance activities and to undertake more responsibility in ensuring compliance with the current AML law and regulations, while highlighting that their current practice may put them in danger of non-compliance. Originality/value The paper demonstrates in an exceptional way the legal and regulatory requirements for banks to prevent money laundering risks in their trade finance activities and where, in practice, the banks are falling short of compliance with these requirements. By adopting a step-by-step approach in evaluating banks’ “current-and-must have” approach to controlling money laundering risks at various stages of a commercial letter, the paper makes a valuable contribution to the study of combating money laundering in commercial letter of credit transactions.

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