Assets Recovery of Money Laundering Criminal Acts: A Study of Restoring Assets for Money laundring Criminal Acts Related in the Account of Overseas Bank

This research was conducted to investigate the obstacles to asset recovery for the proceeds of money laundering deposited in offshore bank accounts, as mandated in Law Number 8 of 2010. The issues raised in this study are about the relationship between corruption and money laundering. As well as law enforcement in the monetary sector in Indonesia through the criminal approach and Asset Recovery in the Money Laundering case. Based on the research, it was found that the recovery of assets resulting from money laundering that was stored abroad experienced obstacles due to differences in legal concepts (money laundering and assets proceeds from money laundering). The research was conducted through juridical normative methods and data collection. It is concluded that the Asset Recovery approach is more of a deterrent effect for the perpetrators of corruption than punishment. To facilitate the withdrawal of money laundering funds abroad, a bilateral cooperation agreement between the Indonesian and recipient countries of money laundering assets is necessary.

Pakistan: Economy under Elites – Tax Amnesty Schemes, 2018

The purpose of the paper is to take an incisive glimpse into Pakistan’s political economy through the lens of a tax policy abnorm i.e. the tax amnesty scheme, 2018. The paper is theoretically anchored in the elitist framework which arguably best explains structural composition of the economy. The paper refines the elitist framework, accentuates its significance, and innovates on it to induct the competing Freudian concepts of “pleasure principle” and “reality principle” to sharpen our understanding of Pakistan’s political economy. It is argued that impending inflows of offshore bank and financial account information of Pakistan resident persons under the OECD’s Multilateral Convention was the main dynamic of the amnestization initiative in which the Supreme Court of Pakistan played the role of the agent provocateur. The empirical results obtained help conclude that the amnestization initiatives have helped proliferate underground economy, and enhance the elitist economic status quo in Pakistan.

Isolating small Belize banks from the global system

Purpose The purpose of this paper is to increase insights into the withdrawal of correspondent banks (CBs) from developing markets. Design/methodology/approach A case study of a small offshore bank in Belize was conducted using information collected from the bank’s CEO and compliance officer through semi-structured interviews. The interview data were triangulated with data from relevant laws in Belize and literature review. Findings Compliance with international standards is onerous on small banks, but necessary to level the playing field and protect the global system. Practices within small banks effectively combat money laundering, but remain unsung because size and geographic location of banks influence perceptions about the banks. The approach to de-risking was overreaching and unfair. Research limitations/implications The findings are specific to one offshore bank, but create awareness of Belize banking practices to mitigate money laundering risks. The results could influence regulators, international organizations and CBs to pierce through to the bank level to assess risks and determine CB relationships. Originality/value This is the first study providing firsthand accounts of efforts by a small Belize bank to comply with international standards and remain connected to the global financial system. The study highlights a critical weakness in employing a risk-based approach to rate banks.

Trait-based approach on deep-sea corals in the high-seas of the Flemish Cap and Flemish Pass (northwest Atlantic)

Deep-sea coral aggregations represent important ecosystems in the Flemish Cap, where some areas have been closed to bottom fisheries by the Northwest Atlantic Fisheries Organization in order to implement conservation and management measures and prevent significant adverse impacts on Vulnerable Marine Ecosystems (VMEs). Flemish Cap is an offshore Bank located about 600 km to the east of Newfoundland, separated from the Grand Banks by the Flemish Pass, a channel approximately 1200 m deep. 40 taxa of corals were identified in the area from bottom trawl research vessel surveys (2006-2015) and rock dredges (2009-2010). They included 22 Alcyonacea, 11 Pennatulacea, 3 Antipatharia and 4 Scleractinia. Corals identified were classified according to their biological traits in an attempt to better understand their function in the ecosystem. This study analyzes which biological traits were useful to classify corals in the Flemish Cap and Flemish Pass prioritizing traits where information is available and that capture variation for a range of biological or ecological processes. This study represents a baseline classification, quantifying trait variation among species, for further studies such as habitat suitability models or impact studies from trawl fisheries and oil and gas exploitation, which represent the main potential human activities in the area.

Trait-based approach on deep-sea corals in the high-seas of the Flemish Cap and Flemish Pass (northwest Atlantic)

Deep-sea coral aggregations represent important ecosystems in the Flemish Cap, where some areas have been closed to bottom fisheries by the Northwest Atlantic Fisheries Organization in order to implement conservation and management measures and prevent significant adverse impacts on Vulnerable Marine Ecosystems (VMEs). Flemish Cap is an offshore Bank located about 600 km to the east of Newfoundland, separated from the Grand Banks by the Flemish Pass, a channel approximately 1200 m deep. 40 taxa of corals were identified in the area from bottom trawl research vessel surveys (2006-2015) and rock dredges (2009-2010). They included 22 Alcyonacea, 11 Pennatulacea, 3 Antipatharia and 4 Scleractinia. Corals identified were classified according to their biological traits in an attempt to better understand their function in the ecosystem. This study analyzes which biological traits were useful to classify corals in the Flemish Cap and Flemish Pass prioritizing traits where information is available and that capture variation for a range of biological or ecological processes. This study represents a baseline classification, quantifying trait variation among species, for further studies such as habitat suitability models or impact studies from trawl fisheries and oil and gas exploitation, which represent the main potential human activities in the area.