Money laundering prevention: the challenge of insurance termination for outlaw biker gangs’ club houses

IF 1.3 Q3 CRIMINOLOGY & PENOLOGY

Journal of Money Laundering Control Pub Date : 2024-04-03 DOI:10.1108/jmlc-01-2024-0003

Petter Gottschalk

{"title":"Money laundering prevention: the challenge of insurance termination for outlaw biker gangs’ club houses","authors":"Petter Gottschalk","doi":"10.1108/jmlc-01-2024-0003","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>The purpose of this paper is to discuss the legal barriers to termination of an insurance arrangement where there is suspicion of money laundering when paying insurance premiums.</p>\n<h3>Design/methodology/approach</h3>\n<p>Trials in court between insurance firm and outlaw biker gangs regarding insurance of their clubhouses.</p>\n<h3>Findings</h3>\n<p>Protection of insured seems more important than prevention of money laundering.</p>\n<h3>Research limitations/implications</h3>\n<p>This is a case study that cannot be generalized.</p>\n<h3>Practical implications</h3>\n<p>Anti money laundering is difficult when competing with other considerations.</p>\n<h3>Social implications</h3>\n<p>Accusations of money laundering is not sufficient to terminate an insurance contract. Rather, solid evidence is needed.</p>\n<h3>Originality/value</h3>\n<p>This is a real case of failing anti-money laundering efforts.</p>","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"37 1","pages":""},"PeriodicalIF":1.3000,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Money Laundering Control","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/jmlc-01-2024-0003","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"CRIMINOLOGY & PENOLOGY","Score":null,"Total":0}

引用次数: 0

Abstract

Purpose

The purpose of this paper is to discuss the legal barriers to termination of an insurance arrangement where there is suspicion of money laundering when paying insurance premiums.