Journal of Money Laundering Control最新文献

{"title":"An evaluation of customer due diligence and related anti-money laundering measures in the United Kingdom","authors":"Howard Chitimira, Sharon Munedzi","doi":"10.1108/jmlc-01-2023-0004","DOIUrl":"https://doi.org/10.1108/jmlc-01-2023-0004","url":null,"abstract":"\u0000Purpose\u0000Customer due diligence measures that are employed in the United Kingdom (UK) to detect and combat money laundering are discussed. The UK adopted a progressive regulatory and enforcement framework to combat money laundering which relies, inter alia, on the use of customer due diligence measures to regulate and curb the occurrence of money laundering activities in its financial institutions and financial markets. However, other regulatory measures that could have contributed to the effective combating money laundering in the UK will not be explored in detail since the article is focused on the reliance and use of customer due diligence measures to curb money laundering activities. Accordingly, the strength, flaws and weaknesses of the UK anti-money laundering regulatory and enforcement framework are examined. Lastly, possible recommendations to address such flaws and weaknesses are provided.\u0000\u0000\u0000Design/methodology/approach\u0000The paper discusses customer due diligence measures that are used in the UK to detect and combat money laundering.\u0000\u0000\u0000Findings\u0000It is hoped that policymakers and other relevant persons will use the recommendations provided in the paper to enhance the curbing of money laundering in the UK.\u0000\u0000\u0000Research limitations/implications\u0000The paper does not provide empirical research.\u0000\u0000\u0000Practical implications\u0000The study is useful to all policymakers, lawyers, law students and regulatory bodies in the UK.\u0000\u0000\u0000Social implications\u0000The study seeks to curb money laundering in the UK society globally.\u0000\u0000\u0000Originality/value\u0000The study is original research on the use of customer due diligence measures to detect and combat money laundering in the UK.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"48 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79099519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Editorial: Towards meaningful action against proliferation financing","authors":"Louis de Koker","doi":"10.1108/jmlc-03-2023-172","DOIUrl":"https://doi.org/10.1108/jmlc-03-2023-172","url":null,"abstract":"","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"15 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88265456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The control of tax corruption: evidence from nonfungible token market in China","authors":"Jahidur Rahman, Yanyan Jin","doi":"10.1108/jmlc-01-2023-0005","DOIUrl":"https://doi.org/10.1108/jmlc-01-2023-0005","url":null,"abstract":"\u0000Purpose\u0000In 2021, nonfungible token (NFT) has emerged and grown as a new digital asset and became a carrier for cryptocurrency holders in China. NFT opens the door of the digital world for creators’ rights and the realization of economic interests. However, potential problems such as money laundering, terrorist financing and tax avoidance risks have increased in China due to the lack of regulations. As tax control is an important tool used by the government to adjust the economy and market, this study aims to investigate the future market capitalization of NFT and provide value orientations to control the NFT market in China with a tax control approach based on the positive experience of other countries.\u0000\u0000\u0000Design/methodology/approach\u0000In this study, least squares and expert estimation are applied to predict the future market capitalization based on the global market, which can provide an understanding of the current NFT market and the significance of its tax control. In addition, the tax control and interpretation of Chinese taxation institutions and structures are also explored.\u0000\u0000\u0000Findings\u0000Results include the probable tax structure or policy that national institutions can carry out over different transactions. Conclusions show that introducing tax control to regulate and monitor the rise of state revenue and decline of illegal financing activities. Establishing tax control in the Chinese NFT market can provide a centralized guarantee to ensure the safety and legality of transactions and enable further progress.\u0000\u0000\u0000Originality/value\u0000This study puts forward new ideas on the future development of nonprofitable tokens based on blockchain technology from the perspective of taxation in China.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"1 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83172710","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The adequacy of the legal framework for combating money laundering and terrorist financing in Nigeria","authors":"Howard Chitimira, O. Animashaun","doi":"10.1108/jmlc-12-2022-0171","DOIUrl":"https://doi.org/10.1108/jmlc-12-2022-0171","url":null,"abstract":"\u0000Purpose\u0000Banditry and terrorism constitute serious security risks in Nigeria. This follows the fact that Nigeria is rated as one of the leading states in the world that is plagued by terrorism. Terrorists and bandits usually embark on predicate crimes such as kidnapping, smuggling, narcotics trade, and similar trades to finance their terrorist enterprises in Nigeria. The funds realized by criminals from nefarious sources such as sales of narcotics and ransom from kidnapping are usually laundered to make their criminal enterprises self-sustaining. Thus, all “dirty” money is laundered so as not to attract the attention of law enforcement agents. The funds realized through receipt of ransom from kidnapping, smuggling or funds from sponsors are laundered through channels such as bureau de change, which are difficult to monitor by the Nigerian authorities due, in part, to flaws and loopholes in the current anti-money laundering and anti-terrorist laws. This paper aims to adopt a doctrinal and qualitative desktop research methodology. In this regard, the current anti-money laundering and anti-terrorist laws are discussed to explore possible measures that could be adopted to remedy the flaws and loopholes in such laws and combat money laundering and financing of terrorism in Nigeria.\u0000\u0000\u0000Design/methodology/approach\u0000The article analyses the regulation and combating of money laundering and terrorist financing activities in Nigeria. In this regard, a doctrinal and qualitative research method is used to explore the flaws in the Nigerian anti-money laundering laws so as to recommend possible remedies in respect thereof.\u0000\u0000\u0000Findings\u0000It is hoped that policymakers and other relevant persons will use the recommendations provided in this article to enhance the curbing of money laundering and terrorist financing activities in Nigeria.\u0000\u0000\u0000Research limitations/implications\u0000The article is not based on empirical research.\u0000\u0000\u0000Practical implications\u0000This study is important and vital to all policymakers, lawyers, law students and regulatory bodies in Nigeria and other countries globally.\u0000\u0000\u0000Social implications\u0000The study seeks to curb money laundering and terrorist financing activities in Nigeria.\u0000\u0000\u0000Originality/value\u0000The study is based on original research which is focused on the regulation and combating of money laundering and terrorist financing activities in Nigeria.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"114 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76148408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evolution of cannabis regulations and their overlooked link with money laundering: Australia as a critical case study","authors":"M. Tiwari, J. Ferrill","doi":"10.1108/jmlc-11-2022-0158","DOIUrl":"https://doi.org/10.1108/jmlc-11-2022-0158","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to interrogate if the legal status of a cannabis affects money laundering activity. The legal status of cannabis continues to evolve globally; at the same time, its market remains enormous. Much of this market represents dirty money from criminal acts, which often requires laundering. In the context of changing cannabis regulations, legislation, and policies, the authors propose the possible implications such changes may have on the extent of money laundering.\u0000\u0000\u0000Design/methodology/approach\u0000This paper proposes the implications of the evolution of cannabis regulations on money laundering activities, using the theoretical underpinning of rational choice. Using Australia as a replicable critical case study, the paper, using the Walker gravity model and using United Nations Office on Drugs and Crime-reported prices of cannabis from 2003 to 2017 and Australian Criminal Intelligence Commission reports empirically validates the effects of cannabis regulations on the proceeds available for laundering.\u0000\u0000\u0000Findings\u0000This study finds support for the argument that prohibitive measures toward cannabis use contribute to increases in the need to launder generated proceeds.\u0000\u0000\u0000Research limitations/implications\u0000The findings can be replicated in other countries and may contribute to novel propositions within the debate on the legalization of cannabis use, which has, thus, far primarily focused on the areas of health, crime, taxation and education.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, no study has yet attempted to provide an economic analysis of the effects of cannabis policy changes on money laundering.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"28 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91349498","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The phenomenon of trade-based money laundering (TBML) – a critical review in Sri Lankan context","authors":"Dinesh Sivaguru, K. Tilakasiri","doi":"10.1108/jmlc-10-2022-0151","DOIUrl":"https://doi.org/10.1108/jmlc-10-2022-0151","url":null,"abstract":"\u0000Purpose\u0000Money laundering (ML) has become a significant challenge all over the world today. Trade-based money laundering (TBML) is a type of ML that poses a hazard to any country. In recent years, developed and developing countries have pursued liberal policies for international financial markets. The Financial Action Task Force (FATF) defines TBML as the process of concealing criminal earnings and shifting value through trade transactions in an attempt to justify their illicit origins. As international financial markets have improved ML controls, criminals have turned to the trade sector as a new venue, raising trade risks. The purpose of this study is to highlight the danger posed by TBML and the initiatives that should be taken to prevent such.\u0000\u0000\u0000Design/methodology/approach\u0000A review of publicly available reports, case studies, secondary data and literature on TBML from a variety of Sri Lankan and international contexts comprised the methodology. However, due to the dearth of literature on TBML details/information in the Sri Lankan context, international case studies have been analyzed. More critically, there are no precise estimates of TBML or defined protocols for collecting and maintaining TBML data. As a result, the FATF potential TMBL typologies were analyzed, and typical TBML procedures were examined to identify viable treats for Sri Lanka.\u0000\u0000\u0000Findings\u0000The study found that TBML has a significant effect on the economy and, as a result, social conflicts. Sri Lanka has the potential for TBML, and ML through financial institutions was identified as a major risk. Literature, on the other hand, shows that a large quantity of money has been laundered using TBML in Sri Lanka. The geographical location entices criminals to wash their illicit gains, and so the country has potential danger from South Asian countries. However, because of the sociopolitical climate in Sri Lanka, criminals are constantly looking for ways to profit illegally. Relaxing rules to promote foreign investment may encourage launderers to use their illicit proceeds. The government needs to take great care when dealing with this particularly delicate issue.\u0000\u0000\u0000Research limitations/implications\u0000Due to the complexity of financial crimes, this study had a number of limitations, as do many others. The data used for this study was sourced from publicly available information and the TBML has been clearly defined or understood due to the fact that the complexity of the methods used by criminals. As a result, the number of local instances reported on TMBL is quite small, hence this study relied on international case studies.\u0000\u0000\u0000Originality/value\u0000This research on TBML in Sri Lanka is original. It is anticipated that the findings and contribution of the study would help the stakeholders develop TBML prevention measures.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"14 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82507607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Acquiring an awareness of the latest regulatory developments concerning digital assets and anti-money laundering","authors":"Mohammad Belayet Hossain","doi":"10.1108/jmlc-10-2022-0147","DOIUrl":"https://doi.org/10.1108/jmlc-10-2022-0147","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to analyze the anti-money-laundering (AML) policies in place around the world for digital assets and cryptocurrencies.\u0000\u0000\u0000Design/methodology/approach\u0000This study examines the regulatory frameworks of some of the most prominent international crypto markets and provides an analysis of macro trends in digital asset money laundering legislation.\u0000\u0000\u0000Findings\u0000As widespread use of cryptocurrencies has increased, authorities around the world have begun to focus on the associated money-laundering concerns. Organizations that want to take advantage of investment opportunities related to digital assets must keep an eye on the ever-changing worldwide regulatory landscape.\u0000\u0000\u0000Practical implications\u0000Before entering the digital asset market, potential participants should familiarize themselves with the relevant regulations and processes. In cases where enterprises interface with several international regulators, the complexity of these factors can increase.\u0000\u0000\u0000Originality/value\u0000This essay is written for financial institutions who are considering crypto-related investment opportunities as a means of diversification to better comprehend the worldwide AML regulatory framework pertaining to digital assets.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"39 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83488019","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Foreign exploration of immature markets and incidence of money laundering","authors":"Nadia Hanif, Anam Javaid, Noman Arshed, A. Rafay","doi":"10.1108/jmlc-10-2022-0153","DOIUrl":"https://doi.org/10.1108/jmlc-10-2022-0153","url":null,"abstract":"\u0000Purpose\u0000Money laundering (ML) is the process used to convert the proceeds of crimes into lawful form. This global problem promotes social ills, corruption and organized crimes. Various instruments are used to counter individual illicit behavior. However, in low-income countries, these regulations are not common because of weak institutions, poor governance and a lack of awareness about the negative consequences of ML. In these countries, multinational corporations take advantage of poor law and order, lower environmental regulations and corruption and shift their domestic operations into foreign countries.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses a multiple mediator model to investigate the link between foreign direct investment (FDI), environmental degradation measured as CO2 emissions (CE), exports and ML for 118 countries between 2008 to 2018.\u0000\u0000\u0000Findings\u0000Results indicate that FDI promotes exports and CE, leading to illicit financial flows.\u0000\u0000\u0000Originality/value\u0000Policymakers should enforce checks on foreign funds flow and adopt illicit flow mitigation measures to minimize ML globally.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"36 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73856482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Bibliometric analysis of Journal of Money Laundering Control: emerging trends and a way forward","authors":"Charu Saxena, Pardeep Kumar","doi":"10.1108/jmlc-06-2022-0075","DOIUrl":"https://doi.org/10.1108/jmlc-06-2022-0075","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to provide a bibliometric analysis of the Journal of Money Laundering and Control (JMLC) from 2010 to 2021 and map its way forward.\u0000\u0000\u0000Design/methodology/approach\u0000A range of bibliometric techniques have been used to analyse the performance of JMLC from Volume 14 (Issue 1) to Volume 24 (Issue 4). The Scopus database has been used to analyse the documents of JMLC. A total of 294 documents are reviewed. The bibliographic data has been analysed using the software VOS viewer and R-studio (Biblioshine) to assess the trend of publications, word growth, keyword co-occurrence, citation analysis, most prolific authors and authors’ impact.\u0000\u0000\u0000Findings\u0000JMLC’s academic contributions, influence and impact have grown progressively. The thematic structure of the journal has evolved into six bibliographic clusters, noted as prevention of corruption due to money laundering; compliance and regulation of money laundering; customer due diligence; role of Financial Action Task Force (FATF) in the financial system of developing countries; control of terrorism and terrorist financing; and role of money laundering in the proceeds of crime.\u0000\u0000\u0000Research limitations/implications\u0000The constraint of this endeavour largely arises from its selection of bibliographic data being confined to Scopus.\u0000\u0000\u0000Practical implications\u0000The results of the study would help the current and future authors to understand the emerging themes in the field of money laundering and control. They are also going to help the editors of the journals of this domain to understand the emerging themes and how the published documents are going to contribute the society, throwing light on the controlling and compliance part of money laundering. Future research directions are provided in tackling the problem of money laundering, corruption, terrorism, crime, etc. with the help of financial intelligence, strong FATF all around the world, machine learning, Bitcoin exchange management and global knowledge management.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this is the first objective assessment of the journal. Thus, the results of the study are useful to past and prospective authors, editorial board members, editors, readers and reviewers to gain a one-stop understanding of anti-money laundering actions through the contributions of JMLC.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"118 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73197559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The South African non-profit sector and its vulnerabilities to economic crime","authors":"Bernice Bissett, P. Steenkamp, Duane Aslett","doi":"10.1108/jmlc-10-2022-0146","DOIUrl":"https://doi.org/10.1108/jmlc-10-2022-0146","url":null,"abstract":"\u0000Purpose\u0000In a post-pandemic society, non-profit organisations (NPOs) have become vital. A safe environment for such organisations to function in is therefore important. In spite of efforts to safeguard this sector, rampant abuse exists. This paper aims to provide an in-depth analysis of the South African non-profit sector and its vulnerabilities to economic crime, specifically money laundering and terrorist financing.\u0000\u0000\u0000Design/methodology/approach\u0000Secondary sources such as legislation, case law, textbooks and peer-reviewed publications are used in identifying the vulnerabilities in the South African non-profit sector. Common denominators are identified from these sources to provide a basis for the highlighted vulnerabilities.\u0000\u0000\u0000Findings\u0000The South African non-profit sector is most vulnerable, leaving the sector susceptible to economic crimes. This is highlighted in the 2021 Financial Action Task Force Mutual Evaluation Report. Governance structures in the sector cannot protect it effectively and concomitant regulations have become inadequate. It is necessary for the South African Government and Parliament to review existing laws and regulations to ensure enhanced governance over these NPOs.\u0000\u0000\u0000Originality/value\u0000This paper contributes to a research gap on existing vulnerabilities within the South African non-profit sector relating to money laundering and terrorist financing. The paper provides a comprehensive layout of the South African non-profit sector, highlighting areas at risk of exploitation and identifying key vulnerabilities within the sector.\u0000","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"33 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86824269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}