Journal of Money Laundering Control最新文献

{"title":"Editorial: Tackling economic crime: major reform of corporate criminal liability in the UK","authors":"Patrick Rappo","doi":"10.1108/jmlc-01-2024-178","DOIUrl":"https://doi.org/10.1108/jmlc-01-2024-178","url":null,"abstract":"","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"5 11","pages":""},"PeriodicalIF":1.1,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139124953","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":"Anti-money laundering and customer due diligence: empirical evidence from South Africa","authors":"William Gaviyau, Athenia Bongani Sibindi","doi":"10.1108/jmlc-06-2023-0103","DOIUrl":"https://doi.org/10.1108/jmlc-06-2023-0103","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study is to examine the South African banks’ customer due diligence (CDD) practices in the fintech era to mitigate money laundering (ML) risks and ensure financial stability. Financial technologies have brought substantial transformations to the financial services sector. However, such technologies have exposed the sector to emerging risks that threaten the integrity and stability of the financial system globally. Before any bank–customer relationship is established, proper customer background checks must be conducted. These background checks enable financial institutions to validate information provided and ensure customers are properly risk profiled. Failure to risk profile customers could result in financial institutions being used as conduits for ML. Undoubtedly, CDD procedures are pivotal to overall anti-money laundering efforts and curbing financing terrorism in a regulatory framework.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A qualitative research approach was adopted to address the research questions of the study. Given the confidentiality associated with the financial services sector, data triangulation was used in blending mainly secondary and primary data sources. Secondary data sources used in the study were published reports available in the public domain that were corroborated with subject matter experts’ interviews.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Based on the findings of this study, it is concluded that in South Africa, technological solutions have been incorporated into CDD functions, which is now risk-based (enhanced due diligence). Also, legally, South Africa has incorporated the biometrics, integration with Department of Home Affairs and Companies and Intellectual Property Commission databases, customer consent to third-party sources with the Financial Intelligence Centre Act and the Protection of Personal Information Act.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The shift towards digital banking in South Africa results in increased data and dynamic risk profiling. This study advocates a policy shift requiring a risk-based approach to mitigating emerging ML risks (in particular digital laundering), especially in the wake of South Africa’s recent greylisting by the Financial Action Task Force.</p><!--/ Abstract__block -->","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"167 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138560208","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":"Exploring detection and prevention of money laundering with information technology","authors":"Geo Finna Aprilia, Meiryani  ","doi":"10.1108/jmlc-08-2023-0138","DOIUrl":"https://doi.org/10.1108/jmlc-08-2023-0138","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Regarding the magnitude of the impact caused by money laundering, the size of the organization and the many parties involved, this paper aims to explore the methods used in detecting money laundering, especially the use of technology.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This research is a literature review from various research sources originating from Pro-Quest, Emerald, Science Direct and Google Scholar.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The researchers found that the most widely used methods for detecting money laundering were artificial intelligence, machine learning, data mining and social network analysis.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This research is expected to help the government or institutions such as the police, forensic accountants and investigative auditors in the fight against money laundering. This research is limited to only a few sources, and it is hoped that further research can explore more deeply related to other methods for detecting money laundering.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper discusses the methods that are widely used in detecting money laundering.</p><!--/ Abstract__block -->","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"41 2","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138507894","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: The show goes on!","authors":"Barry Rider OBE","doi":"10.1108/jmlc-12-2023-177","DOIUrl":"https://doi.org/10.1108/jmlc-12-2023-177","url":null,"abstract":"","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"29 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139217266","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":"Functioning of the register of beneficial owners: findings from Poland","authors":"Tomasz Michał Matras","doi":"10.1108/jmlc-09-2023-0149","DOIUrl":"https://doi.org/10.1108/jmlc-09-2023-0149","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;The implementation of the Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing resulted in the enactment by the Polish Parliament of the Act of March 1, 2018, on the prevention of money laundering and terrorist financing. One of the most important issues identified in the Act was the establishment of the Central Register of Beneficial Owners. The purpose of this paper is to critically analyze the functioning of the Register in Poland from the perspective of three years since its establishment. The text presents the most important problems faced by reporting institutions and obliged entities due to discrepancies in the interpretation of the Act’s provisions – especially in terms of the definition of a beneficial owner.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;The basic research approach was a comparative content analysis method. The objects of analysis included Polish Laws, Directive of the European Parliament and the Council (EU) 2015/849 and the judgment of the Court of Justice of the European Union. The theoretical legislative assumptions contained in the Acts were compared with reports, studies and communications prepared by public and private institutions. This made it possible to draw conclusions regarding the causes of problems with the functioning of the Register in Poland.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The results of the research showed that the ambiguity of the definition of the beneficial owner leads to a number of problems on the part of reporting institutions, such as companies, foundations and associations. On the other hand, a large part of the data entered in the Register is questioned by obliged entities. The lack of personal data protection is also a problem. Consequently, this reduces the value of the Register as a tool that effectively mitigates the risk of money laundering.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Research limitations/implications&lt;/h3&gt;\u0000&lt;p&gt;The research focused only on the functioning of the Central Register of Beneficial Owners in Poland. The subject of the analysis addressed problems with the definition of beneficial owner, issues of data quality and openness and the process of verifying the Register’s data. The technical aspects of the Register operation and the financial penalties imposed by public oversight institutions were not reviewed. Also, no comparison was made with other European Union (EU) member states that have implemented Directive of the European Parliament and of the Council (EU) 2015/849.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Originality/value&lt;/h3&gt;\u0000&lt;p&gt;This study discusses the important issue of regulatory requirements introduced under EU regulations for private companies. Familiarization of companies, NGOs and obliged entities with the conclusions of the study can positively influence the consolidation","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"169 8","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138507848","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 economic consequences of money laundering: a review of empirical literature","authors":"Imen Khelil, Hichem Khlif, Imen Achek","doi":"10.1108/jmlc-09-2023-0143","DOIUrl":"https://doi.org/10.1108/jmlc-09-2023-0143","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study is to provide a timely synthesis of the empirical literature focusing on the economic consequences of money laundering, as this topic has been gaining momentum among policymakers and academic researchers due to its adverse effects.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Empirical studies are collected by consulting accounting and finance journals in diverse digital sources (e.g. Science Direct, Blackwell, Taylor and Francis, Springer, Sage and Emerald). Key words used to identify relevant papers include “money laundering” and “anti-money laundering regulations,” with specific focus on the economic consequences. Our search strategy includes 24 published papers over the period of 2018–2023.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Findings show that most studies represent cross-country investigations; the main topics investigated focus on accounting field (e.g. audit fees, real and accrual earnings management), tax evasion, financial stability, sustainability, economic indicators (inflation, economic growth, foreign direct investment) and financial inclusion; and the economic consequences of money laundering have been also examined within banking industry (e.g. banking profitability, banking stability). Reported findings of reviewed studies suggest that money laundering has diverse adverse impacts at the country level (e.g. increased tax evasion, higher inflation rate, less sustainability and foreign direct investments), at the firm level (e.g. increased audit risk and aggressive real and accrual earnings management) and within banking industry through negative impact of money laundering on bank’s loan portfolio quality, stability and profitability.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>With respect to policymakers, strengthening anti-money laundering regulations may play a critical role in reducing money laundering activities. Furthermore, financial institutions should implement specific rules dealing with anti-money regulations to ensure adequate compliance and disclosure. Finally, policymakers should be aware about the importance of digital transformation to combat money laundering activities since it facilitates the detection of financial crimes due to their traceability.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The summary of the empirical literature focusing on the economic consequence of money laundering represents a historical record and an introduction for accounting researchers. It also urges them to further explore the economic implications of anti-money laundering disclosure within banking industry.</p><!--/ Abstract__block -->","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"171 5","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138507843","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: It's not about the property, it's about the process","authors":"Kenneth Murray","doi":"10.1108/jmlc-10-2023-176","DOIUrl":"https://doi.org/10.1108/jmlc-10-2023-176","url":null,"abstract":"","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"1 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139246751","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":"Is combatting money laundering an integrity issue? Insights from Nigeria","authors":"Bello Umar","doi":"10.1108/jmlc-09-2023-0148","DOIUrl":"https://doi.org/10.1108/jmlc-09-2023-0148","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to determine how integrity influences money laundering combatting.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A qualitative approach using methodological triangulation was used to answer the question to describe and understand the phenomena from the participants’ perspective. Data was gathered with a semi-structured questionnaire, observation and field notes.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Analysis revealed that 93% of law enforcement investigators believe integrity is required to combat money laundering. They also observed that integrity is needed for the political environment, institutions and their personnel or officers.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>There is a need for integrity in the economy’s public and private sectors to combat money laundering effectively. Integrity must be present in the political environment, institutions and personnel. Hence, a recommendation is to appoint chief integrity officers in all stakeholder organisations.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study is among the few research that covers the area of integrity and its influence on combatting money laundering from law enforcement investigators’ perspective.</p><!--/ Abstract__block -->","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"172 4","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138507842","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":"A comparative analysis of the FIUs and FATF compliance of Canada, Australia, The Netherlands and India","authors":"Durgesh Pandey","doi":"10.1108/jmlc-09-2023-0155","DOIUrl":"https://doi.org/10.1108/jmlc-09-2023-0155","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to analyse the Financial Intelligence Units (FIUs) of Canada, Australia, The Netherlands and India, focussing on key internal and external processes, such as the exchange of information, operations and compliance with Financial Action Task Force (FATF) recommendations. The paper relies on secondary sources to compare and assess the practices and strategies employed by FIUs within these jurisdictions.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The paper relies on secondary sources to compare and assess the practices and strategies used by FIUs within these jurisdictions.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The ability to combat money laundering and the financing of terrorism (AML/CFT) in countries is influenced by several internal and external factors, including the efficiency of their FIUs’ and compliance with FATF recommendations. The analysis of FIUs across the countries demonstrates a raft of multifaceted challenges and concerns. Yet, when it comes to compliance with FATF’s recommendations, shared concerns emerge, hinting at the complex interplay between country-specific operations and global compliance standards. The paper recommends enhancements to the FIUs’ operational efficiency and overall effectiveness in combating financial crimes.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The paper’s findings are limited to openly available data (such as annual reports and internet sources) for the respective countries. The paper relies on the transparency of FIUs through public media, focusing on comparing and analysing the FIUs of only four specific countries, which limits the generalisations of the findings.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This paper is significant for policymakers and FIU authorities, as they strive to improve the effectiveness of their units and assess their performance in alignment with international standards. The comparative analysis of the FIUs of India, Australia, Canada and The Netherlands provides valuable insights and recommendations that can inform policymakers and operational strategies towards enhancing how FIUs function globally.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper offers a unique comparative analysis of the FIUs of India, Australia, Canada and The Netherlands. Its findings have practical implications for policymakers and FIU authorities towards enhancing performance against international AML/CFT standards and promoting global cooperation.</p><!--/ Abstract__block -->","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"174 2","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138507833","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":"Suspicious activity reporting in the United Kingdom and the United States: statutory obligations of auditors and optimal harvesting of information","authors":"Simon D. Norton","doi":"10.1108/jmlc-08-2023-0131","DOIUrl":"https://doi.org/10.1108/jmlc-08-2023-0131","url":null,"abstract":"Purpose This study aims to evaluate the advantages and disadvantages of auditor mandatory suspicious activity reporting versus the exercise of professional judgement in the anti-money laundering regimes of the UK and the USA. Design/methodology/approach The research draws upon the following sources. Firstly, statistics provided by the UK National Crime Agency, 2019 (NCA) regarding suspicious activity report (SAR) filing rates. Secondly, anti-money laundering legislation in the USA and UK. Thirdly, statements made in the political domain in the USA, particularly those which raised constitutional concerns during the progress of the Patriot Act 2001. Finally, statements and recommendations by a UK Parliamentary Commission enquiring into the effectiveness of the suspicious activity reporting regime. Findings The UK reporting regime does not accommodate professional judgement, resulting in the filing of SARs with limited intelligence value. This contrasts with discretionary reporting in the USA: voluntary reporting guides and influences auditor behaviour rather than mandating it. Defensive filing by UK auditors (defence to anti-money launderings [DAMLs]) has increased in recent years but the number of SARs filed has declined. Originality/value The study evaluates auditor behavioural responses to legislative regimes which mandate or alternatively accommodate discretion in the reporting suspicion of money laundering. Consideration of constitutional and judicial activism in this context is a novel contribution to the literature. For its theoretical framework the study uses Foucault’s concept of discipline of the self to evaluate auditor behaviour under both regimes.","PeriodicalId":46042,"journal":{"name":"Journal of Money Laundering Control","volume":"74 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135584447","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}