scholarly journals National criminal jurisdiction over transnational financial crimes

2020 ◽  
Vol 27 (4) ◽  
pp. 1361-1377
Author(s):  
Chat Le Nguyen
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
International Standards ◽  
Legal Basis ◽  
Content Type ◽  
Criminal Jurisdiction ◽  
Centre Of Gravity ◽  
Financial Crimes ◽  
National Jurisdiction ◽  
Relevant Factors

Purpose The purpose of this paper is to examine the international standards for establishing national jurisdiction over the transnational crimes of money laundering and bribery and identify challenges to the adoption of those standards by different states in practice. Design/methodology/approach This paper, first, defines transnational money laundering and transnational bribery; then, it examines the legal bases and principles on which a state can claim criminal jurisdiction over these offences. This paper also discusses the application of jurisdictional conditions in a transnational context and how to deal with the problems arising from national claim of jurisdiction over these offences, for example, jurisdictional concurrence. Findings This paper argues that when the jurisdictional concurrence occurs, the involved states should consult one another by taking into account a number of relevant factors and take the “centre of gravity” approach to deciding which state or forum should prosecute eventually. States less able to establish jurisdiction over the offences are often those which have a weak legal basis and/or insufficient resources. Originality/value To the authors’ knowledge, this article would be the good guidance on how a state could claim jurisdiction over the offences of transnational money laundering and transnational bribery.

International commercial arbitrator addressing money laundering sua sponte

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Todor Kolarov
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
Legal Basis ◽  
Practical Application ◽  
Commercial Arbitration ◽  
Financial Action Task Force ◽  
Content Type ◽  
International Commercial Arbitration ◽  
Financial Action Task

Purpose The purpose of this paper is to evaluate the existing legal basis, and its practical application, of an arbitrator’s competence to raise on her own initiative money laundering issues. Design/methodology/approach The research focusses on presenting the essence of the problem through evaluation of the legal basis for the arbitrators to raise money laundering concerns on their own initiative and the examples of so being done in international commercial arbitration. Findings This paper concludes that arbitrators do not presently have a solid legal basis that authorises them to act sua sponte against money laundering. Originality/value The originality and value of this paper lies in its emphasis on theoretical and practical issues related to money laundering in international commercial arbitration. It argues in favour of an explicit recommendation to be incorporated in the 2012 Recommendations of the Financial Action Task Force (FATF) that international commercial arbitrators address money laundering on their own initiative.

A new criminal jurisdiction to combat cross-border money laundering

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hanafi Amrani ◽  
Mahrus Ali
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Conceptual Approach ◽  
Content Type ◽  
Criminal Jurisdiction ◽  
Territorial State ◽  
Cross Border ◽  
Territorial Jurisdiction ◽  
Extraterritorial Jurisdiction

Purpose The purpose of this study is to analyze the emergence of the changing face of criminal jurisdiction in dealing with cross-border money laundering that develops dynamically due to the development of globalization. Design/methodology/approach This research was a doctrinal legal research using conceptual approach concerning the very strict principle of territorial jurisdiction in criminal law. This study also used case approach related to the application of extraterritorial jurisdiction and long-arm jurisdiction in some cross-border money laundering cases. The collection of legal materials was carried out through literature as well as case study and was analyzed qualitatively based on data reduction, presentation and concluding. Findings This study revealed that territorial jurisdiction which was originally strictly enforced by state sovereignty over crimes that occurred in its territory then changed widely with multi-territorial perspective. Because of its condition, the state then expands its authority to deal with money laundering as a cross-border crime involving more than one territorial state, namely, by using extraterritorial jurisdiction and then developed into a long-arm jurisdiction trend that allows state authorities to prosecute foreigners outside its state boundaries. Originality/value The research finding can be used as one of the alternatives by countries to break the territorial jurisdiction in combating the cross-border money laundering.

Financial crime, corruption and tax evasion: a cross-country investigation

2018 ◽  
Vol 21 (4) ◽  
pp. 545-554 ◽  
Author(s):  
Ines Amara ◽  
Hichem Khlif
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Design Methodology ◽  
Positive Relationship ◽  
Policy Implications ◽  
Financial Crime ◽  
Content Type ◽  
Financial Crimes ◽  
Cross Country ◽  
The Relationship

Purpose This paper aims to examine the relationship between the financial crime and tax evasion and tests whether corruption moderates such a relationship. Design/methodology/approach Tax evasion measure is based on Schneider et al. (2010). Financial crime is collected from Basel anti-money laundering (AML) report. Findings Using a sample of 120 countries, the authors find that the level of financial crime is positively associated with tax evasion. When testing for the moderating effect of corruption, they document that the positive relationship between financial crime and tax evasion is more pronounced for high corrupt environments. Originality/value The findings have policy implications for governments aiming to combat tax evasion and financial crimes.

The regime against money laundering: a call for scientific modelling

2018 ◽  
Vol 21 (4) ◽  
pp. 584-593 ◽  
Author(s):  
Emmanuel Sotande
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Developing Economies ◽  
International Standards ◽  
Dark Side ◽  
Financial Flows ◽  
Content Type ◽  
Illicit Financial Flows ◽  
Scientific Modelling ◽  
Combat Money Laundering

PurposeThe purpose of this paper is to examine the magnitude of the global problem of money laundering and the scholarly critics of money laundering concept. The paper further explores the scientific modelling to combat money laundering transactions.Design/methodology/approachThe research methodology adopted was qualitative analysis. This was applied through the use and analysis of documents and expert interviews.FindingsThe paper reveals how the global displacement on the fight against money laundering is being determined by “attractiveness index”. This attractiveness index is the dark side affecting anti-money laundering (AML) concept within developing economies. The critics of the AML accounts for major discrepancies associated with the context of the term AML regimes and international standards to combat illicit financial flows.Social implicationsThe regimes against money laundering compel countries to adopt the same recommendations and standards and were not given opportunity to proffer their own creative alternatives within their own circumstances.Originality/valueThe paper suggests AML Transaction Validation Model in the quest to combat illicit financial flows originated from organized and serious crime within the global jurisdictions.

Unearthing money laundering at Brazilian oil giant Petrobras

2019 ◽  
Vol 22 (2) ◽  
pp. 400-406
Author(s):  
Lucas Maragno ◽  
José Alonso Borba
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Financial Crime ◽  
Content Type ◽  
Key Points ◽  
Financial Crimes ◽  
State Agents ◽  
Brazilian History ◽  
Practical Implications ◽  
Allowed State

Purpose This paper aims to provide an overview of key points pertaining to financial crimes taking place during the single largest fraud scandal in Brazilian history. The authors provide details on how the historic fraud was carried out at Petrobras, as well as an overview of recent anti-money laundering regulation in Brazil. Design/methodology/approach The paper is based on an analysis of the scandal and on legal ramifications enacted by the prevailing Public Ministry taking place through the “Lava Jato” operation. Findings Fraud perpetrators continue to find new ways to move laundered money into campaign finance. The authors provide details on how the scheme was perpetrated at the placement, layering and integration stages. Research limitations/implications This study comprehends the first stage of the Federal Police’s operation, comprising 14 allegations of financial crimes. Practical implications A disconnect between regulations in effect and the reality of money laundering in Brazil over several years has failed to impede numerous cases of fraud. However, changes in legislation have allowed state agents to discover cases of fraud, with more and more wrongdoings being investigated. Originality/value The Petrobras fraud, individual experiences of organized financial crime and a widespread lack of understanding of how to detect and prevent fraud on this scale.

An overview of the anti‐money laundering laws of Hong Kong

2008 ◽  
Vol 11 (4) ◽  
pp. 345-357 ◽  
Author(s):  
David Y.K. Kwok
Keyword(s):  
Hong Kong ◽  
Money Laundering ◽  
Design Methodology ◽  
Mainland China ◽  
Case Law ◽  
Law Students ◽  
International Standards ◽  
Comprehensive Overview ◽  
Content Type ◽  
Relevant Case

PurposeThe purpose of this paper is to provide an overview of the anti‐money laundering laws of Hong Kong, in particular the Organised and Serious Crimes Ordinance.Design/methodology/approachAn analysis of the legislation with respect to anti‐money laundering as well as relevant case law.FindingsHong Kong authorities are serious about fighting money laundering crimes. The statutory scheme in Hong Kong is comprehensive and in line with international standards.Originality/valueBy discussing the key statutory provisions and the important cases, this paper provides a comprehensive overview of the anti‐money laundering laws of Hong Kong. This paper is of value to lawyers, prosecutors, academics, law students, etc. in not only Hong Kong, but in the region including mainland China.

Applicability of anti-money laundering laws to legal practitioners in Nigeria

2016 ◽  
Vol 19 (4) ◽  
pp. 329-336 ◽  
Author(s):  
Ndidi Ahiauzu ◽  
Teingo Inko-Tariah
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
International Standards ◽  
Regulatory Requirements ◽  
Current Case ◽  
Content Type ◽  
High Court ◽  
Meeting Point ◽  
Academic Paper ◽  
Practical Implications

Purpose The purpose of this paper is to review the recent judgement of the Federal High Court exempting Nigerian lawyers from anti-money laundering (AML) obligations and to proffer suggestions as to ways of complying with international standards. Design/methodology/approach An analysis of the case and judgement was undertaken and a commentary on the effect of the obligations on lawyers was given. As a result of the analysis, suggestions were made to satisfy regulatory requirements while recognising the sanctity of the legal profession and the professional responsibilities members owe to their clients. Findings AML obligations are tasking and may impact negatively on rights of both lawyers and of their clients. However, with some measures taken by both regulators and lawyers, loopholes can be comfortably covered without leaving the legal sector exposed to criminal intents. Research limitations/implications There has not been any appeal on the case, and therefore the paper may not be conclusive. Practical implications Very relevant recommendations were made and, if taken up, may provide a meeting point for both parties and achieve the key purpose of detecting and/or preventing money laundering. Originality/value This is the first academic paper to analyse the current case and to provide relevant suggestions on the matter.

Moving in the right direction to fight financial crime: prevention and detection

2018 ◽  
Vol 25 (2) ◽  
pp. 362-368
Author(s):  
Fitriya Fauzi ◽  
Kenneth Szulczyk ◽  
Abdul Basyith
Keyword(s):  
Literature Review ◽  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Asia Pacific ◽  
Financial Crime ◽  
Content Type ◽  
Financial Crimes ◽  
The Right ◽  
Financial Intelligence

Purpose The purpose of this paper is to identify current measures taken for financial crime’s prevention and detection in the context of Indonesia. Design/methodology/approach This study is based on data from articles in Indonesian newspapers relating to the current financial crimes, current measures of preventing financial crimes in Indonesia and based on the literature review. Findings There are some attempts to combat financial crimes in Indonesia, both internally and externally. The attempts that have been made for the internal scope are the enactment of anti-money laundering law, the new monitoring system of financial institutions and the formation of a superintendent institution. The attempts that have been made for the external scope are the agreement between Indonesia’ financial intelligence unit Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK), and other countries’s financial intelligence unit, the affiliation member of the Asia/Pacific Group on Money Laundering (APG) to combat financial crimes through strengthening its anti-money laundering and terror financing capabilities. Originality/value This paper presents an overview of current prevention and detection measures in the context of Indonesia, and it is hoped that this paper will contribute to the current discussion of eliminating financial crimes.

An embezzler test for norms, standards and regulations

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tiago Cardao-Pito
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Design Methodology ◽  
Methodological Approach ◽  
Future Research ◽  
Content Type ◽  
Financial Crimes ◽  
Standards And Regulations ◽  
Practical Implications ◽  
Resultant Material

Purpose The purpose of this study is to address the question that economic standards, norms and regulations can possess weak spots that might be exploitable for the embezzlement of an organization’s assets with resultant material consequences in money laundering,tax evasion, fraud, corruption and other potential financial crimes. Design/methodology/approach The author’s methodological approach is to introduce and discuss a new logical-deductive test that the author names “embezzler test”. The author’s test investigates regulatory architectures from the perspective of someone attempting to divert assets from or to an organization. It appraises whether a potential embezzler could divert resources without being detected and sanctioned. Findings The embezzler test can be applied to a broad range of standards, norms and regulations. Research limitations/implications This new test can be improved and further calibrated in future research. Practical implications Researchers, regulators and law makers can use the new test to identify and eventually fix weak spots for embezzlement in norms, standards and regulations. Originality/value To the best of the author’s knowledge, such a test has never been formulated or applied before to identify weak spots for potential embezzlement in regulatory architectures.

Role of money mules in money laundering and financial crimes a discussion through case studies

2020 ◽  
Vol 27 (3) ◽  
pp. 911-931
Author(s):  
Muhammad Subtain Raza ◽  
Qi Zhan ◽  
Sana Rubab
Keyword(s):  
Case Studies ◽  
Money Laundering ◽  
Design Methodology ◽  
Internet Usage ◽  
Financial Crime ◽  
Content Type ◽  
Financial Condition ◽  
Financial Crimes ◽  
The World

Purpose This paper aims to explain the role of money mules in money laundering and financial crimes through the discussion of case studies. The authors also explain the red flags of money mules and provide advice. Design/methodology/approach The authors use a case analysis approach. The paper mainly discusses ten cases about the use of money mules in financial crimes. Findings It has been found that money mules help criminal syndicates to remain anonymous while moving funds around the world. The unemployment, internet usage involvement of teenagers and youth in money laundering-related crime around the world are on a rising trend, and criminals are constantly looking for their victims by exploiting their mental and financial condition. Originality/value This paper provides case studies to understand the role of money mules in money laundering and financial crime.

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