Download or read book An Ethical Approach to Anti Money Laundering Regulations A Framework for Organisation of Islamic Cooperation Countries written by Ender Tosun and published by ENDER TOSUN. This book was released on 2024-04-20 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study presents a new ethical framework for anti-money laundering (AML) that can be possible by combining Islamic system and experience, that offers a holistic, consistent, and comprehensive framework in the fight against money laundering with the global experience in this field. Although today, there are many standards and units against crimes through the fight against money laundering, this struggle has not been fully integrated with the ontological reality of the human beings and their ethical system. The contemporary world does not say much in the context of the fight against money laundering, whether good and evil are merely epiphenomenal feelings or whether they are strongly tied to a fundamental reality. As a natural consequence of this, contemporary anti-money laundering activities are mainly limited to law enforcement and intelligence activities; and this structure cannot present a holistic framework in terms of combating money laundering and thus crime by using instruments in fields that concern all aspects of life, such as economic policies, moral teaching, and academic studies. This study demonstrates how Islam provides a framework for combating money laundering, integrating the intellectual, economic, financial, ethical, and other related fields, and based on the original and ontological reality of man. To achieve this objective, the study delves into secondary literature, conducts a survey involving professionals in the field of anti-money laundering (AML), and performs a gap analysis comparing the modern AML framework with the Islamic ethical system. It also identifies areas where potential improvements can be made, where both the Organization of Islamic Cooperation (OIC) countries and other countries can support each other in reaching a higher level in the fight against money laundering. Based on these analyses, the study proposes a new framework in the fight against money laundering and concludes that both OIC and non-OIC countries have a lot to learn from each other and from the core teachings of Islam.
Download or read book Anti Money Laundering written by Wouter H. Muller and published by John Wiley & Sons. This book was released on 2007-06-05 with total page 852 pages. Available in PDF, EPUB and Kindle. Book excerpt: Anti-Money Laundering is the definitive reference on money laundering and practice. First an outline will be given of the general approach taken by supra-national organisations like the United Nations and the European Council. Next the approach taken by international organisations and initiatives on the basis of the supra-national initiatives will be outlined by senior members of those organisations. A number of countries will then describe their specific prevention legislation. Countries involved will all be member-countries of the FATF (Financial Action Task Force on Money Laundering). Finally there will be an overview to enable the reader to make a comparison between the most important topics of money laundering legislation and rules in the different countries.
Download or read book Anti Money Laundering State Mechanisms written by Michele Sciurba and published by Edition Faust. This book was released on 2018-05-01 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph offers a comprehensive analysis of the implementation of global anti-money laundering and counter-terrorism financing (AML/CTF) regulations in the United States and the European Union. It provides academics, legal professionals and interested readers with a deep understanding of the developments of the AML/CTF legal framework and guides them into the dimension of its most difficult relation with international and European human rights law. The implementation of global anti-money laundering regulations in the United Stated and the European Union has essentially led to the suspension of laws governing privacy and bank secrecy. Banks and other financial institutions now operate as an extension of law enforcement. The current Anti-Money Laundering regime jeopardises the fundamental achievements of the constitutional state. The increasing centralisation and cooperation of the competent authorities in the exchange of personal data information creates a security architecture that leads to a considerable risk of freedom restriction. In particular, the extension of the authorities ́ power of intervention granting them access to citizens ́ personal data without the need for initial suspicion underlines that a substantial part of the constitutional state is at risk. Furthermore, banks appear to use these policies as an instrument to clear legitimate but less profitable customers, in particular those with a migration background. Consequently, the implementation of the AML/CTF legal framework appears to follow a discriminatory path and clearly discloses incompatibility features with respect to the European Convention on Human Rights and Article 21 of the Charter of Fundamental Human Rights of the European Union. This monograph further explores factors contributing to the inefficiency of AML/CTF regulatory and legislative measures. Such factors are identified in inconsistent rules, which make the cooperation among national investigative authorities within the EU and at an international level more challenging. As a result, this work acknowledges regulatory and legislative harmonisation with respect to AML/CTF regimes as a central tool to successfully improve the effectiveness of AML/CTF regimes, while preserving the individual right to privacy, due process and civil rights.
Download or read book Reference Guide to Anti money Laundering and Combating the Financing of Terrorism written by Paul Allan Schott and published by World Bank Publications. This book was released on 2006-01-01 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of the Reference Guide is a comprehensive source of practical information on how countries can fight money laundering and terrorist financing. Aimed at helping countries understand the new international standards, it discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations play in the process. The Reference Guide is a valuable tool for establishing effective regimes to successfully prevent, detect, and prosecute money laundering and terrorist financing.
Download or read book Principles of Compliance Integrity written by Noura Ahmed Yousif Alsuwaidi and published by . This book was released on 2020 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to a series of notorious financial frauds over the last few years, accounting professionals and academics have increased their efforts to identify methods to accurately assess the risk of white-collar financial crimes. However, recent financial crimes research as well as international standards have assessed overall crime risk without considering how white -collar workers perpetrate these crimes. However, recent financial crimes research as well as international standards have assessed overall crime risk without considering how white-collar workers perpetrate these crimes. Without an adequate understanding of the perpetration and concealment processes, designing effective procedures to assess these crimes will be difficult, as will ascertaining if any of the predicate offenses/financial crimes in question involved money laundering or terrorism financing (ML/TF). This objective of this dissertation is to investigate state-of-the-art approaches to anti-money laundering and anti-terrorism financing (AML/ATF) and concealment processes by analyzing factors related to ethical compliance. To improve the efficiency and effectiveness of AML/ATF, the dissertation integrates patterns of ML/TF schemes covered in the literature to develop a novel solution for an AML/ATF framework. This solution utilizes an anomaly detection approach based on artificial intelligence. The dissertation employs multiple methodologies. The first methodology section is a systematic literature review of existing studies on AML and ATF. First, based on specified criteria, it identifies articles from the period 2002-2018. A detailed citation-based analysis is conducted on articles from higher-ranked databases. Then, these articles are categorized according to common themes and subjected to comprehensive content analysis. The general findings of this review show deficiencies in the laws, acts, and preventive measures targeting money laundering and terrorism financing. The findings indicate the need for further, timely research in this area, particularly in terms of laws, regulations, and technological issues. In the second methodological section, the dissertation explores, cybercrime from several different perspectives, analyzing the phenomena more deeply by drawing on the more sophisticated technical tools that have emerged. The main objective of this section is to examine the effect of unemployment rates and GDP growth per capita on cyber—attack levels in 10 countries (UAE, USA, India, Netherlands, Belgium, Spain, Canada, Japan, China, and Italy) during the period 2005-2017. Using feasible generalized least squares (FGLS), we provide evidence and insight regarding the reasons for fluctuating attack levels in these countries. These insights can serve as valuable guidance for governments and authorities as they take further steps toward combating and preventing these crimes. In the third section, the dissertation explores several issues related to the financial performance of listed companies in the UAE financial market. Drawing on agency theory and legitimacy theory, it extracts and analyzes four criteria: corporate governance (CG), corporate social responsibility (CSR), sustainability, and leadership. This section utilizes the power mechanism of the analytic hierarchy process (AHP) to analyze information collected via a questionnaire, and compares and prioritizes the elements in the designed AHP model. Our findings demonstrate the importance of CG in improving the overall financial performance of listed UAE companies. In our findings, the weakest emphasis is on outcome- based leadership. This paper makes several important contributions to the literature. First, it responds to the most recent calls from MENA region experts regarding new trends in the financial market. Second, the paper examines the performance of large, listed companies in the UAE financial market to identify approaches for lowering fluctuations in the stock exchange; this is among the first studies to do so. Third, this paper provides new insights for financial authorities, particularly through identifying gaps in corporate practices and in compliance with different financial audits. These insights can help not only with risk mitigation but also with improving listed companies’ performance over the long run. Finally, the entire framework is novel, not having ever been developed in previous literature. Our aim is to explore several financial market-related issues that fall under the umbrella of financial ethics and are influenced by CG, CSR, and organizational performance sustainability disclosures. A survey is developed to collect information on ethics-related practices related to CG, CSR, and sustainability in corporations listed in the UAE stock market. Our study findings show a significant impact of CG and CSR on organizational performance. On the other hand, our findings show that sustainability has a neutral effect on performance. These findings can contribute to a guide for regulators to help them properly govern listed corporations, limit share price volatility, and enhance the stability of financial markets, all based on ethical practices. This study also has limitations, in that our sample does not cover all listed corporations. Further analysis should be conducted to better understand factors that affect the UAE stock market and to build a more comprehensive working model. This study may be useful to academics, governments, and authorities who seek to improve the state of financial markets through better legislation and law enforcement. Additionally, this study captures factors related to compliance, and this information may help the Financial Task Force (FATF) to reevaluate recommendations regarding the use of stock markets for money laundering. It may also encourage compliance based on ethical practices rather than technical processes. This paper is an attempt to fully examine the corporate practices governing UAE-listed corporations from an ethical perspective.
Download or read book Technology and Anti money Laundering written by Dionysios S. Demetis and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: . . . a stimulating look at the hard work done in many specialisms that collectively seek to combat money laundering. Sally Ramage, The Criminal Lawyer While there is much noise about the control of money laundering, there are few whose work is able to rise above the din and in clear notes contribute in a constructive manner to the debate. This work is not only an intelligent discussion of many of the substantive issues relating to the control of money laundering, but a great deal more. Drawing on systems theory and seeing the control of money laundering particularly from the standpoint of technology as complex and integral to the proper and effective operation of financial institutions, the author addresses in a novel and practical way the design and management of risk based compliance. The theory is tested, not only in terms of viable technology, but also in an actual case study involving real issues in a bank. Consequently, those concerned with the formulation of policy, the design of controls and procedures and the implementation of such will find the contribution that this book makes of great significance. Barry Rider, Bryan Cave LLP, UK This book avoids the usual trap of interminably listing AML war stories. Instead Dr. Demetis presents a solid theoretical foundation for AML research and practice. He gives a damning critique of the way so-called technological solutions are used uncritically by some AML professionals, and analyses the risk-based approach, describing its problems and ways of avoiding them. He presents a fascinating in-depth case study of a financial institution, and a short case of a bank using technology to improve its True Positive Rate substantially to 17 per cent. Ian Angell, London School of Economics, UK Dr Demetis makes a great contribution to our understanding of anti-money laundering at both a systems and practical level. [He] writes as someone who not only thinks deeply about these issues but, as the in-depth case examples show, has tried to see how far technology can address some audacious goals. Readers will learn that while risk-based approaches to anti-money laundering have been an interesting regulatory development, practical implementation, despite the hype of technology vendors, is still at a primordial state . Michael Mainelli, Gresham College and Z/YEN Group, UK This insightful book examines the influence of information systems on anti-money laundering (AML). It builds on systems theory in order to develop a coherent theoretical framework that can be used for AML research. By using a case study of a major financial institution in the EU-area, a number of technological influences on AML are deconstructed and are used to examine the role that technology plays within AML. The book provides a systems theoretical description of the effects of technology on AML and offers considerations on the risk-based approach the most important contemporary evolution within regulatory initiatives on AML and terrorism financing. Technology and Anti-Money Laundering will appeal to researchers of financial crime and AML as well as those interested in information systems and systems theory. A number of considerations for practitioners are also discussed, including the risk-based approach and the integration of AML-technology in financial institutions, as well as an important data-mining application. Money Laundering Reporting Officers (MLROs) in financial institutions and central bankers will also find much of interest in this book.
Download or read book Austria written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2020-03-02 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program for Austria in the areas of Anti-Money Laundering/Combating the Financing of Terrorism. It provides a targeted review of Austria’s progress in addressing the Money Laundering/Terrorism Financing vulnerabilities. Several initiatives, the amendments introduced to the Financial Markets Anti-Money Laundering Act, the Beneficial Owners Register Act, and other sectoral laws have led to significant enhancements of the legal and regulatory framework which resulted in a number of upgrades on technical compliance ratings by the Financial Action Task Force in the context of the two follow-up reports. The authorities took steps to transpose the Fourth and the Fifth Anti-Money Laundering Directives into national legislation. Steps have been taken to improve the legal and regulatory framework that applies to lawyers, notaries and tax advisors, and other Designated Non-Financial Business and Professions, but there is room for enhancing implementation. The authorities have recently adopted a comprehensive set of reforms to enhance entity transparency, including through the establishment of a Register of Beneficial Ownership.
Download or read book The Risk Based Approach in the New European Anti Money Laundering Legislation written by Lucia Dalla Pellegrina and published by . This book was released on 2008 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2005 the European Commission has adopted the so called Third Directive on Anti-Money Laundering (AML), which was to be implemented into the national laws at the latest in December 2007. The key feature that characterizes the Third Directive is the idea that the regulatory framework should be risk-based (RBA). The aim of the regulation is to elicit a high level of outcome in terms of AML effectiveness from self-interested financial institutions (Fis) who possess private information. But how to design the role of FIs and regulators, and their relationships, in order to increase the effectiveness of the AML rules?In this paper we analyze the problem using a principal-agent framework to describe the AML setting when a RBA is applied, focusing on incentive problems arising in a three-layer hierarchy, which includes public authorities, financial institutions, and regulators.
Download or read book Kingdom of the Netherlands Netherlands written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-04-19 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Netherlands has a long-standing legal framework concerning Anti-Money Laundering and Combating the Financing of Terrorism preventive measures, which dates back to 1993. The legal framework for Customer Due Diligence is generally adequate; however, a number of provisions are problematic. The Dutch system of preventive measures emphasizes the risk-based approach, complemented by a principles-based approach. The principles-based approach should be better supported with guidance for financial institutions. Although most elements of the Suspicious Transaction Report reporting requirements are in place, the reporting regime has one minor legal shortcoming and raises effectiveness concerns.
Download or read book People s Republic of China written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2019-06-21 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.
Download or read book Mauritius written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-12-11 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed assessment report on Anti-Money Laundering and Combating the Financing of Terrorism for Mauritius is discussed. Mauritius is well placed to capitalize on its national strategy to diversify its economy into global financial services by taking advantage of its linkages with both African and long-standing arrangements with the larger Asian economies. Additionally, Mauritius intends to offer new products in Islamic financial services and wealth management. The investigative and prosecutorial authorities have the necessary powers to execute their respective functions.
Download or read book Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Download or read book International Narcotics Control Strategy Report written by and published by . This book was released on 1991 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Making Remittances Work written by Emiko Todoroki and published by World Bank Publications. This book was released on 2014-06 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.
Download or read book Gibraltar written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-05-21 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There is also some risk to Gibraltar at the placement stage, in connection with drug trafficking, migrant smuggling, and organized crime in southern Spain. The Financial Services Commission in Gibraltar has established a strong, risk-based framework for financial institutions for AML.
Download or read book Virtual Currencies and Beyond written by Mr.Dong He and published by International Monetary Fund. This book was released on 2016-01-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.
Download or read book Islamic Finance written by Mr.Alfred Kammer and published by International Monetary Fund. This book was released on 2015-04-06 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.
