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Fintech technologies have achieved great success in expanding access to payment services in some countries of the world. They are used by major digital platforms to fill gaps in the traditional payment system. More and more companies around the world are embracing Fintech and moving to the latest technologies that can lead to significant efficiency gains in the financial sector, including payments, financing, investments, asset management and insurance. However, they can also pose risks to the stability and integrity of the financial system, especially when they operate outside the scope of financial regulation and supervision. Every country in the world is unique, each country has its own legislation and its own approach to legal regulation of Fintech. Currently, there is no single legal act in the world that would regulate Fintech in absolutely all countries. Just as there is no single tax code in the world, there cannot be a single regulatory act regulating Fintech, because each country has its own legislation, traditions, culture, etc., so the approach to Fintech in each country is individual. The article analyzes the experience of legal regulation of the Fintech market in the European Union and examines in depth the experience of the Kingdom of Belgium. The Fintech legal regulation of the Kingdom of Belgium is based on EU directives, regulations, resolutions and other legal acts, which are the basis of Belgian law. Belgian fintech legislation is adapted to the norms of the European Union and defines the “rules of the game” for Fintech services in Belgium, allowing Belgian authorities to carry out financial regulation, supervision, control over Fintech platforms for their compliance with relevant laws, regulations, standards, which enable government agencies to fight cybercrime, money laundering, bring perpetrators to justice, and provide Fintech platforms with corporate transparency, integrity, and consumers with protection from cybercrime, fraud, and other crimes. [ABSTRACT FROM AUTHOR]

Money laundering is a highly latent criminal activity, therefore, large volumes of funds of criminal origin «contaminate» the global financial system, creating threats to the global economy. In order to increase the effectiveness of prosecution for money laundering of criminal origin, civilized countries are moving to intensify the fight against money laundering and its globalization, which is joined by more and more countries of the world, including Ukraine. For this purpose, general international standards are established and implemented, which must be implemented by countries in their own legal system. The National Legislature, solving these challenges, systematically makes changes to the rule on money laundering, obtained through crime. The article is devoted to the issue of the study of the impact of globalization and harmonization processes taking place in domestic criminal legislation in connection with the European integration direction of Ukraine, on the transformation of the norm, which provides for criminal liability for money laundering of property obtained through criminal means. In this article, the author analyzed the evolution of the norm on money laundering obtained by crime in criminal legislation, starting with its inclusion in the Criminal Code of Ukraine in 2001 and its subsequent transformation, through the prism of pan-European trends in the fight against money laundering (legalization). In addition, the author researched the points of view of domestic scientists and practicing lawyers, their commonality and difference, on the disposition of the article on money laundering (legalization) of property obtained through criminal means, and its development in domestic legislation. Based on the results of the analysis and research, the author of the article made conclusions about the decisive influence of international and European legislation, which regulates the field of combating the money laundering of property obtained through crime, on domestic criminal legislation and the need for further improvement of the norm on criminal liability for the analyzed criminal offense. [ABSTRACT FROM AUTHOR]

This work considers a combinatorial optimization problem in graphs, the nilcatenation problem, and investigates its potential application for detecting money laundering activities in cryptocurrency networks. The nilcatenation problem consists of finding a set of arcs that can be removed from an arc‐weighted directed graph without changing the balance of any vertex. The balance of a vertex is defined as the difference between the sum of the weights of outgoing and incoming arcs. We propose a 0/1 integer linear programming formulation and a local branching algorithm. The approaches are computationally evaluated and compared using three sets of test instances, two of them generated from Bitcoin's testnet and mainnet networks. An experiment on the testnet showed that it is possible to retrieve a nilcatenation artificially introduced with fake bitcoin transactions. Experiments on the mainnet showed that it is possible to find large nilcatenations, possibly indicating money laundering activities. [ABSTRACT FROM AUTHOR]

Corruption is a global problem undermining social, economic, and political stability in many countries of the world. Kazakhstan, as a rapidly developing country, realises the harmful role of corruption in society and is taking significant steps to combat this problem. The purpose of the study was to investigate the procedures used to look into and prosecute cases of corruption. To achieve the objectives of the article the following methods were used: analysis of legislation, dogmatic method, methods of interpretation and comparison, statistical data method. Legislative documents, reports and other sources related to corruption and its counteraction in Kazakhstan were considered; study of the work of anti-corruption institutions: analytical work was carried out to study the role and activities of anti- corruption institutions in Kazakhstan and identified the key social determinants of corruption in the country. The article highlighted the main legislative acts adopted by Kazakhstan to combat corruption, and their impact on the public and legal space. It can be concluded that the adopted legislative acts and the activities of anti-corruption institutions have a positive impact on the fight against corruption and increased transparency in the country. It was concluded that in order to update the legislation and introduce new norms, the legislator should conduct a thorough study of the social determinants of corruption. Thus, the practical significance of this study is that its theoretical conclusions can be used by government agencies to improve the fight against corruption in Kazakhstan

This paper intends to analyze in detail the legislative procedures relating to laws that regulate money laundering in Brazil and their future tendencies, exploring the research field called criminal legislative policy. The main objective of this paper is to help build this research area in Brazil, as well as to map out some characteristics of the Brazilian legislative process concerning the criminalization of conduct related to the economy (political parties involved, foreign influences, etc.). The first part of the paper is theoretical and explores the concept of legislative policy and the international regulation of money laundering, mainly in Latin America, that could have influenced Brazilian legislation. The last part of the paper is composed of graphs that explore details about the legislative procedure of the two main Brazilian pieces of legislation on money laundering. This part also contains a table with the main active bills that seek to change the current legislation on the matter, as well as a critical analysis. The initial conclusions point to an increase in punishment in the years analyzed, with future trends heading in the same direction. The methodology used is bibliographic, legislative, and documental research.

This study investigates the impact of sentencing guideline factors on judges' decisions regarding in/out and the length of imprisonment for individuals convicted of money laundering-related offenses in South Korea. Analyzing a dataset of 413 cases involving money mule activities from 2021, the research employs binary logistic regression and negative binomial regression models to establish an association between predictors and sentencing outcomes. The study found that defendants who provided monetary compensation to their victims were significantly more likely to be placed on probation than those who did not. Additionally, it was found that monetary compensation to victims had the most significant impact on the decisions regarding the length of imprisonment among the factors outlined in the sentencing guidelines. This finding serves as a warning sign for prospective job seekers, revealing the potentially dire ramifications of involvement in money laundering crimes. [ABSTRACT FROM AUTHOR]

A growing global human population, habitat conversion, and the indiscriminate exploitation of natural resources have created unsustainable demands on nature, resulting in widespread biodiversity loss. Primates, which represent the third most specious Order of mammals, are facing an extinction crisis. Currently, 69% of primate species are listed by the IUCN as threatened (Vulnerable, Endangered, or Critically Endangered) and 94% have declining populations. Here, we examine two primary threats to primate population persistence, namely the commercialized hunting and capturing of wild primates and their body parts for food, traditional medicine, pets, and use in biomedical research. Both the legal wildlife trade and illegal wildlife trafficking represent multibillion-dollar industries that contribute to primate population decline, a reduction in genetic diversity, and local extirpation. Trade and trafficking also can lead to the emergence of infectious diseases, increasing biosecurity risks to humans. Between 2015 and 2021, CITES reported 337,511 live primates representing at least 99 species were legally traded, with 6.5% sourced directly from the wild. The recent indictment of Cambodian officials for allegedly laundering wild-caught long-tailed macaques into the U.S. by labelling them as captive-bred, highlights the need for greater transparency and accountability. Comprehensive data on the illegal trafficking of primates are extremely difficult to obtain. However, between 2009 and 2017, primates accounted for 20% of all seizures of illegally traded mammals in the air transport sector. International wildlife trafficking is dominated by criminal networks, corruption, and driven by the demands of wealthy consumers. In addition, the internet has expanded international opportunities to connect buyers and sellers of wild-caught primates and their body parts. Despite explicit bans on selling endangered primates, social media sites continue to do so. Moreover, data on the global food security index (GFSI) indicate that as the international demand for wild live primates, their meat, and other body parts has continued to increase, the majority of people in primate range nations have remained food insecure. Given that almost 70% of primate species are negatively impacted by hunting and trapping, we offer a set of recommendations to reduce the trade and trafficking of wild primates. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Ilmu Hukum, Humaniora dan Politik (JIHHP) is the property of Dinasti Publisher and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This study aims to determine the applicability of the placement-layering-integration model of money laundering (ML) in the South Asian context with emphasis on Pakistan by analysing different ML typologies. Design/methodology/approach: This study applied content analysis in the first step. It explored three primary documents concerning ML typologies: Asia Pacific Group's yearly reports on ML typologies from 2010 to 2021, the mutual evaluation reports and the National Risk Assessment of Pakistan. In the second step, expert interviews were recorded, and NVivo was used for data management and analysis. Findings: This study found primary predicate offences: corruption, tax crimes, smuggling and drug and human trafficking. Pakistani launderers often use traditional typologies, including cash smuggling, round-tripping, multiple bank accounts, investment in real estate (in Pakistan and Dubai) and hawala. However, cybercrimes, cyber laundering and trade-based ML are rising. The politically exposed persons are involved in most of the laundering cases. Originality/value: Rare studies specifically address the south Asian typologies and the limitations of the placement, layering and integration model. Therefore, there is a need to understand the current typologies used in developing, less regulated and undocumented jurisdictions like Pakistan. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to discuss how agency conflicts between people and main government organs affect the combatting ability of white-collar money laundering in an emerging economy. Design/methodology/approach: This paper uses a qualitative design under the philosophy of interpretivism. The case study research strategy is used inductively to investigate how structural limitations affect white-collar money laundering. Findings: This study reveals that serious agency conflicts exist between public and main government organs which are detrimental to the rights of people to enjoy a crime-free society. First agency conflict of people and legislature intensifies as a result of limited understanding of the legislature and failure to take precautionary actions to develop an anti-money laundering and countering the financing of terrorism (AML/CFT) regime with evolving global standards. This delay has resulted in identifying Sri Lanka as a deficient AML/CFT regime twice. The second conflicts arise between people and the executive which is a serious conflict due to misuse of statutory power and failure to perform duties. The independence and integrity of administrative authorities who perform executive functions were inherent problems of implementing a sound AML/CFT regime. Lack of monitoring, nonavailability of an independent audit and inappropriate reporting channels were other encouraging factors of administrative organs to misuse statutory power. The third conflict between people and the judiciary was not intensified because the function was not so exposed to create agency conflicts. After all, an adequate number of cases had not proceeded to the judiciary due to inherent limitations as a result of intensified first two agency conflicts. The agency conflicts have intensified over the years and AML/CFT regime has been ineffective as a result of limited influence and understanding of the principal, people. Therefore, the principal has to influence the agents to make reforms in the AML/CFT regime to make the country a white-collar crime-free country. Research limitations/implications: This study uses a case study strategy to assess the context of Sri Lanka as an emerging economy. It is recommended to take into consideration the contextual facts when the findings are applied to other jurisdictions. Originality/value: This paper is an original work of the authors which discusses how agency conflicts arise between people and three main government organs in implementing a sound AML/CFT regime in Sri Lanka as an emerging economy. [ABSTRACT FROM AUTHOR]

Purpose: Due to their particular nature, virtual assets (VA) are vulnerable to financial crimes such as money laundering and if the appropriate legal mechanisms are not established, this may result in the financial collapse of various economies. To this effect, best practices and standards have been published by some international organisations such as the Financial Action Task Force and IMF which are now domesticated in the national laws of several countries. Therefore, the purpose of this study is to analyse the anti-money laundering (AML) legislative framework in the context of VA in three countries, namely, Mauritius, Japan and South Africa. Design/methodology/approach: To achieve the research objective, the Mauritian AML laws in the context of VA were compared with the corresponding laws of some other countries, namely, Japan and South Africa. As such, a qualitative research method was adopted. In particular, the black letter approach was used to examine the relevant laws of these countries. A comparative analysis was conducted concerning the relevance of AML laws for each country when dealing with VA with the view of suggesting recommendations for Mauritian stakeholders to adopt to enhance the existing AML legal and regulatory framework. Findings: The comparative study conducted has revealed that there are both similarities and divergences among the AML framework of the three countries further to which this research recommends that the Mauritian laws must be amended concerning the duration of information storage on VA, the definition of VA, advertisement by VA service providers and the electronic submission of annual reports. The Mauritian regulatory bodies also need to play a more active role in their joint collaboration to monitor suspicious VA transactions to combat money laundering. Originality/value: At present, this study will be among the first academic writings on the efficiency of AML laws in the context of VA in Mauritius and also, because existing literature is quite scarce on assessing the adequacy of AML legislation in developing countries, this research aims at filling in the gap in literature. This study is carried out with the aim of combining a large amount of empirical, theoretical and factual information that can be of use to various stakeholders and not only to academics. [ABSTRACT FROM AUTHOR]

Purpose: Efforts to prevent and eradicate the crime of money laundering require a strong legal basis to ensure legal certainty. This paper aims to analyse law enforcement on money launderers with juridical review perspectives. Design/methodology/approach: The research method used in this study is the statute approach, which is to examine all laws and regulations related to the crime of money laundering. The writing method used is the normative method, which is a type of research that uses the analysis of certain legislation. Findings: Three new findings were discovered. In assessing the validity or validation of a business ownership or business transaction, there are at least three pieces of evidence that need to be used, namely, presence/absence of company/business registration in an official government database; the presence/absence (including the amount) of tax reported on income tax and VAT; and the presence/absence of other legal documents relating to the existence or general licensing of a business. Research limitations/implications: The results of this study are also expected to be helpful for the community, government agencies, or institutions, such as the police, to combat corruption, and money laundering. The Prosecutor's Office and the Corruption Eradication Commission (KPK) describe the handling of money laundering crimes originating from money laundering crimes. Social implications: This research can provide an overview and input for the broader community as an early warning so as not to commit money laundering crimes. Originality/value: This is one of the pioneer studies looking into law enforcement on money launderers with comprehensive juridical review. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine the specific findings on the level of technical compliance and operational effectiveness of the national financial intelligence units (FIUs) in 55 members of the Asian Development Bank (ADB) under the mutual evaluations carried out by the Financial Action Task Force (FATF) and its regional bodies (also referred to as FATF-style regional bodies) in connection with the current international standard for combating money laundering and terrorism financing (i.e. the FATF recommendations). It also provides three observations for enhancing the use of financial information and intelligence. Design/methodology/approach: Review of published reports on country mutual evaluations from the FATF and its regional bodies. Findings: A majority of the FIUs from these 55 members of the ADB were rated around the "mid-range" under the FATF methodology used for the mutual evaluations (i.e. "compliant and substantially effective", "largely compliant and substantially effective", "compliant and moderately effective" and "largely compliant and moderately effective"). Observations were also provided on cross-cutting areas for enhancing the use of financial information and intelligence. Originality/value: FIU operations are key to combating money laundering and terrorism financing, and this examination of the level of technical compliance with the international standard and related operational effectiveness provides an useful account of current developments in this space and suggestions for further actions by relevant national authorities and provision of country technical assistance and support by donor partners. [ABSTRACT FROM AUTHOR]

We investigate the relation between anti-money-laundering (AML) inspections and banks' ability and effort to identify and report suspicious transactions. We do so by using detailed data from the Bank of Italy and the Italian Financial Intelligence Unit, which include information on (i) authorities' on-site inspections and enforcement actions, (ii) quantity and quality of suspicious transactions reports filed by banks before and after inspections, and (iii) reports' investigative follow-ups. We document an increase in banks' reporting after an inspection. Crucially, the increase is not concentrated among low-quality reports, but is spread to reports which are relevant from both a financial and an investigative point of view. We thus overall observe a rise in the information conveyed by AML reports after the authorities' intervention. On the mechanism of the effect, we provide some suggestive evidence that inspections induce an increase of both banks' reporting effort as well as screening skills (JEL G28, K23, L51, M21). [ABSTRACT FROM AUTHOR]

Despite the wide reach of anti-money laundering legislation worldwide and increasing media attention, fostered by journalistic leaks such as Panama Papers, empirical knowledge on how criminals launder their illicit proceeds is still scarce. The few available empirical studies show that money laundering (ML) schemes are often less sophisticated than they are depicted in the political and media debate. To contribute to the empirical knowledge of ML behaviour, and test this hypothesis, the present study analyses the ML activities related to 2818 Italian offenders included in the ML section of the LexisNexis' WorldCompliance database. Through a quantitative content analysis of textual information related to each offender's profile, it highlights the characteristics of the ML offenders, the methods (or 'typologies' in FATF terms) employed, the assets seized, the business sectors involved and the countries in which ML was conducted. The results confirm that criminals tend to employ unsophisticated typologies, as well as prefer Italy or jurisdictions that are close (geographically and culturally) to Italy for laundering their illicit proceeds. Tangible assets (first real estate and registered vehicles) are more frequent than financial assets. Finally, differences exist between the laundering by mafia-related ML offenders and non-mafia ones. The study provides empirical ground to progress in the knowledge of how ML offenders behave, and supports the idea that criminals, when laundering their proceeds, do not act as legitimate entrepreneurs, but may be driven by other constraints and drivers. [ABSTRACT FROM AUTHOR]

The emergence of cryptocurrencies as a form of digital payments has contributed to the emergence of numerous opportunities for the implementation of effective and efficient financial transactions, however, new fraud and money laundering schemes have emerged, as the anonymity and decentralization inherent in cryptocurrencies complicate the process of monitoring transactions and control by governments and law enforcement agencies. This study aims to develop a mechanism for analyzing transactions in the Ethereum cryptocurrency using a Bayesian classifier to identify potentially suspicious transactions that may be related to terrorist financing and money laundering. The Bayesian approach makes it possible to consider the probabilistic characteristics of transactions and their interrelationships to increase the accuracy of detecting anomalous and potentially illegal transactions. For the analysis, data on transactions of the Ethereum currency from June 2020 to December 2022 were taken. The developed mechanism involves determining a set of characteristics of transaction graph nodes that identify the potential for their use in illegal financial transactions and forming intervals of their permissible values. The article presents cryptocurrency transactions as an oriented graph, with the nodes being the entities conducting transactions and the arcs being the transactions between the nodes. In assessing the risks of using cryptocurrencies in money laundering, the number/amount of transactions to and from the respective node, the balance of these transactions (absolute value), and the type of node were considered. The analysis showed that among the 100 largest nodes in the network, 11 were identified as having a «critical» risk level, and the most closely connected nodes were identified. This methodology can be used not only to analyze the Ethereum cryptocurrency but also for other cryptocurrencies and similar networks. [ABSTRACT FROM AUTHOR]

The purpose of the study is to consider the fundamentals of money laundering investigation, including problematic issues and development prospects, improving both the legal and procedural framework, which in the future would be able to use the tools obtained more effectively and get the most positive result. The main methodological approaches used to achieve the goals of this study are analytical and comparative, the second of which is based on comparing the achievements in the field of investigations by other states with a similar legal system, that is, international experience. The main results obtained are the designations of the main problems in the development of this part of criminal law, the identification of procedural gaps in the regulation of the work of investigative bodies, and the establishment of the main goals and objectives for the effective investigation of this category of crimes. [ABSTRACT FROM AUTHOR]

Green finance crime is money laundering stemming from illegal environmental destruction activities. Indonesia is experiencing this problem, where the number of forest clearing, plantations, and mining is increasing, but the results are not enjoyed by the surrounding community, and only enjoyed by a few people and corporations through illegal mechanisms. Ordinary legal mechanisms have not been able to prevent and crack down on green finance crimes in Indonesia. This study aims to analyze green finance crimes in order to optimize green economy transformation in Indonesia. This study used the juridical-normative method. The purpose of this study is to determine the risk mitigation measures for green financial crime in Indonesia. The result of this study is that the problem faced by Indonesia is that it does not understand environmental crime as a criminal act originating from money laundering so the instruments used to overcome this crime are still conventional. Coupled with the ever-evolving, various modes of washing are complex and involve different legal systems in different countries. This makes green finance crime difficult to eradicate with ordinary legal instruments. Thus, the authors propose mitigating legal risks through joint investigations covering multiple devices, multiple institutions, multiple laws and regulations, and multiple sanctions to overcome this. [ABSTRACT FROM AUTHOR]

Copyright of Belügyi Szemle / Academic Journal of Internal Affairs is the property of Ministry of Interior of Hungary and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The legal profession is vulnerable to abuse for the purposes of money laundering and terrorist financing. According to the Financial Action Task Force (FATF), that vulnerability justified updated global recommendations that urge countries to require lawyers, notaries and other independent legal professionals – including sole practitioners, partners and employed professionals within law firms – to identify, assess and manage the money laundering and terrorist financing risks associated with their services and to ensure that they have appropriate mechanisms in place to provide risk assessment information to competent authorities. Those recommendations proved contentious, with concerns raised by both legal academics and legal professional bodies about the implications of certain aspects of the requirements for the principle of lawyer–client confidentiality. Despite those concerns, many countries have introduced or amended regulatory regimes to extend their application to the legal sector to comply with the FATF's standards. The purpose of this paper is to contribute to the debate surrounding the extension of AML/CTF obligations to the legal profession. Design/methodology/approach: This paper considers three jurisdictions – the UK, Israel and Australia – at different stages in their journey towards compliance with the FATF's anti-money laundering (AML) and counter-terrorist financing (CTF) standards for the legal profession. While the UK has a long-established and well-embedded AML regulatory framework for legal professionals, Australia remains non-compliant with the FATF standards. Israel occupies a position between these two ends of the spectrum: following criticism of the omission of lawyers from its AML/CTF regime, Israel implemented due diligence rules for the profession. In 2018, Israel was found to be partially compliant with the relevant FATF recommendations. Findings: It argues that although there are challenges involved, there are also important benefits. Therefore, Australia should act to implement its proposed changes sooner rather than later. Its persistent failure to appropriately address globally recognised areas of vulnerability leaves Australia open to integrity abuse. In addition, if the government delays addressing this issue until pressure from the FATF (such as deadlines for compliance and, if necessary, a finding of non-compliance) forces it to comply, this may tarnish Australia's reputation, threaten its access to international financial markets and adversely affect the legitimacy and effectiveness of its AML/CTF regime. Originality/value: Originality in this context refers to the distinctiveness and uniqueness of a paper's content and approach. In this case, the originality lies in the fact that there is no other existing paper that addresses the topic of three common-law jurisdictions at various stages of their progression towards aligning with the FATF AML/CTF standards, specifically within the context of the legal profession. Furthermore, the timeliness of this paper is underscored by the fact that multiple jurisdictions are currently deliberating their positions on the focus of this paper. This adds to its originality and relevance, as it addresses a gap in the literature while also contributing to the ongoing discourse surrounding compliance with FATF's standards. [ABSTRACT FROM AUTHOR]

Purpose: No country is free from financial crime issues. Therefore, this paper aims to discover how to control financial crime from the perspective of national culture. Design/methodology/approach: This study conducted a bibliometric approach and systematic literature review analysis of 47 publications in the Scopus database. Findings: Bibliometric and content analyses show that national culture is more often associated with tax evasion, money laundering and corruption. The role of national culture is less investigated currently in the schemes of financial statement crime, workplace fraud and cybercrime. Overall, the study concludes financial crime can be prevented by developing a culture that supports anti-fraud measures. These include individualized country profiles, feminism, low power distance, tolerance for uncertainty, short-term orientation and restraint. Originality/value: This research provides clear knowledge of the role of the six dimensions of national culture in fighting financial crime. Finally, this study is also valuable for decision-making in designing more effective financial crime prevention programs. [ABSTRACT FROM AUTHOR]

Purpose: Tax evasion and money laundering have become important sources of illicit financial flows in developing countries. Foreign capital flows used by shell corporates are generally with no real economic activities but motivated by harmful tax practices, thereby inducing loss of revenue for developing countries. Despite the coercive actions, such as backlisting of noncooperative jurisdictions to anti-money laundering and countering terrorism financing standards, illicit financial activities are still eroding the tax base in developing countries. The purpose of the paper is to assess the blacklisting effectiveness as a coercive policy against illicit financial activities. Design/methodology/approach: This paper applies a propensity score matching strategy to a sample of 118 developing jurisdictions from 2009 to 2017 to evaluate changes in illicit financial activities following the blacklisting. Findings: The results show that rather than altering illicit inflows in blacklisted countries, financial restrictions have produced the inverse, causing a boomerang effect on financial crime activities. The illicit share of capital inflows increases on average by 6 percentage points and 0.7% of GDP following the blacklisting. These results are robust to alternative matching methods and to the hidden bias problem. Originality/value: Most of the previous research analyzed the link between blacklisting and fiscal revenues. However, here, the study analyzes whether blacklisting makes countries more cooperative in terms of fighting illicit financial flows. [ABSTRACT FROM AUTHOR]

This article used machine learning (ML) and artificial neural network (ANN) algorithms to predict the likelihood of a country being sanctioned by the Basel Institute on Governance for not adhering to anti-money laundering (AML) standards. Data for this paper came from the Basel AML Index and the World Bank. The results showed that the logistic regression and support vector machine (SVM) classifiers had the highest performance and balanced accuracy scores in sanction prediction. Additionally, these two algorithms also had the highest precision, specificity, and F1 scores, indicating that they were robust in their predictions of money laundering sanctions. In contrast to the ML classifiers, the ANN model had the highest sensitivity and receiver operating characteristic scores for money laundering sanctions. The strongest predictors of sanctions are financial transparency, political and legal risks, unemployment rate, and money laundering and terrorist financing risks. These findings reinforce the potential practical applications of ML and ANN models in predicting sanctions. [ABSTRACT FROM AUTHOR]

This research is based on the increasing threat of sedimentation in water areas by utilizing technological developments through the use of High Speed Crafts (HSC). The increase in threats is faced with obstacles for the authorities in balancing surveillance facilities and infrastructure with the technology used by smugglers. In addition, the need for intelligence data that is integrated with all related apparatus also requires a lot of development. This paper uses a qualitative approach. The data used are secondary data derived from related documents from several institutions, mass media articles and literature reviews related to strategic intelligence. Researchers concluded that smuggling using High Speed Crafts (HSC) in Indonesian waters has been frequent for the past few years. In 2019 and 2020, the DJBC and the Ministry of Finance succeeded in uncovering the practice of smuggling using HSC which had the potential to cause considerable state losses related to alleged money laundering crimes. The mode of HSC smuggling is carried out by the ship-to-ship method from large ships. Enforcement is challenged because the surveillance vessel facilities have a capacity that is not faster than the ships owned by the perpetrators, plus the changing point of the HSC of the smugglers spread across Sumatra and Java. An important evaluation of the supervision of smuggling in the HSC mode is at least related to increasing the quantity and capacity of DJBC through human resources and surveillance ship facilities that have capabilities above the facilities owned by smugglers. [ABSTRACT FROM AUTHOR]

This paper explores the impact of cryptocurrencies on international trade, focusing on the regulatory challenges in China, the European Union, and Serbia. Cryptocurrencies offer promising opportunities for cost efficiency and transparency, yet their adoption in global trade encounters legal complexities, particularly in anti-money laundering efforts. This study aims to underscore the importance of a shared regulatory framework to strengthen trust and facilitate seamless cross-border transactions between China and Central and Eastern European Countries (CEEC) for win-win cooperation. Through a comparative analysis of the regulatory landscapes, this study offers insights into aligning legal frameworks to navigate the intricacies of cryptocurrency adoption in global commerce. It argues that a unified approach to cryptocurrency regulation can significantly streamline trade, promote transparency, and strengthen economic relationships. By proposing harmonized regulatory measures, this research emphasizes the potential of cryptocurrencies to reshape international trade dynamics, while also stressing the importance of comprehensive legal structures to address the challenges posed by the digital financial landscape. [ABSTRACT FROM AUTHOR]

Objective: The present study aimed to propose an audit quality model based on fraud indicators to reduce money laundering activities in companies listed on the Iranian capital market. Methodology: The research method was applied in terms of purpose and mixed (qualitative-quantitative) of an exploratory type in terms of data type. The statistical population of the study consisted of the qualitative section (academic experts from the accounting and economics faculty of the University of Tehran) and the quantitative section (senior managers of the Audit Organization, experts from the Tehran Stock Exchange). The sample size in the qualitative section included 16 experts selected using the saturation principle and purposive nonrandom sampling method. Additionally, in the quantitative section, 185 subjects were selected using stratified random sampling. In the qualitative section of this study, semi-structured interviews were used to collect data, and in the quantitative phase, a researcher-made questionnaire derived from the qualitative section was used. In the qualitative section, for calculating validity, experts' opinions were utilized, and for calculating reliability, intra-subject agreement and inter-coder agreement were used, with results indicating that the data were valid and reliable. Moreover, to determine the validity of the questionnaire, content and construct validity were used, and for calculating reliability, Cronbach's alpha coefficient and composite reliability were used, with results indicating that the tools were valid and reliable. The data analysis method in the qualitative section was thematic analysis using Maxqda 2022 software. In the quantitative section, considering the research objectives, descriptive and inferential statistics methods (one-sample t-test and confirmatory factor analysis) were used with Spss-V23 and Smart PLS software. Findings: The research findings showed that audit quality variables based on fraud indicators in the Tehran Stock Exchange, including pressure, opportunity, justification, and capability, had path coefficients of 0.291; 0.231; 0.263; and 0.120, respectively, impacting the reduction of money laundering activities. Finally, based on the obtained results, the research model was designed, which had appropriate validity. Conclusion: The study highlights that high-quality auditing based on fraud indicators significantly reduces money laundering activities in companies listed on the Tehran Stock Exchange. Key audit quality variables--pressure/motivation, opportunity, justification/attitude, and capability--directly and significantly impact the effectiveness of anti-money laundering measures. Strengthening auditing mechanisms, improving internal controls, and fostering cooperation between auditing authorities and regulatory bodies are crucial strategies to mitigate money laundering. [ABSTRACT FROM AUTHOR]

Copyright of Strategic Universe Journal / Univers Strategic is the property of Dimitrie Cantemir Christian University, Institute for Security Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Dirassat in Humanities & Social Sciences is the property of Research & Development of Human Recourses Center (REMAH) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Türkiye adopted a new regime on bearer share certificates to comply with the Recommendations of the Financial Action Task Force on money laundering by promulgating the Law on Preventing Financing of Proliferation of Mass Destruction Weapons on 31 December 2020. This new law does not prohibit the issuance of bearer share certificates but ends the anonymity of the holders. According to the new law, the holders of bearer share certificates shall be registered in a centralized registry. In case of transfer of the certificates, the new holder must also be registered in the registry. In this paper, I will first give brief information on shares in Turkish law. Subsequently, I will explain the new system prescribed by the Law on Preventing Financing of Proliferation of Mass Destruction Weapons. [ABSTRACT FROM AUTHOR]

Environmental crime terrorism financing is the collection, transfer, and use of terrorist-related funds or terrorist-related property in environmental crime. Terrorism financing methods through environmental crime include the trading of precious and endangered wild animals and plants. The characteristics of terrorism financing through environmental crime include the intertwined use of many criminal means, ensuring difficulty in tracking the flow of funds through complex and hidden financing methods. It occurs in areas with dense natural resources and a weak financial supervision system. The harms of environmental terrorism financing include disruptions in the international financial and energy markets, breeding of corruption, invalidation of international financial anti-terrorism means, and damage to the ecological environment. Countermeasures include: Improvement in the understanding of environmental terrorism financing and the relevant legal and financial supervision systems. Undertaking different countermeasures against the ways of financing. Strengthening the cooperation to ensure information sharing. [ABSTRACT FROM AUTHOR]

In the fight against money laundering, the banking system requires collaboration with a diverse set of stakeholders, including regulatory and legislative bodies, banks, international organizations, technology companies, and customers, each with distinct objectives. These stakeholders have been identified through content analysis and interviews with banking industry experts utilizing theoretical saturation sampling. Employing game theory and graph models, interactions among these groups have been analyzed to achieve equilibrium in both the current and future states. Evolutionary path analysis has elucidated pathways to equilibrium, highlighting the role of technology companies in pioneering supervisory innovations and the efforts of international organizations in implementing global standards. The findings indicate that the current equilibrium state does not align with policymakers' ideals. Therefore, reverse game analysis has been employed to explore intervention strategies aimed at adjusting stakeholders' preferences. The ideal state encompasses stringent enforcement of laws by regulatory bodies, enhancement of internal systems by banks, and active cooperation of customers with the imposed limitations. [ABSTRACT FROM AUTHOR]

This paper draws from qualitative data to examine the opacity of Nigeria's downstream oil sector within the ambit of its fuel subsidy policy. It specifically addresses whether the poor state of Nigeria's refineries is linked to the prebendal benefits associated with the administration of fuel subsidies as well as the correlation between the opacity of Nigeria's downstream oil sector and fuel subsidy. Furthermore, the paper interrogates how fuel importation could be considered a rational option to address domestic needs for refined petroleum products. The paper offers two major interrelated insights: First, it finds that fuel subsidy nurtures the propensity for sabotage, corruption, and money laundering; there tends to be a link between fuel subsidy and the non-functionality of Nigeria's state-owned refineries, and second, the pro-poor justifications for sustaining fuel subsidy is a proxy for continued elite enrichment through the manipulation of the subsidy regime. Overall, the paper highlights the imperative of rethinking the fuel subsidy architecture by rebuilding Nigeria's downstream oil sector, especially the domestic capacity for refining crude oil. [ABSTRACT FROM AUTHOR]

Money Laundering has been a significant concern for governments, law enforcement agencies, and financial institutions worldwide. With the advancement of technology, money laundering techniques have evolved in the digital age, presenting new challenges for authorities and financial institutions. Criminals leverage innovative digital platforms, cryptocurrencies, and virtual assets to launder illicit funds while maintaining anonymity and complexity in their transactions. In this article, we examine the money laundering techniques in the digital age and the challenges posed by these techniques and the implications for the global financial system. Furthermore, the article explores the role of regulatory frameworks, technological solutions, and international cooperation in mitigating the risks associated with digital money laundering. We also explore the countermeasures implemented to detect and prevent these illicit activities. Enhanced Know Your Customer (KYC) regulations, robust transaction monitoring systems, international collaboration, and innovative technologies are among the critical measures to combat digital money laundering. [ABSTRACT FROM AUTHOR]

It has been argued that technologies such as blockchain could provide financial systems and societies with a better infrastructural solution to process information and identify illegal transactions. Building on this idea, this paper argues that if payment systems are to take advantage of the properties that define distributed ledger technologies, they must build on those models that have delivered improved trust in our economies. Accordingly, the model presented in this paper is based on a universal digital ID that could be interoperable among different jurisdictions. Such a digital ID would rely on an explainable framework structured around an understanding of the role played by central banks, intellectual property rights and personal data protection in the processing of information. Understanding the interaction between these elements may be the first step towards a better understanding of the infrastructures employed to tackle illegal activities, which could in turn contribute to the successful development of the standards on which the next generation of suspicious transaction or order reports will be based. [ABSTRACT FROM AUTHOR]

The study is an original scientific article devoted to the issues of proposed changes in the EU regulations on counteracting money laundering (the so-called 'AML package'). A significant part of the amended provisions of EU legal acts will be governed by EU Regulations and, as such, they will be directly applicable. This situation justifies the need for an in-depth analysis. On the other hand, those provisions which remain in the form of directives raise certain reservations. Therefore, the aim of this article is to analyse the nature and scope of the comprehensive amendment to the AML regulations using a formal-dogmatic method. Based on this analysis, conclusions were drawn regarding the assessment of the legitimacy and possible effectiveness of the proposed regulations in combating money laundering. The conclusion also highlights the inaccuracies and deficiencies they are burdened with, allowing for de lege ferenda postulates concerning the desired correction of the regulations. [ABSTRACT FROM AUTHOR]

Bitcoin is the most successful cryptocurrency with the highest market capitalization of up to 53%. Due to its pseudonymous mechanism, bitcoin is being utilized in a variety of illicit activities. It is noticed that around US$72 billion of unlawful activities per year involve Bitcoin. In this study, a systematic literature review is conducted on the illicit use of Bitcoin, and the measures required to counter the illicit activities using Bitcoin. In this work, authors have managed to select 45 research articles published during 2018-2022. The synthesis of selected articles revealed that bitcoin is proliferating in darknet markets. It is used to make payments for criminal activities such as drug trafficking, money laundering, human trafficking, pornography, ransomware, and other criminal activities like contract killers, Ponzi schemes, and terrorism financing. According to the findings from this study, out of 45 research articles, 24.4% of articles claim that Bitcoin has been used in drug trafficking whereas 17.7% believe that people use Bitcoin for money laundering. Moreover, Blockchain identity flexibility, dissociative anonymity, and a lack of deterrence encourage users to perform illegal activities. At present, the research community is actively involved in proposing and designing innovative approaches to counter the illicit use of Bitcoin. However, these solutions are unable to stop the misuse of Bitcoin. [ABSTRACT FROM AUTHOR]

Applying NCB (non-convection based not on treasury), commonly called asset confiscation punishment without punishment, is an innovative solution for appropriating corruption when a person cannot cope with criminal, civil, and administrative penalties. The problem that exists already for change, of course, requires regulation in this regard. It is very important to look at these regulations and how a convection-based asset recovery policy is a government loss recovery policy related to state loss crimes such as corruption, money laundering, etc. Therefore, the subjects considered in this study are how NCB Asset Forfeiture is applied in dealing with criminal acts of corruption in Indonesia. This research method seeks normative law by examining secondary and qualitative data. It is from this that the first conclusion can be drawn: the urgency of implementing the NCB policy (Non-Convection based on not Forteiture) in Indonesia, namely the existence of obesity problems from state losses with massive corruption crimes that have occurred and efforts to harmonize and legitimize the NCB Draft Asset confiscation bill to overcome state losses. Second, the legal response in applying the concept of NCB (Non-Convection Based Forfeiture), namely cooperation with other countries in exploiting evil assets. [ABSTRACT FROM AUTHOR]

Copyright of Zeitschrift für Stiftungswesen is the property of Verlag Oesterreich GmbH and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The low level of detection of money laundering offenses is determined by the high latency of these acts, the involvement of organized criminal groups in their commission and the nature of the actions undertaken to hide the signs of legalization of proceeds obtained through criminal means. The scientific debates in the matter of investigating money laundering offenses are stimulated by a diversity of opinions regarding the forensic characteristics of these acts, which, unfortunately, leaves a negative mark on the effectiveness of the investigation of these offenses. In the theory and practice of forensic science, there are various opinions and positions regarding the forensic characteristics of money laundering offenses and the specifics of the evidence for this category of criminal cases. However, for reasons of lack of uniformity in legal science and practical activity of judicial bodies, radically opposite decisions are taken for analogous situations, which is absolutely inadmissible. In such conditions, a continuous research activity is necessary with the purpose of systematization of scientific materials accumulated in this field and their adaptation to the real conditions of fight against crime. [ABSTRACT FROM AUTHOR]

Copyright of AIS: Ars Iuris Salmanticensis is the property of Ediciones Universidad de Salamanca and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Organized crime has emerged as one of the most formidable challenges globally, existing as an unavoidable reality with such severe implications that the international community is compelled to unite eff orts to counteract it. Its intricate criminal structures and the multiplicity of its criminal activities characterise it. Owing to its pervasive infl uence across various crucial sectors, notably the economic, security, and social realms, many nations have been overwhelmed by their inability to tackle it independently, thus underscoring the urgent need for innovative mechanisms to mitigate its adverse impacts and ramifi cations. Therefore, updating and approximating legislation is an essential proactive step to combat organized crime by providing modern legal tools that allow the security and judicial agencies to keep pace with the evolving methods of this crime, starting with formulating a comprehensive defi nition of organized crime that includes all its components and characteristics, and enacting laws that criminalize all organized criminal activities, such as Drug traffi cking, money laundering, and human traffi cking, enacting other laws that allow the confi scation of profi ts from organized crime and their reuse in anti-crime programs, and establishing mechanisms to enhance cooperation between security and judicial agencies and other government bodies. [ABSTRACT FROM AUTHOR]

This research aimed to use modern methods in internal and external auditing and its implications for combating money laundering and conducting a theoretical study and a field study. The study included a quantitative analysis of the data of commercial banks in the capital of the study country Baghdad, which included (7) Commercial banks. The research sample included a group of (250) individuals working in these banks. The data were processed using statistical methods using the program (SPSS). The results of the statistical evaluation of the data collected using a specially prepared survey tool showed that there is an effect and a correlation between the dimensions of criminal accounting (internal audit, External audit Reasons for money laundering, the perfect effect, Consulting intellectual, considerations individuality) and the variable dependent money laundering, and the availability of a set of characteristics, knowledge, and skills that help the accountant or checker combat or contain money laundering operations. There are several methods and procedures used by it checkers to combat or have money laundering operations. [ABSTRACT FROM AUTHOR]

Over the years, efforts have been put in place to address money laundering activities including financial crime and illicit funding controls. These efforts have been recognized to promote financial integrity and effective governance systems. They have been further adjudged by the United Nations' sustainable development (Goal‐16) with a major concern to achieve peaceful, just and inclusive development. Previous studies reveal that money laundering activities have major implications for economic growth. However, little is known about the main implications of anti‐money laundering (AML) regulations on sustainable development. On this note, this study contributes to the ongoing debate by investigating the relationship between AML regulations and sustainable development in 72 developing economies, consisting 29 upper middle income, 33 low middle income and 10 low income countries. Using instrumental variable generalized method of moment (IV‐GMM), panel quantile estimation technique and dynamic panel threshold analysis, the findings are as follows. First, AML regulations promote sustainable development. Second, the panel quantile regression reveals that countries with moderate AML regulations attain higher sustainable development than those with excessive regulations. Further results on regional analysis show that AML regulations are more effective in Latin America, South Asia, Europe & Central Asia and Middle East & North Africa than in Sub‐Saharan Africa and East Asia & Pacific. These results are robust and stable after conducting a number of robustness analyses. The study suggests that effective AML regulations should be moderate and well‐implemented to further improve economic, social and environmental sustainability in developing countries. [ABSTRACT FROM AUTHOR]

Ethereum and its native cryptocurrency, Ether, have played a worthy attention in the development of the blockchain and cryptocurrency space. Its programmability and smart contract capabilities have made it a foundational platform for decentralized applications and innovations across various industries. Because of its anonymous and decentralized structure, the hotheaded expansion of cryptocurrencies in the payment space has created both enormous potential and concerns related to cybercrime, including money laundering, financing terrorism, illegal and dangerous services. As more financial institutions attempt to integrate cryptocurrencies into their networks, there is an increasing need to create a more transparent network that can withstand these kinds of attacks. In this work, we are using different classification techniques, such as logistic regression (LR), random forest (RF), k-nearest neighbors (KNN), adaptive boosting (AdaBoost), and extreme gradient boosting (XGBoost) for Ethereum fraud detection. The dataset we are using includes rows of legitimate transactions done using the cryptocurrency Ethereum as well as known fraudulent transactions. The "XGBoost" model, which is noteworthy, detects variations that might attract notice and prevent potential issues in this chore. [ABSTRACT FROM AUTHOR]