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The story of the Anti-Money Laundering Law (AMLA) is about the contemporary impact that an international organization has on the policymaking process. The dynamics of the crafting of this law illustrated the asymmetrical relationship between the international organization and the central policy actors. The Financial Action Task Force (FATF), a nonveto player, through incentives and constraints, profoundly influenced the behavior of the veto players, determined the tempo of the process, and delineated the legislative outcome. First, the FATF, was able to set the agenda and subdue the political inertia that worked against the law in the executive and legislative branches. Second, the FATF ensured the enactment and amendment of the law. Third, it made certain that the law did not cater to vested interests and complied with international standards. The external demand was so overwhelming that the FATF was able to guarantee the unity of purpose (the threat of sanction compelled the veto players to collaborate) that in turn resulted in the policy decisiveness of the process (the unyielding deadline defined the pace and direction of the proceeding), and in the public regardedness of the policy (the global standard shaped the content of the AMLA). In the theoretical sphere, the engagement between the FATF and institutional policy actors demonstrated a new dimension in the veto players framework, and modified the conventional proposition—that the more veto players, the harder it is to generate or change policy (policy stability), and the more watered down the output policy (private regardedness) will be. Instead, the presence of an international organization "refashioned" the lawmaking process, making policy enactment easier (policy decisiveness) regardless of the number of veto players, and ensuring that the policy responds more to global interest (public regardedness,) notwithstanding the presence of a multiplicity of interests among the veto players. [ABSTRACT FROM AUTHOR]

The article focuses on the U.S. and international anti-money laundering (AML) developments in 2010. It mentions that the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act is likely to impact existing federal oversight of AML, with Private Fund Investment Advisors Registration Act of 2010. It investigates Great Britain's Bribery Act, amendments to the Bank Secrecy Act (BSA) and the U.S. Hiring Incentives to Restore Employment (HIRE) Act.

The article discusses international financial law as of January 2011, focusing on the impact of the Great Recession of the early 21st century on the development of international agreements aimed at providing oversight for financial market participants. The role of national financial authorities in the establishment of financial sector rules and standards is also addressed. The issue of money laundering, which involves the generation of assets as a result of criminal activity, is also mentioned.

Purpose - The purpose of this paper is to analyse the complicity of wives/girlfriends of a criminal if she benefits from the proceeds of the criminal's illicit activities. Design/methodology/approach - The paper presents analysis of 62 investigations into organised crime through interviews. Findings - Although spouses/wives benefit from the criminal proceeds of their husbands, they are hardly ever prosecuted on this basis alone. Only if they are actively involved in money laundering, are they more likely to be prosecuted. Research limitations/implications - Analyzing police data has certain drawbacks. Socio-economic data are often non-existent. Practical implications - Relatively, few of the wives/girlfriends were tried in connection with these crimes. This paper indicates several possible reasons for this. Originality/value - This paper points out a logical consequence of the legal interpretation of money laundering. [ABSTRACT FROM AUTHOR]

Purpose - The purpose of this paper is to discuss the potential impact of measures taken in accordance with powers introduced by Schedule 7 of the Counter-Terrorism Act 2008 on banks and their customers. Design/methodology/approach - The paper analyses the legal provisions setting out these powers and comments on their scope; discusses the guidance issued with respect to these provisions by the Joint Money Laundering Steering Group, as well as other commentary on these provisions; examines the remedies available to those affected by the measures taken in exercise of the Schedule 7 powers; and comments on the use made of these powers to date and the relevant outcomes. Findings - The paper concludes that while the Schedule 7 powers are useful in permitting a targeted response to money laundering and terrorism financing, they can be needlessly damaging to business unless used in a proportionate and risk-sensitive manner. Originality/value - The paper analyses critically the first judicial review decision made in respect of the exercise of Schedule 7 powers. [ABSTRACT FROM AUTHOR]

The article explores the laws that govern money laundering regulations in Nigeria, the challenges on its implementation and enforcement as well as the global efforts and British connection. It offers a history of money laundering regulations in Nigeria including the National Drug Lae Enforcement Agency (NDLEA) Act, Economic and Financial Crimes Commission (Establishment) Act 2002 and Money Laundering (Prohibition) Act 2004. It also notes the money laundering regulations in Great Britain and the present global initiatives to tackle money laundering.

El artículo analiza decretos y sentencias en el área de Derecho Administrativo en la Unión Europea, España y Portugal emitidos entre octubre de 2009 y mayo de 2010. Entre las regulaciones discutidas se encuentran la Ley de Contratos del Sector Público de España, transposición a la ley española de directivas de la Unión Europea en prevención del blanqueo de capitales y decretos de transformación del régimen de autopistas en Portugal.

The article presents a case study that aims to explore the possibility of enforcing the Anti-money Laundering and Counter Terrorism Financing (AMLCTF) Act compliance on prepaid card small and medium enterprises (SMEs) in Australia. The study used included an online search of prepaid card providers. The study found the failure of the Act to address the issue of prepaid cards' vulnerability to money laundering and terrorism finance, and not all compliance requirements are applicable to SMEs.

The article discusses new money laundering statutes and the balance needed for maintaining a strong adversarial system of justice. It mentions the Task Force on the Federalization of Criminal law created by the American Bar Association (ABA), the Bank Secrecy Act passed in 1970 and the International Money Laundering Abatement and Anti-Terrorist Act of 2001. It also notes money laundering statutes emanating from the Anti-Drug Abuse Act of 1986 and the Racketeer Influenced and Corrupt Organization Act (RICO).

The article presents a study which examines the threats faced by financial institutions in Nigeria. The study reveals deficiencies in the country's money laundering and counter-terrorist financing (CTF) legislation and suggests the enactment of legislation with guidance relative to the treatment of politically exposed persons and terrorism. Moreover, it recommends the expansion of the power of law-enforcement agencies.

The article presents a study which examines the challenges of proving criminality in money laundering cases through the enactment of the Proceeds of Crime Act 2002 (POCA) in Scotland. The study reveals that forensic accountancy within law enforcement makes the presentation of evidence possible. It finds that the enactment of the money laundering provisions of POCA aims to prosecute the leaders and professional enablers of organized crime groups.

The article discusses the importance of money laundering and federal civil asset forfeiture statutes as the key enforcement strategy in the drug war in the U.S. for 21st century. It says that these strategies can counter drug-trafficking opportunity by increasing trafficking costs while decreasing enforcement costs. It adds that the statutes should be amended based on globalization to meet the demand the 21st century trade.

This article analyses the Bill of the Law on the Prevention of Money Laundering and Terrorist Financing (the «Bill»), submitted by the Council of Ministers to the Spanish Parliament on 30 November 2009, and which is expected to be approved in the coming days. The Bill transposes Directive 2005/60/EC of 26 October on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing (commonly known as the Third Directive on the prevention of money laundering), and Directive 2006/70/EC of 1 August 2006 laying down detailed rules for the application and interpretation of the Third Directive (also known as the Implementation Directive). The Bill also seeks to strengthen control measures and supervision of the Spanish financial system and extends certain obligations to non-financial operators, to prevent them from being used for illicit purposes of money laundering or terrorist financing. The approval of the Bill will bring Spanish legislation into line with the most advanced international standards on the prevention of money laundering and combating terrorist financing (basically, the Recommendations issued by the Financial Action Task Force FATF and the abovementioned EU Directives). It introduces into the Spanish legal system the risk-based approach and new due diligence duties and other obligations on providing information and keeping documents, which will require financial institutions and other entities to redefine their internal control and supervision procedures. It is therefore a very valuable piece of legislation. However , certain provisions may prove problematic. [ABSTRACT FROM AUTHOR]

As a result of the non-adoption of certain new laws specific to market economy such as: the bankruptcy law, the law of incriminating tax avoidance, the law on foreign currency transfer etc., as well as the desincrimination of offences concerning the public wealth, the crime phenomenon is increasing. To this end, the enforcement of the provisions related to offences concerning public wealth, due to the reduced amount of punishments, does not perform anymore the general necessary prevention, these being even encouraging in certain cases. Not accidentally, decision makers in the economy sector were corrupted or let themselves bribed, participating directly in the commission of certain economic offences having substantial repercussions over the state wealth, over the equity of state-owned companies in favor of private agents. [ABSTRACT FROM AUTHOR]

The article presents an analysis of the posed money laundering risk by the less risky financial products in South Africa. It states that empirical design was used on the law enforcement and bank officials' views about the criminal abuse of the financial products. It relates that the anti-money laundering/combating of financing of terrorists (AML/CFT) law permits money remitters and deposit-taking institutions to implement customer due diligence measures pertaining to low-risk products.

The article explores the impact of the Anti-Monopoly Law (AML) on foreign investments in China. It presents the strategy used by the country to update its domestic economy and to create the world's greatest export-processing market through foreign capital. An overview of the country's economic reform process and the provisions of the Anti Money Laundering Law relative to foreign direct investment (FDI) is given. It discusses the effect of the global financial crisis on the country's economy.

The article presents a study which analyzes several issues concerning the money laundering offence of concealing or disguising criminal property that are not yet explored by the courts in Great Britain. The study uses case law from the U.S. to understand the underlying concepts of the disguising or concealing offence. It cites that several issues that have been explored in the U.S. jurisprudence also arises in Great Britain's criminal proceeding.

The article focuses on the paper that covers the difficulties experienced by non-bank reporting entities regulated by anti-money laundering and counter terrorism financing (AML/CTF) laws in enforcing a risk-based method. It cites that the paper gather data on the author's experience in working with Australian non-bank reporting entities. According to its result, the entities encountered problems in finding information to use in their risk assessments which later affects approach formulation.

(AML), which was to be implemented into national laws at the latest by December 2007. The key feature that characterizes the Third Directive is the idea that the regulatory framework should be riskbased (RBA). The aim of this regulation is to elicit a high level of outcome in terms of AML effectiveness from self-interested financial institutions (FIs) who hold private information. In this paper we study how to increase the effectiveness of AML rules, using a principal-agent framework to describe the regulatory setting in which an RBA is applied. We focus on incentive problems arising in a threelayer hierarchy, which includes public authorities (policymakers), financial institutions, and supervisors. [ABSTRACT FROM AUTHOR]

The incrimination foreseen by art 23, paragraph 1, letter b form the Law no. 656/2002 tries to cover, with details, the elements of maximal subtlety of one of the most severe action of contravention that defines the actual phenomena of organized crime, the main source of financing the severe criminality. Our intercession tries, starting also from the point of view in judiciary practice and doctrine, to shade once more or form a new perspective this problem. [ABSTRACT FROM AUTHOR]

This article responds to criticism of the author's work on the problem of money laundering by the scholar Ian Roberge in the article "Bringing the United States Back in: A Response to Rainer Hülsse's 'Creating Demand for Global Governance." The author disagrees with Roberg's account of constructivism and the role of the U.S. in the development of money laundering investigation mechanisms by the Financial Action Task Force. The role of persuasion and the development of an intellectual account of the damage that money laundering causes in international economic relations is emphasised.

The article discusses legislation in Australia concerning matters of International Law. A new exemption for anything done in compliance with legislative instruments implementing the Convention on International Civil Aviation is introduced in the Age Discrimination Amendment Act 2006. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 introduces the first tranche of comprehensive reforms to Australia's Anti-Money Laundering and Counter Terrorism Financing regime that applies to financial and gambling sectors, lawyers and accountants.

The article presents a case study that estimates the compliance cost of the anti-money laundering and counter terrorism financing (AMLCTF) legislation for the financial service sector in Australia. It presents an overview of the effect of the implementation of AMLCTF in the banking industry. It cites several approaches in estimating the cost of AMLCTF, including econometric method and survey, and suggests a model for compliance cost estimation that can be used by the banking sector.

The article presents a case study which examines the legislative provisions to control financial and economic crime in Sri Lanka. Several law enforcement efforts have been implemented including United Nations Act No. 45 to minimize money laundering and financial transactions reporting. Results show that pitfalls in the political system, allocation of resources, capacity building, and international cooperations hinder the enforcement of regulations for financial and economic crime.

Efforts to prevent and preempt further terrorist attacks in the United States and other developed countries have intruded into many spheres of public and private life. This article provides a short assessment of the redeployment of anti-money laundering regimes to combat the financing of terrorism. This expansion of financial surveillance is directed by international organizations and domestic legislation in the belief that terrorists and their financiers may be found, identified and detained. After providing background to the anti-money laundering regime, the article looks at the domestic and extraterritorial application of the USA PATRIOT Act. One conclusion of this analysis finds that a financial panopticon has coalesced out of the wide range of financial and non-financial businesses now required to report “suspicious financial activity.” [ABSTRACT FROM AUTHOR]

The article presents a study that analyzes how political corruption may be battled through banking reports of relevant deposits. It also offers information on a few European legal Systems, and the anti-money laundering that takes the profit out of corruption for the banks. It is found that organized crimes can be tackled and be wiped out if political, institutional and economical complicities are publicly exposed. It is said that evaluation of the solutions in terms of legislative reform has practical implications on the situation.

The article discusses the anti-money laundering legislation in Indonesia from Indonesian stakeholders' perspective. It is said that semi-structured interviews are conducted to gather opinions about issues concerning Money Laundering Crimes Act. It is said that through encouraging more training and providing feedback on suspicious reporting transactions, Indonesian orgnizations may be encouraged to join Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK). It also discusses Indonesia's report on corruption and cronyism, and the pressure on the country to prevent money laundering practices.

The article presents a study concerning the theoretical framework of money laundering from the Islamic perspective. It offers information on the concept of money laundering under Islamic law, and the common methods in money laundering such as cash deposits, and purchase of a secured bank instrument. It also discusses the Islamic rules that protect financial institutions, customers and the public from criminal acts. It is cited that Islam law prohibits business conducts that compromise unjustified consumption, financial crimes, and money laundering.

The article presents the study that offers a comparison of the anti-money laundering (AML) legislation in Great Britain, Switzerland and Germany. AML legislations were compared based on criminal law, reporting stage, collation stage and the investigation stage. The article also highlights the specific differences and similarities between the three AML regimes, in which it is difficult to reach a conclusion concerning the effectiveness and efficiency. It is mentioned that a wide range of literature written in the original languages was analyzed in the compilation of the reseach.

The article discusses the anti-money laundering in Russia. It offers information on the Russian money laundering, Russian Criminal Code, and the country's anti-money laundering regulations. It is said that the anti-money laundering regime is ineffective due to stated purposes of preventing crime and terrorism. It is mentioned that the failure resulted from the country's banking system, and the industry's lack of regulatory compliance. It is cited that the authorities have used the situation to change the banking system and to extend control in the domestic, political and business sectors.

The article discusses the ways of eliminating money laundering and international financial crimes faced by foreign banks. It offers information on the Title III of the USA Patriot Act that regulates foreign banking institutions to prevent international money laundering. It is cited that foreign banks should initiate anti-money laundering programs, and to implement security measures with American financial institutions. It also examines the decision made by the Second Circuit Court of Appeals on foreign banks' liability.

The efficient operation of financial markets depends critically on their confidence that market participants operate according to rules and procedures that are fair and effective. As a general principle, regulation should only be maintained and implemented where it is needed in addressing a market failure and where the benefits of a regulation are greater than the cost that the regulation entails. The implementation of this general principle presents many complexities and differs considerably among jurisdictions. This paper describes the regulatory process in Switzerland on the basis of two examples: the adoption and implementation of the Anti-Money Laundering Ordinance of 2002 and the ‘regulatory streamlining exercise’ and how the principles guiding this process are being applied in practice. The objective is to show how the regulatory process can be designed in a way that maximises its efficiency and achieves effective regulation with a minimum of regulatory resources.Journal of Banking Regulation (2008) 9, 247–263. doi:10.1057/jbr.2008.14 [ABSTRACT FROM AUTHOR]

The article examines the anti-money laundering (AML) and countering the financing of terrorism (CFT) readiness of the global financial system. The AML and CFT of the global financial system will be examined by analyzing and comparing the AML and CFT systems of the members of the Financial Action Task Force (FATF). The study evaluates the data of 16 FATF members and analyses and compares the 21 non-FATF countries with the use of Kruskal-Wallis and paired-t- tests. It is concluded that the AML and CFT systems of FATF members and non-FATF countries are weak and that the money laundering, with or without any relevance to the terrorism financing, would be easily achieved.

The article cites a study that analyses if changes introduced in Great Britain's law have more stringent anti-money laundering measures at some offshore financial centers as compared to their onshore counterparts. It is noted that the study focused on the Crown Dependencies and the British Overseas Territories of Bermuda and the Cayman Islands. The study included the U.S., Great Britain and Australia as the onshore jurisdiction. According to the study, the Crown Dependencies and the selected Overseas Territories are outdoing the onshore jurisdiction in many cases.

The article cites a study that analyses the legislation regarding prevention of money laundering in Spain. According to the study, the legislation creates problem for lawyers because it leads to a conflict between their duty to maintain client confidentiality and obligations of disclosure for preventing money laundering. It is noted that under Spanish law, if a lawyer transfers the information concerning his suspicion he can be punished for committing the crime of disclosure of confidential material.

The article discusses the Anti-Money Laundering Prohibition Act 2004 of Nigeria. It explores the function of the Financial Action Task Force (FATF) to combat money laundering and in suggesting national legislation and spearheading proactive measures. It notes the existence of loopholes on the current Ant-Money Laundering Act, though a lot has been added and improved from the 2003 Act including the amount of money a person should have in case of cash payments and bank secrecy law.

The article presents the author's view on the chapter five of the book "Money Laundering" concerning the implications of global money laundering laws in Great Britain. He investigates the context of suspicious transaction disclosures and reviews the ways in which the government seeks to change the phrase "suspicious activity reporting." He suggests not to disclose the information concerning the regulatory change and to provide a full opportunity for the issues to be debated by the Parliament.

The article presents a study that addresses the issues of money laundering regulation and risk-based decision making. The emphasis in anti-money laundering and counter terrorist financing regulation on risk-based strategies means that regulatory agencies need to respond to money laundering and terrorist-financing threats in ways that are proportionate to the risks involved.

Purpose - The aim of this paper Is to outline some key features of China's new rules on anti-money laundering. Design/methodology/approach - This paper describes the expanded definition of "anti-money laundering"; the application of the rules to a broader group of financial institutions; the three required anti-money laundering systems (client identity recognition, retention of client identity documents and trading records, and reporting of large-sum transactions and suspicious transactions); the expected manner of anti-money laundering investigations by the Peopled Bank of China; liabilities for breach; and anti-money laundering regulations in the insurance and securities sectors. Findings - The paper finds that new anti-money laundering rules expand the definition of "anti-money laundering" broaden the scope of institutions to which anti-money laundering regulations apply, and establish more stringent requirements for the three key internal anti-money laundering systems that financial institutions and certain non-financial institutions must have: client identity recognition, retention of client identity documents and trading records, and reporting of large-sum transactions and suspscious transactions. Compared to the old rules, the new anti-money laundering rules impose more serious punishment on violations. Originality/value - The paper provides a detailed and readable reference on the new Chinese anti-money laundering regulations for those working in the China market and those who wish to compare these Chinese regulations with similar ones in other countries. [ABSTRACT FROM AUTHOR]

El artículo trata una disposición de la Ley española 19/2003, del cuatro de julio, sobre el Régimen Jurídico de los Movimientos de Capitales y de las Transacciones Económicas con el Exterior y sobre determinadas medidas de Prevención del Blanqueo de Capitales. Informa que esta disposición requiere que la mayor parte de los títulos de deuda de las grandes empresas españolas sea emitida por filiales españolas diseñadas únicamente para emitir estos títulos.

The article focuses on the creation of the Cultural Property Transfer Act (CPTA) on June 20, 2003 and first draft of the Ordinance of the Cultural Property Transfer Act (OCPTA) in Switzerland. It discusses the contents of the CPTA and amendments made to the Swiss Civil Code of 10th December 1907 (CC) and Swiss Law of Obligations of 30th March 1911 (CO). It also examines possible alterations to the Money Laundering Act (MLA).

Deals with a survey which assessed the attitudes of Money Laundering Reporting Officers in Great Britain toward money laundering regulations. Research questions included in the survey; Survey results; Views on the benefits and burdens of money laundering regulations for banks.

Focuses on the anti-money laundering legislation in India. Overview of the modus operandi being followed for laundering and transnational transfer of funds involved in crime; Information on the Foreign Exchange Regulation Act of 1973; Details of the Foreign Exchange Management Act of 1999.

Deals with the background and major content of the three rules promulgated by the People's Bank of China, along with comments on the status quo of anti-money laundering legislation in China from the perspective of international standards of anti-money laundering experience. Background of money laundering activities; Details of the three rules issued in January 2003; Problems in the administrative legislation of anti-money laundering.

Looks at the anti-money laundering legislation in Saint Vincent and the Grenadines. Information on the Confidentiality Act of 1996; Details of the Proceeds of Crime and Money Laundering (Prevention) Act 2001 and the Proceeds of Crime and Money Laundering (Prevention) (Amendment) Act 2002; Overview of the Exchange of Information Act 2002.

Focuses on the broker-dealer Customer Identification Program rule (B-D CIP Rule) under the anti-money laundering provisions of the USA Patriotic Act of 2001. Differences of CIP rules issued jointly by the U. S. Department of Treasury and seven federal functional regulators for securities brokers-dealers in the U.S.; Verification procedures of the CIP rule; Rule in determining whether a customer appears on any list of known terrorist organizations under the USA PATRIOT Act of 2001.

Discusses the money laundering and terrorist financing provisions of the USA Patriot Act that garnered attention from the financial services industry financial regulators. Implementation of the Interim Rule in July 2002; Regulation on U.S. correspondent accounts with foreign shell banks; Efforts to deter money laundering.

Examines the scope of money laundering crimes and requirements for anti-money laundering compliance in the USA PATRIOT Act. Background on money laundering crimes; Provisions of the legislation related to anti-money laundering; Role of the U.S. Office of Foreign Assets Control in the implementation of anti-money laundering programs.

Examines the anti-money laundering legislation in Mexico. Provisions of the legislation; Problems with the legislation; Information on a system of suspicious transaction monitoring.