Journal of Financial Crime: Volume 10 Issue 1

Money laundering: has the Financial Action Task Force made a difference?

Jackie Johnson, Y. C. Desmond Lim

Examines the involvement of the banking sector in money laundering over the last two decades, in particular the relationship between banks and money laundering when governments’…

Reporting suspicions of money laundering and ‘whistleblowing’: the legal and other implications for intermediaries and their advisers

Paul Latimer

Examines the status of regulation and protection of whistleblowers in Australia, focusing on intermediaries and their advisers in financial services. Outlines the ambivalence of…

Money laundering and terrorist financing: the role of capital market regulators

Dayanath Jayasuriya

Outlines the special recommendations of the October 2001 meeting on terrorist financing, which complement the 40 Recommendations of the Financial Action Task Force (FATF), and the…

Taking stock of information sharing in securities matters

Felice B. Friedman, Elizabeth Jacobs, Stanley C. Macel

Reviews past developments in information sharing for securities regulation, including cases where the US Securities Exchange Commission (SEC) initiated investigations into…

Understanding the company audit process in the UK, Canada and USA: panacea or nuisance?

Mohammed B. Hemraj

Explains the audit process: its purpose is to check that balance sheet and profit and loss accounts have been prepared properly and give a true view of the company’s affairs…

The hiding of wealth: organised crime in Japan

Takeyoshi Imai

Introduces the subject of asset concealment by remarking that hiding wealth derived from organised crime is common in East Asia, and can involve tax evasion, money laundering and…

Global standards for money laundering prevention

Hans‐Peter Bauer, Martin Peter

Describes the Wolfsberg Principles, which are essentially global anti‐money laundering guidelines for private banking only, and were drafted by 11 banks: Citibank, Morgan, Chase…

Implications for financial intermediaries in attacking money laundering prevention through enhancing tax law enforcement

Peter Neville

Focuses on Guernsey’s financial services industry as an example of a financial intermediary: this includes banks, fund managers, investment advisers, insurance brokers, companies…

Underground and parallel banking systems

Jyoti Trehan

Introduces the two types of underground banking systems used in Indian and Chinese communities in many parts of the world: hundi or hawala, and chop shop or chitti banking…

The detection of financial irregularities in US corporations

Mohammed B. Hemraj

Analyses US auditors’ responsibility for detecting accounting errors, fraud and irregularities, noting the traditional view that ordinary examination of financial statements…

The implications for intermediaries in handling (innocently or otherwise) the proceeds of corruption

Michael Tugendhat

Reports a case study concerning two individual defendants, SK and F, who were intermediaries in a case of large‐scale fraud during the Gulf War; the Grupo Torras SA (GT) sued…