Journal of Money Laundering ControlTable of Contents for Journal of Money Laundering Control. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/1368-5201/vol/27/iss/7?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestJournal of Money Laundering ControlEmerald Publishing LimitedJournal of Money Laundering ControlJournal of Money Laundering Controlhttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/e389dc5596c63a229c38ae6e63cf228f/urn:emeraldgroup.com:asset:id:binary:jmlc.cover.jpghttps://www.emerald.com/insight/publication/issn/1368-5201/vol/27/iss/7?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestRecent developments in EU anti-corruption strategy: the missing element of the return of corrupt assets to “victim countries”https://www.emerald.com/insight/content/doi/10.1108/JMLC-11-2023-0176/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestRecent developments in the EU’s anti-corruption strategy have brought the EU closer to meeting the UNCAC’s objectives, i.e. the Proposal for a Directive on combating corruption (2023) and the Proposal for a Directive on Asset Recovery and Confiscation (2022). This paper aims to discuss these developments from the perspective of the UNCAC, to identify missing elements in the EU’s asset recovery mechanisms. Critical approach towards EU anti-corruption policy (discussing the problems and solutions). Review of EU developments in asset recovery law. There is a political will on the part of the EU to fight corruption through the rules enshrined in the UNCAC. However, improving EU law by introducing a new type of confiscation of unexplained wealth and criminalising illicit enrichment, without establishing convergent rules for the return of corrupt assets from EU territory to the countries of origin, cannot be seen as sufficient action to achieve the UNCAC’s objectives. In modelling mechanisms of the return of assets, the EU should search for solutions to overcome the difficulties resulting from the ordre public clause remaining a significant factor conditioning mutual legal assistance. This paper discusses the possible input of the EU, as a non-State Party to the UNCAC, to advance implementing the UNCAC solutions on asset recovery by establishing convergent rules for the return of corrupt assets from EU territory to countries of origin.Recent developments in EU anti-corruption strategy: the missing element of the return of corrupt assets to “victim countries”
Ariadna H. Ochnio
Journal of Money Laundering Control, Vol. 27, No. 7, pp.1-12

Recent developments in the EU’s anti-corruption strategy have brought the EU closer to meeting the UNCAC’s objectives, i.e. the Proposal for a Directive on combating corruption (2023) and the Proposal for a Directive on Asset Recovery and Confiscation (2022). This paper aims to discuss these developments from the perspective of the UNCAC, to identify missing elements in the EU’s asset recovery mechanisms.

Critical approach towards EU anti-corruption policy (discussing the problems and solutions). Review of EU developments in asset recovery law.

There is a political will on the part of the EU to fight corruption through the rules enshrined in the UNCAC. However, improving EU law by introducing a new type of confiscation of unexplained wealth and criminalising illicit enrichment, without establishing convergent rules for the return of corrupt assets from EU territory to the countries of origin, cannot be seen as sufficient action to achieve the UNCAC’s objectives. In modelling mechanisms of the return of assets, the EU should search for solutions to overcome the difficulties resulting from the ordre public clause remaining a significant factor conditioning mutual legal assistance.

This paper discusses the possible input of the EU, as a non-State Party to the UNCAC, to advance implementing the UNCAC solutions on asset recovery by establishing convergent rules for the return of corrupt assets from EU territory to countries of origin.

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Recent developments in EU anti-corruption strategy: the missing element of the return of corrupt assets to “victim countries”10.1108/JMLC-11-2023-0176Journal of Money Laundering Control2024-02-05© 2024 Ariadna H. Ochnio.Ariadna H. OchnioJournal of Money Laundering Control2772024-02-0510.1108/JMLC-11-2023-0176https://www.emerald.com/insight/content/doi/10.1108/JMLC-11-2023-0176/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Ariadna H. Ochnio.http://creativecommons.org/licences/by/4.0/legalcode
Restrictive measures: a question of adequacy or a failure of targeted measures?https://www.emerald.com/insight/content/doi/10.1108/JMLC-12-2023-0195/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to discuss the adequacy of restrictive measures. Providing a synopsis of a global movement toward the imposition of target restrictive measures. Questioning the success of targeted restrictive measures in obtaining behavioural change. Identifying a reversion to the implementation of wide ranging sectoral restrictive measures in an attempt to encourage immediate behavioural change. Accessing the success of using restrictive measures to encourage democratic regimes in Africa. This study is a desktop research that examines European Parliament and Council issued Regulations for the jurisdictions of Iran, Russia and Belarus. Academic research is also used in identifying a pendulum swing by global legislatures with respect to the imposition of targeted measures to requiring the imposition of additional wide ranging sectoral measures. Targeted measures can be circumvented using non-hostile third countries. Academic research identifies that wide reaching sectoral sanctions encourage regime change. Therefore, where targeted measures fail to give rise to their desired persuasive objectives. The legislator moves to introduce additional measures, also comprising of sectoral sanctions. Sectoral sanctions have been applied by the European Union in Iran, Russia and Belarus. The USA has taken measures to limit Russia ability to use Turkey as a transshipment hub. The African continent case study identifies the importance of creating an architecture founded on upholding positive governance and human rights standards. Failure to do so leads to a revolving system of authoritarian regimes, sanctioned by restrictive measures. This paper is a desktop review composed by the author.Restrictive measures: a question of adequacy or a failure of targeted measures?
Daniel Cookman
Journal of Money Laundering Control, Vol. 27, No. 7, pp.23-35

This paper aims to discuss the adequacy of restrictive measures. Providing a synopsis of a global movement toward the imposition of target restrictive measures. Questioning the success of targeted restrictive measures in obtaining behavioural change. Identifying a reversion to the implementation of wide ranging sectoral restrictive measures in an attempt to encourage immediate behavioural change. Accessing the success of using restrictive measures to encourage democratic regimes in Africa.

This study is a desktop research that examines European Parliament and Council issued Regulations for the jurisdictions of Iran, Russia and Belarus. Academic research is also used in identifying a pendulum swing by global legislatures with respect to the imposition of targeted measures to requiring the imposition of additional wide ranging sectoral measures.

Targeted measures can be circumvented using non-hostile third countries. Academic research identifies that wide reaching sectoral sanctions encourage regime change. Therefore, where targeted measures fail to give rise to their desired persuasive objectives. The legislator moves to introduce additional measures, also comprising of sectoral sanctions. Sectoral sanctions have been applied by the European Union in Iran, Russia and Belarus. The USA has taken measures to limit Russia ability to use Turkey as a transshipment hub. The African continent case study identifies the importance of creating an architecture founded on upholding positive governance and human rights standards. Failure to do so leads to a revolving system of authoritarian regimes, sanctioned by restrictive measures.

This paper is a desktop review composed by the author.

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Restrictive measures: a question of adequacy or a failure of targeted measures?10.1108/JMLC-12-2023-0195Journal of Money Laundering Control2024-02-06© 2024 Daniel Cookman.Daniel CookmanJournal of Money Laundering Control2772024-02-0610.1108/JMLC-12-2023-0195https://www.emerald.com/insight/content/doi/10.1108/JMLC-12-2023-0195/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Daniel Cookman.http://creativecommons.org/licences/by/4.0/legalcode
Prevention and control of money laundering crimes on know your customer principles application: empirical study of Indonesia banking sectorhttps://www.emerald.com/insight/content/doi/10.1108/JMLC-01-2023-0008/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to find out the role and factors that lead to efforts by banking institutions to deal with money laundering by using the principle of knowing your customer. This research method uses a sociological juridical approach and descriptive analysis in analyzing the data. The results of the study found that the implementation of the principle plays a role in identifying each transaction, and if there is a transaction that is considered suspicious, each bank is required to report the transaction to the center for reporting and analysis of financial transactions. Banks must reduce the risk of being used as a means of money laundering by knowing customer identities, monitoring transactions, maintaining customer profiles and reporting suspicious transactions made by parties using bank services. The application of the know your customer principle (KYCP) is based on the consideration that KYCP is not only important in the context of eradicating money laundering but also in the context of implementing prudential banking to protect banks from various risks in dealing with customers. To the best of the author’s knowledge, this is first empirical study of banking in Indonesia that conduct money laundering crimes through application of KYCPs.Prevention and control of money laundering crimes on know your customer principles application: empirical study of Indonesia banking sector
Meiryani
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to find out the role and factors that lead to efforts by banking institutions to deal with money laundering by using the principle of knowing your customer.

This research method uses a sociological juridical approach and descriptive analysis in analyzing the data.

The results of the study found that the implementation of the principle plays a role in identifying each transaction, and if there is a transaction that is considered suspicious, each bank is required to report the transaction to the center for reporting and analysis of financial transactions.

Banks must reduce the risk of being used as a means of money laundering by knowing customer identities, monitoring transactions, maintaining customer profiles and reporting suspicious transactions made by parties using bank services. The application of the know your customer principle (KYCP) is based on the consideration that KYCP is not only important in the context of eradicating money laundering but also in the context of implementing prudential banking to protect banks from various risks in dealing with customers.

To the best of the author’s knowledge, this is first empirical study of banking in Indonesia that conduct money laundering crimes through application of KYCPs.

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Prevention and control of money laundering crimes on know your customer principles application: empirical study of Indonesia banking sector10.1108/JMLC-01-2023-0008Journal of Money Laundering Control2023-11-02© 2023 Emerald Publishing LimitedMeiryani Journal of Money Laundering Controlahead-of-printahead-of-print2023-11-0210.1108/JMLC-01-2023-0008https://www.emerald.com/insight/content/doi/10.1108/JMLC-01-2023-0008/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Exploration of potential money laundering crimes with virtual currency facilities in Indonesiahttps://www.emerald.com/insight/content/doi/10.1108/JMLC-01-2023-0010/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to exploration potential money laundering crimes with virtual currency facilities in Indonesia. Money laundering using crypto is the process of disguising the origin of money obtained illegally. Then, the perpetrator transfers it to a legitimate business. Virtual money then started to become a phenomenon in society since the emergence of cryptocurrencies as a form of technology development of e-commerce activities. This research method is normative law which is prescriptive. The data collection technique used is document study or literature study by collecting primary and secondary legal materials. The results of this study show that the bitcoin virtual currency has the potential to act as a means of money laundering. There are technologies and online platforms that are moving with more sophisticated methods. Through bitcoin exchanges, it has the greatest potential for money laundering. The usage of virtual currency (cryptocurrency) by those who commit money laundering offenses is responsible for the actions’ severe negative effects on the State of Indonesia. To the best of the author’s knowledge, this is the first study conducted in Indonesia that explores potential money-laundering crimes using virtual currency facilities.Exploration of potential money laundering crimes with virtual currency facilities in Indonesia
Meiryani
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to exploration potential money laundering crimes with virtual currency facilities in Indonesia. Money laundering using crypto is the process of disguising the origin of money obtained illegally. Then, the perpetrator transfers it to a legitimate business. Virtual money then started to become a phenomenon in society since the emergence of cryptocurrencies as a form of technology development of e-commerce activities.

This research method is normative law which is prescriptive. The data collection technique used is document study or literature study by collecting primary and secondary legal materials.

The results of this study show that the bitcoin virtual currency has the potential to act as a means of money laundering. There are technologies and online platforms that are moving with more sophisticated methods. Through bitcoin exchanges, it has the greatest potential for money laundering. The usage of virtual currency (cryptocurrency) by those who commit money laundering offenses is responsible for the actions’ severe negative effects on the State of Indonesia.

To the best of the author’s knowledge, this is the first study conducted in Indonesia that explores potential money-laundering crimes using virtual currency facilities.

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Exploration of potential money laundering crimes with virtual currency facilities in Indonesia10.1108/JMLC-01-2023-0010Journal of Money Laundering Control2023-05-19© 2023 Emerald Publishing LimitedMeiryani Journal of Money Laundering Controlahead-of-printahead-of-print2023-05-1910.1108/JMLC-01-2023-0010https://www.emerald.com/insight/content/doi/10.1108/JMLC-01-2023-0010/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Juridical review of law enforcement on money launderers: case study from Indonesiahttps://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2022-0062/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestEfforts 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. 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. 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. 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. This research can provide an overview and input for the broader community as an early warning so as not to commit money laundering crimes. This is one of the pioneer studies looking into law enforcement on money launderers with comprehensive juridical review.Juridical review of law enforcement on money launderers: case study from Indonesia
Meiryani, Dezie Leonarda Warganegara
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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.

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.

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.

This research can provide an overview and input for the broader community as an early warning so as not to commit money laundering crimes.

This is one of the pioneer studies looking into law enforcement on money launderers with comprehensive juridical review.

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Juridical review of law enforcement on money launderers: case study from Indonesia10.1108/JMLC-05-2022-0062Journal of Money Laundering Control2022-06-29© 2022 Emerald Publishing Limited MeiryaniDezie Leonarda WarganegaraJournal of Money Laundering Controlahead-of-printahead-of-print2022-06-2910.1108/JMLC-05-2022-0062https://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2022-0062/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
A critical analysis of Somalia’s current antimoney laundering and counter financing of terrorism regime: a comparative study with Malaysiahttps://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2023-0090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestConcerns on money laundering (ML) and terrorist financing increased, as ML accounted 2%–5% of the global GDP, with Switzerland, the USA, Canada, India and Russia having high laundering rates. Banks were fined over US$320bn in 2008, but money laundering still accounted for 3.6% of global GDP in 2009, thereby indicating the need for effective regimes. Therefore, this study aims to critically analyze the antimoney laundering (AML)/CFT regime of Somalia, identify loopholes in the regime, raise awareness and propose recommendations for regime improvement. The qualitative research approach is used to compare Somalia’s AML/CFT regime with the corresponding regime of Malaysia through the black letter method combined with document analysis. Malaysia is selected as a benchmark for two reasons: firstly, it is an Islamic country like Somalia, and secondly, Malaysia has complied with integrity-related standards. This study revealed that an impactful AML/CTF regime is reached by closing loopholes in the law, reevaluating and improving regulatory agencies and measures, facilitating formal financial services and collaborating with regional and international standard setters. According to the results, Somalia AML/CFT regime is counterproductive in criminalizing offenses; regulating digital currencies and mobile money, disclosures and nonfinancial business and provisions; and governing training requirements for regulatory agencies and financial institutions. To the best of the author’s knowledge, this paper is the first of its kind in the study of Somalia’s regime building. Also, this study incorporates rich scholarly discourse on effective regime building.A critical analysis of Somalia’s current antimoney laundering and counter financing of terrorism regime: a comparative study with Malaysia
Abdirahman Hassan Hersi
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

Concerns on money laundering (ML) and terrorist financing increased, as ML accounted 2%–5% of the global GDP, with Switzerland, the USA, Canada, India and Russia having high laundering rates. Banks were fined over US$320bn in 2008, but money laundering still accounted for 3.6% of global GDP in 2009, thereby indicating the need for effective regimes. Therefore, this study aims to critically analyze the antimoney laundering (AML)/CFT regime of Somalia, identify loopholes in the regime, raise awareness and propose recommendations for regime improvement.

The qualitative research approach is used to compare Somalia’s AML/CFT regime with the corresponding regime of Malaysia through the black letter method combined with document analysis. Malaysia is selected as a benchmark for two reasons: firstly, it is an Islamic country like Somalia, and secondly, Malaysia has complied with integrity-related standards.

This study revealed that an impactful AML/CTF regime is reached by closing loopholes in the law, reevaluating and improving regulatory agencies and measures, facilitating formal financial services and collaborating with regional and international standard setters. According to the results, Somalia AML/CFT regime is counterproductive in criminalizing offenses; regulating digital currencies and mobile money, disclosures and nonfinancial business and provisions; and governing training requirements for regulatory agencies and financial institutions.

To the best of the author’s knowledge, this paper is the first of its kind in the study of Somalia’s regime building. Also, this study incorporates rich scholarly discourse on effective regime building.

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A critical analysis of Somalia’s current antimoney laundering and counter financing of terrorism regime: a comparative study with Malaysia10.1108/JMLC-05-2023-0090Journal of Money Laundering Control2023-06-23© 2023 Emerald Publishing LimitedAbdirahman Hassan HersiJournal of Money Laundering Controlahead-of-printahead-of-print2023-06-2310.1108/JMLC-05-2023-0090https://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2023-0090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Virtual assets and the prevention of money laundering: a critical and comparative analysis of the laws of Mauritius, Japan and South Africahttps://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2023-0091/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDue 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. 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. 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. 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.Virtual assets and the prevention of money laundering: a critical and comparative analysis of the laws of Mauritius, Japan and South Africa
Ambareen Beebeejaun, Bhavna Mahadew
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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.

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.

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.

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Virtual assets and the prevention of money laundering: a critical and comparative analysis of the laws of Mauritius, Japan and South Africa10.1108/JMLC-05-2023-0091Journal of Money Laundering Control2023-10-02© 2023 Emerald Publishing LimitedAmbareen BeebeejaunBhavna MahadewJournal of Money Laundering Controlahead-of-printahead-of-print2023-10-0210.1108/JMLC-05-2023-0091https://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2023-0091/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Structural deterrents of combating white-collar money laundering in emerging economies: evidence from Sri Lankahttps://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2023-0097/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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. 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. 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. 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. 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.Structural deterrents of combating white-collar money laundering in emerging economies: evidence from Sri Lanka
Sisira Dharmasri Jayasekara, K.L. Wasantha Perera, Roshan Ajward
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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.

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.

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.

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.

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Structural deterrents of combating white-collar money laundering in emerging economies: evidence from Sri Lanka10.1108/JMLC-05-2023-0097Journal of Money Laundering Control2023-08-11© 2023 Emerald Publishing LimitedSisira Dharmasri JayasekaraK.L. Wasantha PereraRoshan AjwardJournal of Money Laundering Controlahead-of-printahead-of-print2023-08-1110.1108/JMLC-05-2023-0097https://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2023-0097/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Remittances and homicides in Jamaicahttps://www.emerald.com/insight/content/doi/10.1108/JMLC-06-2022-0092/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIt has been suggested that homicides in Jamaica are partly driven by conflicts among criminals over funds coming from international lottery scams; most of these funds are channeled into the country via remittances. This study aims to determine the empirical relationship between remittances and homicides in Jamaica over the period 1985–2019. The authors apply an error correction modelling framework while accounting for indicators of changes in socioeconomic conditions. There are two. First, the authors find from impulse response analysis of the long-run dynamics that an increase in remittances is associated with an increase in homicides, and vice versa. Second, the authors find that there is bidirectional Granger causality between remittances and homicides in the short run. Two important implications are that policies should be strengthened to channel remittances to productive and legal investment opportunities and that greater efforts may be needed to stem the flow of funds coming from international lottery scamming and other illegal activities. This is the first study that examines the dynamic relationship between remittances and homicides in Jamaica from a robust statistical perspective.Remittances and homicides in Jamaica
Kaycea Campbell, Anupam Das, Leanora Brown, Adian McFarlane
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

It has been suggested that homicides in Jamaica are partly driven by conflicts among criminals over funds coming from international lottery scams; most of these funds are channeled into the country via remittances. This study aims to determine the empirical relationship between remittances and homicides in Jamaica over the period 1985–2019.

The authors apply an error correction modelling framework while accounting for indicators of changes in socioeconomic conditions.

There are two. First, the authors find from impulse response analysis of the long-run dynamics that an increase in remittances is associated with an increase in homicides, and vice versa. Second, the authors find that there is bidirectional Granger causality between remittances and homicides in the short run.

Two important implications are that policies should be strengthened to channel remittances to productive and legal investment opportunities and that greater efforts may be needed to stem the flow of funds coming from international lottery scamming and other illegal activities.

This is the first study that examines the dynamic relationship between remittances and homicides in Jamaica from a robust statistical perspective.

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Remittances and homicides in Jamaica10.1108/JMLC-06-2022-0092Journal of Money Laundering Control2022-09-06© 2022 Emerald Publishing LimitedKaycea CampbellAnupam DasLeanora BrownAdian McFarlaneJournal of Money Laundering Controlahead-of-printahead-of-print2022-09-0610.1108/JMLC-06-2022-0092https://www.emerald.com/insight/content/doi/10.1108/JMLC-06-2022-0092/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The legal-criminal aspects of Iran’s anti-money laundering law in light of the FATF recommendationshttps://www.emerald.com/insight/content/doi/10.1108/JMLC-06-2023-0104/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to examine Iran’s anti-money laundering (AML) system from a legal and criminal perspective and to understand the obstacles for international cooperation and the extent to which it aligns with financial action task force (FATF) standards. In this regard, three aspects are examined, namely, enforcement and guarantees of preventive measures, penalty for ML offences and the burden of proof. This subject is examined through the legal–criminal perspective, which concentrates on the effectiveness of legal measures in tackling criminal issues by focusing on criminal law. The legal–criminal viewpoint considers criminal behaviour as a breach of societal norms and strives to combat it through legal channels. Iran’s AML laws and regulations are partially compliant with the financial action task force (FATF) recommendations. However, the main obstacle is not the lack of sufficient laws, rather the lack of proper implementation of these laws. In addition, there are foundational shortages, such as the absence of a national risk document to guide an action based on current risks. No comprehensive study has analysed Iran’s AML laws, referring to the three main aspects of enforcement and guarantees of preventive measures, penalties for ML offenses and the burden of proof. In general, there are few research papers on Iran’s AML laws owing to Iran’s high ranking in ML/TF. However, analysing Iran’s regulations can be helpful in taking a step towards effective international AML practices.The legal-criminal aspects of Iran’s anti-money laundering law in light of the FATF recommendations
Zeynab Malakouti Khah, Aref Khalili Paji
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to examine Iran’s anti-money laundering (AML) system from a legal and criminal perspective and to understand the obstacles for international cooperation and the extent to which it aligns with financial action task force (FATF) standards. In this regard, three aspects are examined, namely, enforcement and guarantees of preventive measures, penalty for ML offences and the burden of proof.

This subject is examined through the legal–criminal perspective, which concentrates on the effectiveness of legal measures in tackling criminal issues by focusing on criminal law. The legal–criminal viewpoint considers criminal behaviour as a breach of societal norms and strives to combat it through legal channels.

Iran’s AML laws and regulations are partially compliant with the financial action task force (FATF) recommendations. However, the main obstacle is not the lack of sufficient laws, rather the lack of proper implementation of these laws. In addition, there are foundational shortages, such as the absence of a national risk document to guide an action based on current risks.

No comprehensive study has analysed Iran’s AML laws, referring to the three main aspects of enforcement and guarantees of preventive measures, penalties for ML offenses and the burden of proof. In general, there are few research papers on Iran’s AML laws owing to Iran’s high ranking in ML/TF. However, analysing Iran’s regulations can be helpful in taking a step towards effective international AML practices.

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The legal-criminal aspects of Iran’s anti-money laundering law in light of the FATF recommendations10.1108/JMLC-06-2023-0104Journal of Money Laundering Control2023-09-06© 2023 Emerald Publishing LimitedZeynab Malakouti KhahAref Khalili PajiJournal of Money Laundering Controlahead-of-printahead-of-print2023-09-0610.1108/JMLC-06-2023-0104https://www.emerald.com/insight/content/doi/10.1108/JMLC-06-2023-0104/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How to identify norms, laws, and regulations that facilitate illicit financial flows and related financial crimeshttps://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2023-0112/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIllicit financial flows are targeted by the United Nations’ (UN) sustainable development goals (SDGs). However, these illicit flows are not entirely understood. Furthermore, they can benefit from economic norms, laws and regulations that lack mechanisms to detect and penalize them. This paper aims to investigate whether a recent test, the embezzler test, can be used to identify regulatory architectures that facilitate illicit financial flows and related financial crimes. This paper develops a more advanced version of the embezzler test in terms of definitions and practical implementation methodology. In this test, the definition of embezzlement can be understood to be the occurrence of illicit financial flows crossing the boundaries of organizations and/or countries. This is a multistage test, which intentionally simulates illicit financial flows to observe how well equipped is the regulatory architecture to deal with other financial offences that are related with these flows, such as theft, money laundering, fraud, corruption, market manipulation and tax evasion. Future research can use the version of this test to stress test a large range of economic norms, laws and regulations. This test’s new version can assist achieve the UN SDGs’ illicit financial flow reduction target. Furthermore, it can be used to study both existing and proposed norms, laws and regulation. To the best of the author’s knowledge, this is the first explicit test that has been presented to identify norms, laws and regulations that facilitate illicit financial flows and related financial crimes.How to identify norms, laws, and regulations that facilitate illicit financial flows and related financial crimes
Tiago Cardao-Pito
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

Illicit financial flows are targeted by the United Nations’ (UN) sustainable development goals (SDGs). However, these illicit flows are not entirely understood. Furthermore, they can benefit from economic norms, laws and regulations that lack mechanisms to detect and penalize them. This paper aims to investigate whether a recent test, the embezzler test, can be used to identify regulatory architectures that facilitate illicit financial flows and related financial crimes.

This paper develops a more advanced version of the embezzler test in terms of definitions and practical implementation methodology.

In this test, the definition of embezzlement can be understood to be the occurrence of illicit financial flows crossing the boundaries of organizations and/or countries. This is a multistage test, which intentionally simulates illicit financial flows to observe how well equipped is the regulatory architecture to deal with other financial offences that are related with these flows, such as theft, money laundering, fraud, corruption, market manipulation and tax evasion.

Future research can use the version of this test to stress test a large range of economic norms, laws and regulations.

This test’s new version can assist achieve the UN SDGs’ illicit financial flow reduction target. Furthermore, it can be used to study both existing and proposed norms, laws and regulation.

To the best of the author’s knowledge, this is the first explicit test that has been presented to identify norms, laws and regulations that facilitate illicit financial flows and related financial crimes.

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How to identify norms, laws, and regulations that facilitate illicit financial flows and related financial crimes10.1108/JMLC-07-2023-0112Journal of Money Laundering Control2023-08-31© 2023 Emerald Publishing LimitedTiago Cardao-PitoJournal of Money Laundering Controlahead-of-printahead-of-print2023-08-3110.1108/JMLC-07-2023-0112https://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2023-0112/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Capital flight, institutional quality and real sector in sub-Saharan African countrieshttps://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2023-0123/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to provide an empirical investigation into rising capital flight and the role of institutional quality to mitigate its effect on the real sector in sub-Saharan Africa (SSA). The study uses the system generalized method of moments and uses data spanning from 1989 to 2020 from 26 SSA countries. The findings show that capital flight has no direct impact on the real sector while institutional quality adversely impacted the agricultural and industrial sectors. The study also found that institutional quality is unable to mitigate the effect of capital flight on the industrial sector. This study investigates if institutional quality mitigates the impact of capital flight on the real sector proxied by industrial value-added and agriculture value-added.Capital flight, institutional quality and real sector in sub-Saharan African countries
Taiwo Akinlo, Busayo Olubunmi Aderounmu
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to provide an empirical investigation into rising capital flight and the role of institutional quality to mitigate its effect on the real sector in sub-Saharan Africa (SSA).

The study uses the system generalized method of moments and uses data spanning from 1989 to 2020 from 26 SSA countries.

The findings show that capital flight has no direct impact on the real sector while institutional quality adversely impacted the agricultural and industrial sectors. The study also found that institutional quality is unable to mitigate the effect of capital flight on the industrial sector.

This study investigates if institutional quality mitigates the impact of capital flight on the real sector proxied by industrial value-added and agriculture value-added.

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Capital flight, institutional quality and real sector in sub-Saharan African countries10.1108/JMLC-07-2023-0123Journal of Money Laundering Control2024-02-09© 2024 Emerald Publishing LimitedTaiwo AkinloBusayo Olubunmi AderounmuJournal of Money Laundering Controlahead-of-printahead-of-print2024-02-0910.1108/JMLC-07-2023-0123https://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2023-0123/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
A dynamic threshold analysis of effect of Financial Action Task Force (FATF) measures on financial inclusion: evidence from the worldhttps://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2023-0128/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the effect of Financial Action Task Force (FATF) compliance on the degree of financial inclusion (FI) across 174 economies during the period from 2011 to 2021, including developed and developing countries. This paper uses panel dynamic threshold regression to examine whether there is a threshold effect that exists in FATF compliance. The findings show that FATF regulations enhance financial inclusiveness all over the world, but at the same time, FATF regulations regarding AML/CFT implications impose a high cost on financial institutions above the threshold of FATF compliance. This study’s findings indicate that nations should undertake deliberate struggle to reduce the prevalence of money laundering (ML) and terrorism financing by putting in place effective FATF regulatory frameworks to support FI. This study’s findings indicate that nations should undertake deliberate struggle to reduce the prevalence of ML and terrorism financing by putting in place effective FATF regulatory frameworks to support FI. Regulators must, however, guarantee that the process is cost-effective and efficient.A dynamic threshold analysis of effect of Financial Action Task Force (FATF) measures on financial inclusion: evidence from the world
Shama Urooj
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the effect of Financial Action Task Force (FATF) compliance on the degree of financial inclusion (FI) across 174 economies during the period from 2011 to 2021, including developed and developing countries.

This paper uses panel dynamic threshold regression to examine whether there is a threshold effect that exists in FATF compliance.

The findings show that FATF regulations enhance financial inclusiveness all over the world, but at the same time, FATF regulations regarding AML/CFT implications impose a high cost on financial institutions above the threshold of FATF compliance.

This study’s findings indicate that nations should undertake deliberate struggle to reduce the prevalence of money laundering (ML) and terrorism financing by putting in place effective FATF regulatory frameworks to support FI.

This study’s findings indicate that nations should undertake deliberate struggle to reduce the prevalence of ML and terrorism financing by putting in place effective FATF regulatory frameworks to support FI. Regulators must, however, guarantee that the process is cost-effective and efficient.

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A dynamic threshold analysis of effect of Financial Action Task Force (FATF) measures on financial inclusion: evidence from the world10.1108/JMLC-07-2023-0128Journal of Money Laundering Control2023-11-03© 2023 Emerald Publishing LimitedShama UroojJournal of Money Laundering Controlahead-of-printahead-of-print2023-11-0310.1108/JMLC-07-2023-0128https://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2023-0128/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The money laundering typologies and the applicability of placement-layering-integration model in undocumented South Asian economies: a case of Pakistanhttps://www.emerald.com/insight/content/doi/10.1108/JMLC-08-2022-0116/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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. 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. 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. 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.The money laundering typologies and the applicability of placement-layering-integration model in undocumented South Asian economies: a case of Pakistan
Nasir Sultan, Norazida Mohamed
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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.

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.

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.

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The money laundering typologies and the applicability of placement-layering-integration model in undocumented South Asian economies: a case of Pakistan10.1108/JMLC-08-2022-0116Journal of Money Laundering Control2022-10-19© 2022 Emerald Publishing LimitedNasir SultanNorazida MohamedJournal of Money Laundering Controlahead-of-printahead-of-print2022-10-1910.1108/JMLC-08-2022-0116https://www.emerald.com/insight/content/doi/10.1108/JMLC-08-2022-0116/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Determinants of effective Shariah compliance auditing in Palestine: a theoretical and conceptual analysishttps://www.emerald.com/insight/content/doi/10.1108/JMLC-08-2023-0132/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to conduct a review and analysis of the literature on Shariah audit compliance by examining the difference between internal and external auditors, the scope of internal Shariah audits and the qualification of Shariah auditors. The current study used content analysis and the descriptive approach to achieve the main objective of the study. To ensure that Islamic Financial Institutions’ (IFIs) practices preserve Shariah principles and values when providing Shariah-compliant products and services, this audit will be used to supervise and monitor the operations of IFIs. The main goal of Shariah compliance auditing is to protect the interests of IFIs stakeholders, including account holders, shareholders, creditors, management and employees, as well as the general public while ensuring that the mechanisms of checks and balances in place are appropriate and tailored to the goals and missions of its establishment following the Maqasid Al-Shariah. The findings of this study attempt to contribute to the body of knowledge surrounding Shariah audit compliance by advising IFIs on the value of Shariah compliance auditing in addressing the needs of its stakeholders. As a result, the benefits of Shariah compliance audits will be maximized, and future legislative changes will be implemented to reduce or completely remove the risk of Shariah’s failure to comply. This research advises IFIs on the usefulness of Shariah compliance auditing in addressing the demands of its stakeholders to add to the body of knowledge on Shariah audit compliance. Moreover, all parties involved to take action to reduce the gap that will significantly affect stakeholders’ confidence, particularly concerning the Shariah compliance of the IFIs’ products and services on their operations and activities. The advantages of Shariah compliance audits will thus be maximized, and future regulatory improvements will be made to lessen or eliminate the danger of Shariah noncompliance.Determinants of effective Shariah compliance auditing in Palestine: a theoretical and conceptual analysis
Mustafa Faza', Nemer Badwan, Montaser Hamdan
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to conduct a review and analysis of the literature on Shariah audit compliance by examining the difference between internal and external auditors, the scope of internal Shariah audits and the qualification of Shariah auditors.

The current study used content analysis and the descriptive approach to achieve the main objective of the study. To ensure that Islamic Financial Institutions’ (IFIs) practices preserve Shariah principles and values when providing Shariah-compliant products and services, this audit will be used to supervise and monitor the operations of IFIs. The main goal of Shariah compliance auditing is to protect the interests of IFIs stakeholders, including account holders, shareholders, creditors, management and employees, as well as the general public while ensuring that the mechanisms of checks and balances in place are appropriate and tailored to the goals and missions of its establishment following the Maqasid Al-Shariah.

The findings of this study attempt to contribute to the body of knowledge surrounding Shariah audit compliance by advising IFIs on the value of Shariah compliance auditing in addressing the needs of its stakeholders. As a result, the benefits of Shariah compliance audits will be maximized, and future legislative changes will be implemented to reduce or completely remove the risk of Shariah’s failure to comply.

This research advises IFIs on the usefulness of Shariah compliance auditing in addressing the demands of its stakeholders to add to the body of knowledge on Shariah audit compliance. Moreover, all parties involved to take action to reduce the gap that will significantly affect stakeholders’ confidence, particularly concerning the Shariah compliance of the IFIs’ products and services on their operations and activities.

The advantages of Shariah compliance audits will thus be maximized, and future regulatory improvements will be made to lessen or eliminate the danger of Shariah noncompliance.

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Determinants of effective Shariah compliance auditing in Palestine: a theoretical and conceptual analysis10.1108/JMLC-08-2023-0132Journal of Money Laundering Control2023-10-20© 2023 Emerald Publishing LimitedMustafa Faza'Nemer BadwanMontaser HamdanJournal of Money Laundering Controlahead-of-printahead-of-print2023-10-2010.1108/JMLC-08-2023-0132https://www.emerald.com/insight/content/doi/10.1108/JMLC-08-2023-0132/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Technological innovation, prosperity and corruption outlook in Africa: a mediation analysishttps://www.emerald.com/insight/content/doi/10.1108/JMLC-08-2023-0133/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestRanking as the lowest-scoring region for many years on the corruption perceptions index (CPI) with an average score of 32 (2019–2021), Sub-Saharan Africa’s performance gives a bleak impression of inaction against corruption. The objective of this study aims to examine the effect of technological innovation in curbing corruption in Africa through prosperity. CPI, prosperity index and individuals’ access to internet in the presence of some covariates were employed using the Andrew Hayes’ mediation analysis and cross sectional data in estimating the relationship among the variables as it affects all 54 African countries in the years 2012, 2015 and 2018. The coefficients of the direct, indirect and total effects showed that internet access is only significant in reducing corruption if it is engaged in activities that create national prosperity (jobs, profits, infrastructural development and good governance). The uniqueness of this study is predicated on the fact that a realistic analysis of the effect of technological innovation on corruption should include the channels it goes through. Thus, this study evaluates the direct, indirect and total effects of innovation on corruption through prosperity enhancement. Another unique aspect of this study is the use of market-creating innovation.Technological innovation, prosperity and corruption outlook in Africa: a mediation analysis
Eunice O. Akhigbe, Ebenezer I. Bowale, Ese Urhie, Ogechi Amonu
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

Ranking as the lowest-scoring region for many years on the corruption perceptions index (CPI) with an average score of 32 (2019–2021), Sub-Saharan Africa’s performance gives a bleak impression of inaction against corruption. The objective of this study aims to examine the effect of technological innovation in curbing corruption in Africa through prosperity.

CPI, prosperity index and individuals’ access to internet in the presence of some covariates were employed using the Andrew Hayes’ mediation analysis and cross sectional data in estimating the relationship among the variables as it affects all 54 African countries in the years 2012, 2015 and 2018.

The coefficients of the direct, indirect and total effects showed that internet access is only significant in reducing corruption if it is engaged in activities that create national prosperity (jobs, profits, infrastructural development and good governance).

The uniqueness of this study is predicated on the fact that a realistic analysis of the effect of technological innovation on corruption should include the channels it goes through. Thus, this study evaluates the direct, indirect and total effects of innovation on corruption through prosperity enhancement. Another unique aspect of this study is the use of market-creating innovation.

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Technological innovation, prosperity and corruption outlook in Africa: a mediation analysis10.1108/JMLC-08-2023-0133Journal of Money Laundering Control2023-10-24© 2023 Emerald Publishing LimitedEunice O. AkhigbeEbenezer I. BowaleEse UrhieOgechi AmonuJournal of Money Laundering Controlahead-of-printahead-of-print2023-10-2410.1108/JMLC-08-2023-0133https://www.emerald.com/insight/content/doi/10.1108/JMLC-08-2023-0133/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Exploring detection and prevention of money laundering with information technologyhttps://www.emerald.com/insight/content/doi/10.1108/JMLC-08-2023-0138/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestRegarding the magnitude of the impact caused by money laundering, the size of the organization and the many parties involved, this paper aims to explore the methods used in detecting money laundering, especially the use of technology. This research is a literature review from various research sources originating from Pro-Quest, Emerald, Science Direct and Google Scholar. The researchers found that the most widely used methods for detecting money laundering were artificial intelligence, machine learning, data mining and social network analysis. This research is expected to help the government or institutions such as the police, forensic accountants and investigative auditors in the fight against money laundering. This research is limited to only a few sources, and it is hoped that further research can explore more deeply related to other methods for detecting money laundering. This paper discusses the methods that are widely used in detecting money laundering.Exploring detection and prevention of money laundering with information technology
Geo Finna Aprilia, Meiryani  
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

Regarding the magnitude of the impact caused by money laundering, the size of the organization and the many parties involved, this paper aims to explore the methods used in detecting money laundering, especially the use of technology.

This research is a literature review from various research sources originating from Pro-Quest, Emerald, Science Direct and Google Scholar.

The researchers found that the most widely used methods for detecting money laundering were artificial intelligence, machine learning, data mining and social network analysis.

This research is expected to help the government or institutions such as the police, forensic accountants and investigative auditors in the fight against money laundering. This research is limited to only a few sources, and it is hoped that further research can explore more deeply related to other methods for detecting money laundering.

This paper discusses the methods that are widely used in detecting money laundering.

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Exploring detection and prevention of money laundering with information technology10.1108/JMLC-08-2023-0138Journal of Money Laundering Control2023-11-30© 2023 Emerald Publishing LimitedGeo Finna ApriliaMeiryani  Journal of Money Laundering Controlahead-of-printahead-of-print2023-11-3010.1108/JMLC-08-2023-0138https://www.emerald.com/insight/content/doi/10.1108/JMLC-08-2023-0138/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The magnitude and consequences of money launderinghttps://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2022-0139/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to estimate the amount of money laundering (ML) with multiple proxy approaches and measure the effects of ML on various indicators of the economic and financial sectors. Theoretical justifications are recruited from the parasite theory of organised crime. A quantitative research methodology was used on a balanced panel data set to test the study’s hypothesis through generalised method of moment (GMM). The study sample consisted of 77 countries, and the data was collected for 15 years (2005–2019). A study has found that 1.23% of global gross domestic product is laundered yearly, and there is no noticeable decline in ML activities. Further study has also found that ML has devastating effects on countries, government revenue, foreign investment, economic development, political and peace conditions, bank liquidity, interest rate volatility and exchange rate volatility. The study has not witnessed the negative consequence of ML on countries’ inflation rates. Estimates of the study guide policymakers about the volume of resources fleeing and helps them to decide the level of response needed. Further findings help them prioritise the response system according to the area most affected. This study is an original contribution by the authors and has studied the effects of ML by computing the amount of ML by four different proxies.The magnitude and consequences of money laundering
Sadia Nazar, Abdul Raheman, Muhammad Anwar ul Haq
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to estimate the amount of money laundering (ML) with multiple proxy approaches and measure the effects of ML on various indicators of the economic and financial sectors. Theoretical justifications are recruited from the parasite theory of organised crime.

A quantitative research methodology was used on a balanced panel data set to test the study’s hypothesis through generalised method of moment (GMM). The study sample consisted of 77 countries, and the data was collected for 15 years (2005–2019).

A study has found that 1.23% of global gross domestic product is laundered yearly, and there is no noticeable decline in ML activities. Further study has also found that ML has devastating effects on countries, government revenue, foreign investment, economic development, political and peace conditions, bank liquidity, interest rate volatility and exchange rate volatility. The study has not witnessed the negative consequence of ML on countries’ inflation rates.

Estimates of the study guide policymakers about the volume of resources fleeing and helps them to decide the level of response needed. Further findings help them prioritise the response system according to the area most affected.

This study is an original contribution by the authors and has studied the effects of ML by computing the amount of ML by four different proxies.

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The magnitude and consequences of money laundering10.1108/JMLC-09-2022-0139Journal of Money Laundering Control2023-01-11© 2022 Emerald Publishing LimitedSadia NazarAbdul RahemanMuhammad Anwar ul HaqJournal of Money Laundering Controlahead-of-printahead-of-print2023-01-1110.1108/JMLC-09-2022-0139https://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2022-0139/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The economic consequences of money laundering: a review of empirical literaturehttps://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0143/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to provide a timely synthesis of the empirical literature focusing on the economic consequences of money laundering, as this topic has been gaining momentum among policymakers and academic researchers due to its adverse effects. Empirical studies are collected by consulting accounting and finance journals in diverse digital sources (e.g. Science Direct, Blackwell, Taylor and Francis, Springer, Sage and Emerald). Key words used to identify relevant papers include “money laundering” and “anti-money laundering regulations,” with specific focus on the economic consequences. Our search strategy includes 24 published papers over the period of 2018–2023. Findings show that most studies represent cross-country investigations; the main topics investigated focus on accounting field (e.g. audit fees, real and accrual earnings management), tax evasion, financial stability, sustainability, economic indicators (inflation, economic growth, foreign direct investment) and financial inclusion; and the economic consequences of money laundering have been also examined within banking industry (e.g. banking profitability, banking stability). Reported findings of reviewed studies suggest that money laundering has diverse adverse impacts at the country level (e.g. increased tax evasion, higher inflation rate, less sustainability and foreign direct investments), at the firm level (e.g. increased audit risk and aggressive real and accrual earnings management) and within banking industry through negative impact of money laundering on bank’s loan portfolio quality, stability and profitability. With respect to policymakers, strengthening anti-money laundering regulations may play a critical role in reducing money laundering activities. Furthermore, financial institutions should implement specific rules dealing with anti-money regulations to ensure adequate compliance and disclosure. Finally, policymakers should be aware about the importance of digital transformation to combat money laundering activities since it facilitates the detection of financial crimes due to their traceability. The summary of the empirical literature focusing on the economic consequence of money laundering represents a historical record and an introduction for accounting researchers. It also urges them to further explore the economic implications of anti-money laundering disclosure within banking industry.The economic consequences of money laundering: a review of empirical literature
Imen Khelil, Hichem Khlif, Imen Achek
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to provide a timely synthesis of the empirical literature focusing on the economic consequences of money laundering, as this topic has been gaining momentum among policymakers and academic researchers due to its adverse effects.

Empirical studies are collected by consulting accounting and finance journals in diverse digital sources (e.g. Science Direct, Blackwell, Taylor and Francis, Springer, Sage and Emerald). Key words used to identify relevant papers include “money laundering” and “anti-money laundering regulations,” with specific focus on the economic consequences. Our search strategy includes 24 published papers over the period of 2018–2023.

Findings show that most studies represent cross-country investigations; the main topics investigated focus on accounting field (e.g. audit fees, real and accrual earnings management), tax evasion, financial stability, sustainability, economic indicators (inflation, economic growth, foreign direct investment) and financial inclusion; and the economic consequences of money laundering have been also examined within banking industry (e.g. banking profitability, banking stability). Reported findings of reviewed studies suggest that money laundering has diverse adverse impacts at the country level (e.g. increased tax evasion, higher inflation rate, less sustainability and foreign direct investments), at the firm level (e.g. increased audit risk and aggressive real and accrual earnings management) and within banking industry through negative impact of money laundering on bank’s loan portfolio quality, stability and profitability.

With respect to policymakers, strengthening anti-money laundering regulations may play a critical role in reducing money laundering activities. Furthermore, financial institutions should implement specific rules dealing with anti-money regulations to ensure adequate compliance and disclosure. Finally, policymakers should be aware about the importance of digital transformation to combat money laundering activities since it facilitates the detection of financial crimes due to their traceability.

The summary of the empirical literature focusing on the economic consequence of money laundering represents a historical record and an introduction for accounting researchers. It also urges them to further explore the economic implications of anti-money laundering disclosure within banking industry.

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The economic consequences of money laundering: a review of empirical literature10.1108/JMLC-09-2023-0143Journal of Money Laundering Control2023-11-28© 2023 Emerald Publishing LimitedImen KhelilHichem KhlifImen AchekJournal of Money Laundering Controlahead-of-printahead-of-print2023-11-2810.1108/JMLC-09-2023-0143https://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0143/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Is combatting money laundering an integrity issue? Insights from Nigeriahttps://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0148/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to determine how integrity influences money laundering combatting. A qualitative approach using methodological triangulation was used to answer the question to describe and understand the phenomena from the participants’ perspective. Data was gathered with a semi-structured questionnaire, observation and field notes. Analysis revealed that 93% of law enforcement investigators believe integrity is required to combat money laundering. They also observed that integrity is needed for the political environment, institutions and their personnel or officers. There is a need for integrity in the economy’s public and private sectors to combat money laundering effectively. Integrity must be present in the political environment, institutions and personnel. Hence, a recommendation is to appoint chief integrity officers in all stakeholder organisations. This study is among the few research that covers the area of integrity and its influence on combatting money laundering from law enforcement investigators’ perspective.Is combatting money laundering an integrity issue? Insights from Nigeria
Bello Umar
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to determine how integrity influences money laundering combatting.

A qualitative approach using methodological triangulation was used to answer the question to describe and understand the phenomena from the participants’ perspective. Data was gathered with a semi-structured questionnaire, observation and field notes.

Analysis revealed that 93% of law enforcement investigators believe integrity is required to combat money laundering. They also observed that integrity is needed for the political environment, institutions and their personnel or officers.

There is a need for integrity in the economy’s public and private sectors to combat money laundering effectively. Integrity must be present in the political environment, institutions and personnel. Hence, a recommendation is to appoint chief integrity officers in all stakeholder organisations.

This study is among the few research that covers the area of integrity and its influence on combatting money laundering from law enforcement investigators’ perspective.

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Is combatting money laundering an integrity issue? Insights from Nigeria10.1108/JMLC-09-2023-0148Journal of Money Laundering Control2023-11-17© 2023 Emerald Publishing LimitedBello UmarJournal of Money Laundering Controlahead-of-printahead-of-print2023-11-1710.1108/JMLC-09-2023-0148https://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0148/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Functioning of the register of beneficial owners: findings from Polandhttps://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0149/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe implementation of the Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing resulted in the enactment by the Polish Parliament of the Act of March 1, 2018, on the prevention of money laundering and terrorist financing. One of the most important issues identified in the Act was the establishment of the Central Register of Beneficial Owners. The purpose of this paper is to critically analyze the functioning of the Register in Poland from the perspective of three years since its establishment. The text presents the most important problems faced by reporting institutions and obliged entities due to discrepancies in the interpretation of the Act’s provisions – especially in terms of the definition of a beneficial owner. The basic research approach was a comparative content analysis method. The objects of analysis included Polish Laws, Directive of the European Parliament and the Council (EU) 2015/849 and the judgment of the Court of Justice of the European Union. The theoretical legislative assumptions contained in the Acts were compared with reports, studies and communications prepared by public and private institutions. This made it possible to draw conclusions regarding the causes of problems with the functioning of the Register in Poland. The results of the research showed that the ambiguity of the definition of the beneficial owner leads to a number of problems on the part of reporting institutions, such as companies, foundations and associations. On the other hand, a large part of the data entered in the Register is questioned by obliged entities. The lack of personal data protection is also a problem. Consequently, this reduces the value of the Register as a tool that effectively mitigates the risk of money laundering. The research focused only on the functioning of the Central Register of Beneficial Owners in Poland. The subject of the analysis addressed problems with the definition of beneficial owner, issues of data quality and openness and the process of verifying the Register’s data. The technical aspects of the Register operation and the financial penalties imposed by public oversight institutions were not reviewed. Also, no comparison was made with other European Union (EU) member states that have implemented Directive of the European Parliament and of the Council (EU) 2015/849. This study discusses the important issue of regulatory requirements introduced under EU regulations for private companies. Familiarization of companies, NGOs and obliged entities with the conclusions of the study can positively influence the consolidation of the correct interpretative path. In addition, to the best of the author’s knowledge, this is the first scientific text that identifies and systematizes the most important problems of the Register’s functioning in Poland.Functioning of the register of beneficial owners: findings from Poland
Tomasz Michał Matras
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

The implementation of the Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing resulted in the enactment by the Polish Parliament of the Act of March 1, 2018, on the prevention of money laundering and terrorist financing. One of the most important issues identified in the Act was the establishment of the Central Register of Beneficial Owners. The purpose of this paper is to critically analyze the functioning of the Register in Poland from the perspective of three years since its establishment. The text presents the most important problems faced by reporting institutions and obliged entities due to discrepancies in the interpretation of the Act’s provisions – especially in terms of the definition of a beneficial owner.

The basic research approach was a comparative content analysis method. The objects of analysis included Polish Laws, Directive of the European Parliament and the Council (EU) 2015/849 and the judgment of the Court of Justice of the European Union. The theoretical legislative assumptions contained in the Acts were compared with reports, studies and communications prepared by public and private institutions. This made it possible to draw conclusions regarding the causes of problems with the functioning of the Register in Poland.

The results of the research showed that the ambiguity of the definition of the beneficial owner leads to a number of problems on the part of reporting institutions, such as companies, foundations and associations. On the other hand, a large part of the data entered in the Register is questioned by obliged entities. The lack of personal data protection is also a problem. Consequently, this reduces the value of the Register as a tool that effectively mitigates the risk of money laundering.

The research focused only on the functioning of the Central Register of Beneficial Owners in Poland. The subject of the analysis addressed problems with the definition of beneficial owner, issues of data quality and openness and the process of verifying the Register’s data. The technical aspects of the Register operation and the financial penalties imposed by public oversight institutions were not reviewed. Also, no comparison was made with other European Union (EU) member states that have implemented Directive of the European Parliament and of the Council (EU) 2015/849.

This study discusses the important issue of regulatory requirements introduced under EU regulations for private companies. Familiarization of companies, NGOs and obliged entities with the conclusions of the study can positively influence the consolidation of the correct interpretative path. In addition, to the best of the author’s knowledge, this is the first scientific text that identifies and systematizes the most important problems of the Register’s functioning in Poland.

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Functioning of the register of beneficial owners: findings from Poland10.1108/JMLC-09-2023-0149Journal of Money Laundering Control2023-11-28© 2023 Emerald Publishing LimitedTomasz Michał MatrasJournal of Money Laundering Controlahead-of-printahead-of-print2023-11-2810.1108/JMLC-09-2023-0149https://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0149/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
An analysis of the determinants of money laundering in the United Arab Emirates (UAE)https://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0150/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIt is widely argued that money laundering (ML) is not a new phenomenon and the pervasiveness of ML is associated with some severe economic, social and political costs. Due to the lack of studies on the ML’s issue in the UAE, this study aims to examine the determinants of ML in the country between 1975 and 2020. The autoregressive distributed lag bounds testing results demonstrate the presence of long-run relationship between ML and the selected macroeconomics variables. The analysis is validated by the dynamic ordinary least squares, the fully modified ordinary least squares and the canonical co-integration regression estimators. The estimation result reveals that while the real estate market, outflow of money, arms procurement and size of the underground economy influences the size of ML positively, gold trade, the level of financial development and the size of economic activities are negatively associated with ML, both in the short- and long-run. Up to date from a country-level analysis, no study has been devoted to the ML in UAE, except for Aljassmi et al. (2023). To the best of the authors’ knowledge, this study is the first to investigate the determinants of laundered money in the UAE economy. Based on these outcomes, strategies and measures which will deter the laundering of illicit funds through the real estate and gold market, remittance system, financial system and arms procurement contracts in the UAE are recommended.An analysis of the determinants of money laundering in the United Arab Emirates (UAE)
Mariam Aljassmi, Awadh Ahmed Mohammed Gamal, Norasibah Abdul Jalil, K. Kuperan Viswanathan
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

It is widely argued that money laundering (ML) is not a new phenomenon and the pervasiveness of ML is associated with some severe economic, social and political costs. Due to the lack of studies on the ML’s issue in the UAE, this study aims to examine the determinants of ML in the country between 1975 and 2020.

The autoregressive distributed lag bounds testing results demonstrate the presence of long-run relationship between ML and the selected macroeconomics variables. The analysis is validated by the dynamic ordinary least squares, the fully modified ordinary least squares and the canonical co-integration regression estimators.

The estimation result reveals that while the real estate market, outflow of money, arms procurement and size of the underground economy influences the size of ML positively, gold trade, the level of financial development and the size of economic activities are negatively associated with ML, both in the short- and long-run.

Up to date from a country-level analysis, no study has been devoted to the ML in UAE, except for Aljassmi et al. (2023). To the best of the authors’ knowledge, this study is the first to investigate the determinants of laundered money in the UAE economy. Based on these outcomes, strategies and measures which will deter the laundering of illicit funds through the real estate and gold market, remittance system, financial system and arms procurement contracts in the UAE are recommended.

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An analysis of the determinants of money laundering in the United Arab Emirates (UAE)10.1108/JMLC-09-2023-0150Journal of Money Laundering Control2023-10-24© 2023 Emerald Publishing LimitedMariam AljassmiAwadh Ahmed Mohammed GamalNorasibah Abdul JalilK. Kuperan ViswanathanJournal of Money Laundering Controlahead-of-printahead-of-print2023-10-2410.1108/JMLC-09-2023-0150https://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0150/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A comparative analysis of the FIUs and FATF compliance of Canada, Australia, The Netherlands and Indiahttps://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0155/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to analyse the Financial Intelligence Units (FIUs) of Canada, Australia, The Netherlands and India, focussing on key internal and external processes, such as the exchange of information, operations and compliance with Financial Action Task Force (FATF) recommendations. The paper relies on secondary sources to compare and assess the practices and strategies employed by FIUs within these jurisdictions. The paper relies on secondary sources to compare and assess the practices and strategies used by FIUs within these jurisdictions. The ability to combat money laundering and the financing of terrorism (AML/CFT) in countries is influenced by several internal and external factors, including the efficiency of their FIUs’ and compliance with FATF recommendations. The analysis of FIUs across the countries demonstrates a raft of multifaceted challenges and concerns. Yet, when it comes to compliance with FATF’s recommendations, shared concerns emerge, hinting at the complex interplay between country-specific operations and global compliance standards. The paper recommends enhancements to the FIUs’ operational efficiency and overall effectiveness in combating financial crimes. The paper’s findings are limited to openly available data (such as annual reports and internet sources) for the respective countries. The paper relies on the transparency of FIUs through public media, focusing on comparing and analysing the FIUs of only four specific countries, which limits the generalisations of the findings. This paper is significant for policymakers and FIU authorities, as they strive to improve the effectiveness of their units and assess their performance in alignment with international standards. The comparative analysis of the FIUs of India, Australia, Canada and The Netherlands provides valuable insights and recommendations that can inform policymakers and operational strategies towards enhancing how FIUs function globally. This paper offers a unique comparative analysis of the FIUs of India, Australia, Canada and The Netherlands. Its findings have practical implications for policymakers and FIU authorities towards enhancing performance against international AML/CFT standards and promoting global cooperation.A comparative analysis of the FIUs and FATF compliance of Canada, Australia, The Netherlands and India
Durgesh Pandey
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to analyse the Financial Intelligence Units (FIUs) of Canada, Australia, The Netherlands and India, focussing on key internal and external processes, such as the exchange of information, operations and compliance with Financial Action Task Force (FATF) recommendations. The paper relies on secondary sources to compare and assess the practices and strategies employed by FIUs within these jurisdictions.

The paper relies on secondary sources to compare and assess the practices and strategies used by FIUs within these jurisdictions.

The ability to combat money laundering and the financing of terrorism (AML/CFT) in countries is influenced by several internal and external factors, including the efficiency of their FIUs’ and compliance with FATF recommendations. The analysis of FIUs across the countries demonstrates a raft of multifaceted challenges and concerns. Yet, when it comes to compliance with FATF’s recommendations, shared concerns emerge, hinting at the complex interplay between country-specific operations and global compliance standards. The paper recommends enhancements to the FIUs’ operational efficiency and overall effectiveness in combating financial crimes.

The paper’s findings are limited to openly available data (such as annual reports and internet sources) for the respective countries. The paper relies on the transparency of FIUs through public media, focusing on comparing and analysing the FIUs of only four specific countries, which limits the generalisations of the findings.

This paper is significant for policymakers and FIU authorities, as they strive to improve the effectiveness of their units and assess their performance in alignment with international standards. The comparative analysis of the FIUs of India, Australia, Canada and The Netherlands provides valuable insights and recommendations that can inform policymakers and operational strategies towards enhancing how FIUs function globally.

This paper offers a unique comparative analysis of the FIUs of India, Australia, Canada and The Netherlands. Its findings have practical implications for policymakers and FIU authorities towards enhancing performance against international AML/CFT standards and promoting global cooperation.

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A comparative analysis of the FIUs and FATF compliance of Canada, Australia, The Netherlands and India10.1108/JMLC-09-2023-0155Journal of Money Laundering Control2023-11-17© 2023 Emerald Publishing LimitedDurgesh PandeyJournal of Money Laundering Controlahead-of-printahead-of-print2023-11-1710.1108/JMLC-09-2023-0155https://www.emerald.com/insight/content/doi/10.1108/JMLC-09-2023-0155/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Oil rent, corruption and economic growth relationship in Nigeria: evidence from various estimation techniqueshttps://www.emerald.com/insight/content/doi/10.1108/JMLC-10-2023-0160/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDespite the huge financial resources associated with oil, Nigeria has consistently recorded poor growth performance. Therefore, this study aims to examine how corruption and oil rent influence Nigeria’s economic performance during the 1996–2021 period. Various estimation techniques were used. These include the bootstrap autoregressive distributed lag (ARDL) bounds-testing, dynamic ordinary least squares (DOLS), the fully modified OLS (FMOLS) and the canonical cointegration regression (CCR) estimators and the Toda–Yamamoto causality. The bounds testing results provide evidence of a cointegrating relationship between the variables. In addition, the results of the ARDL, DOLS, CCR and FMOLS estimators demonstrate that oil rent and corruption have a significant positive impact on growth. Further, the results indicate that human capital and financial development enhance economic growth, whereas domestic investment and unemployment rates slow down long-term growth. Additionally, the causality test results illustrate the presence of a one-way causality from oil rent to economic growth and a bi-directional causal relationship between corruption and economic growth. Existing studies focused on the effects of either oil rent or corruption on growth in Nigeria. Little attention has been paid to the exploration of how the rent from oil and the pervasiveness of corruption contribute to the performance of the Nigerian economy. Based on the outcome of this study, strategies and policies geared towards reducing oil dependence and the pervasiveness of corruption, enhancing human capital and financial development and reducing unemployment are recommended.Oil rent, corruption and economic growth relationship in Nigeria: evidence from various estimation techniques
Joseph David, Awadh Ahmed Mohammed Gamal, Mohd Asri Mohd Noor, Zainizam Zakariya
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

Despite the huge financial resources associated with oil, Nigeria has consistently recorded poor growth performance. Therefore, this study aims to examine how corruption and oil rent influence Nigeria’s economic performance during the 1996–2021 period.

Various estimation techniques were used. These include the bootstrap autoregressive distributed lag (ARDL) bounds-testing, dynamic ordinary least squares (DOLS), the fully modified OLS (FMOLS) and the canonical cointegration regression (CCR) estimators and the Toda–Yamamoto causality.

The bounds testing results provide evidence of a cointegrating relationship between the variables. In addition, the results of the ARDL, DOLS, CCR and FMOLS estimators demonstrate that oil rent and corruption have a significant positive impact on growth. Further, the results indicate that human capital and financial development enhance economic growth, whereas domestic investment and unemployment rates slow down long-term growth. Additionally, the causality test results illustrate the presence of a one-way causality from oil rent to economic growth and a bi-directional causal relationship between corruption and economic growth.

Existing studies focused on the effects of either oil rent or corruption on growth in Nigeria. Little attention has been paid to the exploration of how the rent from oil and the pervasiveness of corruption contribute to the performance of the Nigerian economy. Based on the outcome of this study, strategies and policies geared towards reducing oil dependence and the pervasiveness of corruption, enhancing human capital and financial development and reducing unemployment are recommended.

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Oil rent, corruption and economic growth relationship in Nigeria: evidence from various estimation techniques10.1108/JMLC-10-2023-0160Journal of Money Laundering Control2024-02-19© 2024 Emerald Publishing LimitedJoseph DavidAwadh Ahmed Mohammed GamalMohd Asri Mohd NoorZainizam ZakariyaJournal of Money Laundering Controlahead-of-printahead-of-print2024-02-1910.1108/JMLC-10-2023-0160https://www.emerald.com/insight/content/doi/10.1108/JMLC-10-2023-0160/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Tax evasion savings versus unlawful predicate proceeds: a substance-based approachhttps://www.emerald.com/insight/content/doi/10.1108/JMLC-12-2023-0196/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to determine whether tax evasion savings qualify as unlawful proceeds for money laundering purposes. Litigators, regulators and academics have debated the question for decades. A common argument is that tax evasion allows a bad actor to save money that the perpetrator already has on hand. It does not produce a new inflow of wealth that could properly be classified as proceeds. This paper addresses the validity of this argument by using a substance-based approach. This paper applies the substance-over-form principle and two specialized judicial doctrines to the matter: the economic-substance and step-transaction doctrines. This paper finds that in substance, tax evasion savings qualify as unlawful proceeds. The opposing argument may be valid on the surface, but it does not withstand the scrutiny of the substance-based principle and insights from the doctrines. The finding of this paper implies that any courts which value substance can embrace tax evasion savings as unlawful proceeds. Government prosecutors can adopt the position with confidence that substance backs them up. National regulators can push the point. The United Nations’ Financial Action Task Force can consider the option to more explicitly recommend treating tax evasion savings as unlawful proceeds for money laundering. Using a unique substance-based approach, this paper demonstrates that a dollar of tax evasion savings is substantively equivalent to a dollar of unlawful tax refund proceeds for money laundering purposes. Focusing on an unlawful tax refund overcomes many of the common concerns raised against the treatment of tax evasion savings as unlawful proceeds.Tax evasion savings versus unlawful predicate proceeds: a substance-based approach
Deen Kemsley, Sean A. Kemsley
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to determine whether tax evasion savings qualify as unlawful proceeds for money laundering purposes. Litigators, regulators and academics have debated the question for decades. A common argument is that tax evasion allows a bad actor to save money that the perpetrator already has on hand. It does not produce a new inflow of wealth that could properly be classified as proceeds. This paper addresses the validity of this argument by using a substance-based approach.

This paper applies the substance-over-form principle and two specialized judicial doctrines to the matter: the economic-substance and step-transaction doctrines.

This paper finds that in substance, tax evasion savings qualify as unlawful proceeds. The opposing argument may be valid on the surface, but it does not withstand the scrutiny of the substance-based principle and insights from the doctrines.

The finding of this paper implies that any courts which value substance can embrace tax evasion savings as unlawful proceeds. Government prosecutors can adopt the position with confidence that substance backs them up. National regulators can push the point. The United Nations’ Financial Action Task Force can consider the option to more explicitly recommend treating tax evasion savings as unlawful proceeds for money laundering.

Using a unique substance-based approach, this paper demonstrates that a dollar of tax evasion savings is substantively equivalent to a dollar of unlawful tax refund proceeds for money laundering purposes. Focusing on an unlawful tax refund overcomes many of the common concerns raised against the treatment of tax evasion savings as unlawful proceeds.

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Tax evasion savings versus unlawful predicate proceeds: a substance-based approach10.1108/JMLC-12-2023-0196Journal of Money Laundering Control2024-02-01© 2024 Emerald Publishing LimitedDeen KemsleySean A. KemsleyJournal of Money Laundering Controlahead-of-printahead-of-print2024-02-0110.1108/JMLC-12-2023-0196https://www.emerald.com/insight/content/doi/10.1108/JMLC-12-2023-0196/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Employee whistleblowing: legislative perspectives and public perceptions in the United Arab Emirates (UAE)https://www.emerald.com/insight/content/doi/10.1108/JMLC-12-2023-0204/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to explore the legislative framework that governs whistleblowing in the UAE. The paper examines social perceptions and practical challenges related to the act of whistleblowing. It focuses on the effectiveness, limitations and implications of the current legal status of whistleblowing in the UAE. The UAE does not have a unified legal framework that governs whistleblowing and whistleblower protections like in the case of the USA. Therefore, there is an urgent need for comprehensive federal regulations that will apply to all sectors across the entire UAE. Each emirate and economic zone can then model their whistleblowing regulations against the federal law to ensure consistency and uniformity in application. The UAE will also benefit from public awareness and education programs to address the conservative culture that discourages whistleblowing. Most importantly, corporate governance and culture are central to the success of existing laws considering the overreliance on organizations and employees. The paper provides a robust and analytical discussion of the whistleblowing laws and regulations in the UAE to dissect current practices and implications for future practice.Employee whistleblowing: legislative perspectives and public perceptions in the United Arab Emirates (UAE)
Tareq Na'el Al-Tawil
Journal of Money Laundering Control, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to explore the legislative framework that governs whistleblowing in the UAE.

The paper examines social perceptions and practical challenges related to the act of whistleblowing. It focuses on the effectiveness, limitations and implications of the current legal status of whistleblowing in the UAE.

The UAE does not have a unified legal framework that governs whistleblowing and whistleblower protections like in the case of the USA. Therefore, there is an urgent need for comprehensive federal regulations that will apply to all sectors across the entire UAE. Each emirate and economic zone can then model their whistleblowing regulations against the federal law to ensure consistency and uniformity in application. The UAE will also benefit from public awareness and education programs to address the conservative culture that discourages whistleblowing. Most importantly, corporate governance and culture are central to the success of existing laws considering the overreliance on organizations and employees.

The paper provides a robust and analytical discussion of the whistleblowing laws and regulations in the UAE to dissect current practices and implications for future practice.

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Employee whistleblowing: legislative perspectives and public perceptions in the United Arab Emirates (UAE)10.1108/JMLC-12-2023-0204Journal of Money Laundering Control2024-03-29© 2024 Emerald Publishing LimitedTareq Na'el Al-TawilJournal of Money Laundering Controlahead-of-printahead-of-print2024-03-2910.1108/JMLC-12-2023-0204https://www.emerald.com/insight/content/doi/10.1108/JMLC-12-2023-0204/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited