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In Indonesia, Cryptocurrency, on the one hand, is not recognized as a legal tender, so it does not have a legal umbrella, and the risk of its use is borne by the user himself. On the other hand, cryptocurrencies are included in the list of commodities that can be used as the subject of Futures Contracts traded on the Futures Exchange because, from their use, it is expected to make a positive contribution to futures trading in Indonesia. These two contradictory things of cryptocurrency regulation are then faced with a phenomenon called cryptocurrency-based TPPU. This study uses a descriptive method combined with a qualitative approach. The data in this study is primary data sourced from the results of interviews and data from the Metro Jaya Police, and the secondary data used to support the research is literature in the form of books, research journals and online scientific journal data. The data that has been collected is analyzed by data reduction methods and triangulation techniques. The location of the research is the Metro Jaya Police and the University of Indonesia Library. From this study, it is known that in Indonesia, there are no special rules governing this cryptocurrency-based anti-corruption, and there has been no cooperation between law enforcement for its prevention. [ABSTRACT FROM AUTHOR]

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

A smart grid is a network that utilizes a digital network to monitor the passage of electricity from one node to another within the network. Some of the applications of the smart grid are dynamic control of voltage, substation automation, outage management, and so on. The smart grid become an important topic since the inclusion of digital systems to monitor the electricity flow enhances usage and at the same time, it is affected by malicious attacks. Hence, it is necessary to protect the smart grid from attackers so that the authenticated user gets all the benefits without any scarcity. For this, many approaches have proposed by the researchers and have shortcomings of less accuracy in classifying the normal and abnormal flow, computational complexities, and less throughput. In context with these problems, we proposed a Convolutional Neural Network (CNN) based African Vulture Optimization Algorithm (AVOA) for the enhancement of cybersecurity in the blockchain-based Smart grid. To offer a novel way for improving smart grid security and defect detection in the industry by utilising block chain technology with deep learning architectures. The smart grid network's security performance can be improved by the use of a blockchain-based smart grid node based network module. In addition, the simulation results are carried out utilising a hybrid framework to monitor the attacks in the network. The data from the switches and PMU wascollected in the physical layer of the system. Then a blockchain controller controls the data. This also monitors the transaction details in the smart grids. The data are pre-processed with the aid of a Label encoder, and MIN–MAX scaling approaches. Then the features are extracted by using the CNN and the classification data is also performed by the CNN; however, the conventional CNN lacks scalability, and to enhance the scalability we utilize the AVO algorithm. The AVO algorithm effectively improves the scalability and thus our proposed classifies the normal and abnormal data from the smart grid. For the experimental purpose, we have taken the UNSW_NB15 dataset and compared it with the state of artworks in terms of different parameters. From the analysis, it is observed that the proposed method enhances the cybersecurity level by enhancing the throughput, accuracy (97.40%), F1-score (99.17%), precision (98.25%), recall (98.37%)computational time (1.34 ms) and detection rate (97.3%). [ABSTRACT FROM AUTHOR]

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

Financial anomalies must be detected in order for financial institutions and regulatory bodies to manage risks and avoid fraudulent behavior. Financial anomaly detection is the practice of identifying unexpected or irregular financial transactions or patterns that may indicate fraudulent behavior or errors. It is crucial in today's digital era to prevent fraud, limit financial losses, and maintain secure financial systems. Various types of financial anomalies, such as credit card fraud, money laundering, financial statement fraud, and cryptocurrency fraud, pose significant risks to individuals and organizations. This review critically evaluates a selected research article on the use of blockchain technology in conjunction with data mining techniques to detect financial anomalies. The paper employs the case study method to demonstrate how well the suggested integrated system works in spotting financial anomalies. This review evaluates the article's methodology and conclusions and discusses its implications for practice. The report claims that merging data mining methods with blockchain technology can increase the precision and effectiveness of financial anomaly identification. This research advances knowledge about how block-chain technology and data mining techniques can be used to find financial abnormalities while also offering suggestions for further study and use. [ABSTRACT FROM AUTHOR]

Since 2012, researchers have explored various factors influencing Bitcoin prices. Up until the end of July 2023, more than 9100 research papers on cryptocurrencies were published and indexed in the Web of Science Clarivate platform. The objective of this paper is to analyze the impact of publications on Bitcoin prices. This study aims to uncover significant themes within these research articles, focusing on cryptocurrencies in general and Bitcoin specifically. The research employs latent Dirichlet allocation to identify key topics from the unstructured abstracts. To determine the optimal number of topics, perplexity and topic coherence metrics are calculated. Additionally, the abstracts are processed using BERT-transformers and Word2Vec and their potential to predict Bitcoin prices is assessed. Based on the results, while the research helps in understanding cryptocurrencies, the potential of academic publications to influence Bitcoin prices is not significant, demonstrating a weak connection. In other words, the movements of Bitcoin prices are not influenced by the scientific writing in this specific field. The primary topics emerging from the analysis are the blockchain, market dynamics, transactions, pricing trends, network security, and the mining process. These findings suggest that future research should pay closer attention to issues like the energy demands and environmental impacts of mining, anti-money laundering measures, and behavioral aspects related to cryptocurrencies. [ABSTRACT FROM AUTHOR]

The Second Payment Services Directive introduced new services into the European Union legal system—Payment Initiation and Account Information Services. These services are based on payment accounts already opened and maintained for customers by the Account Servicing Payment Service Provider (bank, payment institution, electronic money institution). The Account Services Payment Service provider performs AML/CFT verification of the account holder and applies customer due diligence measures to the account holder, such as identifying beneficial owners, obtaining information on the purpose and intended nature of the business relationship, and ongoing monitoring of the business relationship. Payment Initiation and Account Information services are therefore provided to a previously verified client and based on the payment account currently maintained for him. European Union law does not clearly specify whether a Third-Party Service Provider offering Payment Initiation or Account Information Services is obliged to re-apply financial security measures to customers. The aim of this article was to perform a legal analysis of the regulations and soft law acts in force in the European Union and to answer the question. The purposive (teleological) and linguistic–logical (grammatical) methods of interpretation of regulations were used for the analysis. The structure of the legal system of the European Union as a civil law (code law) system was taken into account. This article shows that in the current legal situation, there is no doubt that Third-Party Service Providers are obliged entities in terms of AML/CFT law and are obliged to apply the AML/CFT to customers using Payment Initiation and Account Information services. However, the degree to which customer due diligence measures have to be applied varies depending on the adopted model of providing Payment Initiation and Account Information services. Third-Party Service Providers will be obliged to apply financial security measures in cases where the relationship between the customer and the service providers will have a continuing character. In the case of occasional provision of services, when the transaction value does not exceed a certain threshold, the supplier may only perform simplified customer verification. In particular, this applies to Payment Initiation service models, where the Payment Initiation Service Provider works for merchants, enabling them to accept payments for goods and services sold. In such a model, the Service Provider has a continuous relationship with the merchant but only performs an occasional transaction for the user. The analysis also allowed for the conclusion that European Union law, including that in the draft phase, does not regulate in a sufficiently precise manner when a given model of Account Services and Payment Initiation Services may be treated as based on an occasional transaction. This made it possible to formulate a de lege ferenda request to include this issue in the proposal for an EU Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. [ABSTRACT FROM AUTHOR]

Purpose: Criminals have quickly discovered the advantage of crypto assets, with its pseudo-anonymity, untraceability and the ability to freely exchange crypto assets across borders, which makes it an ideal tool for money laundering activities. Switzerland has a technology-neutral framework, and crypto assets are regulated by the existing anti-money laundering (AML) legislation. The purpose of this paper is to gain insights into the industry adoption of measurements to prevent money laundering through crypto assets and if they are compliant with national and international AML regulations. Design/methodology/approach: Semi-structured expert interviews were conducted with participants having expertise in compliance, AML and crypto assets with focus on Switzerland. The interviews were analyzed using the thematic analysis. Findings: The experts have a general consensus that Switzerland is a pioneer when it comes to regulating crypto assets. It is perceived that legislations are released without industry consultation and that AML processes for fiat transactions also work for crypto assets, which is not the case. The results show that the industry wants a consortium to fight money laundering in crypto assets in Switzerland. The current measures to identify money laundering are not optimal, yet, it is the best solution and according to national and international regulations the businesses are perceived to be compliant. Originality/value: This paper offers new insights on the challenges of AML regulations in crypto assets, given the limited information available. It also provides good practice examples for addressing these challenges, benefiting policymakers, regulators and practitioners in the crypto asset ecosystem. [ABSTRACT FROM AUTHOR]

Purpose: The global cooperation and cooperation between nations at differing stages in anti-money laundering (AML) is critical. To improve the effectiveness of international cooperation in AML, it is essential to diversify international cooperation mechanisms and improve the capacity of law enforcement officers in the field of preventing this crime. This paper aims to provide a comparative analysis of mutual legal assistance (MLA) and extradition within the AML legal framework in Palestine and Malaysia. It investigates the gaps and weaknesses in Palestine's AML legal framework and offers recommendations to address them. Design/methodology/approach: The present paper is solely legal. The method adopted in this research paper is qualitative research with an emphasis on the doctrinal mechanism. As a result, it concentrates on procedures, protocols, legislation and policies. Findings: The Malaysian AML legal framework offers a clearer and more comprehensive framework for MLAs and extradition than the Palestinian AML legal framework. This framework is supported by laws that meet the basic requirements to support the issues of AML international cooperation. Both countries agree that the absence of a "bilateral or multilateral agreement" is not considered a reason for rejecting international cooperation in the field of AML with foreign countries. Moreover, the Malaysian AML legal framework divides the roles well between the law enforcement agencies and the competent authorities competing to Palestine. Originality/value: This paper would be beneficial for the Palestinian legislative, policymakers and law enforcement agencies to make international cooperation, especially with MLAs and extradition effective. [ABSTRACT FROM AUTHOR]

It has been argued that with the increasing crypto economy and the liquidity of cryptocurrency globally, cryptocurrency could potentially serve as another vehicle for money laundering activities. Yet, only a handful of studies probe the emerging nexus between cryptocurrency and money laundering and the feasibility of anti-money laundering (AML) strategies presented by law enforcement and financial institutions from a criminologist's perspective. Therefore, this study uses the literature on money laundering to analyze the features of cryptocurrency that account for its popularity. A money laundering triangle is presented that corresponds with the use of cryptocurrency from within a criminological framework. This study also suggests that in addition to domestic and international interagency cooperation across jurisdictions, future developments should target the characteristics of cryptocurrencies such as anonymity, decentralization and blockchain which could help make cryptocurrency usage less attractive to motivated offenders across money laundering stages. [ABSTRACT FROM AUTHOR]

The Financial Services and Markets (Amendment) Act 2023 in Singapore has established a secure digital platform called COSMIC (Collaborative Sharing of MUTF Information & Cases) to facilitate the sharing of customer information among financial institutions (FIs) for the purpose of combating money laundering, terrorism financing, and proliferation financing. COSMIC allows prescribed FIs to securely share risk information on customers who exhibit multiple red flags indicating potential financial crime concerns. The Monetary Authority of Singapore (MAS) and six major commercial banks in Singapore have co-developed COSMIC, which currently focuses on three key financial crime risks in commercial banking. MAS will ensure the secure exchange and storage of information on the COSMIC platform, with robust controls and periodic audits. Participant FIs will have access to the shared information, but disclosure to third parties will be limited. MAS and the Suspicious Transactions Reporting Office will also have access to the information for monitoring and law enforcement purposes. The launch of COSMIC is accompanied by related legislation and notices. [Extracted from the article]

This study on organized crime aimed to analyze criminal manifestations in Europe, Asia, and the Americas, with a specific focus on Ecuador. Common patterns and significant differences in criminal dynamics were identified, along with potential strategies to address these issues. The methodology involved the compilation of security reports, government data, and academic studies, followed by an analysis-synthesis approach. The results revealed a concerning rise in cybercrime and financial crime in Europe, emphasizing the need to enhance cybersecurity and measures against money laundering. In Asia, the proliferation of human trafficking and transnational crime underscored the importance of cooperative strategies among nations to address these violations of human rights and global security. In the Americas, where drug trafficking and associated violence are prevalent, the interconnectedness between corruption and organized crime was highlighted, underscoring the urgency of comprehensive measures to tackle these complex issues. Ecuador, in particular, is experiencing a shift in criminal dynamics exacerbated by the pandemic, highlighting the need for specific governmental responses. These findings underscore the complexity of organized crime and the necessity for multidisciplinary and cooperative responses at the international level. [ABSTRACT FROM AUTHOR]

Confronted with a Hobson's choice of either implementing stringent enforcement of uncertain regulation or geo-fencing the United States, regulators and stakeholders must consider collaborative alternatives for shaping the future of decentralized finance ("DeFi"). Championing collaboration, this Article emphasizes the need for all DeFi stakeholders, from intermediaries to builders, to proactively enhance transparency and risk management, irrespective of regulatory dictates. Starting with the Security and Exchange Commission's (SEC) formation in the 1930s, this Article explores the evolution of the SEC's initial technology-forward approach to regulating intermediaries and disruptive technologies. The 2008 financial crisis marked a shift by both the SEC and Commodity Futures Trading Commission ("CFTC") towards regulating disruptive technologies, like automated trading and digital assets, as potential threats to financial stability, reflecting a reactive, topdown regulatory response. Collaborative efforts between stakeholders and regulators are essential for regulations that are well-informed by market and technological developments. DeFi offers an opportunity to reconsider that approach by pursuing achievable initiatives aimed at bolstering transparency and risk management. Public-private collaborations are explored as a reasoned alternative to a blunt application of the "same risk, same rules" paradigm to DeFi. In contrast, the proposed collaborative approach would foster actionable risk mitigation practices and resilience through an informed, pragmatic process. This Article explores the possibilities for innovative anti-money laundering verification and risk processes for DeFi as part of an open collaborative approach. It also evaluates potential adaptations of existing SEC and CFTC rules and guidance to diligence; risk management; and pre-transaction, smart contract-encoded controls for institutional DeFi users. Pursuing this path would substantially enhance outcomes for both regulators and stakeholders. It would aim to strike a balance between regulatory objectives, risk management, and innovation, while facilitating a more efficient enforcement paradigm. [ABSTRACT FROM AUTHOR]

Smart contracts are applications that are deployed on a blockchain and can be executed through transactions. The code and the state of the smart contracts are persisted on the ledger, and their execution is validated by all blockchain nodes. Smart contracts often hold and manage amounts of cryptocurrency. Therefore, their code should be secured against attacks. Smart contracts can be secured either by fixing their source/byte code before deployment (offline) or by inserting some protection code into the runtime (online). On the one hand, the offline methods do not have enough data for effective protection, and on the other hand, the existing online methods are too costly. In this paper, we propose an online method to complement the offline methods with a low overhead. Our protections are categorized into multiple safety guards. These guards are implemented in the blockchain nodes (clients), and require some parameters to be set in the constructor to be activated. After deployment, the configured guards protect the contract and revert suspicious transactions. We have implemented our proposed safety guards with small changes to the Hyperledger Besu Ethereum client. Our evaluations show that our implementation is effective in preventing the corresponding attacks, and has low execution overhead. [ABSTRACT FROM AUTHOR]

Purpose: Customer due diligence measures that are employed in the United Kingdom (UK) to detect and combat money laundering are discussed. The UK adopted a progressive regulatory and enforcement framework to combat money laundering which relies, inter alia, on the use of customer due diligence measures to regulate and curb the occurrence of money laundering activities in its financial institutions and financial markets. However, other regulatory measures that could have contributed to the effective combating money laundering in the UK will not be explored in detail since the article is focused on the reliance and use of customer due diligence measures to curb money laundering activities. Accordingly, the strength, flaws and weaknesses of the UK anti-money laundering regulatory and enforcement framework are examined. Lastly, possible recommendations to address such flaws and weaknesses are provided. Design/methodology/approach: The paper discusses customer due diligence measures that are used in the UK to detect and combat money laundering. Findings: It is hoped that policymakers and other relevant persons will use the recommendations provided in the paper to enhance the curbing of money laundering in the UK. Research limitations/implications: The paper does not provide empirical research. Practical implications: The study is useful to all policymakers, lawyers, law students and regulatory bodies in the UK. Social implications: The study seeks to curb money laundering in the UK society globally. Originality/value: The study is original research on the use of customer due diligence measures to detect and combat money laundering in the UK. [ABSTRACT FROM AUTHOR]

Purpose: Banditry and terrorism constitute serious security risks in Nigeria. This follows the fact that Nigeria is rated as one of the leading states in the world that is plagued by terrorism. Terrorists and bandits usually embark on predicate crimes such as kidnapping, smuggling, narcotics trade, and similar trades to finance their terrorist enterprises in Nigeria. The funds realized by criminals from nefarious sources such as sales of narcotics and ransom from kidnapping are usually laundered to make their criminal enterprises self-sustaining. Thus, all "dirty" money is laundered so as not to attract the attention of law enforcement agents. The funds realized through receipt of ransom from kidnapping, smuggling or funds from sponsors are laundered through channels such as bureau de change, which are difficult to monitor by the Nigerian authorities due, in part, to flaws and loopholes in the current anti-money laundering and anti-terrorist laws. This paper aims to adopt a doctrinal and qualitative desktop research methodology. In this regard, the current anti-money laundering and anti-terrorist laws are discussed to explore possible measures that could be adopted to remedy the flaws and loopholes in such laws and combat money laundering and financing of terrorism in Nigeria. Design/methodology/approach: The article analyses the regulation and combating of money laundering and terrorist financing activities in Nigeria. In this regard, a doctrinal and qualitative research method is used to explore the flaws in the Nigerian anti-money laundering laws so as to recommend possible remedies in respect thereof. Findings: It is hoped that policymakers and other relevant persons will use the recommendations provided in this article to enhance the curbing of money laundering and terrorist financing activities in Nigeria. Research limitations/implications: The article is not based on empirical research. Practical implications: This study is important and vital to all policymakers, lawyers, law students and regulatory bodies in Nigeria and other countries globally. Social implications: The study seeks to curb money laundering and terrorist financing activities in Nigeria. Originality/value: The study is based on original research which is focused on the regulation and combating of money laundering and terrorist financing activities in Nigeria. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to analyse the virtual currency regulation especially in Finland, Sweden and Norway. Different member states had a bit differently incorporated regulation of AMLD5. Finland has gone the furthest in regulation and even issuers of virtual currency are under the Finnish regulation. Design/methodology/approach: In one hand, the study approach is legal dogmatics, but in other hand it is comparative legal research. Both approaches can be found in this paper. Findings: The EEA is going from a more fragmented regulatory landscape based on 5th Anti-Money Laundering Directive to a more uniform regulatory approach provided by a legislative package that regulates crypto assets more broadly, coupled with an overhaul of the anti-money laundering rules, bringing them into a single European rulebook. Finland has taken a step further in this matter. Therefore, it would be reasonable for the AMLD5 scope to be expanded in this respect. It is a welcome development that the regulation will be unified and that investor protection will be better taken into account in the future as well. Originality/value: This paper gives a picture of what kind of challenges is there in Fennoscandic in terms of money laundering regulation of virtual currencies. On the other hand, this paper brings into the discussion the rather clever solutions of Fennoscandic (especially Finland) regarding money laundering of virtual currencies. [ABSTRACT FROM AUTHOR]

Purpose: The anti-money laundering (AML) frameworks of many countries were generally influenced by the international best practices of money laundering that were first established in 1988 through the Basel Committee on Banking Supervision (BCBS). The general belief is that these international best practices are applicable in all jurisdictions, although most countries are still affected by money laundering. The international best practices are universal measures that were developed as a yardstick to control and curb money laundering globally. Nonetheless, international best practices for money laundering are not tailor-made for specific jurisdictions and/or countries. Therefore, it remains the duty of respective jurisdictions and/or countries to develop their own context-sensitive AML measures in accordance with international best practices. An overview of the AML international best practices that were developed and adopted by several countries are analysed in this paper. These include customer due diligence measures established by the BCBS, the financial action task force (FATF) standards, as well as the ongoing monitoring and the risk-sensitive approach that were implemented to curb money laundering globally. Design/methodology/approach: The article analyses the AML international best practices that were developed and adopted by several countries. These include customer due diligence measures established by the BCBS, the FATF standards, as well as the ongoing monitoring and the risk-sensitive approach that were implemented to curb money laundering globally. Findings: It is hoped that policymakers and other relevant persons will use the recommendations provided in the paper to enhance the curbing of money laundering in financial institutions globally. Research limitations/implications: The paper does not provide empirical research. Practical implications: The study is useful to all policymakers, lawyers, law students and regulatory bodies globally. Social implications: The study seeks to curb money laundering in the economy and society globally. Originality/value: The study is original research on the use of AML/counter financing of terrorism international best practices to curb money laundering activities globally. [ABSTRACT FROM AUTHOR]

Purpose: Illegal wildlife trade (IWT) is a transnational organized crime that generates billions in criminal proceeds each year. Yet, it is not regarded by many countries as a serious crime. There is also no general consensus on its recognition as a predicate offence for money laundering. In this regard, banks are misused in different ways to facilitate financial flows linked to IWT. This paper aims to illustrate the importance of the banking sector in combating money laundering relating to IWT. It also aims to demonstrate the need for a general recognition of IWT as a predicate offence for money laundering. Design/methodology/approach: This study investigates the implementation of money laundering controls by banks in the illegal-wildlife-trade context. As background to this investigation, it provides an overview of IWT, which is followed by an exploration of some of the general characteristics of the banking sector, before discussing the relevant Financial Action Task Force (FATF) recommendations. Findings: This study finds that the banking sector is well-placed to combat money laundering relating to the IWT and is, by virtue of its international nature and strong focus on compliance, able to be effective in preventing the use of the proceeds of IWT as well as in identifying broader trafficking networks. Moreover, the banking sector is well-equipped to develop appropriate platforms to facilitate the swift, easy and effective sharing of financial intelligence between banks at the local, regional and especially international level. Research limitations/implications: This study draws on publicly available information on financial flows relating to IWT. Little data and research are available on the financial flows and consequently the money laundering techniques used in cases suspected of IWT. Originality/value: There has been little scholarly research on the relationship between money laundering and the IWT as well as the financial flows of IWT in general. This study highlights some of the money laundering techniques used in relation to IWT by drawing on the works of various international organizations, including the FATF. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to examine the South African banks' customer due diligence (CDD) practices in the fintech era to mitigate money laundering (ML) risks and ensure financial stability. Financial technologies have brought substantial transformations to the financial services sector. However, such technologies have exposed the sector to emerging risks that threaten the integrity and stability of the financial system globally. Before any bank–customer relationship is established, proper customer background checks must be conducted. These background checks enable financial institutions to validate information provided and ensure customers are properly risk profiled. Failure to risk profile customers could result in financial institutions being used as conduits for ML. Undoubtedly, CDD procedures are pivotal to overall anti-money laundering efforts and curbing financing terrorism in a regulatory framework. Design/methodology/approach: A qualitative research approach was adopted to address the research questions of the study. Given the confidentiality associated with the financial services sector, data triangulation was used in blending mainly secondary and primary data sources. Secondary data sources used in the study were published reports available in the public domain that were corroborated with subject matter experts' interviews. Findings: Based on the findings of this study, it is concluded that in South Africa, technological solutions have been incorporated into CDD functions, which is now risk-based (enhanced due diligence). Also, legally, South Africa has incorporated the biometrics, integration with Department of Home Affairs and Companies and Intellectual Property Commission databases, customer consent to third-party sources with the Financial Intelligence Centre Act and the Protection of Personal Information Act. Originality/value: The shift towards digital banking in South Africa results in increased data and dynamic risk profiling. This study advocates a policy shift requiring a risk-based approach to mitigating emerging ML risks (in particular digital laundering), especially in the wake of South Africa's recent greylisting by the Financial Action Task Force. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to critically examine the digital transformation of anti-money laundering (AML) and countering the financing of terrorism (CFT) in light of the Financial Action Task Force (FATF) San Jose principles, the Organisation for Economic Co-operation and Development (OECD) principles for artificial intelligence (AI) and the proposed European Union (EU) Artificial Intelligence Act. The authors argue that AI tools can revolutionize AML/CFT and asset recovery, but there is a need to strike a balance between optimizing AML efficiency and safeguarding fundamental rights. Design/methodology/approach: This paper draws on reports, legislation, legal scholarships and other open-source data on the digital transformation of AML/CFT, particularly the deployment of AI in this context. Findings: A new regulatory framework with robust safeguards is necessary to mitigate the risks associated with the use of new technologies in the AML context. Originality/value: This study is one of the first to examine the use of AI in the AML/CFT context in light of the FATF San Jose principles, the OECD AI principles and the proposed EU AI Act. [ABSTRACT FROM AUTHOR]

Purpose: This paper explores the historical aspects of customer due diligence and related anti-money laundering measures in South Africa. Customer due diligence measures are usually employed to ensure that financial institutions know their customers well by assessing them against the possible risks they might pose such as fraud, money laundering, Ponzi schemes and terrorist financing. Accordingly, customer due diligence measures enable banks and other financial institutions to assess their customers before they conclude any transactions with them. Customer due diligence measures that are utilised in South Africa include identification and verification of customer identity, keeping records of transactions concluded between customers and financial institutions, ongoing monitoring of customer account activities, reporting unusual and suspicious transactions and risk assessment programmes. The Financial Intelligence Centre Act 38 of 2001 (FICA) as amended by the Financial Intelligence Centre Amendment Act 1 of 2017 (Amendment Act) is the primary statute that provides for the adoption and use of customer due diligence measures to detect and combat money laundering in South Africa. Prior to the enactment of the FICA, several other statutes were enacted in a bid to prohibit money laundering in South Africa. Against this background, the article provides a historical overview analysis of these statutes to, inter alia, explore their adequacy and examine whether they consistently complied with the Financial Action Task Force Recommendations on the regulation of money laundering. Design/methodology/approach: The paper provides an overview analysis of the historical aspects of the regulation and use of customer due diligence to combat money laundering in South Africa. In this regard, a qualitative research method as well as the doctrinal research method are used. Findings: It is hoped that policymakers and other relevant persons will adopt the recommendations provided in the paper to enhance the curbing of money laundering in South Africa. Research limitations/implications: The paper does not provide empirical research. Practical implications: The paper is useful to all policymakers, lawyers, law students and regulatory bodies, especially, in South Africa. Social implications: The paper advocates for the use of customer due diligence measures to curb money laundering in the South African financial markets and financial institutions. Originality/value: The paper is original research on the South African anti-money laundering regime and the use of customer due diligence measures to curb money laundering in South Africa. [ABSTRACT FROM AUTHOR]

On 11 July 2023, the Spanish government created a centralised beneficial ownership register and approved its regulation (Royal Decree 609/2023). The register will centralise beneficial ownership information that it receives directly and that is registered with other competent registers. [ABSTRACT FROM AUTHOR]

Purpose: With sanctions becoming an increasingly important tool in ostracising autocratic regimes from western markets, the need for effective enforcement of sanctions and anti-money laundering (AML) is increasing, and the global AML regime will be the backbone to detecting evasion of sanctions. This regime, however, has been widely criticised as ineffective. This paper aims to discuss issues with the current sanctions/AML regime and propose a reward scheme for whistleblowers to enable asset seizures that is not reliant on its effectiveness. Design/methodology/approach: This paper reviews weaknesses in the global AML regime, provide suggestions on how to design whistleblower reward programmes, based on agency experience and empirical evidence, as well as elaborate on how to use such programmes in the AML context. Findings: This study concludes that for reward programmes to be effective in the context of AML and sanctions enforcement, they need to include witness protection and leniency for money launderers, though not for those convicted of a criminal offence associated with the predicate crime. Moreover, rewards should be mandatory and scale with the amount of money seized or confiscated, and the cap on monetary rewards should be higher than it is under the Kleptocracy Asset Recovery Rewards Programme in the USA. Originality/value: In contrast to how the USA went about implementing rewards in this area under the Kleptocracy Asset Recovery Rewards Programme, this study argues that these programmes should be designed differently. This study also provides novel advice to governments on different design dimensions in the AML context and a model with three crucial pillars along with other design dimensions that should be considered. [ABSTRACT FROM AUTHOR]

The article focuses on the digitalization of compliance measures, specifically exploring the integration of legal tech for better prevention in corporate settings. Topics discussed include the digitalization of individual compliance measures, information management and digitalization of the compliance structure, and emphasizing the importance of tailored digital solutions for effective and efficient compliance programs in the evolving legal landscape.

This document is a compilation of research findings and analysis on the relevance of internal control systems in preventing money laundering in Jordanian Islamic and commercial banks. The study evaluates the effectiveness of internal control systems, the extent of their implementation in banks, and their impact on combating money laundering. The research methodology includes interviews with individuals working in the control department of banks. The findings highlight the importance of internal control measures, effective communication, and information flow in preventing money laundering. The document provides an overview of the research process and includes tables summarizing the relationships between codes and primary documents. [Extracted from the article]

The basic idea behind establishing the register of beneficial owners is to increase the transparency and accessibility of data on beneficial ownership of companies and other legal entities with the aim of ensuring the public availability of data on domestic and foreign natural and legal persons. However, the possibility of the data being accessible to the general public instead of to persons or organizations that can demonstrate a legitimate interest raised the issue of violating the principles of respect for private or family life and the protection of personal data. Consequently, this raises the question of drawing the line between contributing to the common good and fighting against money laundering and terrorist financing, on the one hand, and protecting personal data, with the possibility of their misuse, on the other. A balance as well as a response to the possibility of setting soft limits of legitimate interest that would result in the achievement of all set goals was sought in the practice of the European Court of Justice. One of the legislative solutions regarding the extent of access to data on beneficial owners for the entire public, along with the establishment of different types of registers in order to prevent money laundering and terrorist financing, is described using the example of Croatia. [ABSTRACT FROM AUTHOR]

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

The proposed work integrates a smart embedded health monitoring system with IoT. The data that are sensed and analyzed from the system are secured using blockchain technology and are transmitted and further analyzed. Blockchains are used in various sectors. Mainly they are welcomed for their secure transactions and the privacy that we can ensure through it. In this paper, our proposed system explored its uses in the healthcare sector. The health sector is where information is of privacy concern for patients and needed information for doctors treating them. Blockchain is the best-suited solution for Identity and Access Management (IAM) needed in the healthcare sector. As blockchains have different types named public and private blockchains, we recommend private blockchains be implemented where no anyone can make transactions and mine the transactions. Patients, doctors, and hospital organizations care for their privacy, and authorized access to others' data, is the reason for the choice of the private blockchain. Adding to the IAM, blockchain also accounts for flexibility, decentralization, and an immutable ledger. Those operations are authenticated and authorized by a blockchain admin who has no relationship with the entities that exist in the network. The owner of the data is given the sole control of permitting access to their data. Our system asks patients for permission to be given to any doctor who is requesting access to those data. Also, patients can permit a doctor they want within the network. Hyperledger uses no online currencies and hence no miners to wait for. This is important as it reduces the waiting time for a transaction to be verified. REST API is used for collecting information requested from the blockchain and presenting it to the end-users. The proposed system is very unique to the date in which a dedicated smart embedded system is developed to monitor the vital parameters of the patient; once the abnormality is sensed, it will be spontaneously alerted and the connected recording system is activated after the sensors read the deviations very accurately and are unique than conventional methods. Our system provides a secure, reliable, and IAM-included network in a webpage that can be accessed across all devices. [ABSTRACT FROM AUTHOR]

In recent years, the prevention of money laundering has gained importance in the financial sector because this sector is being used to perpetrate this crime. This paper analyzes the best decision by banking institutions regarding the blocking or not of credit cards in the face of possible money laundering scenarios by their cardholders. Based on an analysis of incomplete information, we deduce instruments that help the institution decide to block or not, an account that presents unusual operations; to avoid financial losses and damage to their reputation from being involved with cardholders who launder money. The differentiating factor of this work consists in the construction of signals through vectors of weights assigned to the money laundering factors, which can serve as indicators or aggravating factors in possible unusual operations by cardholders. [ABSTRACT FROM AUTHOR]

This article aims at studying the national legislation, recommendations of international organizations (intergovernmental bodies), as well as the opinions of scholars and practitioners on the implementation of financial monitoring in the practice of law. The authors define the achievement of this goal by fulfilling the tasks set and answering the question of the correlation between the obligation to conduct financial monitoring and the attorney-client privilege. This article is of undoubted relevance due to Ukraine's active implementation of European integration processes and transformation of legislation in the field of prevention and counteraction to money laundering and terrorist financing. Along with this development is the independent status of the attorney-at-law and the practice of law, the maintenance and provision of which are constantly relevant in the State. The authors draw attention to the current legal regulation of financial monitoring in the practice of law, as well as to the FATF recommendations, emphasizing the importance of such a legal phenomenon as financial monitoring. The authors define the area of functional responsibility of law firms, law firms and attorneys-at-law who practice law individually as specially designated subjects of primary financial monitoring. In addition, this article emphasizes the peculiarities of financial monitoring in the practice of law and expresses concerns about certain peculiarities. At the same time, the authors outline the lack of unity in the attitude toward the purpose of financial monitoring, as well as the presence of scepticism and both constructive and unjustified criticism by practising attorneys at law of financial monitoring in the practice of law, namely its legal regulation. The authors determine that the most important result of this study is the emphasis on the need for a balanced ratio of the objectives of financial monitoring and the preservation of the independence of the legal profession. Summarizing, the researchers argue that financial monitoring is a challenge of the time, the achievement of which should not be declarative, but real. The reality of the goals of financial monitoring should be achieved by all subjects of the latter, including attorneys-at-law. At the same time, the combination of the status of an advocate and a subject of primary financial monitoring should be balanced, taking into account independence as a principle of the practice of law. [ABSTRACT FROM AUTHOR]

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

Financial innovation in the cryptocurrency space has prompted central bankers and financial policymakers around the world to question the future of money and payments. For many scholars and policymakers, the rise of cryptocurrencies implies significant improvements to the efficiency of making cross-border payments--and thus portends a gradual sunset on the legacy payments system. But for decades, that legacy payments system has partnered with the State to accomplish valuable foreign policy and national security goals: to combat money laundering, deter state aggression, and defend human rights and democratic institutions. This Article examines the potential for cryptocurrency payments ecosystems to bypass the legal frameworks that today require banks to act as gatekeepers of illicit finance and enforcers of sanctions regimes. Ultimately, in light of the trade-offs implied by moving from a bank-centric to a multi-railed crypto system, this Article argues for infrastructure-building within the existing system. In particular, it proposes the introduction of a centralized verifying party, which would conduct customer due diligence on an industry-wide basis. Given the current costs and complication of banks' current legal requirements to undertake individualized due diligence, the structural reform proposed here stands to make the legacy payment system more efficient--and hence more attractive relative to crypto competitors--for making cross-border payments. [ABSTRACT FROM AUTHOR]

In order to protect the integrity of the global financial system, anti-money laundering (AML) regulations are essential. Money laundering poses a serious risk since it enables the blending of illicit monies into legal channels in order to fuel illegal operations like the trafficking of drugs, funding of terrorism, corruption, and organized crime. Governments and financial institutions put into place AML rules, policies, and practices to find, stop, and combat money laundering. AML includes several essential elements, For the financial sector to maintain its stability and good name, as well as to increase transaction transparency and foster global collaboration, effective AML practices are crucial, based on real-world experiences from the workplace and a case study that dealt with anti-money laundering. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the research paper is to determine the efficiency of all crimes approach, their relationship with a risk-based approach and the consequences on regulated sector professionals. And, therefore, what is meant by suspicion, how employees follow the requirements and how it affects the quality and quantity of suspicious activity reports. It also considers the economic and legal challenges the regulated sector faces while dealing with customers or clients. All in all, this paper investigates what does the anti-money laundering (AML) regime means for legal practice and how lawyers' responsibility is affected. Design/methodology/approach: As the research is being conducted through the analytical methodology, the specific topic of "regulated sector professionals and reporting suspicion of money laundering" is analyzed. It evaluates the fact that the risk-based approach followed in Financial Action Task Force (FATF) recommendations and its adaptation in the UK with all crimes approach caused discrepancy in the judicial system and influenced regulated sector professionals negatively. Findings: The paper points out that in spite of protective amendments in terms of jurisdictional immunity, UK legislation has caused problems for regulated sector professionals, such as the potential of breaching a client confidentiality agreement and avoiding tipping-off, thus remaining under pressure by clients and facing the risk of losing their clients or obligation to record suspicions in case of court investigation. Originality/value: The question of money laundering and the FATF recommendations has had a considerable scholarship. However, the proposed study intends to precisely look at the efficiency of all crime approaches, their relationship with a risk-based approach and the consequences on regulated sector professionals. The proposed research will further determine the regulated sector's economic and legal challenges while dealing with customers or clients. Unlike the existing scholarship, the proposed thesis will focus on what the AML regime means for legal practice and how lawyers' responsibility is affected. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to illustrate how money launderers circumvent compliance measures by using exchange offices to launder incriminated funds. Design/methodology/approach: The three-step process entailed carrying out unofficial interviews with money launderers, which gave first insight into the issue, followed by expert interviews that were reviewed by means of a qualitative study. The findings of the qualitative study were processed during the subsequent quantitative research. Findings: Although exchange offices are a known threat to anti-money laundering efforts, they continue to be highly applicable. As exchange offices are responsible for their own compliance measures, compliance officers employed by other institutions do not encounter money laundering through exchange offices regularly. Research limitations/implications: The findings of the study are limited to the experiences of the interviewed experts, which, naturally, are highly subjective. Further, they are geographically limited, as certain areas were not represented in the study. Practical implications: During the literature review, a research gap was identified. The present study attempts to partially fill the same. The illustrated findings aimed at facilitating an improvement of anti-money laundering measures. The insights into the minds of money launderers provide valuable information for legislators, compliance officers and authorities. Originality/value: Presently, the majority of the literature focuses on the issue of money laundering from a compliance perspective. However, accurately understanding how money launderers circumvent the existing prevention measures requires an exploration of their approaches. To effectively inhibit money laundering, it is necessary to gain a holistic overview of the issue, which entails the observation of both perspectives. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to demonstrate how illicit funds are laundered by using the gold method in German-speaking European countries. Design/methodology/approach: To identify approaches to money laundering via gold, 60 semi-standardized interviews with money launderers and compliance officers were conducted. Further, a quantitative survey of 200 compliance officers was administered. Findings: The gold trade in European German-speaking countries remains extraordinarily suitable for money laundering. In particular, it may be used for placement and layering. Research limitations/implications: The implications are based on the statements of 60 interviewees, including both money launderers and compliance officers. Thus, the derived results are limited to the perspectives of these 60 persons. Practical implications: Based on this study's findings, gaps in the existing anti-money laundering measures are identified. Documenting these inconsistencies should provide compliance officers, law enforcement agencies and legislators with valuable insights into the minds of money launderers. Originality/value: As this study explores the perspectives of both compliance officers and money launderers, it provides a broad overview of the issues. Most existing literature fails to observe money laundering from the launderers' perspective, focusing instead on methods to prevent money laundering. Effective prevention requires profound knowledge of how criminals operate. Only by adopting criminals' perspective can compliance officers effectively spot money-laundering methods. [ABSTRACT FROM AUTHOR]

Purpose: In 2008, the author wrote on the Concept of "Money Laundering Control: The Missing Link in Trinidad and Tobago. Now, approximately two years after that seminal assessment, the author has re-assessed the domestic anti-money laundering (AML) framework, with particular reference to the controls in place to address money laundering (ML) and the confiscation of the proceeds of crime. This paper aims to assess the efficiency and effectiveness of the newly implemented regime and considers whether it meets international standards. Design/methodology/approach: This analysis embraces a pluralist approach. Within this assessment, a case study method is used with contextual qualitative analysis. Empirical data is analyzed and causal connections are linked to the analysis. Findings: This research highlights catalytic change and creativity in addressing deficiencies within the AML architecture in Trinidad and Tobago. Upon analysis, it is pellucid that a radically altered criminal justice landscape has emerged and a more aggressive and targeted approach to address ML and the confiscation of the proceeds of crime is apparent. The result is a shift in paradigm with tangible outcomes to suggest that the strategies have borne fruit and that the twin island Republic is indeed committed to strengthening the link. Research limitations/implications: Findings are limited to Trinidad and Tobago and to the period ended April 2020. Originality/value: As a country with a medium to high ML risk, the possible negative socio-economic effects of ML cannot be underscored. Disruption of ML and the confiscation of the proceeds of crime are, therefore, imperative. This paper considers the progress made in addressing these pertinent issues and assists in assessing the effects of the reformation efforts undertaken by Trinidad and Tobago. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to demonstrate the benefit of applying crime script analysis at a macro level to expose money laundering as an interconnected series of events that contradict understanding which defines money laundering as a series of typological studies. Design/methodology/approach: Using previously captured data and detailed research studies alongside the professional experience of the author, this study creates a horizontal crime script for three distinct methods of money laundering – to determine characteristic nodes and identify pathways. Findings: Despite significant research into money laundering typologies, this paper demonstrates that the process of money laundering cannot be separated into typological studies. By applying crime script analysis to each method of money laundering prior to analysing the nodes, activities and behaviours, money laundering can be identified as a series of interconnected services, business formalities and management activities. Practical implications: This study is of value to government policymakers, regulators and financial institutions considering future preventative measures. It is also of value to financial investigators and law enforcement agencies intent on investigating money laundering. By applying the method of analysis outlined in this paper to each method of money laundering and then combining them together, it is possible to understand money laundering as a holistic process, in which webs of interconnected criminal events can be identified for investigative and preventative purposes. Originality/value: Interest in crime script analysis is now supporting understanding of different crime types. This study goes beyond the analysis of individual types of money laundering and applies it in a "test format" against three methods of money laundering to create, for the first time, a holistic or macro appreciation of the interconnected series of events, activities and behaviours which exist beyond the characteristics routinely captured in money laundering typology reports. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the behavior of investigating officers in performance of their official duties of conducting inquiries and investigations of money laundering cases and their views about real problems and issues encountered during such investigations. Design/methodology/approach: In total, 15 interviews were conducted with Inland Revenue Service (IRS) investigating officers and money laundering experts, whose responses were subjected to qualitative content analysis. Observation method was also used by the researcher during the whole process of investigation in multiple cases of money laundering investigations. Rationale for conducting qualitative study is to acquire original information from respondents which may not have been possible through a closed-ended questionnaire. Findings: Findings of the study reveal that change in the behavior of investigating officers may result in better performance by way of conducting money laundering investigations in an effective and efficient manner. And the behavior of investigating officers may be changed by addressing the problems and issues encountered by them while at work and conducting anti money laundering investigations, better performance of investigating officers may result in better performance of investigating agency which may portray better image of the government in combating against terrorism financing and money laundering. Research limitations/implications: Findings of the study are limited to the perspectives of 15 interviewees. For this reason, it is probable that a study with a larger sample conducted in other offices of IRS Intelligence as well as other investigating agencies could have provided different or more concrete results. Practical implications: Evidently, the addressal of such issues may invariably enhance the effective enforcement of money laundering activities by way of improving the performance of investigating officers in performance of their duties relating to money laundering investigations. It also provides legislators and money laundering investigating agencies with valuable insight into the whole process of money laundering investigations and challenges encountered by investigating officers. By enhanced understanding the specific problems of investigations, the enabling authorities should be able to more effectively combat both money laundering and terrorism financing. Originality/value: This is the first study, to the best of the author's knowledge, which tries to explain the behavior of investigating officer toward their work and their perceived understanding of the problems being faced while conducting investigations in money laundering. [ABSTRACT FROM AUTHOR]

Purpose: This paper advocates the use of graph database platforms to investigate networks of illicit companies identified in money laundering schemes. It explains the setup of the data structure to investigate a network of illicit companies identified in cases of money laundering schemes and presents its key application in practice. Grounded in the technology acceptance model (TAM), this paper aims to present key operationalisations and theoretical considerations for effectively driving and facilitating its wider adoption among a range of stakeholders focused on anti-money laundering solutions. Design/methodology/approach: This paper explores the benefits of adopting graph databases and critiques their limitations by drawing on primary data collection processes that have been undertaken to derive a network topology. Such representation on a graph database platform provides the opportunity to uncover hidden relationships critical for combatting illicit activities such as money laundering. Findings: The move to adopt a graph database for storing information related to corporate entities will aid investigators, journalists and other stakeholders in the identification of hidden links among entities to deter activities of corruption and money laundering. Research limitations/implications: This paper does not display the nodal data as it is framed as a background to how graph databases can be used in practice. Originality/value: To the best of the authors' knowledge, no studies in the past have considered companies from multiple cases in the same graph network and attempted to investigate the links between them. The advocation for such an approach has significant implications for future studies. [ABSTRACT FROM AUTHOR]

Purpose: Although economists and academics have studied money laundering for several decades, there continues to be gaps in the research due to a lack of reliable data on money laundering activity, and a lack of detailed sources and methods of collection in government-based reporting. The purpose of this study is to apply the Walker-Unger gravity model and examine US-based money launderer preference for the 2000-2020 time frame. This paper then compares those results with previous applications of the model and identifies trends, which may serve as the foundations of a money launderer preference theory. The results of the investigation ranked countries by preference of US-based money launderers and determined that there was consistency in country destination preference even during recessionary periods. Design/methodology/approach: The Walker–Unger gravity model as applied by Roman et al. (2021) is used to conduct the investigation, to maintain consistency in the application of the Walker–Unger model and further the objective of validating the attractiveness simulation. The model tests the predictive capability of the independent variables to establish the degree of attractiveness each country represents for the funds of US-based money launderers. A score is generated by the model, which is then used to analyze and interpret its significance in relation to all sampled countries. Findings: Model results reveal the countries with the highest attractiveness for US-based money launderers during 2000–2020 were Australia, the Bahamas, Bermuda, Canada, Cayman Islands, Norway, Monaco, Puerto Rico, Switzerland and the USA. Model results show that over the two decades the proportion of money flow scores changed but not to a degree that would alter the country preference of US-based money launderers. US-based money launderers tended to use the same countries for their illicit financial activities, regardless of the state of the legitimate economy. Research limitations/implications: One of the limitations of the model is that it does not show the effect of money laundering on legitimate economic activity. Practical implications: The model results will give insight into the preferred destination of US-based money launderers and therefore frame one component of money laundering activities in the USA for the examined time period. Social implications: A secondary objective of this study is to evaluate if any changes to US-based money launderer preferences occurred during the three most recent periods of economic downturn in the USA. Originality/value: The model results will give insight into the preferred destination of US-based money launderers and therefore frame one component of money laundering activities in the USA for the examined time period. A secondary objective of this study is to evaluate if any changes to US-based money launderer preferences occurred during the three most recent periods of economic downturn in the USA. The periods chosen are the 2001 9/11 terrorist attacks, the 2007/08 global financial crisis and the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to consider the effect of the Prevention of Money Laundering Act (PMLA), 2002 on the property rights of third parties, by evaluating whether the interpretation of the scheme of the PMLA, 2002 results in a deprivation of rights, by virtue of the provision for the provisional attachment of property.[AQ3] In doing so, this paper attempts to consider two sub-categories of third parties that stand affected by §5 of the PMLA, 2002. Design/methodology/approach: Primarily the authors analyse diverging judgements and case law across various high courts to evaluate the position of law with regards to attachment of property. To reach a precise legal conclusion, the authors consider the composite scheme of the PMLA, 2002 in their analysis. Findings: It has been concluded that there is a clear lack of judicial cohesion in the interpretation of the PMLA, 2002, and in the absence of a judgement by the Supreme Court of India, enforcement authorities have failed to correctly identify the boundaries of the offence of money laundering, resulting in a dangerous deprivation of rights. Originality/value: This paper fills a vacuum of detailed scholarship on anti-money laundering provisions in India, while also being contemporaneously relevant, as it considers the effects of the PMLA, 2002 on bona fide economic transactions and secured creditors. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to illustrate threefold how hawala banking poses a problem for Swiss banks implementing anti-money laundering (AML) and anti-terrorist financing (ATF) policies as a fulfilment of Switzerland's UN commitment. Design/methodology/approach: The first author interviewed compliance officers and suspected criminals on hawala banking mechanisms. The authors formally recorded interviews with compliance officers, but interviews with suspected criminals were not recorded to maximize their potential forthrightness. In total, the authors conducted 70 formal interviews and developed a questionnaire based on this, which was sent to 200 compliance officers. The authors subjected the interviews to qualitative analysis and developed a system of categories that the authors assessed by means of triangulation. By substantiating proposed theoretical challenges with empirical findings, future recommendations for regulatory procedures are based on analytical evidence. Findings: This study finds that hawala presents significant challenges for AML and ATF policies. Whilst it is possible to mediate the first two challenges laid out herein, it is the third hurdle that proves insurmountable. Ultimately, tolerating hawala banking passively counteracts any active effort made by implementing AML and ATF policies. Originality/value: Whilst the existing literature sufficiently connects hawala banking to terrorist financing, this study details how existing compliance measures are circumvented and the implications on the perceived commitment of Switzerland against financial crime. [ABSTRACT FROM AUTHOR]

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

The article focusen on interview with Céline Chazelas-Baur, a policy officer at the European Commission, discussing the 2022 European Union (EU) Action Plan against Trafficking in Cultural Goods. Topics include the tools available to combat cultural goods trafficking, the reception of the action plan by EU Member States and art market actors, and the implementation of its strategic objectives.

FTX’s recent collapse highlights the overall instability that blockchain assets and digital financial markets face. While the use of blockchain technology and crypto assets is widely prevalent, the associated market is still largely unregulated, and the future of digital asset regulation is also unclear. The lack of clarity and regulation has led to public distrust and has called for more dedicated regulation of digital assets. Among those regulatory efforts, tax policy plays an important role. This Essay introduces comprehensive regulatory frameworks for blockchain-based assets that have been introduced globally and domestically, and it shows that tax reporting is the key element of those regulatory frameworks. Furthermore, this Essay argues that tax reporting and transparency requirements can significantly stabilize the digital financial market and provide additional funding for much-needed regulatory programs through increased tax compliance. Tax reporting requirements have been effective tools in traditional financial markets. By replicating such policies in the digital financial market, the market would significantly improve. These requirements would help combat money laundering and tax evasion. Also, reporting requirements that target both financial institutions and taxpayers would increase tax compliance and lower administrative burdens. The requirements also have the potential to generate revenue, which can fund additional regulatory developments. For these reasons, tax reporting requirements could be an important tool whose utilization would bring much needed stability to digital assets and the market. [ABSTRACT FROM AUTHOR]