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This book provides a detailed examination of anti-money laundering policies and legislative frameworks in a number of jurisdictions and considers how successful these jurisdictions have been in implementing international measures to combat money laundering. Looking at the instruments and proposals put in place by a number of institutions including the United Nations (UN), the Financial Action Task Force (FATF) and the European Union, the book begins by reclassifying and expanding the traditional global anti-laundering policy to include aspects such as having a national money laundering strategy in place, the implementation of international instruments and the role of government and regulatory agencies. Ryder then offers a comparative analytical review of the anti-money laundering policies adopted in the United States of America, Canada, the United Kingdom and Australia and considers to what extent they have followed and implemented the identified global anti-money laundering policy. Money Laundering – An Endless Cycle? will be of particular interest to academics and students in the fields of Law, Finance, Banking and Criminology.
Economic crime is a significant feature of the UK’s economic landscape and yet despite the government’s bold mission statements ‘to hold those suspected of financial wrongdoing to account’ as part of their ‘day of reckoning’ and ‘serious about white-collar crime’ agenda, there is a sense that this is still not being done effectively. This book examines the history of the creation of the UK’s anti-economic crime institutions and accompanying legislation, providing a critique of their effectiveness. The book analyses whether the recent regulatory regime is fit for purpose as well as being appropriate for the future. In order to explore how the UK’s economic crime strategies could be improved the book takes a comparative approach analysing policy and legislative responses to economic crime in the United States and Australia in order to determine whether the UK could or should import similar structures or laws to improve the enforcement of UK economic crime.
This book examines the interpretation of the risk-based approach (RBA) and its application across the banking industry. It explores the ways conflicting risk interpretation and deconstruction of money laundering risk have unintended consequences across the banking industry. Furthermore, it offers a theoretical framework that can be adopted and implemented by risk practitioners to address money laundering (ML) risks. The interpretation and application of the RBA influences the way money laundering risk is perceived, presented, and managed, often resulting in misalignment among stakeholders. Moreover, AML practitioners interpret money laundering (ML) risk as an entity that can be contained, largely in ignorance of the fact that ML risk is self-referential. The book therefore addresses complex inter-system feedback phenomena that lead to de-risking and re-risking, and offers a new ML risk communication framework on this basis. It will be of value to researchers and also to stakeholders within financial institutions, financial intelligence units and regulators in the fight against money laundering.
This book provides a distinctive and critical analysis of the anti-money laundering (AML) measures that have been put in place in Türkiye and the United Kingdom. The work presents a comparative analysis of if, and to what extent, the AML regimes in these jurisdictions are fit for purpose in countering some of the most pressing predicate crimes. It investigates the AML regimes relating to tackling the riskiest/most prevalent predicate crimes, that is, drug trafficking and tax crimes, thereby filling a significant gap within the current literature. The study provides insights into the effectiveness and efficiency of national AML frameworks adopted by Türkiye and the UK in addressing distinct crimes, thereby identifying essential features of an optimum AML ecosystem that could effectively address predicate crimes regardless of their nature. This novel approach offers a detailed analysis of the law in books and law in practice elements of the AML regimes in Türkiye and the United Kingdom which will set the tone for conducting similar studies in other jurisdictions. The book will be of interest to academics, researchers and policy-makers working in the areas of Financial Crime, Law Enforcement and Comparative Law.
This book critically analyses the role of the United Arab Emirates Financial Intelligence Unit (FIU) in the Suspicious Activities Reports regime. The author pays particular attention to its functions and powers in dealing with Suspicious Activities Reports and relevant requirements imposed upon the reporting entities. In the analysis, the author also compares the United Arab Emirates FIU model to the United Kingdom FIU model. In addition, the book investigates whether the current United Arab Emirates FIU model complies with the relevant international recommendations developed by the Financial Action Task Force in relation to the establishment of the unit, as well as its powers and functions. This book suggests that more can be done to improve the current functions and powers of the United Arab Emirates FIU in an international context. Furthermore, the author suggests that the functions and powers of the United FIU model both comply with the international requirements and beneficially extend beyond their directives.
Adopting a mixed-methods approach, this book assesses the role of soft law as a technique to repress and prevent money laundering. The consequence of the combination of a non-traditional subject matter with the limitations of traditional international law instruments has meant that lawmakers seeking international solutions to the problems of money laundering have had to innovate. This book addresses two fundamental issues in the context of existing international and domestic responses to the problem of money laundering that have hitherto been neglected. These include the nature of the treaty obligations to criminalise money laundering, and the role of soft law as a technique to regulate it globally. The book concludes that international legal harmonisation and approximation of domestic anti-money laundering law through soft law remains helpful in addressing this pressing problem. The book will be of interest to academics, researchers, and policy-makers working in the areas of Financial Crime, Anti-Money Laundering Law, Regulation, International Soft Law, and Comparative Law.
This book provides practical recommendations on how to improve the effectiveness and efficiency of AML compliance by introducing the theory, framework and approach for dealing with the concerns of Money Laundering Reporting Officers (MLROs) within the UK banking industry. Accordingly, Bello focusses on providing a theoretical explanation of compliance behaviour which is inadequately covered. Although the research is centred on MLROs within the UK banking industry, the self-protecting theory discovered from the research has general application to other compliance officers within and outside the UK. It is also applicable to regulatory environments in other economic sectors. The choice of MLROs and the UK as the focus of the study was because these individuals are arguably the most important stakeholders in AML and the UK is one of the largest financial centres in the world that provides opportunity for money laundering activities. A methodological and detailed study, this book will be of particular interest to practitioners and the regulatory authorities, as well as scholars of criminology and finance.
During the last few decades, corrupt financial practices were increasingly being monitored in many countries around the globe. The past few decades have been eventful for these issues. Today, tackling money laundering and terrorism financing are considered key issues in developed and developing countries alike. Eradication of money laundering and terrorism financing through a holistic approach of awareness, prevention, and enforcement is a current need. It has enabled the birth of new regulatory regimes based on strict compliance, robust processes, and technology. One of the many problems with this is the lack of general awareness about all these issues among various stakeholders including researchers and practitioners. Money Laundering and Terrorism Financing in Global Financial Systems deepens the discourse about money laundering, terrorism financing, and risk management in a modern-day environment. It provides a fascinating and invaluable guide for understanding the theory, practice, and cases of these topics. Split into two sections, the first being money laundering and terrorism financing and the second being financial governance and risk management, the chapters create comprehensive knowledge on these acts of crime in the financial industry by defining the crimes themselves, the many challenges and impacts, and potential solutions. This book is ideal for government officials, financial professionals, policymakers, academicians, business professionals, managers, IT specialists, researchers, and students.
This book analytically reviews the impact of the global anti-money laundering and counter-terrorist financing (AML/CFT) framework on the compliance trajectory of a number of jurisdictions to this framework. The work begins by examining the international financial sector reform and its evolution to inculcate the global framework for AML/CFT regulations. It challenges the resulting uniform AML/CFT due to its paradoxical impact on the compliance trajectory of African countries and emerging economies (ACs/EEs). This is done through an examination of the pre-conditions for effective regulation and compliance drivers for ACs/EEs that reveals the behavioural impact of the AML/CFT standards on the bloc of countries. Through the application of agency theory, it explores the relationship between ACs/EEs on the one hand and the international financial institutions that formulate, disseminate and facilitate compliance with the global framework for AML/CFT standards on the other. The remaining chapters review empirically the compliance pressures and resulting compliance trajectory of ACs/EEs with the AML/CFT standards. The final part of the book provides a detailed explanation of the compliance challenges of ACs/EEs and the legitimacy concerns that facilitate this. This book offers a new direction on the impact of global AML/CFT standards on ACs/EEs and contributes to the understanding of the conditions under which the global standards are likely to facilitate proactive compliance within these blocs of countries. As such it will be a valuable resource for academics, researchers and policy-makers working in this area.
Examining the consequences of technology-driven lifestyles for both crime commission and victimization, this comprehensive Handbook provides an overview of a broad array of techno-crimes as well as exploring critical issues concerning the criminal justice system’s response to technology-facilitated criminal activity.