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The article is devoted to the problems of the development of a system for combating the legalization of income obtained illegally in the context of digitalization of banking activities. The concept of the effectiveness of the anti-money laundering system was considered. The expediency of using the utility approach for modeling the effectiveness of the system for combating money laundering has been determined. The indicator of the effectiveness of the system of combating money laundering was chosen as the share of indictments sent to the court in the total number of criminal offenses for which pre-trial investigation was carried out in the corresponding period. The first alternative of choice — the focus on the development of identifying suspicious financial transactions is characterized by the indicator Share of criminal offenses for which pre-trial investigation was carried out per one transaction report submitted to the State Financial Monitoring Service. The second alternative of choice — the development of innovative technologies, is characterized by the indicator of the Level of digitalization of the economy. The input data are the indicators on the crime rate in Ukraine, the work of the pre-trial investigation bodies, obtained from the State Financial Monitoring Service of Ukraine, the General Prosecutor's Office of Ukraine and the State Statistics Service of Ukraine, suspicious financial transactions and the number of Internet subscribers. On the basis of the calculated autocorrelation coefficients of zero differences and determination of their statistical significance, a nonlinear function of the relationship between mictoramas was selected. Using the Stone-Geary utility function, which for the selected input data took the form of a Cobb-Douglas power function, the degree of response of alternative approaches to improving the effectiveness of the system of combating criminal proceeds was determined. The degree of digitalization of the economy has a high level of elasticity. Therefore, to increase the effectiveness of the system of combating money laundering, it is necessary to develop innovative information technologies in the field of FinTech. Keywords: bank, countering the legalization of criminal proceeds, the utility function of Stone-Geary, the Cobb-Douglas function, the effectiveness of combating the legalization of criminal proceeds, the digitalization of the economy. JEL Classification C49, O17, O33, G21, G14 Formulas: 4; fig.: 5; tabl.: 0; bibl.: 32.

Efforts to launder money and finance terrorism have been evolving rapidly in recent years in response to heightened countermeasures. The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through financial systems across the globe and has acknowledged the need for improved multilateral cooperation to fight these criminal activities. This second edition is to serve as a single, comprehensive source of practical information for countries to fight money laundering and terrorist financing. It discusses the problems caused by these crimes, the specific actions countries need to take to address them and the role international organizations play in the process. The report is organized as follows: Part A of this Reference Guide describes the problem of money laundering and terrorist financing, their adverse consequences, and the benefits of an effective regime. It also identifies the relevant international standard-setting organizations and discusses their specific efforts and instruments that fight these activities. Part B describes the various elements that are part of a comprehensive legal and institutional framework for anti-money laundering and combating the financing of terrorism for any country. This part of the Reference Guide is a step-by-step approach to achieve compliance with international standards, although it does not dictate the specific methods or actions to be adopted. Rather, it raises the issues that must be addressed and discusses the options that a country has in order to resolve these issues. Part C describes the role of the World Bank and International Monetary Fund (IMF) in the global effort and the coordination of technical assistance available to countries in order to help them achieve compliance with international standards. Each chapter is a self-contained discussion of the topics covered in that chapter with detailed references to background and original source materials. Annexes I, II and III provide complete citations to reference materials.

Purpose This paper critically examines the recent legislative initiative of the European Union (EU) – the new Directive 2024/1260 on asset recovery and confiscation. It focuses particularly on the provisions that revamp Asset Recovery Offices (AROs) as part of the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) strategy. This paper aims to explore why the reform of AROs was considered necessary; highlight the key objectives, rules and principles governing AROs; and discusses the challenges and opportunities that arise as AROs are strengthened. Design/methodology/approach This paper draws on reports, legislation, legal scholarship and other open-source data on the EU legislative initiative to enhance the role and effectiveness of AROs in AML/CFT. Findings The new Directive 2024/1260 on asset recovery and confiscation establishes a comprehensive framework for AROs, aimed at improving their effectiveness and cooperation. If organizational challenges are properly addressed, AROs will greatly strengthen the EU’s capabilities in the field of AML/CFT. Originality/value To the best of the author’s knowledge, this study is the first to explore the new roles and powers of AROs under Directive 2024/1260 on asset recovery and confiscation, providing a critical analysis of how the Directive addresses longstanding inefficiencies in asset recovery. It examines the harmonization of AROs’ powers, enhanced mechanisms for cross-border cooperation and improved access to data resources. The study assesses the challenges and opportunities related to AROs operation, offering insights into the Directive’s transformative potential for combating crime within the EU.

Drawing on information taken from a recent Transcrime report on “Mafia Investments”, this article discusses the following topics: 1) the expansion of Italian mafias in Italy; 2) their criminal activities and related revenues; 3) how and where mafias invest these revenues. Going beyond the Transcrime report, this article will conclude by considering the changes in mafia business that may open the way to more effective policies against organized crime in the future.

Purpose Money laundering is a complex issue which has been ongoing for many years globally. Developed and developing countries form anti-money laundering regime in the view to combat these ever-challenging criminal activities. Laundering of money involves the hiding and cleaning of “dirty money” derived from unlawful activities. Malaysia has come up with its own regime of anti-money laundering. Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) provides power to forfeit proceeds at the end of proceedings. This paper aims to investigate whether the current civil forfeiture regime in Malaysia is effective in fighting against money laundering. Design/methodology/approach This paper will be based on a doctrinal research where reliance will mainly be on relevant case laws and legislations. AMLATFA is the primary legislation which will be utilised for the purpose of analysis. Findings Despite the enactment of AMLATFA, little study has been carried out on the effectiveness of civil forfeiture regime under Malaysian anti-money laundering laws. Furthering into forfeiture of criminal proceeds, the findings show that forfeiture provisions are the recent law enforcement strategy to fight against crimes. It is implicit that this strategy is more efficient than the conventional approach, which only focused on punishing the individual criminal but failed to diminish the criminal operations as a whole. Originality/value Strengths and weaknesses of AMLATFA are identified where it is less comprehensive in terms of offences covered and standard of proof. With that, this paper analyses the civil forfeiture regime under the Malaysian anti-money laundering laws. This paper would also offer some guiding principles for academics, banks, their legal advisers, practitioners and policymakers, not only in Malaysia but also elsewhere. Anti-money laundering laws can further be improved by being a better and established civil forfeiture regime where Malaysia will be able to discharge its duties well on forfeiting benefits from criminals.

\"Combating Money Laundering and the Financing of Terrorism: a Comprehensive Training Guide\" is one of the products of the capacity enhancement program on Anti-Money Laundering and Combating the Funding of Terrorism (AML/CFT), which has been co-funded by the Governments of Sweden, Japan, Denmark, and Canada. The program offers countries the tools, skills, and knowledge to build and strengthen their institutional, legal, and regulatory frameworks to successfully implement their national action plan on these efforts. This workbook includes seven training course modules: effects on economic development and international standards (module one); legal requirements to meet international standards (module two); regulatory and institutional requirements for AML/CFT (module three a ); compliance requirements for financial institutions (module three b); building an effective financial intelligence unit (module four); domestic (interagency) and international cooperation (module five); combating the financing of terrorism(module six); and investigating money laundering and terrorist financing (module seven).

This article summarises briefly what is known internationally about how ‘organised crimes’ are financed and how this differs from the financing of licit businesses. It shows how illicit financing might and does operate, noting that a key issue is the social capital of offenders and their access to illicit finance which ironically, may be easier if controls make it harder to launder money. It then reviews international evidence on how proceeds of crime are laundered, concluding with an examination of the implications of these observations for the study of organised crime and the effects of anti-money laundering efforts. In money laundering cases internationally, the most commonly prosecuted cases are not complicated. This is not evidence that there are no complicated cases, since the proportion of crime proceeds and crime financing that have been subjected to serious investigation is modest. There is a core contradiction between general economic policy pushed hard multilaterally for liberalisation of financial flows and a crime control policy intent on hampering them. No-one could rationally think that AML controls in general or financial investigation in particular will ‘solve’ organised crime completely or eliminate high-level offending: for there even to be a chance to achieve that, there would need to be a step change in transparency and effective action against high-level corruption along all possible supply chains. However more action (not just legislation) on these could facilitate interventions against the more harmful individuals, networks and crime enablers. The less complex financial activities of local drug-dealing gangs can be intervened against, without needing international cooperation or familiarity with sophisticated money laundering typologies.

The article discusses the ultimate limits of crime proceeds control measures from the perspective of the proportionality principle. The concept of the general illicit enrichment offence (GIEO) is explored as it is considered one of the most radical illicit asset control measures. It is based on two extreme elements: first, it reaches broadly beyond the all-crime proceeds approach and targets any unexplained assets. Secondly, it provides highly intrusive measures, involving both the confiscation of assets and, in addition, criminal sanctions. The advantages and risks of the concept are examined from both practical and basic legal principle perspectives. The author presents recent results from the Lithuanian penal justice system, where the GIEO has been introduced into penal law and practice since the end of 2010. A rich body of case law from the European Court of Human Rights (ECtHR) and European Union Court of Justice (EUCJ) serves as the background of the analysis. The author concludes that the concept of GEIO is in conflict with the proportionality principle. Although the Lithuanian Constitutional Court did not find proportionality issues with the GIEO, the prospects of successful challenges with respect to the proportionality principle in the ECtHR and the EUCJ appear promising.

Purpose The purpose of this paper is to paint a general picture of the asset confiscation regimes used in Europe and to outline potential challenges, practical and related to issues of principle, associated with the current development with regard to the confiscation of the proceeds of crime and criminals’ proceeds. Design/methodology/approach The paper endeavours to analyse the various steps of the confiscation process, and the various approaches to the confiscation of proceeds of crime and criminals’ proceeds from a holistic perspective. The findings of the paper are based on a literature review along with a legal analysis of the existent legal frameworks. Findings It is suggested that the efficiency of asset confiscation should be looked at from a holistic perspective involving the entire confiscation process, and not only focus on the confiscation powers awarded to the courts. Challenges relating to efficiency exist along the entire process, from the stage of financial investigations to the enforcement stage. Some of the methods used for confiscating criminal proceeds are becoming very far-reaching and raise concerns related to basic principles of criminal law and criminal procedural law. Research limitations/implications This paper is not based on empirical research relating to, for example, the efficiency of confiscation. More empirical research would, however, be welcome in this field. Practical implications The paper suggests that the efficiency of asset confiscation is contingent on the entire confiscation chain functioning efficiently. Before new and more repressive measures are introduced, the existing legal framework should be fully deployed and the concrete needs for new tools clearly delineated. Originality/value The paper analyses confiscation with a view to the entire chain rather than merely looking at a particular confiscation scheme.

This article delves into the intricacies of managing illicit financial gains among Ivorian cyberfraudsters, shedding light on the findings of a field study conducted in Côte d’Ivoire by Swiss and Ivorian research teams. The study involved interviews with cybercriminals, law enforcement officials, and subject matter experts, in order to answer a specific question: What strategies do Ivorian cyberfraudsters use to manage and launder the criminal proceeds originating from romance scams and sextortion? The results explore the tactics employed by cyberfraudsters to obfuscate the illicit financial flows, their organizational structures, and the strategies they employ in managing and using their gains. It confirms certain elements from the scientific literature, in addition to introducing new insights for a better understanding of the processes of money laundering and the use of illicit funds. The article also unravels the multifaceted challenges encountered within the anti-money laundering framework in the context of cybercrime and raises avenues for further reflection and future work to enhance the fight against this scourge.