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Purpose This paper aims to focus on the concept of money laundering and explores the evolution and expansion of criminalization of predicate offences to the money laundering within the international anti-money laundering (AML) regime over the time. It proposes how to limit the size and scope of predicate offences in designing a balanced legal definition. Design/methodology/approach This paper opted a content analysis focussed on the criminalization aspect of offences to money laundering in the international AML regime under the United Nations Conventions (Vienna, Palermo and Corruption Convention) and Financial Action Task Force Standards. Findings This paper provides how the criminalization of money laundering has evolved and its definition expanded over the time. The international definition is widely drafted with wide range of predicate offences from proceeds of drug money to corruption, including terrorist financing and terrorist acts; however, the two phenomena – money laundering and terrorist financing are quiet distinct apart. This continual expansion of predicate offences quite leads legality issues such as over-criminalization and conflict with principles of criminal law. This paper suggests an approach to limit the size and scope of predicate offences to money laundering. Practical implications This paper includes implications for the development of a balanced approach in defining predicate offences through a qualitative limitation approach consistent with the minimalist theory of penalization of criminal law. Originality/value This paper attains an identified issue how the legal definition of the money laundering offence can be improved while considering rule of law and principles of criminal law concerns.

Purpose The purpose of this paper is to study the impact of global anti-money laundering and countering the financing of terrorism (AML/CFT) standards on combating money laundering and terrorist financing (ML/TF) efforts. This study will assess the impact of AML/CFT legal framework as well as the effective implementation of the framework on combating crimes. Design/methodology/approach The author develops an AML/CFT effectiveness index using the results of 11 immediate outcomes in mutual evaluation reports to measure the overall effectiveness of regimes in combating ML/TF. In addition to this index, the AML/CFT compliance index is used to measure the strength of the AML/CFT legal framework of countries. A model was developed and tested to measure the impact of the AML/CFT legal framework and its effective implementation on corruption, bribery, terrorism and crimes. Findings The results suggest that the effective implementation of the AML/CFT legal framework is important to combat ML/TF. The existence of a sound AML/CFT legal framework alone will not be sufficient to combat ML/TF. Therefore, countries are required to implement their legal framework effectively to achieve the AML/CFT goals of the country as well as the global policymaker. The empirical results show a significant relationship between the AML/CFT effectiveness index with the proxies the author used to capture corruption, bribes and crimes. Considering the wide range of implications of the crimes, which are related to ML/TF, this study suggests the global policymakers to further strengthen the monitoring mechanism of AML/CFT deficient countries to protect the global financial systems from criminals. Practical implications There is a dearth of studies on the impact of the effectiveness of the AML/CFT regime on combating ML/TF. Therefore, this study will lay the foundation for future studies on measuring the effectiveness of an AML/CFT regime. More appropriate measures will be developed in the future based on this foundation. Originality/value This paper is an original work done by the author, which discusses the impact of Financial Action Task Force standards on combating ML/TF. The AML/CFT effectiveness index is the original idea of the author, which can be used as a quantitative measure to capture the effectiveness of the AML/CFT regimes in future studies.

Corporate criminal liability enforcement represents the worldwide response to multiple international solicitations that aimed at repressing the crime committed by the legal entities. In the Italian legal system, the issuance of Legislative Decree n° 231 of 8 June 2001 has introduced a specific discipline of corporation criminal liability, that incentivizes – and does not oblige – the adoption of organizational structures aimed at preventing the risk of committing certain crimes. The liability of the corporation requires the existence of four prerequisites: the commission of one of the predicate offences; the qualified relationship of the offender with the corporation; the circumstance that the offence was committed «in the interest» or «to the advantage» of the corporation; finally the failure to adopt a model to prevent the commission of the offences, under the supervising of an ad hoc Supervisory board. The adoption and correct implementation of the MOG 231 entails several forms of exemption from liability for committing crimes, according to the so-called Carrot and Stick Approach. Despite frequent worldwide regulatory measures, the notion of corporate criminal liability continues to be questioned. So, in the Italian legal system the quantitative increase of offences has not always been accompanied by a qualitative improvement in Decree n° 231. Therefore, it would be advisable a systematic revision of the discipline, rethinking the heavy sanctioning system, in order to reaffirm the need for the diffusion of a real “231 culture”.

Purpose This study aims to determine the applicability of the placement-layering-integration model of money laundering (ML) in the South Asian context with emphasis on Pakistan by analysing different ML typologies. Design/methodology/approach This study applied content analysis in the first step. It explored three primary documents concerning ML typologies: Asia Pacific Group’s yearly reports on ML typologies from 2010 to 2021, the mutual evaluation reports and the National Risk Assessment of Pakistan. In the second step, expert interviews were recorded, and NVivo was used for data management and analysis. Findings This study found primary predicate offences: corruption, tax crimes, smuggling and drug and human trafficking. Pakistani launderers often use traditional typologies, including cash smuggling, round-tripping, multiple bank accounts, investment in real estate (in Pakistan and Dubai) and hawala. However, cybercrimes, cyber laundering and trade-based ML are rising. The politically exposed persons are involved in most of the laundering cases. Originality/value Rare studies specifically address the south Asian typologies and the limitations of the placement, layering and integration model. Therefore, there is a need to understand the current typologies used in developing, less regulated and undocumented jurisdictions like Pakistan.

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.

The purpose of the study is to identify the main reasons of money laundering in Bangladesh among the twenty seven predicate offences of money laundering prescribed by Bangladesh Bank and position of Bangladesh among South Asian Countries regarding anti-money laundering practices. Besides, an anti-money laundering model has been developed to combat against money laundering as 14 percent bankers think that only existing know your customer form and transaction profile of banking sector are not enough to detect money laundering. To conduct the study, 91 bankers have been surveyed to take response through structured questionnaire regarding their opinion about the predicate offences of money laundering and sufficiency of existing KYC form of banking sector to detect money laundering. From the responses, factor analysis, test of hypothesis, correlation and regression analysis have been conducted using SPSS software. The study identifies that predicate offences of money laundering can be minimized mainly through scrutinizing the activities of local criminals with foreign network and strict anti-corruption measures through automation in National Board of Revenue, strict policy adoption of criminal detection and support from foreign experts. Besides, regression model shows that only six predicate offences of money laundering explains 87.2 percent of money laundering that should get more emphasize to combat against money laundering. From the comparative analysis, it has been found that Bangladesh in holding better position just after India among six South Asian Countries according to Basel AML Index score. This study provides a complete understanding of the position of Bangladesh in case of money laundering and anti-money laundering practices. The integration of four domains, i.e. AML model development, factor analysis, econometric analysis and comparative analysis of AML index will provide insights to managers and policy makers about the money laundering scenario in Bangladesh.

Purpose The purpose of this paper is to discuss the possible money laundering threats in fair value accounting practices giving particular attention to the list of predicate offences under recommendations of Financial Action Task Force (FATF). Design/methodology/approach This paper discusses case studies related to global accounting scandals and link outcomes of those scandals with the list of predicate offences given in FATF recommendations to build propositions. Findings The analysis reveals that legal proceedings on major accounting scandals show that legal proceedings have been restricted owing to a lack of evidence because of the technicality of frauds. Often the authorities have failed to prove cases under the list of current predicate offences which can be linked to accounting malpractices, i.e. fraud. Therefore, policymakers are required to revisit the list of predicate offences and the feasibility of considering accounting malpractices as a predicate offence to strengthen the corporate governance practices in regulated institutions. The adoption of fair value accounting practices provides opportunities to managers to adopt earnings management practices under a fair value accounting regime to maintain stable performance. The fair value practice recognizes unrealized gains which are not based on transactions giving bank managers an opportunity to repeat the outcomes of the discussed accounting scandals. Therefore, it is essential to criminalize accounting malpractices to strengthen the corporate governance practices in the banking industry and prevent possible accounting scandals. Research limitations/implications This study was designed to discuss the implications of fair value accounting practices on possible opportunities of money laundering. This paper provides only a viewpoint based on the analysis. Therefore, an empirical analysis is required to establish the authors’ views in a fair value accounting regime. Originality/value This paper is an original work done by the authors which discuss the implications of fair value accounting practices on possible money laundering. The views are original ideas of the authors in this context.

One of the powers held by many, but not all, Financial Intelligence Units (FIUs) is the administrative power to order the postponement of reported suspicious transactions as a means of preventing the flight of suspect funds or assets beyond the reach of national law enforcement and prosecutorial authorities during the time it takes for those national authorities to seek and obtain a freezing or seizing order from the judicial or other competent authorities. The main objectives of this study are to: inform the policy discussion on the postponement power; and provide guidance to FIUs that already have, or are considering, acquiring the power to postpone suspicious transactions with a view to improving their existing postponement regimes or shaping new ones. This joint study was intended to capture the widest possible cross section of FIUs. However, the highest numbers of respondents were from European countries. While the study had no control over the response rate, the respondent FIUs are nonetheless representative of the overall population of FIUs on dimensions such as type and size of FIU and geographic representation, and provide valuable information relevant for all FIUs with postponement power. This report presents the results of the above-mentioned study, which, among other things, shows the existence of a wide range of practices and arrangements, and some gaps or omissions, in respect of a number of important aspects of the FIU power to postpone suspicious transactions. The study also indicates that only a relatively small proportion of FIUs with the power to postpone suspicious transactions are regular users of this power, while a substantial number have not used the power at all during the three-year period covered by the study, or have done so infrequently. In addition, this report presents a number of recommendations to help FIU practitioners and policy makers establish or strengthen effective legal and operational mechanisms for the postponement of suspicious transactions, while taking into account the international FIU standards, and the rule of law, in order to ensure that the fundamental rights of all those concerned are effectively protected. Finally, this report includes a number of sanitized cases provided by FIUs.

\"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).

Despite the increase in the study of women and crimes committed by them, investigations continue to be scarce. Self-control and psychopathy have been widely studied in incarcerated populations, though more frequently in males than females. This study examines these psychological variables related to substance use history and violent crime in a sample of 94 incarcerated women in Portugal. Participants completed a sociodemographic questionnaire, the Self-Control Scale, and Levenson’s Self-Report Psychopathy Scale—VP. We found average self-control levels, with lower scores among participants with substance use. Significant differences in self-control emerged between women who committed homicide and those who did not. Psychopathy scores were above average, with significant differences in Factor 2 (impulsivity) between those who committed homicide and those who did not. Self-control and psychopathy were negatively associated, and psychopathy predicted self-control. These findings, which are not entirely consistent with the literature, challenge common assumptions about self-control, psychopathy, and crime, particularly in incarcerated women, and suggest that different mechanisms may drive violent and non-violent crimes in women. These results reinforce the need to consider gender-specific pathways to crime, highlighting the urgency of continuing to investigate the manifestation, in women, of widely studied variables in male samples.