An Analysis on Prevalence of Money Laundering with the Challenges of Emerging Technologies in the context of theUnited Kingdom (original) (raw)

Money laundering in the IT era

Proceedings of the 1st International Conference on Social Sciences (ICSS 2018), 2018

This article was made with aim to criticize many legal reviews that happened because of the payment towards various property by using virtual currency such a bitcoin or known as cryptocurrency which arose crime method of digital money laundering. The study was implemented with normative method which involved with library study and there also approach in legislation issues along with conceptual approach that is money laundry concept, and cryptocurrency concept. The result of this article was the technology just like two sides of coin which had positive value and negative value. It arose new crime and also renewed the existing crime with more sophisticated concept like the problem that conveyed in this article concerning digital money laundry by using digital media and payment facility with virtual currency which had not had legislation yet and for it needed footprint digital for tracking digital money laundering. Conclusion, there were some lacks in tracking digital money laundering by using footprint digital media that need to be supported by all country and thay have to work together against money laundering with arrangement of anti-money laundering.

A critical appraisal of the law and practice relating to money laundering in the USA and UK

2017

This thesis critically appraises the disruptive effect of the law and practice relating to ML in the US and the UK on money laundering. This thesis concludes that the law and practice relating to ML in both jurisdictions do not disrupt ML. This thesis consists of six chapters. Chapter 1 introduces this work. It is this chapter that provides the synopsis of the whole work chapter by chapter. Chapter 2 critically analyses the law relating to ML in the US, which includes the main ML statutes – BSA 1970, MLCA 1986 and the Patriot Act 2001. In addition, chapter 2 also critically analyses other US laws that have application in disrupting ML. Chapter 3 critically examines the law relevant to ML in the UK. This chapter critically appraises the AML law under POCA 2002 and under MLR, the proceeds of crime law under POCA 2002, as well as other alternative laws that can be used to disrupt ML. The CFA 2017 enacted in April amended POCA substantially. Thus, this Chapter also analysis the major CF...

Money laundering, cybercrime and criminal responsibility of legal persons

REVISTA CAP JURÍDICA CENTRAL, 2019

Directives 2015/849, and 2018/843 on Money Laundering require continuous adaptations of the legal framework to respond to threats of the use of new technologies in money laundering. Directive 2018/843 extends the scope of Directive 2015/849 to providers engaged in exchange services between virtual currencies and fiat currencies as well as custodian wallet providers. Undoubtedly, the new payment systems facilitate money launderers’ criminal activity. These systems are better than cash for moving large sums of money, non-face to face business relationships favour the use of straw buyers, and false identities, the absence of credit risk, as there is usually a prepaid payment, discourages service providers from obtaining a complete, and accurate customer information, and the nature of the trade, and the speed of transactions make it difficult to control property or freezing. However, the development of technologies, including the internet, has unquestionable advantages involved and even...

The concept of money laundering: a quest for legal definition

Journal of Money Laundering Control

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 launderi...

Money Laundering in the Context of Information and Communication Technologies

2008

for all you have done for me over the past four years. Finally, and most importantly, I want to thank my family. A special thank you goes to my parents for always believing in me. But, especially, a big thank you to my wonderful wife Julie that has helped me through both the easy and hard times. You have offered nothing but encouragement that has pushed me to where I am today. I could not have done it without you. viii

Money laundering: The offense against the economy and a contemporary global phenomenon

Pravo - teorija i praksa

Money laundering as a form of economic crime is present in both national and international conditions. Despite a large number of definitions, we can say that money laundering refers to a circulation of illegally gained profits, during a shorter or longer period of time, in order to, in a cycle of transformation, at last gain ostensibly legitimate profits. The subject of analysis in this paper were the results of the judicial authorities in Serbia in criminal proceedings against adult perpetrators of crimes against economy. The representation of money laundering in Serbia is analyzed through its relationship with the number of adults and issued convictions for the group of criminal offenses against economy during the period from 2012 to 2015, and then, for all crimes on the territory of Republic of Serbia in that period of time. The given results indicate a very modest participation of this crime in the total crime in the country. This points out primarily two things. Namely, money laundering belongs to the group of transnational crime, and it is difficult to be detected and proved in subsequent proceedings. Furthermore, money laundering is among the crimes where there is a great "dark number", and there are many activities in this sphere beyond the reach of the justice system and official statistics.

The Development Of The Crime Of Money Laundering In The Industrial Revolution 4.0

Melayunesia Law

The development of globalization and technological advances affect the development of money laundering, which used to be a crime carried out conventionally, now money laundering can be carried out virtually so that it is increasingly difficult to detect and the reach of the national legal umbrella is difficult to investigate in increasingly blurred virtual world jurisdictions. This has become a major issue in the process of implementing Indonesian law against virtual money laundering which has caused huge losses to Indonesia's national financial system. The development of the era in the industrial era 4.0 currently has positive and negative impacts on people's lives. Along with these advances, the world of crime cannot be separated from the impact of the industrial era 4.0, one of which is money laundering which utilizes technological advances and system advances. The purpose of this study is to describe money laundering in the current digital 4.0 era. This research uses nor...

Money Laundering as a Financial Sector Crime

2013

Anti–money laundering regulations have been centred on the “Know-Your-Customer” rule so far, overlooking the fact that criminal proceedings that need to be laundered are usually represented by cash. This is the first study aimed at providing an answer to the question of how much of cash deposited via an official financial institution can be traced back to criminal activities. The paper develops a new approach to measure money laundering and then proposes an application to Italy, a country where cash is still widely ...

Money laundering, terrorist financing and new technologies: potential for misuse of new payment methods in the UK and Ireland?

2014

The increased popularity of Internet-based financial services has led to the introduction of many new innovations. Often described as New Payment Methods, they are frequently offered by providers outside the mainstream financial services industry. While offering improved services to a widened customer base, there is the potential for money laundering and terrorist financing usage, concerns recognised by the European Council. To explore potential misuse, this research focused on a range of new payment methods within the European Union. Analysis included their various features, practical usage and customer identity requirements. Two of the most popular and widely available new payment methods—prepaid credit cards and online payment systems—were selected for more in-depth analysis focusing on those available in the Republic of Ireland and the United Kingdom. This involved applying for, and/or purchasing relevant products and services, and assessing the customer identification and profi...

Preventing Money Laundering: Key to a Better World

2013

Money laundering has developed over recent decades and has evolved into a worldwide phenomenon. Virtually every country in the world is affected by money laundering. The methodology of money laundering exists in every fraud scheme. It involves the concealed transfer of assets by masking them in the ordinary normalcy of financial transactions. Money laundering is a criminal enterprise, with the emphasis on the business aspect. The attraction of perpetrators into the money laundering business is profit with little perceived risks. This paper discusses money laundering, how to define it, its origins, the cycle, its effects, prevention methods, and what the United States currently has in place to help prevent and discover fraudulent transactions. Additionally, it discusses Hawalas, electronic payments, money laundering from an international perspective, how the Bank Secrecy Act evolved and the rise of the Patriot Act. Suspicious activity reports, Money Service Business (MSBs) and Curren...