Abstract:Purpose
This study aims to understand the member countries’ current asset recovery mechanism based on two elements, namely, confiscation policy and asset recovery management framework.
Design/methodology/approach
Content analysis was performed on the Financial Action Task Force (FATF) Mutual Evaluation Report (MER) of eight countries.
Findings
The result showed that only a few countries established a centralised asset recovery centre or special task force to manage recovered assets.
Research limitations/… Show more
“…Such forfeiture rules do not call for beyond a reasonable doubt proof of illicit origin, unlike confiscation in criminal proceedings. Instead of relying on proof based on a balance of probabilities, this procedure emphasizes a high probability of illicit origin coupled with the owner's incapacity to disprove it (Zolkaflil et al, 2023). Besides criminal and civil procedure at the court, sometimes asset recovery effort takes place voluntarily like in Abdullah Puteh's case (Cahyandhi, 2019).…”
In the contemporary digital age, corruption has evolved into a common enemy, transcending borders and becoming a transnational and extraordinary crime. Within the ASEAN framework, corruption is no longer perceived as the concern of a single nation but as a shared threat to all member states and the global community at large. Despite the pervasive and deeply entrenched nature of corruption, concerted efforts have been made to combat this scourge. Among these measures, asset recovery stands out as an extraordinary tool, addressing not only the prevention and enforcement aspects but also the crucial task of repatriating ill-gotten gains to their rightful country of origin. Indonesia and the ASEAN community have entered into various treaties aimed at facilitating asset recovery, with the ASEAN Mutual Legal Assistance Treaty (AMLAT) serving as a pivotal legal instrument in this endeavour. Recognizing the transnational nature of corruption, interstate relations and diplomatic cooperation have assumed a vital role in supporting the success of asset recovery processes. This study explores the evolving landscape of corruption in the digital age, its transformation into a transnational concern, and the collective efforts undertaken within ASEAN to combat it. By focusing on asset recovery as an extraordinary measure, it sheds light on the multifaceted dimensions of eradicating corruption and emphasizes the importance of international collaboration in returning misappropriated assets to their rightful owners.
“…Such forfeiture rules do not call for beyond a reasonable doubt proof of illicit origin, unlike confiscation in criminal proceedings. Instead of relying on proof based on a balance of probabilities, this procedure emphasizes a high probability of illicit origin coupled with the owner's incapacity to disprove it (Zolkaflil et al, 2023). Besides criminal and civil procedure at the court, sometimes asset recovery effort takes place voluntarily like in Abdullah Puteh's case (Cahyandhi, 2019).…”
In the contemporary digital age, corruption has evolved into a common enemy, transcending borders and becoming a transnational and extraordinary crime. Within the ASEAN framework, corruption is no longer perceived as the concern of a single nation but as a shared threat to all member states and the global community at large. Despite the pervasive and deeply entrenched nature of corruption, concerted efforts have been made to combat this scourge. Among these measures, asset recovery stands out as an extraordinary tool, addressing not only the prevention and enforcement aspects but also the crucial task of repatriating ill-gotten gains to their rightful country of origin. Indonesia and the ASEAN community have entered into various treaties aimed at facilitating asset recovery, with the ASEAN Mutual Legal Assistance Treaty (AMLAT) serving as a pivotal legal instrument in this endeavour. Recognizing the transnational nature of corruption, interstate relations and diplomatic cooperation have assumed a vital role in supporting the success of asset recovery processes. This study explores the evolving landscape of corruption in the digital age, its transformation into a transnational concern, and the collective efforts undertaken within ASEAN to combat it. By focusing on asset recovery as an extraordinary measure, it sheds light on the multifaceted dimensions of eradicating corruption and emphasizes the importance of international collaboration in returning misappropriated assets to their rightful owners.
“…Money laundering is a form of criminal activity that seeks to conceal the legitimacy of the proceeds of crime by disguising them as lawful income. The overall process consists of a placement stage, a layering stage, and an integration stage (Gilmore, 1999;He, 2010;Zolkaflil et al, 2023). Money laundering is a complex activity, where the source and nature of dirty money are disguised so that the money looks legitimate and then usable, transferable, and negotiable (Hobson, 2008;Rider, 2008;Ryder, 2012).…”
Section: Money Launderingmentioning
confidence: 99%
“…The FATF introduced a series of recommendations (40 recommendations) in 2012 to guide the fight against money laundering and counterterrorism financing (AML/CFT). The FATF has conducted periodic assessments involving two main criteria, namely technical compliance and its effectiveness in monitoring the compliance of member states (Zolkaflil et al, 2023).…”
Section: Difficulties In Inputting Data On the List Of Suspected Terr...mentioning
confidence: 99%
“…Money laundering related to terrorism financing is one of the major global threats because of its negative impact on the global economy. The International Monetary Fund (IMF) estimates money laundering rates to range between 2% and 5% of global Gross Domestic Product (GDP), involving an estimated $1.6 trillion to $4 trillion per year (Weeks-Brown, 2018;Zolkaflil et al, 2023). Due to the magnitude of the threat and the impact of money laundering globally, various efforts were made by many countries, one of which resulted in the Financial Action Task Force (FATF).…”
This research is based on the fact of Indonesia's great efforts in combating money laundering and terrorism financing practices that brought Indonesia to be recognized as the 40th member of the FATF. The purpose of this study is to analyze the threats, vulnerabilities and risks of money laundering and terrorism financing crimes and describe the potential impact of Indonesia's involvement as a member of the FATF on the prevention, supervision and enforcement of these crimes. Using a descriptive qualitative approach, this study uses secondary data from related institution documents and a number of previous research journals as a basis for analyzing the problem under study. The results showed that money laundering and terrorism financing crimes are very high when viewed from the trend in the number of crackdowns in recent years. In addition, the vulnerability related to several problems that are still faced such as weak declarations on carrying cash, large objects of supervision, problems with data input in the system, not standardized supervisory infrastructure, limited authority of the DGT and not integrated reporting applications among related institutions. The potential impact of Indonesia's involvement as a member of the FATF on the prevention, supervision and enforcement of crimes is to increase the credibility of the country's economic management as the main investment attraction. Safeguarding Indonesia's international political interests in influencing international policy in accordance with Indonesia's national interests. And become a catalyst that encourages or "forces" Indonesia to focus on strengthening supervision and law enforcement through various efforts and strategies.
This chapter deals with investment, presenting the particular case of SME investment. The idea is to help to better understand why, where, and how a company should invest. Therefore, the concept of investments, SME assets, distribution, acquisition, or reproduction are analyzed. One of the topics also addressed in this chapter is the evaluation of investments, more specifically through cash flows. Finally, a practical example of investment evaluation methods using static and dynamic methods is presented to show its application.
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