International Law Enforcement Cooperation against Money Laundering

Abstract

The purpose of the article is to focus on the need to strengthen the interaction of the law enforcement agencies of various states, highlighting the role of financial institutions in this process, to find optimal ways to improve international cooperation. The study is based on the methods of systemic and critical analysis, as well as a formal logical method. The article confirms that the need to strengthen international cooperation is explained by the existence of certain factors that determine the possibility of money laundering. It has been established that without adequate cooperation between law enforcement agencies and financial institutions at the national level, it is quite difficult to detect crime and prevent money laundering at the initial stage. As a conclusion of the investigation, it is proposed to develop a methodology for the interaction of the law enforcement agencies of several states to counteract money laundering. The results obtained can also become the basis for developing legislative proposals to improve international cooperation in law enforcement and, at the same time, they can be used to increase the efficiency of their anti-money laundering activities.

Challenges for financial institutes in implementing robust customer due diligence in Pakistan

“…Therefore, there is no mechanism for sharing refused accounts among FIs. FIs deliberately conceal customers’ information because they worry sharing the information might cause the loss of their reputation (Steblianko et al , 2020).…”

The role of information sharing in combating money laundering: the importance and challenges of mutual legal assistance for developing jurisdictions like Pakistan

“…Under the global economy, when one country reinforces its regulations and other states remain without effective restrictions, launderers may transfer their criminal gains to countries with lax rules or ineffective enforcement (Kishima, 2004; Steblianko et al , 2020; Svensson, 2021). But, contrary to this, it is also easy to deposit ill-gotten gains into a bank of a feebly regulated jurisdiction and transfer the funds to a bank/branch in a more regulated jurisdiction (Morris-Cotterril, 2009; Forsman, 2020).…”