Money Laundering – FATF Special Recommendation VIII: A Review of Evaluation Reports

Omar, Normah; Johari, Zulaikha ‘Amirah; Arshad, Roshayani

doi:10.1016/j.sbspro.2014.06.029

Cited by 14 publications

(14 citation statements)

References 6 publications

(7 reference statements)

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“…This study compares the technical compliance of FATF Recommendations 30 and 31, also an effectiveness assessment for IO 7 between these countries. It replicates the method used by Omar et al (2014) and Zolkaflil et al (2015), who investigated on compliance characteristics of member countries on Special Recommendation 8 and Special Recommendation 9by reviewing member countries' MERs. In explaining the findings on the effectiveness of the LEAs, this study refers to Cheng (2012), who conducted a study on the effectiveness of money laundering investigation in the USA and Hong Kong.…”

Section: Methodsmentioning

confidence: 93%

“…In the layering stage, launderer aims to disguise the audit trail and provide anonymity (Omar et al, 2014). Layering is done to create the complex trail, making it difficult for LEAs to trace the funds (Moamil, 2014).…”

Section: Stages In Money Launderingmentioning

confidence: 99%

“…They may choose to invest the money in real estate, luxury assets or legitimate business ventures. At this stage, it is exceptionally difficult to distinguish the legal and illegal proceeds (Buchanan, 2004;Omar et al, 2014).…”

Section: Stages In Money Launderingmentioning

confidence: 99%

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Mitigating financial leakages through effective money laundering investigation

Nazri

Zolkaflil

Omar

2019

MAJ

Self Cite

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Purpose This paper aims to conduct a comparison on the effectiveness of the law enforcement agencies (LEAs) of Australia and Malaysia in investigating money laundering cases by looking into the legal system and operational issues faced in conducting the investigation. Design/methodology/approach The purpose of this paper is to review and analyze the data collected from the Financial Action Task Force (FATF) Mutual Evaluation Report, focusing on the information outlined in the third chapter. The legal system and operational issues cover the area of technical compliance and effectiveness compliance, which were introduced in the latest FATF Evaluation Methodology issued in 2013. Findings The results show that both countries have the power needed to investigate money laundering and terrorism financing under their respective Anti-Money Laundering Act. However, Australia is seen to have a better investigative support system to assist LEAs during the investigation process. This explains the reason for difficulties in increasing the number of prosecutions for money laundering and terrorism financing cases. Hence, improvement actions are needed in curbing this issue. Practical implications The result suggests that Malaysia should strengthen the cooperation, coordination and capacity among LEAs to ensure effective targeting, investigation and prosecution of money laundering. The government should also revise the money laundering investigation time frame and broaden the power of LEAs in retrieving information during the investigation process. Malaysia should also enhance the investigative support system, which will be helpful for LEAs in gathering sufficient evidence to support their money laundering charges. Unlimited power in gathering evidence is prominent to charge money launders as it helps to gather information required for prosecution. Originality/value Prior literature focuses on the prevention mechanism, where this paper aims to focus on detection and investigation mechanism focusing on money laundering investigation conducted by LEAs. Lack of study on money laundering investigation calls for this research to be done to understand the strengths and weaknesses to improve its effectiveness in the future.

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Section: Methodsmentioning

confidence: 93%

Section: Stages In Money Launderingmentioning

confidence: 99%

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Mitigating financial leakages through effective money laundering investigation

Nazri

Zolkaflil

Omar

2019

MAJ

Self Cite

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“…Transforming the form of the money to mask of its origin is the bottom line of money laundering which, eventually, undermines economies and destabilize governmental administrative systems (Yang 2002). As consequences of money laundering, financial markets become corrupted and the public's respect and trust to the international financial system are ruined and, eventually, the rate of growth of the global economy is declined due to the increase of risk in financial markets (Omar et al 2014).…”

Section: Money Launderingmentioning

confidence: 99%

How does export compliance influence the internationalization of firms: is it a thread or an opportunity?

Jafari‐Sadeghi

Biancone

Giacoma³

et al. 2018

J Glob Entrepr Res

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Internationalization is a complex process, in which firms face various challenges that may lead to opportunities or threads. One of these challenges is export compliance. The objective of this paper is to disentangle the nature of export compliance and its function in international entrepreneurship. This study outlines a perspective on the export control system, discusses the most relative legislation, reveals the consequences of non-compliance and provides a case study and finally explains the function of export compliance in the international activities of firms.

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“…Las Recomendaciones del GAFI, aunque no representan una convención internacional vinculante, han sido reconocidas, respaldadas o adoptadas por más de 182 países y jurisdicciones que han asumido un compromiso político para combatir el lavado de dinero y el financiamiento del terrorismo al implementar los estándares del GAFI [4] - [7]. Las normas establecen los principios de acción de los gobiernos y las autoridades competentes y permiten a los países una cierta flexibilidad en la implementación de estos principios de acuerdo con sus circunstancias únicas y marcos constitucionales [8], [9].…”

Section: Introductionunclassified

Operación del sistema de autocontrol y gestión del riesgo de lavado de activos y financiación del terrorismo en empresas del sector comercial

2018

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El lavado de activos y la financiación del terrorismo (LA/FT) se consideran como una gran amenaza para la economía mundial ya que afectan los indicadores internos, la integridad de los mercados y definitivamente la globalización e intercambio comercial en condiciones transparentes y confiables. Tales afectaciones han sido consideradas por entes gubernamentales y entidades de carácter global que buscan a través de diversas normas combatir la inclusión de los recursos económicos de dichos fenómenos delictivos en la economía. Las empresas del sector comercial en Colombia no son ajenas a esta realidad y han venido experimentando un constante riesgo de inclusión de recursos procedentes de actividades ilícitas. Por lo anterior, resulta necesario y conveniente que estas empresas se protejan contra estos riesgos por medio de la implementación del Sistema de Autocontrol y Gestión del Riesgo de LA/FT – SAGRLAFT, definido por la Superintendencia de Sociedades, a través de los lineamientos impartidos en la Circular externa 100-000006 del 19 de agosto del 2016, Capítulo X. En este artículo se presenta un procedimiento resumido para que las empresas del sector comercial implementen medidas preventivas para dar frente al LA/FT. Con la implementación del SGRLAFT se reduce el riesgo de incurrir en sanciones legales, se evita la complicidad y corrupción con organizaciones criminales y/o ilegales y se mejora la reputación empresarial.

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Money Laundering – FATF Special Recommendation VIII: A Review of Evaluation Reports

Cited by 14 publications

References 6 publications

Mitigating financial leakages through effective money laundering investigation

Mitigating financial leakages through effective money laundering investigation

How does export compliance influence the internationalization of firms: is it a thread or an opportunity?

Operación del sistema de autocontrol y gestión del riesgo de lavado de activos y financiación del terrorismo en empresas del sector comercial

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