Prevention of money laundering and terrorist financing from a good governance perspective

Broek, Melissa van den; Addink, Henk

doi:10.4337/9780857934000.00039

Cited by 6 publications

(2 citation statements)

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“…Further, there are also BaFin Requirements, EU set of rules and guidelines, and FATF Recommendations. The regulations focus on the provisions governing prevention efforts through the identification and detection of money laundering practices (Van den Broek & Addink, 2013). In GwG, for example, regulates the implementation of strict due diligence, the obligation of banks and financial institutions to identify customers, as well as the obligation of banks to report suspected money laundering to the FIU.…”

Section: Best Practicementioning

confidence: 99%

Safe deposit box regulatory model

Marditia¹,

Tania²

2022

IJRBS

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Safe Deposit Box is a banking product that provides goods storage services, such as money, securities, and other valuables. This product guarantees the confidentiality of information related to its use. In this regard, the Safe Deposit Box is one of the services that is risky and vulnerable to being used by money laundering actors. Then, based on the recommendations of the Financial Action Task Force (FATF) it is stated that each country is obliged to identify, analyze, and evaluate the risks of money laundering and terrorism financing in that country. To follow up on these recommendations, Indonesia has established an Anti-Money Laundering and Prevention of Terrorism regime, as an effort to determine the direction and mitigate the risks of using financial services in money laundering practices. However, the need to protect Bank Secrecy cannot be ruled out. So it is necessary to make arrangements that can accommodate the need for a Safe Deposit Box Mechanism that can protect bank secrecy and prevent money laundering practices. Based on this research, the writing method used is a normative juridical method with a statutory and conceptual approach. The purpose of this study is to provide an overview and analysis related to the need for legal regulation and supervision of use related to Safe Deposit Boxes that can guarantee bank confidentiality, but can prevent money laundering practices, especially to identify user information, access data and information on money laundering practices and Politically Exposed Persons. (PEP) in Indonesia.

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Section: Best Practicementioning

confidence: 99%

Safe deposit box regulatory model

Marditia¹,

Tania²

2022

IJRBS

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“…In addition to that, CDD/EDD documentation also requires the gatekeepers (accountants, lawyers and other professionals) to exercise due diligence in recognising the customers’ bona fide intention (Freeland, 2002; McLaughlin and Pavelka, 2013). The CDD/EDD can play an effective role for the early detection of terrorist financing activities when the process of CDD/EDD is incorporated within the corporate governance structure and internal control system of an organisation (Heng and McDonagh, 2008; Van den Broek and Addink, 2013).…”

Section: The Operational Toolsmentioning

confidence: 99%

The existing financial intelligence tools and their limitations in early detection of terrorist financing activities

Gowhor

2021

JMLC

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Purpose This paper aims to inform the readers about the existing financial intelligence tools that are being used by financial intelligence units. It tries to demonstrate, with the help of a literature review, what the limitations of these tools are and how these limitations hinder the potential of the financial intelligence tools for early detection of terrorist financing activities. Design/methodology/approach The literature review method was adopted to discuss the financial intelligence tools, their limitations and the implications of the limitations for early detection of terrorist financing activities. Findings It was found that although the financial intelligence tools were introduced with a view to detect terrorist financing activities early, there are some inherent limitations of the tools relating to technical design features and operational procedures that hinder early detection of terrorist financing activities. Research limitations/implications The existing financial intelligence tools need to be repaired by removing the inherent limitations of the tools. Practical implications The financial intelligence units should take into cognizance the importance of early detection of terrorist financing activities for preventing terrorist attacks and need to redesign the existing tools in such a way that make these tools effective for early detection of terrorist financing activities. Social implications Peace will be established in society by preventing terrorist attacks through early detection of terrorist financing activities. Originality/value The originality of the paper lies in identifying the limitations of the existing financial intelligence tools for the early detection of terrorist financing activities.

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Anti-Money Laundering Measures Versus European Union Fundamental Freedoms and Human Rights in the Recent Jurisprudence of the European Court of Human Rights and the European Court of Justice

Vido¹

2015

Ger. law j.

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This article will evaluate whether, and to what extent, preventive measures in the fight against money laundering may limit fundamental freedoms and human rights within the European Union (“EU”). It will analyze two judgments rendered by the European Court of Justice (“ECJ”) and one judgment rendered by the European Court of Human Rights (“ECtHR”). In these three cases, the courts were asked to investigate the compatibility of specific Anti-Money Laundering (“AML”) preventive measures with the freedom to provide services enshrined in the Treaty on the Functioning of the European Union (“TFEU”) and human rights. Considering the gravity of the phenomenon, AML measures have gradually emerged as a “European general interest.” The Fourth EU Anti-Money Laundering Directive, which has been recently adopted, displays this compelling need.

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Prevention of money laundering and terrorist financing from a good governance perspective

Cited by 6 publications

References 0 publications

Safe deposit box regulatory model

Safe deposit box regulatory model

The existing financial intelligence tools and their limitations in early detection of terrorist financing activities

Anti-Money Laundering Measures Versus European Union Fundamental Freedoms and Human Rights in the Recent Jurisprudence of the European Court of Human Rights and the European Court of Justice

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