Strategies to avoid blacklisting: The case of statistics on money laundering

Ferwerda, Joras; Deleanu, Ioana; Unger, Brigitte

doi:10.1371/journal.pone.0218532

Cited by 13 publications

(8 citation statements)

References 26 publications

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“…Also, the author points out that some of the most prominent uses of the blacklist were in the fight against banking secrecy and non-proliferation. In this regard, blacklists are used for various purposes, as an instrument to prevent money laundering (Ferwerda et al, 2019); online fraud; corruption and crime (Jacobs & Anechiarico, 1992); tax evasion (Kostić et al, 2017), and others. Furthermore, it is important to note that there are different mechanisms that can be used on the blacklist, and as a result there will be some direct and indirect costs associated.…”

Section: Literature Reviewmentioning

confidence: 99%

The blacklist of legal entities: The importance of administrative authorities in creating a favourable business environment in the Serbian market

Kljajić¹,

Kostić²,

Mizdraković³

2021

Nauka bezbednost policija

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With the view to creating a favourable business environment and legal security in the market of the Republic of Serbia, a single and centralized register of business entities has been created, in which data on measures of temporary restriction are recorded. These measures are based on acts of courts, the central bank, the Tax Administration and other competent authorities. The research was conducted on a sample of 1,595 observation units (measures imposed on active business entities) found in the database of active measures of temporary restrictions and published on the website of the Business Registers Agency. The research spanned over almost five years (from 2017 until the first half of 2021). The results of the research show that a total of 1,422 measures of temporary restrictions were imposed by various decision-makers. From the aspect of administrative bodies and courts, a total of 384 measures were imposed in the observed period. The Tax Administration imposed the largest number of temporary restriction measures, with a share of almost 34% of the observed sample. Out of eight potential measures, the results of the research show that two measures of temporary restrictions are imposed in practice, of which the measure preventing the disposal of funds is present in 92.26% of cases. Starting from the main research question - Is there a positive influence of analysed measures to macroeconomic performance measured by GDP?, panel regression has been conducted on 1,276 observation units and results show that there is a positive relation between the number of issued measures of temporary restriction of entities from different sectors and the amount of Gross Domestic Product from 2017 to 2020 respectively.

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Section: Literature Reviewmentioning

confidence: 99%

The blacklist of legal entities: The importance of administrative authorities in creating a favourable business environment in the Serbian market

Kljajić¹,

Kostić²,

Mizdraković³

2021

Nauka bezbednost policija

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“…Every country is now working assiduously on all fronts of the regulatory environment of their financial systems in order not to be blacklisted by FATF. This pressure to stay afloat is strengthening the financial systems in countries, and thus, the overall international financial system is gaining ground (Eggenberger, 2018; Ferwerda et al , 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

Role of FATF on financial systems of countries: successes and challenges

Nanyun

Nasiri²

2020

JMLC

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Purpose This paper aims to examine the extent of successes and challenges of adoption and implementation of Financial Action Task Force (FATF) codes in member states by highlighting the influence of the FATF anti-money laundering policy framework on money laundering (ML) and the way forward in heightening the fight against the fast-evolving nature of ML and terrorist financing activities. Design/methodology/approach This paper, based on a purely qualitative desktop study, is drawn on historical information from FATF’s recommendations, its periodic reports, publications and other secondary sources such as books, journal articles on financial systems and scholarly literature. Findings The challenges found include difficulty in domestic coordination, capacity constraints of countries, inadequate operational resources and assessment complexities in the implementation of FATF standards. Nonetheless, FATF has chalked some successes such as the harmonization of legislation and enforcement efforts through the provision of coordination points. Other successes include flexibility in response to new threats, adoption of the mutual evaluation process, which advanced peer pressure on defaulting members, enhancement of the international financial space and the enhancement of the legitimization of FATF’s processes. Originality/value This paper provides a description of the successes and challenges of the FATF’s 40 + 9 recommendations since its establishment. The outcome would alert countries and players within the international financial space to invest more in capacity building and the entrenchment of the recommendations into their domestic laws.

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“…Pakistan was first evaluated in 2005 by financial action task force (FATF) and since then struggling to secure a stable position with FATF due to multiple issues, including political instability, poor development of related laws, lack of capacity of LEAs, and financial structure. As a result, FATF placed Pakistan in its gray list for the first time in February 2008 and remain listed till 2011 (Ferwerda et al, 2019), again in 2012, Pakistan was listed and remained there till 2015, and in June 2018, placed in the list for the third time (Rubab, 2018). Pakistan is still on the gray list of FATF for non‐compliance with FATF recommendations.…”

Section: Introductionmentioning

confidence: 99%

The anti‐money laundering and counter financing of terrorism policy in Pakistan: Is it truly combating or just a high‐level desk work bureaucracy?

Sultan¹,

Mohamed²,

Bashir

et al. 2021

Journal of Public Affairs

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To combat money laundering (ML)/terrorist financing (TF), Pakistan has joined the Asia Pacific Group in May 2000. Pakistan has ratified and adopted twenty United Nations conventions and resolutions on organized and related crimes. However, these efforts were futile due to deficient legislation and insubstantial implementation caused by a lack of political commitment and will. Although a multi‐agency approach for investigation and enforcement is in place to fight against ML/TF, the geographical location and variety of Pakistan's borders are natural obstacles in implementing a sustainable anti‐money laundering (AML)/counter financing of terrorism regime. Further, the mutual evaluation report stated that Anti‐money Laundering Act (AMLA) 2010's development demonstrates many inconsistencies and deficiencies, resulting in a feeble AML regime. FTAF has endorsed flaws in AMLA and related laws pointed by APG. Pakistan has convicted only one launderer on the implementation front, and assets confiscation is also negligible under AMLA. Moreover, without clarity and harmonization in AMLA, Pakistan finds it difficult to secure a stable position in financial action task force (FATF).

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Strategies to avoid blacklisting: The case of statistics on money laundering

Cited by 13 publications

References 26 publications

The blacklist of legal entities: The importance of administrative authorities in creating a favourable business environment in the Serbian market

The blacklist of legal entities: The importance of administrative authorities in creating a favourable business environment in the Serbian market

Role of FATF on financial systems of countries: successes and challenges

The anti‐money laundering and counter financing of terrorism policy in Pakistan: Is it truly combating or just a high‐level desk work bureaucracy?

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