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Article
Publication date: 15 May 2007

Bruce Zagaris

The purpose of this research paper is to consider the unique and even positive nature of hawalas and other informal fund transfer systems (IFTs) in the developing world.

2158

Abstract

Purpose

The purpose of this research paper is to consider the unique and even positive nature of hawalas and other informal fund transfer systems (IFTs) in the developing world.

Design/methodology/approach

Reviewing primary and secondary reports from national regulators, international organizations, and academics, the paper questions the conventional view that IFTs should be subject to extensive regulation and scrutiny because they have been abused by some participants. Many positive characteristics of hawalas – speed, transaction cost, cultural convenience, and versatility – also contribute to their abuse. The paper examines the modern uses of hawalas, including legitimate – remittances from migrant workers, humanitarian and emergency aid, personal investments – and illegitimate – money laundering, terrorist financing, tax and customs evasion, circumventing exchange controls – applications. The paper then discusses legal issues involving IFTs in developing and developed countries, discussing factors the international community should consider when designing regulatory systems. The paper reviews developing world IFT regulation in the UAE, Afghanistan, Somalia, the Eastern and South African Anti‐Money Laundering Group, and Columbia, and developed world regulation in The Netherlands, the UK, and the USA.

Findings

The paper concludes that IFTs are robust in jurisdictions where formal banking systems are absent or weak, or where structural obstacles distort foreign exchange and other financial markets.

Originality/value

Looking forward, the paper considers, inter alia, licensing or registration requirements and the rationale for choosing one over the other, and the need for competent authority due diligence on IFT operators.

Details

Journal of Money Laundering Control, vol. 10 no. 2
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 1 January 1998

Lawrence L.C. Lee

The Republic of China (ROC or Taiwan) has emerged as one of the world's most aggressive countries in the fight against international and domestic money laundering. Money…

102

Abstract

The Republic of China (ROC or Taiwan) has emerged as one of the world's most aggressive countries in the fight against international and domestic money laundering. Money laundering is an enormous and multifaceted global problem which fertilises organised crime, benefits drug traffickers and damages financial systems. The nature of money laundering is a synthesis of criminal activities that completes the illegal activity and produces the illicit profits. Money laundering, which plays a fundamental role in facilitating the ambitions of various illegal activities, is averse to social and economic ideas. Successful money laundering will furnish the fuel for criminal activities by operating and expanding the illegal operations of drug traffickers, terrorists, arms dealers and other criminals.

Details

Journal of Money Laundering Control, vol. 1 no. 3
Type: Research Article
ISSN: 1368-5201

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Book part
Publication date: 9 October 2020

Carl Pacini and Nicole Forbes Stowell

Abstract

Details

Corporate Fraud Exposed
Type: Book
ISBN: 978-1-78973-418-8

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Article
Publication date: 1 January 1997

Jarrod Wiener

Many scholars of international relations have long argued that by plotting on a map of the world all the transnational contacts of private individuals the international system…

464

Abstract

Many scholars of international relations have long argued that by plotting on a map of the world all the transnational contacts of private individuals the international system resembles a ‘cobweb’. While the filaments of the cobweb remain uneven in their magnitude as there is a higher degree of contacts between major centres, the globalisation of financial markets, particularly since the 1970s, has enabled the cobweb to have a more global spread. As importantly, the speed and relative ease with which funds may be transferred across borders has intensified the degree of contact along its filaments. While the intent of this model of world society was to highlight ‘legitimised’ transnational contacts, it has become evident that this cobweb is conducive to spreading security threats emanating from nearly all parts of the globe, as well as being rather effective at hiding the spiders that lurk within it.

Details

Journal of Money Laundering Control, vol. 1 no. 1
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 1 March 1995

John S. Jeremie

Despite recent signs of activity, the Caribbean has not as a whole embraced the anti money‐laundering initiatives which have defined the legislative agendas of many territories…

87

Abstract

Despite recent signs of activity, the Caribbean has not as a whole embraced the anti money‐laundering initiatives which have defined the legislative agendas of many territories for the last decade. Much of the problem is perhaps endemic. Buffeted by hostile global economic conditions and soft international demand for traditional products several Caribbean economies have been buoyed, albeit in discreet fashion, by the proceeds of illicit drug trafficking. In many cases therefore, there has been little in terms of an impetus to encourage governments to decisive action.

Details

Journal of Financial Crime, vol. 3 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 18 September 2007

Betty Santangelo, Gary Stein and Margaret Jacobs

The purpose of this article is to explain recent enforcement trends under the Foreign Corrupt Practices Act (FCPA), providing examples of recent cases.

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Abstract

Purpose

The purpose of this article is to explain recent enforcement trends under the Foreign Corrupt Practices Act (FCPA), providing examples of recent cases.

Design/methodology/approach

The paper describes recent trends in FCPA enforcement, including increased enforcement by US authorities, greater vigilance by private industry, and global anti‐corruption efforts. It provides an overview of the FCPA, including the original reason why the Act was passed, its anti‐bribery provisions, the need to show corrupt intent, the interstate commerce requirement, exceptions and affirmative defenses, record‐keeping and control provisions, and penalties. It describes recent FCPA prosecutions and enforcement actions and draws conclusions on how to reduce FCPA risk.

Findings

The FCPA is a Watergate‐era law that was passed in response to disclosures by a number of large US corporations that they had made illicit payments to foreign government officials. The FCPA applies to bribes by any US issuer or domestic concern, paid to any foreign official, foreign political party, official or candidate, or official of a public international organization in order to assist in obtaining, retaining, or directing business. To prosecute, the government must show corrupt intent. The FCPA also contains provisions that require accurate record‐keeping and internal controls of US issuers. Violations of the FCPA are subject to both criminal and civil penalties.

Originality/value

The paper presents a thorough explanation, practical advice, and examples of recent violations and penalties by experienced lawyers specializing in FCPA compliance as well as white‐collar defense, securities regulatory matters, internal investigations, and anti‐money laundering.

Details

Journal of Investment Compliance, vol. 8 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 16 October 2007

Fletcher N. Baldwin and Theresa A. DiPerna

This paper aims to explore complexities of compliance with international and customary law when faced with terrorist threats. The paper's thesis asserts that terrorism cannot be…

1877

Abstract

Purpose

This paper aims to explore complexities of compliance with international and customary law when faced with terrorist threats. The paper's thesis asserts that terrorism cannot be successfully repelled unless the legitimacy of international and domestic law is adhered to by states out of a sense of reciprocal obligation in accordance with the principle of pacta sunt servanda (pacts shall be respected).

Design/methodology/approach

This paper examines US pronouncements in order to assess strategic validity.

Findings

While the Middle East, particularly Iraq, has been the focus of the US “War on terrorism,” the paper suggests two questions: what has been the US response to terrorist threats in the Americas? Have US national security priorities post‐9/11 been unnecessarily diverted from the Americas where much needed support is promised but lacking, and instead have resources been concentrated far beyond domestic and international norms?

Originality/value

The paper examines the US national security priorities, concluding that they have been unproductively diverted from the Americas to the Middle East in general and Iraq in particular. The US fixation upon Middle East “regime‐change”, while neglecting to recognize the dangerous nexus and presence of organized crime and terrorist organizations in the Americas, is illustrative of how the present administration has diverted its post.

Details

Journal of Financial Crime, vol. 14 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 1 January 1990

Charles W. Bailey

A multimedia computer system is one that can create, import, integrate, store, retrieve, edit, and delete two or more types of media materials in digital form, such as audio…

150

Abstract

A multimedia computer system is one that can create, import, integrate, store, retrieve, edit, and delete two or more types of media materials in digital form, such as audio, image, full‐motion video, and text information. This paper surveys four possible types of multimedia computer systems: hypermedia, multimedia database, multimedia message, and virtual reality systems. The primary focus is on advanced multimedia systems development projects and theoretical efforts that suggest long‐term trends in this increasingly important area.

Details

Library Hi Tech, vol. 8 no. 1
Type: Research Article
ISSN: 0737-8831

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