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Article
Publication date: 1 October 2003

David D. Aufhauser

Reviews the progress of the measures against terrorism, a task hugely accelerated since the attacks of September 11. Outlines the US President’s power as expressed in the…

613

Abstract

Reviews the progress of the measures against terrorism, a task hugely accelerated since the attacks of September 11. Outlines the US President’s power as expressed in the Executive Order on 24 September 2001; this was global in scope, and was targeted at terrorist financing and all associated with them, including even those like financial intermediaries who should have known better what was going on. Regards the creation of knowledgeable gatekeepers by the Patriot Act as crucial in the campaign for information flow in order to control the flow of funds between national borders, and explains the main provisions of the Act. Shows how the USA is building an international coalition of countries committed to the principles in the President’s Order.

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Journal of Money Laundering Control, vol. 6 no. 4
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 1 July 2004

Spero C. Peppas

Switzerland has long been known as a world leader in the financial services arena. However, in recent years the Swiss banking industry has come under considerable attack, in…

2740

Abstract

Switzerland has long been known as a world leader in the financial services arena. However, in recent years the Swiss banking industry has come under considerable attack, in particular with regard to money laundering, Holocaust accounts and European Union tax evasion issues. This article examines Swiss banking confidentiality, reports perceptions of a sample of US Americans with regard to banking secrecy, and compares and contrasts perceptions with reality. The results of this study indicate that the general public holds negative perceptions of Swiss banking practices. This article should serve to correct misperceptions of Swiss banking held by the public at large and should be of particular interest to those involved in Swiss banking and the marketing of financial services.

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Management Research News, vol. 27 no. 7
Type: Research Article
ISSN: 0140-9174

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Book part
Publication date: 20 August 2018

Sigurbjörg Sigurgeirsdóttir and GuÐrún Johnsen

Public trust in institutions in Iceland plunged after the country’s banking sector collapsed. The political system wobbled under outrage and anger when the general public took to…

Abstract

Public trust in institutions in Iceland plunged after the country’s banking sector collapsed. The political system wobbled under outrage and anger when the general public took to the streets. The Parliamentary Special Investigation Commission conducted a ground-breaking crisis-induced investigation, delivering a report that was a milestone in Iceland’s history of politics and public administration. Yet, despite this endeavour and the fact that subsequent investigations have disclosed ample information intended to restore trust in institutions, public trust remains unsteady. This chapter addresses the following questions: How has public trust in institutions progressed after the crash? Why is it taking so long for trust to return? In Chapter 3 in this volume, we examine data on public trust in Icelandic institutions from Gallup surveys over the 15 years from 2002 to 2017 in order to identify and explain patterns of trust in the aftermath of the crisis. Our interpretation of theory in this chapter suggests that elements of mistrust inherent in the principal–agent approach to accountability in public administration, implemented in previous New Public Management reforms, undermined the creation of a climate of trust necessary to ensure effective accountability mechanisms. We argue that in the absence of a climate of trust, accountability mechanisms of culpability that conflict with mechanisms of answerability, combined with a succession of post-crisis scandals, mainly explain the slow return of the public’s trust.

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The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis
Type: Book
ISBN: 978-1-78743-348-9

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Article
Publication date: 1 December 2004

Thomas N. Tyson, Richard K. Fleischman and David Oldroyd

The paper focuses on accounting for slave workers during one of the most morally culpable periods in Western civilization and is concerned with issues central to labor – modes of…

2335

Abstract

The paper focuses on accounting for slave workers during one of the most morally culpable periods in Western civilization and is concerned with issues central to labor – modes of production, labor control, and labor productivity. It incorporates secondary sources and examination of records from over 150 different US and BWI plantations to identify contextual factors that motivated planters to organize their workforce in a particular way. The paper specifically describes the ganging and tasking methods of extracting surplus value and indicates how these methods fit within three common paradigmatic interpretations of accounting history – labor process, power/knowledge/discipline, and economic rationalism. In summary, ganging exemplified a pre‐modern approach to organizing labor in which planters relied primarily on physical power to compel work effort and increase output. Tasking incorporated individual work rates and included more sophisticated practices of surveillance, measurement, normalization, and socialization. Tasking became economically rational by responding to changing market conditions and by incorporating procedures and incentives to spur greater productivity. Therefore, tasking may be perceived as a thematic precursor to accounting‐based disciplinary controls like standard costing and a transitionary element from pre‐modern to modern control systems.

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Accounting, Auditing & Accountability Journal, vol. 17 no. 5
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 3 May 2013

Gauri Sinha

The purpose of this paper is to explain the incompatibility of anti‐money laundering (AML) and counter‐terrorist financing (CTF) measures as a hasty over‐reaction after 9/11…

1552

Abstract

Purpose

The purpose of this paper is to explain the incompatibility of anti‐money laundering (AML) and counter‐terrorist financing (CTF) measures as a hasty over‐reaction after 9/11, focusing on the compliance burdens that this imposes on the regulated sector, most notably financial institutions.

Design/methodology/approach

This paper explains the fundamental differences between money laundering and terrorist financing. It follows the evolution of the marriage between AML and CTF measures in the USA and the UK, comparing the pre and post‐9/11 phases. Consequently, the specific legal burdens placed on financial institutions as a result of this marriage are discussed.

Findings

The paper, while recognising the importance of targeting terrorist money, contends that inherent differences exist between money laundering and terrorist financing, and fusing them together is a hasty reaction to the 9/11 attacks. It argues that the need of the hour is to focus on terrorist profiling, rather than attempting to target terrorist financing through the AML regime. It also concludes that financial institutions are unfairly burdened with the task of “suspecting” terrorist funds, while receiving little or no guidance in this respect.

Originality/value

This paper is of value to governments, regulators, and financial institutions considering the effective implementation of the AML‐CTF regime in the UK and the USA.

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