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Article
Publication date: 1 March 2001

Kris Hinterseer

On 30th October, 2000, a new initiative to combat money laundering was unveiled. What differentiates this initiative from many of the existing initiatives is that it has been put…

395

Abstract

On 30th October, 2000, a new initiative to combat money laundering was unveiled. What differentiates this initiative from many of the existing initiatives is that it has been put forward by the private sector. Eleven banks signed a set of principles known as the Wolfsberg Anti‐Money Laundering Principles (the ‘Wolfsberg Principles’). The Wolfsberg Principles are a non‐binding set of best practice guidelines governing the establishment and maintenance of relationships between private bankers and clients. Over the past decade much has been written about money laundering, the problems it creates for the economic, political and social institutions of countries, and the need to combat the phenomenon. Most initiatives to date have been public sector led by governments and their regulatory and law enforcement agencies, or by government representatives acting through international forms such as the Financial Action Task Force (FATF) and the Basel Committee of Bank Supervisors. Consequently, most initiatives have focused on enacting new criminal laws, implementing reporting requirements, and developing codes of best practice. The fact that the private sector has taken the initiative to establish the Wolfsberg Principles is therefore worthy of closer analysis. As Dr Peter Eigen, the Chairman of Transparency International, observed on the release of the Wolfsberg Principles, ‘This is a unique event — few would expect the leading anti‐corruption organisation and the leading banks to be standing on the same platform’. The following article examines the Wolfsberg Principles in order to identify the various strengths and weaknesses of each. First, however, it is worth noting in brief the background to the Wolfsberg Principles and the regulatory paradigm within which they are to operate.

Details

Journal of Money Laundering Control, vol. 5 no. 1
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 1 February 1997

Kris Hinterseer

In 1984 the world was running a current account deficit with itself of US$100bn. The World Bank, the International Monetary Fund (IMF), the Organisation for Economic Co‐operation…

440

Abstract

In 1984 the world was running a current account deficit with itself of US$100bn. The World Bank, the International Monetary Fund (IMF), the Organisation for Economic Co‐operation and Development (OECD), and the US Federal Reserve have all confirmed this observation. Given that world trade forms a closed system, the question arises of what caused the indicators that measure this trade to become so inaccurate. The observation that in the early 1980s the narcotics trade surpassed the petroleum industry to become the world's largest business activity by gross turnover provides a partial answer. Noting that the growth in the narcotics trade is merely one aspect of the unprecedented growth in organised crime and the illegal economy over the last two decades leads to a more complete answer. The implication is that criminal economic activity, which by its nature seeks to evade capture in statistics, accounts for a significant portion of global economic activity missed by standard accounting practices.

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Journal of Money Laundering Control, vol. 1 no. 2
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 1 April 2000

In preparing this report, the compliance sub‐group has set out to (a) summarise the current compliance regime as a matter of law and practice, (b) identify particular problem…

210

Abstract

In preparing this report, the compliance sub‐group has set out to (a) summarise the current compliance regime as a matter of law and practice, (b) identify particular problem areas within that regime concerning public sector officials (PSOs), and (c) suggest recommendations for change. The result may be seen as providing features of a ‘model’ compliance structure designed to cause difficulties for corrupt PSOs seeking to launder the proceeds of their corruption; UK law and practice has formed the springboard for the model, but it should be stressed that in order to be of any utility any suggested changes would have to be adopted (effectively) universally throughout the financial world. Piecemeal adoption by one or a few states would merely be likely to drive the tainted monies elsewhere, and would not serve the desired purpose of reducing the extent/profitability of corruption.

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Journal of Money Laundering Control, vol. 4 no. 2
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 18 August 2021

Hanafi Amrani and Mahrus Ali

The purpose of this study is to analyze the emergence of the changing face of criminal jurisdiction in dealing with cross-border money laundering that develops dynamically due to…

472

Abstract

Purpose

The purpose of this study is to analyze the emergence of the changing face of criminal jurisdiction in dealing with cross-border money laundering that develops dynamically due to the development of globalization.

Design/methodology/approach

This research was a doctrinal legal research using conceptual approach concerning the very strict principle of territorial jurisdiction in criminal law. This study also used case approach related to the application of extraterritorial jurisdiction and long-arm jurisdiction in some cross-border money laundering cases. The collection of legal materials was carried out through literature as well as case study and was analyzed qualitatively based on data reduction, presentation and concluding.

Findings

This study revealed that territorial jurisdiction which was originally strictly enforced by state sovereignty over crimes that occurred in its territory then changed widely with multi-territorial perspective. Because of its condition, the state then expands its authority to deal with money laundering as a cross-border crime involving more than one territorial state, namely, by using extraterritorial jurisdiction and then developed into a long-arm jurisdiction trend that allows state authorities to prosecute foreigners outside its state boundaries.

Originality/value

The research finding can be used as one of the alternatives by countries to break the territorial jurisdiction in combating the cross-border money laundering.

Details

Journal of Money Laundering Control, vol. 25 no. 3
Type: Research Article
ISSN: 1368-5201

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