The purpose of this paper is to discuss the potential impact of measures taken in accordance with powers introduced by Schedule 7 of the Counter‐Terrorism Act 2008 on banks and…
Abstract
Purpose
The purpose of this paper is to discuss the potential impact of measures taken in accordance with powers introduced by Schedule 7 of the Counter‐Terrorism Act 2008 on banks and their customers.
Design/methodology/approach
The paper analyses the legal provisions setting out these powers and comments on their scope; discusses the guidance issued with respect to these provisions by the Joint Money Laundering Steering Group, as well as other commentary on these provisions; examines the remedies available to those affected by the measures taken in exercise of the Schedule 7 powers; and comments on the use made of these powers to date and the relevant outcomes.
Findings
The paper concludes that while the Schedule 7 powers are useful in permitting a targeted response to money laundering and terrorism financing, they can be needlessly damaging to business unless used in a proportionate and risk‐sensitive manner.
Originality/value
The paper analyses critically the first judicial review decision made in respect of the exercise of Schedule 7 powers.
Details
Keywords
Policy mobility scholarship concerning anti-money laundering (AML) has typically favoured the study of power structures and interests to the neglect of the constructivist…
Abstract
Purpose
Policy mobility scholarship concerning anti-money laundering (AML) has typically favoured the study of power structures and interests to the neglect of the constructivist perspective and the local cultural–symbolic driving forces of policy adoption. This study aims to redress this, by analysing the shifting ideational drivers of AML policy in Singapore over the past 31 years through a thematic analysis of Singapore’s parliamentary debates (Hansard).
Design/methodology/approach
Through a thematic analysis of Singapore's Hansard over the past 31 years, this study seeks to present a social constructivist perspective of AML policy adoption in Singapore.
Findings
The thematic analysis reveals how the internal driving forces of AML policy in Singapore have shifted, from the idea of “crime prevention” in the early 1990s, to the symbolic value of “international norm compliance” by the 2010s.
Research limitations/implications
This constructivist perspective of AML policy adoption is particularly useful in complementing the existing materialist theories of AML policy diffusion and allows us to better appreciate the historical nuances of AML policy transfer across the globe.
Practical implications
This research will provide a useful comparative case study for other policy mobility scholars interested in presenting a constructivist account of AML policy adoption in different jurisdictions.
Originality/value
There is no literature in the field of policy mobility, explaining the diffusion/transfer of AML policy from a social constructivist perspective.