Search results

Shows how international standards and codes are increasingly addressing the integrity underpinnings of the international financial system, focusing on evolving standards for preventing money laundering, and relates these to the work of the International Monetary Fund’s Monetary and Financial Systems Department. Lists these reference points as: the revised 2003 Basel FATF 40 Recommendations; the Basel, IOSCO and IAIS Core Principles and the revised Basel Capital Accord or Basel II; the Sarbanes‐Oxley Act in the USA; the OECD Principles of Corporate Governance; and recent UK legislation ‐ the Financial Services Act 2000 and the Proceeds of Crime Act 2002. Outlines recent developments in each of these laws and codes as they affect the banking system.

To examine the implications of the changing compliance environment confronting banks as the international anti‐money laundering/combating the financing of terrorism (AML/CFT) standards have become more rigorous and more attention is paid to integrity related concerns by supervisors and market participants.

The paper describes recent regulatory and financial sector developments and draws analytical lessons.

Banks are facing increasing pressure from a number of sources to improve their compliance with AML/CFT and integrity related standards, and a number of institutions are responding positively to the challenge to establish robust AML/CFT regimes. However, there is a risk of disruption of legitimate business lines.

Striking the right balance in protecting systems from abuse while avoiding disruption to legitimate business lines will require further research on how best to implement the standards.

The paper initiates a discussion on the cost/benefit analysis of the implementation of the AML/CFT standard and outlines some of the challenges involved in going forward.

The paper seeks to draw lessons for effective policy and regulatory responses to protect financial systems in the face of terrorist attacks.

The paper presents data on the reaction of financial markets to the terrorist attacks in New York (2001) and Madrid (2004). It describes the authorities' crisis management responses and analyses their effectiveness. The paper describes the subsequent regulatory responses to protect the financial systems from abuse by terrorists.

Diversified, liquid, and sound financial markets were efficient in absorbing the shocks of terrorist attacks when supported by well organized crisis management responses.

The paper is limited in its coverage to the reaction of the financial markets to the 11 September 2001, terrorist attacks in New York, and 11 March 2004, attacks in Madrid.

The paper highlights the importance of effective contingency planning by the authorities and financial firms in mitigating the risks of disruption from terrorist attacks.

This paper provides an overview of the issues, challenges and responses in dealing with the risks posed by terrorism to financial systems. It combines empirical evidence with an institutional perspective, and notes some of the regulatory challenges in combating terrorist finance.

This study aims to examine the impact of terrorism on return and systematic risk of Pakistan’s equity industries. Daily data from 1 January 2000 to 31 December 2014 for 12 industries based on the specific types of companies listed on Karachi Stock Exchange are used for the empirical analysis.

A multiplicative (additive) term is introduced in the standard capital asset pricing model to examine the change in systematic risk (industry returns) in response to the terrorist activities. The authors use the multiscale beta approach (Yamada, 2005) and the maximal overlap discrete wavelet transform (MODWT) to test the heterogeneous market hypothesis.

Terrorism activities increase the systematic risk for most of the industries and the negative impact on returns of banks and the financial industry. It is noted that terrorism positively impacts (increases) the industrial systematic risk mainly in short-run (between two and four days-time horizon).

The paper examines the impact of terrorism on a broad list of industries’ (banks, basic materials, chemicals, construction, consumer goods, consumer services, financials, industrials, minerals, oil and gas, textile and utilities) risk and return in Pakistan, using the multiscale beta approach (Yamada, 2005) and the MODWT methods.

Concerns on money laundering (ML) and terrorist financing increased, as ML accounted 2%–5% of the global GDP, with Switzerland, the USA, Canada, India and Russia having high laundering rates. Banks were fined over US$320bn in 2008, but money laundering still accounted for 3.6% of global GDP in 2009, thereby indicating the need for effective regimes. Therefore, this study aims to critically analyze the antimoney laundering (AML)/CFT regime of Somalia, identify loopholes in the regime, raise awareness and propose recommendations for regime improvement.

The qualitative research approach is used to compare Somalia’s AML/CFT regime with the corresponding regime of Malaysia through the black letter method combined with document analysis. Malaysia is selected as a benchmark for two reasons: firstly, it is an Islamic country like Somalia, and secondly, Malaysia has complied with integrity-related standards.

This study revealed that an impactful AML/CTF regime is reached by closing loopholes in the law, reevaluating and improving regulatory agencies and measures, facilitating formal financial services and collaborating with regional and international standard setters. According to the results, Somalia AML/CFT regime is counterproductive in criminalizing offenses; regulating digital currencies and mobile money, disclosures and nonfinancial business and provisions; and governing training requirements for regulatory agencies and financial institutions.

To the best of the author’s knowledge, this paper is the first of its kind in the study of Somalia’s regime building. Also, this study incorporates rich scholarly discourse on effective regime building.

This paper aims to determine the preferable destinations of money laundered from Pakistan by using the Walker’s Gravity Model and to estimate the amount of money laundered through 156 countries. The research aims to facilitate policymakers and regulators to provide more efficient guidelines to counter the problem of money laundering.

This study uses a descriptive and quantitative approach. This study uses the Walker’s Gravity Model updated by Unger et al. (2006) to measure money laundering in Pakistan; Walker’s Gravity Model was first developed by John Walker in 1994.

The results indicate that Pakistani money launderers preferred countries having large financial sectors and political stability to hide their illegal money. In addition, the study estimates the amount of money laundered and shows that Pakistan has lost bulk of funds.

The major limitation is the non-availability of reliable data as the activity is hidden. Reliable data is either not available officially or scattered. Available data only reflect aspects that are reported. Non-availability of statistics for all years and countries resulted in the omission of some countries.

The study helps legislators and policymakers, including the Ministry of Finance, State Bank of Pakistan, Securities and Exchange Commission Pakistan, and other regulators, including law enforcement agencies and financial institutions, in formulating effective policies, regulations and internal control.

The study helps to identify the need of estimating the amount of money laundered to fight the problem effectively. Very few efforts have made to determine the size and the amount of money laundered, and this is the first study to determine the amount of money flowing out of Pakistan with the purpose of laundering.

Throughout human history and around the world, co-sleeping was the context for human evolutionary development. Currently, most of the world’s peoples continue to practice co-sleeping with infants, but there is increasing pressure on families in the West not to co-sleep. Research from anthropology, family studies, medicine, pediatrics, psychology, and public health is reviewed through the lens of a developmental theory to place co-sleeping within a developmental, theoretical context for understanding it. Viewing co-sleeping as a family choice and a normative, human developmental context changes how experts may provide advice and support to families choosing co-sleeping, especially in families making the transition to parenthood. During this transition, many decisions are made by parents “intuitively” (Ball, Hooker, & Kelly, 1999), making understanding the developmental consequences of some of those choices even more important. In Western culture, families are making “intuitive” decisions that research has shown to be beneficial, but families are not receiving complete messages about benefits and risks of co-sleeping. Co-sleeping can be an important choice for families as they make the life-changing transition to parenthood, if individualized messages about safe infant sleep practices (directed toward their individual family circumstances) are shared with them.

This chapter introduces a metaphor—the house—and applies Habermas’ philosophy to examine the environment where knowledge production takes place. The analysis shows the dominance of “the systemic paradigm,” which is characterized by increased bureaucratization and commercialization. This paradigm has severe consequences for two core features of universities: the open-ended search for deeper understanding and the principle of autonomy. The chapter advances the idea of reclaiming the political dimension of the epistemic endeavor and presents a series of initiatives which help to advance tourism scholarship by non-conforming to the steering conditions of this paradigm and instead reclaiming the personal and subjective; promoting multiple knowledges; and building alternative platforms of knowledge production, cooperation, and dissemination.