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Article
Publication date: 20 April 2023

James F. Gilsinan, James E. Fisher, Muhammad Q. Islam, Henry M. Ordower and Wassim Shahin

Efforts to combat corruption in society often seem to resemble a game of whack-a-mole. When dealt with in one sector of the society, it pops up in another, and while that is being…

144

Abstract

Purpose

Efforts to combat corruption in society often seem to resemble a game of whack-a-mole. When dealt with in one sector of the society, it pops up in another, and while that is being dealt with, it again raises its ugly head in the place where it had appeared to be suppressed. This paper aims to present a model of how corruption spreads based on an alternative view of its main components.

Design/methodology/approach

Key elements of the model are analyzed by applying them to particular examples of systemic ethical failures using a variety of mini cases across a number of policy areas.

Findings

Corruption is based on conformity rather than rule breaking. Furthermore, personal or corporate gains are not sufficient as causes of ethically problematic actions. More fundamentally, survival of the organizational enterprise is the driving force in spreading corrupt behavior.

Practical implications

This paper concludes with a discussion of the model’s efficacy for formulating legislative solutions for ethical lapses in a particular policy area. Again, a mini cases study is used to illustrate the main points of the argument.

Originality/value

Viewing systemic ethical failures through this alternative lens may well result in more effective ways to combat the spread of corrupt practices.

Details

Journal of Financial Crime, vol. 30 no. 5
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 3 March 2020

James F. Gilsinan, James E. Fisher, Muhammad Islam, Henry M. Ordower and Wassim Shahin

The purpose of this study is to examine the efficacy of various policy options for curbing the accumulation of illegal wealth and suggest ways to close the increasing wealth…

418

Abstract

Purpose

The purpose of this study is to examine the efficacy of various policy options for curbing the accumulation of illegal wealth and suggest ways to close the increasing wealth inequality gap.

Design/methodology/approach

The paper begins with a historical/literary analysis of the place of wealth in American Society and the ambivalent cultural attitudes toward wealth. Different policy approaches that seek to limit wealth inequality and the illegal accumulation of wealth are then examined. Finally, the current policy climate in the USA is reviewed to determine the likelihood of meaningful reform.

Findings

In Europe, the BASEL accords show promise for curbing the illegal accumulation of wealth by politically exposed persons. In the USA, tax reform efforts can close the wealth gap, but the current political landscape makes meaningful reform challenging particularly given the increasing use of “dark” money to influence elections.

Research limitations/implications

Because financial reform is a moving target in both Europe and the USA, subject to the ebb and flow of political forces, it is difficult to predict what major reforms will be possible.

Practical implications

Without meaningful reform, an increase in populist movements can be expected (e.g. Brexit and Trump) with an overall, long-term negative impact on democratic capitalism.

Social implications

The wealth gap and the sense that the system is rigged against the common people will result in increasing political turmoil.

Originality/value

Combining literary/historical analysis with the analysis of current policy interventions provides a set of tools not usually used in the examination of financial crimes.

Details

Journal of Financial Crime, vol. 27 no. 4
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 October 2005

Wassim N. Shahin

Analyses from a banking regulation perspective the general experience of 23 countries that were initially listed as non‐cooperative countries and territories (NCCTs); this group…

378

Abstract

Analyses from a banking regulation perspective the general experience of 23 countries that were initially listed as non‐cooperative countries and territories (NCCTs); this group did not meet some or most of the 25 criteria developed by the Financial Action Task Force (FATF) on money laundering and based on 40 recommendations setting out the anti‐money laundering framework. Highlights the 25 criteria, shows the ones missed by each of the 23 countries, discusses how de‐listed countries successfully addressed these criteria through further bank regulation, and concludes with a detailed application to the path taken by one of the countries, Lebanon.

Details

Journal of Money Laundering Control, vol. 8 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 1 April 2006

Wassim N. Shahin

This paper aims to analyze the monetary consequences of the new restrictions imposed in February 2000 by the Financial Action Task Force (FATF) on money laundering. FATF…

926

Abstract

Purpose

This paper aims to analyze the monetary consequences of the new restrictions imposed in February 2000 by the Financial Action Task Force (FATF) on money laundering. FATF established 25 criteria based on its 40 recommendations (currently 49) to combat money laundering and the financing of terrorism. A total of 23 countries were placed on a list of Non‐Cooperative Countries and Territories (NCCTs) for not meeting most of the criteria. Several of the criteria relate to additional tightening or regulation of banking and financial secrecy in these countries. In order to be de‐listed from NCCTs, countries have started regulating their banking and financial sectors by placing restrictions on the degree of secrecy, passing tighter secrecy laws and closing loopholes in existing laws. The new regulatory measures may have money, banking and other economic implications.

Design/methodology/approach

Presents a theoretical model of a banking firm offering secret bank accounts to examine the impact of changing secrecy laws on deposits, interest rates, money and credit aggregates.

Findings

Three different sets of results are plausible depending on the reactions of banks with regard to their deposit rate. The likelihood of banks changing this rate is examined using a profit function analysis.

Originality/value

It provides a theoretical framework for an agenda of future empirical research as researchers should emphasize the impact of tightening secrecy standards on bank deposit rates. The degree of the change in this rate may determine the magnitude and sometimes the direction of the changes in monetary variables.

Details

Journal of Money Laundering Control, vol. 9 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 3 May 2013

Wassim Shahin

The purpose of this paper is to highlight and analyze the experience of banks operating in Lebanon in their compliance with international regulation on anti‐money laundering and…

1038

Abstract

Purpose

The purpose of this paper is to highlight and analyze the experience of banks operating in Lebanon in their compliance with international regulation on anti‐money laundering and the counter‐financing of terrorism (AML/CFT). The paper addresses the compliance policies by presenting a case study of the experience of the Lebanese banking sector in achieving a global anti‐money laundering strategy.

Design/methodology/approach

Lebanon has been achieving its AML/CFT procedures by following a combination of three approaches: abiding by the recommendations of the international body in charge of regulation namely the Financial Action Task Force on the laundering of money (FATF); cooperation among countries in the form of mutual agreements, assistance and treaties developed by various conventions; and personal unilateral initiatives. After presenting the sources of deposit growth in Lebanese banks and highlighting the uses of funds, the paper uses a chronological approach to analyze the compliance of banks, central bank and legislators with international regulations governing the financial and banking systems, and addresses the latest developments concerning the Lebanese banks' coordination and cooperation with international regulators and governments, especially on FATF recommendations and international sanctions.

Findings

The paper presents evidence on the effective anti‐money laundering domestic initiatives and sheds light on the positive international regulatory assessment of these initiatives, as well as the favorable view of the Lebanese banking sector that has kept it outside the current FATF list of countries with AML/CFT deficiencies.

Originality/value

The value of this paper is to present a case study for bankers and regulators on strategies to comply with AML/CFT.

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Book part
Publication date: 1 January 2005

Wassim N. Shahin and Fadi G. Freiha

After reviewing the theoretical and empirical literature on currency substitution, a model is used in this chapter to empirically examine the state of dollarization in Middle East…

Abstract

After reviewing the theoretical and empirical literature on currency substitution, a model is used in this chapter to empirically examine the state of dollarization in Middle East and North African countries, using Lebanon and Egypt as case studies. For Lebanon, despite the decline in inflationary expectations, the expectations of currency depreciation, and an increase in real interest rate differentials between domestic and foreign currencies, dollarization did not decline by the anticipated amount. For Egypt, unlike many Latin American Countries, currency substitution was successfully reversed for a period when the government managed to peg the value of the Egyptian pound to the dollar.

Details

Money and Finance in the Middle East: Missed Oportunities or Future Prospects?
Type: Book
ISBN: 978-1-84950-347-1

Available. Content available
Book part
Publication date: 1 January 2005

Abstract

Details

Money and Finance in the Middle East: Missed Oportunities or Future Prospects?
Type: Book
ISBN: 978-1-84950-347-1

Access Restricted. View access options
Book part
Publication date: 1 January 2005

Abstract

Details

Money and Finance in the Middle East: Missed Oportunities or Future Prospects?
Type: Book
ISBN: 978-1-84950-347-1

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