bluuebunny/crossref_metadata_2025 huggingface dataset:
Electronic records management… the way we were … the way we are: one man's opinion
Authors: BARRY RICHARD E.
Published: January 2008

It is the rage in the literature today for archivists and records managers to address the issue of recordkeeping in The New Millennium. It is an idea that must be worthy of its own acronym, TNM. It has a nice, seductive ring to it that gives one the sense of joining the ranks of the pundits and visionaries. This author has succumbed like all of the others. And I know I'll do it again — soon. I can't wait. At my age, when one begins to get the idea that it might be the last chance one will have to talk about a TNM, it is downright irresistible. One has to bleed it for all it is worth.
Electronic records management in Australia
Authors: REED BARBARA
Published: January 2008

Australia's approach to electronic records in the 1990s has been characterised by strategic approaches which seek to put in place frameworks for recordkeeping in which there is room for collaboration and experimentation in approaches. In doing so, existing paper paradigms relating to records have been reconceptualised in order to define different ways of achieving our goals of reliable and authentic evidence of business activity. This paper explores the variety of strategic recordkeeping initiatives in the context of Australian records management practice.
Electronic Records: the European Dimension
Authors: MACKENZIE GEORGE
Published: January 2008

This article is based on two sets of sources: the work of the International Congress on Archives (ICA) Electronic Records Committee, and a series of European initiatives, most recently the DLM Forum on electronic records held in Brussels in December 1996. The article concentrates largely on national archives, because governments are the largest record creators and it is in the public sector that the problems of electronic records are seen most clearly.
The Implementation of an Electronic Retention Schedule
Authors: BAILEY STEPHEN , MURDOCK ALAN , RYAN DAVID
Published: January 2008

In this article the authors explain how a new system has been designed to work in conjunction with existing databases to ensure a consistency of approach to retention scheduling across a variety of media and formats. The system allows for the whole life‐cycle of a record to be pre‐defined at both record series and file level. The reports produced by the system enhance a retention schedule programme that not only meets the needs of the records manager, but also serves as a ‘user‐friendly’ point of contact between himself and the users he serves. The authors will briefly explain the existing approach taken to retention scheduling at Pfizer Central Research, Sandwich and will demonstrate how this new ‘Electronic Retention Schedule’ (ERS) will enhance the current system of publishing advisory ‘guidelines’ for users and implementing ‘annual reviews’ of record holdings held in a number of different storage formats.
CISV International: Using Technology for Communication in a Global Organisation
Authors: IRVING KEVIN
Published: January 2008

CISV (Children's International Summer Villages) is a unique charitable organisation which was established by one person nearly fifty years ago to provide cultural exchange opportunities for young people all over the world. Comprising more than 40,000 members and volunteers from over 60 countries, speaking many different languages, communication, information and records management is challenging. This article discusses three areas, e‐mail, electronic forms and some of the organisation's publications, in which technology is being used to improve effective and efficient communications and information management in the context of a multi‐lingual and truly global organisation.
The High Street Solicitor and the Proceeds of Criminal Activity — The Risks
Authors: Campbell Andrew
Published: January 2008

In this article attention will focus on the risks to high street solicitors in England and Wales who handle money on behalf of clients which may be the proceeds of criminal activity. There are many difficult issues involved and some of these will be discussed.
Integration of Criminal Capital from Russia into West European Markets: An Assessment of Threat
Authors: Sinuraya Timur
Published: January 2008

The development of organised crime in today's Russia is, first of all, a study of its powers. These powers are not a fixed form of dominion but a constantly shifting, dynamic series of elements used and manipulated in ways ranging from the most primitive physical intimidation and force to the most subtle and sophisticated methods. It is becoming more obvious that of all elements of organised crime powers the greatest threat now and for the future comes from the immense financial resources available to organised crime in Russia. This paper focuses primarily on the problem of integration of criminally accumulated capital which is coming from the Russian Federation into West European markets. The author poses an objective to identify the problem and the factors which facilitate and inhibit the infiltration of organised crime from Russia into Western Europe, indicating possible implications and trends. In particular attention is given to the problem of the so‐called illegal flight of capital, which goes mainly to Western Europe. Furthermore, for the creation and recycling of their financial resources organised crime has to use the conventional banking system inside and outside of Russia, in particular Western Europe, as well as other methods. Therefore, the problem of organised crime in Russia's banking industry and its internationalisation into the European financial services industry have been explored.
Beating the Shell Game: Bank Secrecy Laws and Their Impact on Civil Recovery in International Fraud Actions
Authors: Moscarino George J. , Shumaker Michael R.
Published: January 2008

This decree by the Nazi Government in 1933 is probably the single most important event leading to the advent of bank secrecy laws as we know them today. This criminal provision was enacted to halt the German Jews' movement of assets out of Germany and into Swiss banks — a movement that was occasioned by the Government's attempt to seize the Jews' assets. Swiss banks were chosen because of their geographic proximity, but more so because of Switzerland's then unofficial policy of confidentiality over banking deposits and transactions.
The Business of Organised Crime in Japan
Authors: Goto Hiroshi
Published: January 2008

Historians may write that the 1980s were the decade when Japan proved itself to be an economic power competitive with other leading nations, and by the end of it, the power had became so gigantic that it dominated major properties in countries all over the world. In the 1990s, however, a number of economic scandals disproved this and people have realised that such power was a mere façade where nothing much, especially in the business environment, has changed behind the scenes.
European Union: The Fight against International Corruption — Modelling the Member States' National Laws through Multilateral Anti‐Corruption Instruments?
Authors: Vermeulen G.
Published: January 2008

Traditionally the application of national criminal law is limited to national territory. According to the territorial principle — which takes a central place in most jurisdictions — the active corruption of national officials or public officers, provided it is committed on national territory, can give rise to prosecution, irrespective of the question whether the offender is a national or a foreigner. As for acts of passive corruption committed on national territory the same principle applies: as a rule, prosecution of the corrupted national official will be possible by virtue of the national provisions concerning criminal proceedings and the determination of the competent court.
Nigeria: Critique of the Money Laundering Degree No. 3 1995
Authors: Osimiri Uche
Published: January 2008

The purport of the Money Laundering Decree No. 3 1995 (hereinafter referred to the the Decree) is visible in three perspectives. The first part prohibits money laundering in all its ramifications. The second part stipulates punishments for the various categories of principal and accessory offenders whether individual or body corporate. The final part contains the miscellaneous provision dealing with substantive and ancillary powers vested in the Law Enforcement Agencies for the purpose of the implementation of the intendment of the Decree. In this article, an attempt will be made to analyse and scrutinise the general scope of the Decree, powers conferred therein and the resultant impact of the legitimate and illegitimate trade and the possible undue encroachment on the rights of the citizenry. Limitations will be identified and reforms suggested. Before delving into a detailed examination of the provisions of the Decree, a general introduction as to the meaning and contents would be helpful and necessary.
South Africa: Money Laundering Regulation — The Way Ahead
Authors: van Zyl Franso
Published: January 2008

Money laundering is a problem not only in the world's major financial centres. Any country integrated into the international financial system is at risk. Increased efforts by authorities in the major offshore financial centres to combat money laundering provide an incentive to launderers to shift their activities to emerging countries. The sophisticated South African financial system as well as technological progress by financial institutions will undoubtedly further facilitate economic criminal activities.
Cayman Islands: Anti Money‐Laundering Legislation — The Proceeds of Criminal Conduct Law 1996
Authors: Harris Daniel , Hellman Stephen
Published: January 2008

‘Q. Why the Caymans? You could have gone anywhere. You had a lot of money. You could have gone to Paris, the Bahamas?
The Foreign Corrupt Practices Act Within the American Response to Domestic Corruption
Authors: Rossbacher Henry H. , Young Tracy W.
Published: January 2008

In King Henry VIII, Cardinal Wolsey, in his final speech of expiation, urges Cromwell to act honourably, arguing: ‘corruption wins not more than honesty’. Hopefully, the radical nature of this sentiment did not cause the historic burning of the Globe Theatre during the inaugural performances of the play. Just as Wolsey's recantation of his past sins and practices came a little too late with much too little, so American and, especially, international anti‐corruption efforts have been either nonexistent or, at the least, largely admonitory.
Narcotics Arms Trafficking, Corruption and Governance in the Caribbean
Authors: Griffith Ivelaw L.
Published: January 2008

There are four main narcotics operations in the Caribbean: drug production; the consumption and abuse of drugs; drug trafficking; and money laundering. These have numerous effects, including arms trafficking, corruption, crime, and an adverse impact on tourism, an economic mainstay of several Caribbean nations. These operations and effects have implications for several aspects of political, socio‐economic, and security conduct in the region, including the area of governance. This article examines some of the connections involving arms trafficking, corruption and governance.
Securitisation, Money Laundering and Fraud
Authors: Haynes Andrew
Published: January 2008

Securitisation is the process of raising finance by the issuing of bonds or commercial paper. In many cases the originator of the arrangement will, in return, be selling a package of existing loan assets in the form of debt instruments. The first of these arrangements is known as ‘primary securitisation’, the second as ‘secondary securitisation’. There is no generally accepted legal definition, though Feency provides a useful one:
China: The Crime of Embezzlement and Bribery — Weapons against Money Launderers
Authors: Feng Ye
Published: January 2008

The crime of embezzlement and bribery is a wide‐spread crime in the present‐day world. It impairs the property relationship protected by the law and the reputation of state organs and personnel. The party in power and the government in China have always persisted in fighting corruption and building clean and honest government and concentrated on using legal weapons to fight the crime of embezzlement and bribery resolutely. In recent years, China has made tremendous gains in fighting this crime. For 17 years, from 1979 to 1995, the Chinese procuratorial organs investigated and dealt with more than 458,000 cases of embezzlement and bribery. Meanwhile, it should be recognised that the crime is still a serious problem which hinders China's great cause of reform and opening up to the outside world. In particular, during the period of the transition from the old economic structure to the new one, the crime of embezzlement and bribery in this country shows many new characteristics. The major manifestations of the crime are listed below.
Singapore: Money Laundering — Legal Implications for Financial Institutions
Authors: Sin Liang Tan
Published: January 2008

In October 1995, the Singapore Commercial Affairs Department (CAD) with the assistance of the Royal Canadian Mounted Police and the US Drug Enforcement Administration, uncovered a multi‐million dollar global money‐laundering syndicate run by a North American drug syndicate using a Singapore bank. The CAD recovered S$5.4m stashed in the bank. It was Singapore's largest money‐laundering case. The joint investigators found that the drug syndicate used couriers to smuggle money physically into Singapore between 1989 and 1992. The cash was laundered through money‐changers in Singapore and in the Middle East. Some of the illegal cash found its way into a secret Asian Currency Unit (ACU) account in the Singapore bank. The ACU account was in the name of an account holder who was arrested in Canada for drug trafficking. He surrendered the balance of S$5.4m found in the ACU account to the CAD after a Confiscation Order was issued by the Subordinate Court. The Canadian authorities believe this amount is ‘just the tip of the iceberg’. Since money laundering is not an extraditable offence, the account holder was not prosecuted in Singapore. The bank used by the syndicate was also not prosecuted for money laundering.
Greece
Authors: Zerey Jean‐Claude
Published: January 2008

Greece has implemented the EC Directive on the prevention of money laundering and the prevention of the use of the financial system for money‐laundering purposes in two stages, like Belgium.
KEY COMMENT
Authors: Staple George
Published: January 2008

Nobody knows how much money derived from drug trafficking, fraud, pornography, prostitution, smuggling and corruption is laundered every year through the financial system. Estimates vary from $500bn to $1,000bn. It could be more.
The Geographic Targeting Order: A Useful Tactic for Combating Money Laundering by Non‐Bank Entities in the USA
Authors: Ramasastry Anita
Published: January 2008

The geographic targeting order (GTO) is a legal mechanism whereby the US federal government can require financial institutions within a certain geographic range to supply information concerning currency transactions. This tool came into existence in 1988 and has only recently proved to be a potent weapon in the fight against international money laundering. Very recently, the US Department of Treasury (‘Treasury’) and the federal government were able to score a major victory when they utilised a GTO to thwart the flow of drug proceeds to Colombia through New York money transmitters.
Money Laundering: The Role of Legislation in Developing Economies
Authors: Jayasuriya D.C.
Published: January 2008

The 1988 United Nations Convention Against Illicit Trafficking in Narcotic Drugs and Psychotropic Substances (‘the 1988 Convention’) has sharpened the focus on tracking down and seizing ‘dirty money’ generated by drug‐related criminal activities. It was the expectation of the architects of the 1988 Convention that by making it more difficult for criminals to have access to ill‐gotten wealth they will be less motivated to engage in such activities. While it is difficult to quantify, it is estimated that the annual turnover of the illicit drug industry reaches a staggering US$500bn.
The Adoption of a Money‐Laundering Law in Nigeria
Authors: Ugochukwu Uche Chibuike
Published: January 2008

A landmark development in the fight against drug trafficking and other types of fraud in Nigeria was the promulgation of the Money Laundering Decree No. 3 of 1995. Though this is an integral part of an international effort which started mainly to curtail drug trafficking, its adoption in Nigeria is particularly notable given the reputation of the country for fraud, corruption and drug trafficking. For instance, a recent survey by Transparency International — a German‐based international group that interviewed business people worldwide — listed Nigeria as the most corrupt country in the world. Also the infamous Nigerian advance fee fraud scam (‘419’), codenamed after the section of the criminal code that deals with such fraud, is currently a subject of international attention while the country is also widely criticised as a centre for drug trafficking. It has, for instance, been noted that:
Living with the Law: A Survey of Money‐Laundering Reporting Officers and Their Attitudes towards the Money‐Laundering Regulations
Authors: Bosworth‐Davies Rowan
Published: January 2008

While researching a recent money‐laundering compliance project, it became clear that, even after three years of practical exposure to the Money Laundering Regulations, there was still a disparate cross‐section of attitudes towards the law and its implementation, among those men and women appointed to the role of Money Laundering Reporting Officers (MLROs). Recognising that it is the responsibility of these individuals, to ensure a willing and uniform compliance with the law on behalf of their employing institutions, it was felt that the time was right to conduct a survey, not of their direct understanding of the Regulations, of which it was accepted they would all have a good knowledge; but of their appreciation of some of the peripheral aspects of the rapidly developing impact of international money‐laundering law. The aim was to examine their attitudes towards specific aspects of ensuring the provision of good compliance, and to ascertain whether there were any other areas of compliance in which further training was particularly identified as being necessary.
Australia: Lawyers Should be Treated like Banks, Bookmakers and Bullion Dealers
Authors: Cotton John
Published: January 2008

In 1993, the operation of Australia's financial reporting legislation was reviewed by a Senate Committee (‘the Committee’). It proposed various changes to the Financial Transactions Reports Act 1988 (FTRA), most of which were accepted in the Government Response in 1995. One of the few points of disagreement was whether the reporting requirements of the FTRA should be extended to cover solicitors.
Money Laundering
Authors: Zeldin Michael
Published: January 2008

Money laundering is defined as the process by which illicit money is made to appear licit. It is an essential element of any cash generating criminal venture. The manner in which money is laundered is limited only by the breadth of the imagination of the launderer. The focus of this paper will be to provide an overview of the issues surrounding money‐laundering enforcement; outline new schemes in use to launder illicit proceeds; detail the elements of an effective anti money‐laundering compliance programme and list the geographic hot spots where money‐laundering risks are the most extreme.
Where Has All the Money Gone? The IRA as a Profit‐making Concern
Authors: Tupman W.A.
Published: January 2008

This paper argues that illegal businesses associated with the Republican Movement in Northern Ireland are extremely profitable. It raises the question of what happens to the profits concerned. Is there a single major laundering operation to be discovered, is the operation decentralised to individual areas or units, or does the money vanish in bogus cost‐accounting somewhere inside the Movement?
Commingled Funds: How to Seize Proceeds of Electronic Crime
Authors: Candler Linda J.
Published: January 2008

Under US law, whether the proceeds of electronic crime can be identified and seized where the funds have been commingled with legitimate funds depends on whether the legitimate funds somehow facilitated the concealment and laundering of criminal proceeds. The US criminal forfeiture statute, 18 US Code, s. 983, and the civil forfeiture statute, 18 US Code, s. 981, provide that all property involved in the offence is subject to forfeiture.
Bulgaria: Major Problems Caused by Illicit Money Transfer are Met with Grim Determination
Authors: Ridley Nick
Published: January 2008

Bulgaria, at the height of what history judges, with the benefit of hindsight, as the cold war, was one of the most loyal of the Warsaw Pact nations. Yugoslavia's schism with the Soviet Union and her formation of the non‐aligned bloc, the Hungarian uprising of 1956, the Prague Spring of 1968 — all these left Bulgaria comparatively unmoved in her unshakeable loyalty.
Guernsey: International Cooperation Against the Modern International Criminal
Authors: Crook Peter
Published: January 2008

As evidenced by the international consensus on the prevention of money laundering, it is becoming clear that it is well supervised and regulated financial centres that will prove successful in tomorrow's increasingly global marketplace for financial services. For all concerned — customers, government, institutions, supervisors/regulators and stakeholders — it makes sense that financial services should be provided by solid institutions in a reputable environment and that both should be of the utmost probity.
Nigeria: On the Trail of a Spectre — Destabilisation of Developing and Transitional Economies
Authors: Ajayi Olukonyinsola , Ososami Simisola
Published: January 2008

The impact of corruption is multifaceted. It rends the moral fabric of developing societies, slows down administrative processes, makes implementation of government policies ineffective and is detrimental to the economic interest of these countries. Uniformly, developing countries set goals with a view to attaining growth and modernisation of their economics. Unfortunately, corruption makes these goals illusory, resulting in underdevelopment.
Panama: Bank Secrecy and Prevention of Economic Crime
Authors: Alba Ricardo M.
Published: January 2008

Panama is an isthmian strip of land uniting Central and South America, extending approximately 75,000 square kilometres and whose borders are: to the North, the Caribbean Sea; to the South, the Pacific Ocean; to the East, the Republic of Colombia; and to the West, the Republic of Costa Rica.
The Consequences of Anonymous Access to the Financial Payments System
Authors: Preiss Richard T.
Published: January 2008

Rapid advances in technology have conferred vast benefits upon modern societies. Money can be transferred by wire in an instant. The internet has dispensed with the need to send faxes across telephone wires. The days when it was necessary to carry multiple currencies across the international borders have all but disappeared. The day is fast approaching when societies will be cashless and people will be able to carry so‐called smart cards that contain all of their funds in the form of electronic cash. Smart cards have the technical ability to facilitate transfers of electronic cash from one smart card to another. Electronic cash can be used to shop on the internet and even gamble there. The shares of a company can be bought and sold on multiple stock exchanges through electronic cash transactions. When a London stock exchange is closed, for example, a person in the UK might transmit electronic cash to New York and buy publicly traded shares because the stock exchanges in New York will be open. If a citizen of one country loses faith in the national currency, he might use an electronic cash transaction to convert his assets into the stronger currency of another country in a foreign bank account. The examples of how modern technology will continue to benefit us are numerous.
Virtual Money, Vanishing Law: Dematerialisation in Electronic Funds Transfer, Financial Wrongs and Doctrinal Makeshifts in English Legal Structures
Authors: Mackenzie Robin
Published: January 2008

In this article the author proposes to traverse various views on money in order to contend that while antiquated notions of its materiality continue to bedevil English legal structures, the law will fail to keep up with current commercial practices, and, equally seriously, fail to detect, prevent or punish coming criminal practices as well. The thrust of the argument is that how money is perceived, and what is conceived of as constituting it, together determine how laws deal with the cultural and commercial need for consensus on what might function as a medium of exchange and a store of value. As a consequence, if the perception of money is locked into its historically contingent aspects, legal structures will become increasingly marginalised by the superior resources and sophistication of contemporary organised crime.
Yuppies, Drugs and Tesco: Should the Bank of England Blame Itself for Bank Failures?
Authors: D'Ingeo Magda , Rawlings Philip
Published: January 2008

In the early 1980s Tesco had provisionally agreed plans with the property developer, Provincial Properties Wales, to build a new store in Barry. Michael Hepker, the owner of Ravensbury Investments, was keen to buy into the project and persuaded Johnson Matthey Bankers (JMB) to lend him the capital to purchase Provincial Properties. JMB were to have the store as security for the loan. Unfortunately, planning permission for the building was refused, but, if accusations subsequently made in the House of Commons are to be believed, this fact was never disclosed to JMB. The bank never thought to check on the progress of the building work, so it remained blissfully unaware that its loan was unsecured. At the same time, JMB was lending ever increasing amounts to another client, who was later convicted of fraud in New York in October 1994. Together these two concentrated exposures exhausted JMB's capital base, so that when repayments started to dry up the bank faced collapse. The Bank of England (the Bank), as lender of last resort and UK supervisor of the banking industry, became concerned because JMB was regarded as playing a key role in maintaining the UK's central position in the international gold bullion market. The Bank feared a run on gold deposits which might have spread to the ordinary and unconnected deposit‐taking industry and perhaps led to a currency crisis. The markets were already edgy after the collapse of Continental Illinois National Bank in the USA, which had prompted a run on the dollar, and so the Bank believed it might have been difficult to persuade the markets that JMB's problems were confined to its lending business only. As a result of the JMB debacle, Barry never got its Tesco's and the Bank of England found itself obliged to rescue JMB using money from the government and City institutions.
Money Laundering Regulation: The Micro Economics
Authors: Masciandaro Donato
Published: January 2008

The analysis of the interactions between the criminal economy and the financial markets has not yet been systematically studied by the economists. This study belongs to a current research interested in this area, ie the economic analysis of money laundering. The work is organised as follows.
Crime, Illegality and Social Structure: The Road Towards an Integrated Strategy
Authors: Nardo Massimo
Published: January 2008

The last few years have seen a steady crescendo in the panic over the threat of organised crime in society. In fact, society is increasingly realising that it is involved in a life and death situation, a war whose battleground is continually expanding as every clash uncovers new frontiers to be broken down and new elements to be fought — just like the fight against some new and unknown disease — a struggle society cannot afford to lose.
South Africa: Prevention and Control of Money Laundering
Authors: Itzikowitz Angela
Published: January 2008

The subject of this article is the prevention and control of money laundering in South Africa. In particular, it focuses on the reporting obligations under existing legislation and the proposed Money Laundering Control Bill.
KEY COMMENT
Authors: Dickson C.W.
Published: January 2008

MoneyPolice and other fraud investigators consider that the most important source of raw money laundering intelligence is that provided by disclosures made to the National Criminal Intelligence Service (NCIS) pursuant to, inter alia, the Criminal Justice Act 1988 and the Drug Trafficking Offences Act 1994.
Money Laundering in the Market Place: Navigating in the Colombia Business Jungle
Authors: Ryman Michael M.
Published: January 2008

Doing business in Colombia can be a sobering experience for multinational companies. Recently, the CEOs of a variety of global multinationals and banks were surprised to read in the morning papers that their companies ‘became unwitting accomplices in the international drug trade’, according to the Chairman of the Oversight and Investigations Subcommittee, House Banking Committee, US House of Representatives. With that opening salvo, the war on drugs entered the corporate boardroom. United States and other global companies are fast becoming combat veterans. Such are the perils of the global marketplace, especially in the business jungle in Colombia.
Internet, Casinos and Money Laundering
Authors: Cabot Anthony , Kelly Joseph
Published: January 2008

Money laundering, casinos and the Internet may become unavoidably intertwined in the next decade. Money laundering is the process by which criminals transform the money that they receive from criminal activities into funds that appear to have been generated by lawful means and cannot be traced by law enforcement to their illicit sources. While the magnitude of money laundering is unknown, law enforcement authorities estimate that it consists of an annual $100bn‐$300bn in US currency, and a rough estimate of an ‘annual worldwide … range of $300 to $500 billion’.
The United Nations Strengthens International Drug Control Efforts
Authors: Ali Shazeeda
Published: January 2008

For three days in early June 1998 the General Assembly of the United Nations was imbued with an air of unity as members strove to find ‘common ground’ against the escalating drug crisis. The international community had gathered together under the auspices of a special session to contemplate a concerted approach to countering the global drug problem. The latter is perceived to be a grave threat to ‘the well‐being of mankind, the independence of states, democracy, the stability of nations, the structure of all societies, and the dignity and hope of millions of people’.
Australia: Recent Amendments to the Financial Reporting Legislation
Authors: Cotton John
Published: January 2008

In 1993 the operation of Australia's financial reporting legislation was reviewed by a Senate Committee (‘the Committee’). The Committee recommended numerous changes to the Financial Transaction Reports Act 1988 (‘the FTRA’), upon which the reporting regime is based. The federal parliament has now passed the Financial Transaction Reports Amendment Act 1997 (‘the amending Act’) with the principal purpose of implementing the Committee's recommendations.
Regina v Charlton, Cunningham, Kitchen and Wheeler
Authors: Bridges Martyn , Atkinson Paul , Rhodes Robert , Bosworth‐Davies Rowan
Published: January 2008

The case involved four accountants, a barrister and 12 separate tax ‘avoidance’ schemes. The accountants and the barrister were charged on an indictment with 14 counts of cheating the public revenue by falsely representing that the apparent purchases by the UK companies were bona fide commercial transactions.
The Limits of the Law: An Analysis of the Interrelationship of the Criminal and Civil Law in the Control of Money Laundering
Authors: Rider Barry A.K.
Published: January 2008

In recent years the divide between areas of law, which have hitherto been perceived, in most systems of jurisprudence, as relatively and mutually distinct, has narrowed and in some instances all but disappeared. This tendency is perhaps no more dramatically illustrated than in, which for a better description, might be termed the area of financial regulation. When the present author started teaching a course in the University of Cambridge on financial services regulation in 1979, the perception among those of his colleagues who regarded such things, was that this formed part of the corpus of corporate law. Of course, this analysis is only partly justified, and beyond the area of corporate finance law is misconceived. On the other hand, the commercial lawyers, who — at least in Cambridge, have been regarded or perhaps more accurately tolerated, as being a little more academically respectable than pure corporate lawyers, were distinctly unsympathetic to the notion that financial services law is in part akin to banking law and therefore a subject more suited to mercantile law. Given the author's predilection to weigh more heavily those aspects of the law that are protective of society, rather than facilitative of enterprise, it is not surprising that he ventured more and more into the realm of prohibitions, sanctions and even the criminal law. Take for example, the abuse of price sensitive information obtained by those in a confidential position, by virtue of that privileged relationship, to trade on the basis of that information in corporate securities — in other words, insider dealing. Is this properly regarded as a matter for the traditional law relating to directors and officers, and thus, company law, or given the fact that most countries today seek to curb such activity on the basis that it harms confidence in the integrity of public markets, a matter of public, and in particular criminal law? While such a debate may appear somewhat academic, even if it does result in the demarcation of courses and the like, it can and occasionally does have a very real practical significance. For example, in some jurisdictions, such as the USA, the Federal Legislature is competent to legislate on matters pertaining to international trade and finance, and thus the protection of the markets, but not matters of traditional company law. On the other hand, it has been contended in jurisdictions such as Canada that given the uncertainty attaching to the Federal Legislature's competence in regard to the financial markets, it is better to consider insider abuse as a matter of company law. Similar issues arise in the context of the competence of specific organs of the European Union and, of course, are not uncommon in the demarcation of competence between domestic agencies, whether of law reform or enforcement.
Where are we and where are we going in the offshore context: The Cayman Islands experience
Authors: Ridley Timothy
Published: January 2008

Supporting the international fight against drug trafficking and serious crime is hard to contest; it is like being in favour of family values. Likewise, therefore, the fight against money laundering, ie burying or disguising the financial proceeds of those activities, including helping someone else to do so. The real and potential long‐term damage to societies, honest government, the rule of law and sound economies is now well recognised. But, on closer inspection, the route mapped out by the international community to achieve the laudable goal of putting serious criminals (and those who assist them) out of business by attacking the financial jugular causes a number of political, economic and legal tensions.
Prevention of Money Laundering: The Practical Day‐to‐Day Problems and Some Solutions
Authors: Hopton Doug
Published: January 2008

It has been a truism that there is no system that is completely foolproof and no control unbeatable, given the right resources. Then a few weeks ago the author read that the only way to ever overcome the problems of financial crime was to develop in all organisations a ‘bullet‐proof prevention culture’. What a wonderful idea to have a culture which would prevent totally all forms of financial crime including, most importantly, money laundering. But what was actually meant by ‘bullet‐proof’? In this case it was probably meant to indicate a system so designed as to prevent anything penetrating its defences. There are, however, plenty of examples in history of supposedly bullet‐proof armour failing. So the truism was right all along and while the ultimate goal must be to deter all fraudsters and money launderers from using an organisation's services it is essential to be practical and recognise that this is an idealistic aim. No system of prevention can be both foolproof and also provide quick accessible service to the vast majority of customers who are perfectly upright and honest law‐abiding people.
Austria: Money‐Laundering Prevention and Control
Authors: Rahmatian Andreas
Published: January 2008

In 1993, Austria embarked on comprehensive legislation to combat money laundering. The principal areas of legislation on the prohibition and the prevention of money laundering are:
Parallel Investigations and Litigation
Authors: Chan Michael
Published: January 2008

Parallel investigations and litigation occur quite commonly. Investigations are frequently lengthy in areas of financial crime, where months can be spent building evidence. Within this period, civil litigants can easily commence an action. The main problem in this situation is when and how much disclosure should take place and to whom. Disclosure in one set of proceedings may be detrimental to another or to an ongoing investigation. For example, a defendant may not wish to disclose certain information in civil proceedings, as it would be detrimental to his criminal trial. However, these documents may be the best way of preventing the civil action from succeeding against him. Thus, the defendant must choose between a successful civil outcome and a possible or even probable criminal conviction. The same predicament faces the prosecution authorities who may risk a certain victory in one set of proceedings against the possibility of revealing a source or prejudicing an ongoing investigation. A variation is where a criminal investigatory body requests non‐disclosure to the defendants in a civil trial to prevent prejudicing a criminal investigation. The Court of Appeal encountered this problem in C v S and others.
Strengthening Laws and Financial Institutions to Combat Emerging Trends in Money Laundering
Authors: Zeldin Michael F. , di Florio Carlo V.
Published: January 2008

Money is the lifeblood of all domestic and international organised crime groups regardless of whether the criminal activity giving rise to the proceeds is drug trafficking, arms smuggling, terrorism or white‐collar crime. The flow of criminally tainted money through the international banking and trading system is what sustains these criminal activities. Systemically, however, money laundering harms every legitimate business transaction that it touches. On a macroeconomic level, policy makers have emphasised that it impedes international trade and finance to such an extent as to present a serious threat to the world economy. On a microeconomic level, it can damage an institution's good reputation, the public's confidence, revenues and employee morale. This is why the world has attached heightened significance to the money‐laundering problem.
A Tale of Two Regions: The Latin American and Caribbean Money‐Laundering Connection
Authors: Ali Shazeeda A.
Published: January 2008

It is an undisputed fact that in the entangled web spun by money launderers no individual country or single region stands alone — each is connected by a trail of dirty dollars.
Global Cybercrime: New Toys for the Money Launderers
Authors: Haines Jason , Johnstone Peter
Published: January 2008

The transnational criminal certainly feels comfort faced with almost limitless option buttons, when surfing the ‘global cyber candy shop’ from the comfort of his cyber cafe armchair. The physical marketplace is rapidly transforming itself into a global electronic arena, where the multicultural consumer and its market‐driven society merge and execute limitless electronic transactions at the touch of a trader's dealing screen, electronic transfers, credit and debit cards, smart cards, and so on. These are just some of the mediums which are now exploited by the money launderer without leaving paper/audit trails for law enforcement agencies and compliance communities. Advances in communications, information systems and cyber electronic innovations increasingly dispel the myth that crime stops at the border.
Examining Tax Evasion and Money Laundering
Authors: Barry Aileen
Published: January 2008

Sections 29–33, 35 and 77 of the Criminal Justice Act (CJA) 1993 amended CJA 1988 and came into force 1st April, 1994. The Money Laundering Regulations (SI 1993/1933) likewise came into effect 1st April, 1994. During the debate on the 1993 legislation, which extended money‐laundering offences to all crimes and thereby tax crimes, views were expressed that while tax crimes were technically within the scope of the legislation, disclosures of tax crimes were not likely to occur, due to the difficulty of identification.
Common Law Bank Secrecy and its Implications for US Securities Laws
Authors: Erbstein Bonita
Published: January 2008

The year 1986 did not bode well for investment banker Dennis Levine. In a civil injunctive action the US Securities and Exchange Commission (SEC or the Commission) alleged that Levine, through an insider dealing scheme, violated several anti‐fraud provisions of the Securities Exchange Act of 1934. Without admitting or denying that he obtained over $12m in illicit profits from secretly trading in the securities of 54 companies, Levine settled the SEC action and was ordered to disgorge over $10m to the court.
Replacing Safe Havens with a Safe System
Authors: Winer Jonathan M.
Published: January 2008

In recent weeks, there has been a major crash in the middle of the financial services electronic highway, and hundreds of millions of people are already feeling the shock from the impact, even if they were nowhere near the site of the impact in Moscow.
Brazil: Money Laundering
Authors: Henry Millard George
Published: January 2008

Those Brazilians reading São Paulo's newspapers over breakfast on 23rd November, 1991, discovered with surprise that their country was playing a significant role on the international money‐laundering circuit.
Money Laundering: Is It Now A Corporate Problem?
Authors: Bruton William F.
Published: January 2008

Money laundering occurs in almost every crime where there is a financial motive. People who commit most crimes have personal enrichment as at least one of their motives. Because of the need to hide the fact that wealth came from a criminal act, the criminals need to disguise the money. This forms the basis of all money‐laundering and tax crimes. To complete the money‐laundering activity generally involves a series of transactions designed to disguise the source of funds, so that these assets may be used without discovery by law enforcement. Through the money‐laundering process the individual tries to transform the appearance of the funds derived from the illegal activity into one having come from a legitimate source. There has been an emerging new system of money laundering where the use of legitimate commercial trade activity is being used by criminals involved in illegal activity to disguise their criminally derived profits as coming from legitimate businesses.
How Big is Global Money Laundering?
Authors: Walker John
Published: January 2008

Known incidents of money laundering involving large amounts of money generated from crime are of tremendous public interest and are consequently given wide publicity. A wide range of national and international agencies have attempted to quantify organised crime and components of money laundering in their particular sphere of interest, and their assessments are frequently made available in public statements. The purpose of this paper is to describe a comparatively simple crime‐economic model, constructed from readily available international databases, that closely ‘predicts’ a range of such expert assessments, and appears to offer a framework for determining and monitoring the size of money‐laundering flows around the world. Further research is required, but the exercise of constructing the model has identified a number of gaps in existing knowledge which could readily be addressed by well‐targeted research. Initial output from the model suggests a global money‐laundering total of S2.85bn per year, heavily concentrated in Europe and North America.
International Measures to Fight Money Laundering
Authors: Garcia Javier
Published: January 2008

The phrase ‘pecunia non olet’ (money does not smell) is attributed to the Emperor Vespasian as regards a new tax for the use of public toilets which had been imposed in Rome. However, this expression may currently be substituted for the new one ‘pecunia nunc olet’ (money smells now). Indeed, it seems that there is an international agreement to eliminate ‘dirty money’; that is to say, the money‐laundering phenomenon.
Ruined in a Conventional Way: Some Thoughts on Risk and Money Laundering
Authors: Willis Simon
Published: January 2008

In the author's last article (JMLC, Vol. 2, No. 3) reference was made to ‘thefts dressed as non‐performing loans’ and the catastrophic risks run by individual financial institutions as well as whole markets and economies that compromise with criminal capital flows.
Mexico: The Black Market in Foreign Exchange and its Relationship with Narcotics Money Laundering
Authors: Grosse Robert
Published: January 2008

The Mexican foreign exchange market plays an important role in the laundering of narcotics revenues of traffickers from that country and, to some extent, traffickers from Colombia who ship through Mexico. This market is different from many other emerging market foreign exchange structures, because a legal parallel market has existed for more than two decades. The black market, meaning unreported foreign exchange dealings, is relatively smaller (compared to the size of the economy) than in other Latin American countries, since business people have broad access to dollars in the legal, parallel market.
Prosecuting the Money Launderers Who Act for Organised Crime
Authors: Bell R.E.
Published: January 2008

The forces of globalisation have had a profound effect on the world's economies and it should come as no surprise that they have given new opportunities for organised crime and new challenges for legal systems and law enforcement. While the phenomenon of organised crime is not new, it has been growing in recent years and is now generating and laundering huge illegal profits, subsequently investing them in legal business. Strategies against organised crime will be shaped by the mental models used to understand it, and anyone whose mental model of organised crime is derived from the Chicago gangsters of the 1920s or the Mafia godfather of cinematic fiction is using the mental model of a bygone era. Organised crime today must be understood using a business model and hence viewed as businesses, producing illicit goods and services, which vary in size and scale on a continuum from small, local businesses to multinational corporations. The business model assists in analysing the structures of organised crime and, by applying it, one can postulate for example that, at the latter end of the continuum, organised crime groups will, like all multinational corporations, have their own managing directors, finance directors and other corporate officers. The unprecedented challenge now facing law enforcement authorities is to develop effective strategies to combat these multinational corporations of organised crime.