bluuebunny/crossref_metadata_2025 huggingface dataset:
Washing for a Price: Exposure of the Financial Services System
Authors: Hopton Doug
Published: January 2008

The financial services industry is recognised as one of the prime participants in the worldwide battle against money laundering. However, this participation docs expose the industry and the whole financial services system to a number of problems and dangers. Many of these dangers are theoretical and have been expounded on a number of occasions. Discussion in this paper is at a more practical level to show some of the very real and difficult dilemmas which the financial industry has to grapple with on a day‐to‐day basis.
Money Laundering: A Prosecutor's Perspective
Authors: Wardle Robert
Published: January 2008

As any prosecutor will confirm, professional organised criminals require efficient facilities to launder the proceeds of crime — traditionally in cash but increasingly in other forms of property.
The End of Money‐Laundering Prosecution in the City?
Authors: Chan Michael
Published: January 2008

Money laundering is established as a criminal offence and, to date, the prosecution of money laundering has been the responsibility of the Criminal Prosecution Service (CPS) and the Serious Fraud Office (SFO). However, the Financial Services and Markets Bill will provide the Financial Services Authority (FSA) with the power to bring a prosecution for offences under the Money Laundering Regulations. This may result in some confusion as to who should prosecute, particularly as it is established that all three bodies cannot prosecute the same crime since this would allow the defendant to claim double jeopardy. It should be noted that the FSA has stated that it will only prosecute for failing to maintain adequate controls against money laundering and that prosecutions for money laundering itself will be left to the criminal prosecution authorities. Despite this limitation there will still be an overlap between offences that the CPS, SFO and FSA may prosecute. The situation is further clouded, as the FSA will also be able to undertake a disciplinary action. A disciplinary action for money laundering has not been specifically mentioned in the Financial Services and Markets Bill. However, the FSA is most likely to introduce an and money‐laundering statement of principle, particularly as the reduction of financial crime is one of the objectives of the FSA. If a regulated person or institution is found to breach this, they will be subject to a penalty imposed under disciplinary proceedings. In addition, a blanket provision of ‘misconduct’ would also trigger the imposition of a penalty. Therefore, the possibility arises of a criminal prosecution by the FSA for failing to maintain adequate controls against money laundering, a prosecution by the CPS or SFO for money laundering itself and for failure to maintain adequate controls as well as an FSA disciplinary action.
Anti Money Laundering: A View from the Industry
Authors: Collins Richard
Published: January 2008

Much has been written and spoken about the theory of designing and implementing anti money‐laundering procedures in financial institutions in the UK. Such analysis, it has to be said, while valuable, is generally made by those who inhabit the groves of academia and by learned friends from the legal profession from the safety of solicitors' offices. This article puts another viewpoint: that of the humble money laundering reporting officer (MLRO) in a financial institution, faced with the task of implementing the requirements of the legislation, the task of persuading his management that there needs to be a proper awareness campaign, the task of creating interest in that campaign and getting everybody along to the video and finally the task of establishing a culture of reporting of suspicions sensibly.
Frustrating the Fraudster — Civil Law Weapons
Authors: Sarker Rinita
Published: January 2008

Fraud has never respected national boundaries. But the advent of the Internet and modern technology has increased the ease with which money and documents can be transferred worldwide. The Fraud Advisory Panel's first annual report estimates that fraud could be costing £5bn a year and is likely to get worse following the introduction of the Euro and the growth in e‐commerce. When fraud is unearthed, there are three key elements to frustrating the fraudster and recovering the monies, namely speed, secrecy and surprise.
New Forms of Transnational Policing: The Emergence of Financial Intelligence Units in the European Union and the Challenges for Human Rights: Part 1
Authors: Mitsilegas Valsamis
Published: January 2008

This paper consists of two parts, the second of which will be published in the next issue of this Journal (Volume 3, Number 3). The second part of this paper will deal with the legal framework of the European Union.
Greece: Money Laundering
Authors: Stefanou Constantin , Xanthaki Helen
Published: January 2008

The Greek regime on money laundering tends to be unknown to most foreign experts. This is partly due to the language barrier and partly due to the admittedly minimal bibliography on the regulation of money laundering both within the country and outside it. The limited bibliography is emphasised by a total lack of recorded criminal cases for money laundering brought before the Greek courts. The aim of this article is to present and examine Greek legislation and policy on money laundering. The necessity for a dedicated legislative text, hotly disputed by some legal experts in Greece, and the two Greek attempts at compliance with the EU Money Laundering Directive will be examined, as will the political parameters of this issue. Their repercussions on the enforcement of money laundering legislation will be assessed.
The Facilitation of Money Laundering Through Western Europe and the United States by Russian Organised Crime Groups
Authors: Johnstone Peter , Jones Mark
Published: January 2008

Over the past decade the Russian Mafia has established itself as capable of causing serious disruptions within the world's financial markets. Organised crime groups control a substantial number of the banks within Russia and as a consequence they are capable of infiltrating major sources of money supply and taking control of legitimate businesses, both foreign and domestic. Once an organised crime group has entered the banking structure, it can expand its operations by using the veneer of legitimacy provided by the bank as a source of utility for further criminal ventures. The laundering of illegal proceeds, both national and international, has now become one of the major activities conducted by Russian organised crime groups in the former Soviet Union.
New Frontiers of Criminal Liability: Money Laundering and Proceeds of Crime
Authors: Levi Michael
Published: January 2008

The salience of money laundering as a social and economic issue merits some modest scepticism. First, most crime is and will remain for the foreseeable future local and ill‐organised. The only connection that most of the young people and adults who come before most judges most of the time have with international organised crime is the remote supply of the ganja that they smoke, and the fact that drugs — mostly heroin, cocaine and amphetamines — increase their rate of offending and make it harder for them to give up crime. Although there is room for debate about the proportionate and creative ways of dealing with drug use among the young, it remains the case that there is a heavy‐end crime problem with which judges, law officers and politicians have to deal. It is difficult to write rationally about trends in organised crime and about rational international responses to it. The only people who are really on top of this particular market are the successful criminals themselves, including the professionals — accountants and lawyers — who knowingly assist in laundering the proceeds of crime, and who are increasingly required by the front‐line criminals as our controls on cash deposits get tighter. Nevertheless, this paper discusses the relevance to money laundering and proceeds of crime of corporate criminal liability and analogous forms of imposing ‘due diligence’ penalties.
The Electronic Dimension to Money Laundering — The Investigator's Perspective
Authors: Hutchins Gordon
Published: January 2008

The Money Laundering Investigation Team was formed in 1993 at the same time that the South East Regional Crime Squad came into being. The Regional Crime Squad is part of the Regional Crime Squads of England and Wales. It is staffed by police officers on secondment from 13 constituent Police Service Authorities. The Squad concentrates on the investigation of serious offences committed by organised criminals operating within the region, in pursuance of their criminal activities both nationally and internationally.
The Battle against Money Laundering: An Examination of US Law, International Cooperative Efforts and Corporate Governance Issues
Authors: Anne Summe Kimberly
Published: January 2008

Money laundering, the process by which the proceeds derived from criminal activity are disguised or concealed, is a problem of international dimensions. US law enforcement officials estimate that between $100bn and $300bn in US currency is laundered each year. Some observers estimate the global range to be between $200bn and $500bn each year, making money laundering the world's third largest business behind foreign exchange and the oil industry. The International Monetary Fund provides an even higher estimate, determining in 1999 that the aggregate size of global money laundering could be between 2 and 5 per cent of the world's gross domestic product, translating into $590bn to $1.5trn annually.
Corruption — An Indian Perspective
Authors: Kumar B.V.
Published: January 2008

In about 1990, India and a few developing countries attempted to restructure their economics to achieve accelerated economic growth, for generation of optimum levels of production, employment and poverty alleviation. The economic and fiscal policies took a turn towards liberalisation, deregulation, de‐control and de‐licensing, so that the economy opens up and unnecessary legal and bureaucratic impediments are removed to reduce delays and costs. During the last five years, industrial, trade and tax reforms have created demonstrable buoyancy in industrial production, investment and exports.
New Zealand: A View of Money Laundering
Authors: Rapley James
Published: January 2008

‘People have been hiding wealth ever since the notion of value dawned in the mind of man. As society and the instruments of society have become more sophisticated, so have the process of hiding wealth. While a hole in the ground might have well served our ancestors, today to achieve the same degree of “invisibility” a panoply of legal and business devices will often be employed to achieve the same result.’ For those involved in crime which is premeditated, the accumulation and management of wealth is the driving motive.
Robin Hood
Authors: Bell R.E.
Published: January 2008

Robin Hood had clearly now become a serious problem. Previously he had been known for taking from the rich, giving to the poor and fighting against injustice and tyranny. Much of the proceeds of his robberies had also gone towards raising a ransom to free Richard the Lionheart from an Austrian dungeon where he had been imprisoned by Leopold V of Austria on his return home from the Third Crusade. When Richard returned to England, taking back his rightful place on the throne, all had been well for a number of years. However with Richard restored to the throne, Robin had lost his purpose in life. There was no longer any justification for living as an outlaw in Sherwood Forest or for robbing the rich, and so Robin had grown old and disillusioned. After a while, the carriages carrying the King's tax revenues in the Nottinghamshire area had begun to be attacked again. The raids were well planned and executed and the modus operandi bore a distinct resemblance to the raids carried out by Robin's band in the years when they had been outlaws.
The Global Detection and Deterrence of Money Laundering
Authors: Sandhu Harjit S.
Published: January 2008

Crime is becoming ever more international. This is a world where it is quicker to cross the Atlantic from Paris to New York than to traverse the city of Paris by road. This world is faced with a criminality that profits by the advantages of the so‐called free world, where there are practically no frontiers any more. Whether it is drug trafficking, financial fraud or cyber‐pornography, crime has gone global on a massive scale as borders fade and cash rockets from Grand Cayman to Hong Kong, Luxembourg or Vanuatu in the flash of a second. Criminals know no geographical boundaries; nor does their dirty money recognise any such barriers.
Know Your Customer: What Happened and What Happens Next?
Authors: Byrne John J.
Published: January 2008

No one could have predicted the outcry from the industry, the public, Congress and the media on the know your customer (KYC) proposal unveiled on 7th December, 1998. For many years, compliance officers had heard about the possibility of a regulatory proposal to formalise the policy of identifying new account holders, reporting suspicious activity and training all employees. What was finally released went far beyond that.
India: Money‐Laundering Alert
Authors: Kumar B.V.
Published: January 2008

The Bombay Stock Exchange (BSE) blew the whistle in respect of 20 companies who changed their names to suggest a shift in their focus to software‐related activities from their core business (mostly financial activities), in 1999.
Jamaica: An Update on Money‐Laundering Legislation
Authors: Sykes Bryan
Published: January 2008

In a previous volume of this journal Miss Shazeeda Ali made a brief analysis of the Jamaican Money Laundering Act (MLA) in which she made a number of important observations. Since that time, the MLA has been amended twice, the last time in March 1999. The purpose of this article is to highlight the main features of the amendments.
The Netherlands: Anti Money‐Laundering Programmes — The Case of ING
Authors: Ravenstijn Bert
Published: January 2008

In the last decade, the forces of globalisation have created 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 grown in recent years and is now generating and laundering huge illegal profits, and subsequently investing them in legal business.
New Zealand: Money Laundering
Authors: Rapley James
Published: January 2008

On 1st September, 1995 New Zealand acquired a specific money‐laundering provision in its criminal code: s. 257A Crimes Act 1961. As is often the case with new legislation, s. 257A made its way onto the statute books without fanfare and has been relatively unused by Crown prosecutors. The recently reported decision of R v Liava'a will hopefully generate interest among New Zealand law enforcement authorities and Crown prosecutors.
A look at the offence of ‘tipping off’ and whether the Court of Appeal has missed an opportunity to offer wider guidance on this subject
Authors: de Ferrars David
Published: January 2008

In the recent case of C v S, the Court of Appeal offered guidance to the financial community on how to meet a specific problem arising from statutory provisions to prevent money laundering. Considered here are the circumstances in which the Court of Appeal felt it necessary to offer that guidance, whether the guidelines are likely to achieve the objective sought and whether an opportunity has been missed to issue guidance on other aspects of the money‐laundering legislation.
The Financial Services Authority and the Prevention of Money Laundering
Authors: Campbell Andrew
Published: January 2008

The importance of fighting money laundering has for some time been recognised by British governments, and the imminent introduction of new legislation which aims inter alia to reduce the level of financial crime provides an opportunity to increase the effectiveness of the anti‐money‐laundering culture in the UK. The inclusion of the reduction of financial crime as one of the four regulatory objectives in the new legislation is a very welcome development.
Legal Privilege in Criminal Cases Generally, and Money‐Laundering Cases in Particular
Authors: Fisher Jonathan
Published: January 2008

Significant problems arise where an investigating authority searches premises for relevant material and the holder of the material asserts a claim of legal privilege over some, if not all, of the documents concerned. Invariably the holder's claim is rejected by the investigating authority, either on the ground that legal privilege does not attach to the category of material in question, or if it does attach, the privilege falls away because the material was brought into existence to further a fraudulent purpose. How are disputes between the investigating authority and the holder of the material to be resolved? How is the true status of the material to be determined?
Tax Crimes Money Laundering and the Professional Adviser
Authors: Brandon Ben
Published: January 2008

The fight against money laundering has moved in a new and unforeseen direction. All‐crimes money laundering means what it says: the offence‐creating provisions of s. 93A of the Criminal Justice Act 1988 encompasses all crimes, including tax evasion. What is more, it is intended to criminalise the professional adviser who enters into arrangements or provides transactional advice to a client that facilitates the retention of the proceeds of crime, if the adviser suspects the client has been engaged in tax evasion.
Australia: The Continuing Fight against Money Laundering — Financial Institutions and FATF's Recommendation 19
Authors: Johnson Jackie
Published: January 2008

Over the past decade concern has been raised by much of the international community about the integrity and stability of the financial system, given the amount of money being laundered to convert the profits of illegal activities into financial assets which appear to have a legitimate origin. This money includes not only the gains from the sale of illegal drugs but also the profits from organised crime and tax evasion. Annual estimates of laundered funds range from US$300bn to as much as US$1.000bn, which the International Monetary Fund estimates is 2—5 per cent of global gross domestic product. The bulk of these funds are derived from the nearly US$400bn a year generated from the illegal drugs trade. The magnitude and seriousness of money laundering motivated the General Assembly of the United Nations in 1988 to adopt a universal pledge to put a halt to this activity.
Poland: Counteracting Money Laundering in Central Europe
Authors: Plywaczewski Emil W.
Published: January 2008

Money laundering is a major problem related to organised crime and especially to its transnational manifestations. Organised crime, which is associated with a continuous inflow of enormous amounts of money, creates the problem of protecting and hiding the money while at the same time taking every precaution possible. Members of organised criminal groups are therefore forced to conduct all kinds of operations of acquisition or transfer of legal rights whose final stage is the ultimate integration of income deriving from illegal sources. Such behaviour, called ‘money laundering’, constitutes the ‘roots’ of organised crime; in other words, it is the fundamental basis for the existence of organised crime. That is why, as part of various international initiatives aimed at preventing and counteracting organised crime, particular attention is paid to the issue of trying to limit the scope of money laundering. It is worth adding here that the phenomenon is also associated with crimes (especially in the economic and financial area) that do not necessarily have to have an organised nature.
Laundering and Lawyers — The Payment of Legal Fees and Money‐Laundering Offences in Germany and the UK
Authors: Gentzik Daniel
Published: January 2008

Money laundering has become an issue of increasing concern within the jurisdictions of Germany and the UK. Following a range of international efforts to combat money laundering, both countries have implemented wide‐ranging money‐laundering provisions. A closer look at these provisions reveals that they are primarily designed to tackle organised crime. And it can safely be claimed that talk of the challenges faced by financial institutions, national economies and society as a whole has become quite fashionable nowadays in the light of professionally expanding drug cartels, arms‐dealing gangs and other forms of organised groups carrying out serious cross‐border crime. Whenever ‘organised crime’ appears to raise its ugly head, the introduction of ever‐widening and in many cases draconian measures to counter money laundering as the Achilles heel of organised crime is widely held to be fully justified.
Heard in the Court of Appeal before Lord Justice Beldam, Mr Justice Dyson and Mr Justice Richards
Authors: McNae Jonathan
Published: January 2008

The appellant, Leonard Gibson, was found guilty of the acquisition, possession or use of proceeds of criminal conduct contrary to s. 93B of the Criminal Justice Act 1988 (inserted by s. 30 of the Criminal Justice Act 1993), and sentenced to nine months' imprisonment suspended for two years. The relevant provisions of s. 93B of the Act are:
Blacklisting: Initial Reactions, Responses and Repercussions
Authors: Johnson Jackie
Published: January 2008

On 22nd June, 2000, after a good deal of speculation, the much anticipated list of non‐cooperative countries was made public by the Financial Action Task Force (FATF). They had assessed 31 countries before deciding on the final 15, deemed non‐cooperative as their laws and practices were construed as providing an impediment to the fight against money laundering. They were the Bahamas, Cayman Islands, Cook Islands, Dominica, Israel, Lebanon, Liechtenstein, Marshall Islands, Nauru, Niue, Panama, Philippines, Russia, St Kitts & Nevis and St Vincent & Grenadines. Unfortunately for the Dominican Republic, a number of news sources from around the world substituted them for Dominica, assuming the two names referred to the same country.
Hungary: The Legacy of Economic Progress Interacting with Vulnerability to Economic Crime, 1970–2000
Authors: Ridley Nick
Published: January 2008

By the early 1980s, primarily due to the extremely adverse foreign trade balance, Hungary was forced to join the international economy, a step which itself led to economic reforms. One question that presents itself is how, despite this adverse foreign trade balance, the domestic economy managed to survive and prosper through the 1970s. This question is not merely posed for historical value. For within the answer lie important long‐term vulnerability factors that gave rise to organised criminality. Such an answer in turn explains, to a certain extent, the reasons for the continuity of economic crime within Hungary from the 1970s to the present day.
Ireland: The Celtic Tiger Bites — The Attack on the Proceeds of Crime
Authors: Ashe Michael , Reid Paula
Published: January 2008

In 1996 the Irish legislature (the Oireacthas) enacted radical legislation as part of a new initiative to deal with organised crime, and with it a specialist agency, called the Criminal Assets Bureau, to enforce the new provisions. In proposing the new measures the Minister for Finance said:
Dirty Money: How the UK Securities and Derivatives Markets are Used to Launder Money
Authors: Sharma Sanjay
Published: January 2008

The increasing publicity of recent high‐profile money‐laundering cases has propelled this apparently victimless crime into the forefront of the public domain. However, although this has been one of the government's principal aims — to increase public awareness — there is still a lack of common knowledge within the public domain of what constitutes a money‐laundering offence. The job is further complicated by the fact that this invisible crime operates on the fringes of society, acting as a bridge between the underworld and the rest.
Private banks' Initiative Against Money Laundering
Authors: Brindle Michael
Published: January 2008

Until the late 1980s little had been heard of the topic of money laundering. It was known in the USA, but the subject only really gained prominence as a result of the United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances and the almost contemporaneous Statement of Principles of 12th December, 1988 issued by the Basel Committee on Banking Regulations and Supervisory Practices. The UN Convention illustrates how far the profile of money laundering has been associated with drug trafficking, but it is the Basel Statement which has been of particular importance in the development of safeguards within the banking community against abuse by money launderers.
Are Tax Evasion Offences Predicate Offences for Money‐Laundering Offences?
Authors: Alldridge Peter
Published: January 2008

The G7 finance ministers, at a meeting in London on 8th May, 1998, called for international action to enhance the capacity of anti‐money‐laundering systems to deal effectively with tax‐related crimes, with a view to achieving the following objectives: the extension of suspicious transaction reporting to money laundering related to tax offences; the permission to money‐laundering authorities to the greatest extent possible to pass information to their tax authorities to support the investigation of tax‐related crimes; and the communication of such information to other jurisdictions in ways which would allow its use by tax authorities.
Offshore Asset Protection Trusts: Tax Planning or Tax Fraud?
Authors: Silets Harvey M. , Drew Michael C.
Published: January 2008

For someone seeking to place his assets out of the reach of creditors, Offshore Asset Protection Trusts (OAPTs) offer the potential settlor secrecy, control, choice of law and jurisdiction, and favourable taxation. While many legitimate entities make use of the benefits of OAPTs, criminal entities have also seized upon them as a means of furthering their crimes.
The Wolfsberg Anti‐Money Laundering Principles
Authors: Hinterseer Kris
Published: January 2008

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.
The Need for Efficient International Financial Regulation and the Role of a Global Supervisor
Authors: Alexander Kern
Published: January 2008

This paper examines the need for international regulation of financial markets and suggests the possible role that a global financial supervisor might play in providing effective regulation of international financial markets. The first part discusses the nature of systemic risk in the international financial system and the necessity for international Minimum Standards of prudential supervision for banking institutions. The second part examines the efforts of the Basel Committee on Banking Supervision to devise non‐binding international standards for managing systemic risk in financial markets. Recent financial crises in Asia, Russia and Latin America suggest, however, that informal efforts by international bodies such as the Basel Committee are inadequate to address the risk of systemic failure in financial systems. The third part therefore argues that efficient international financial regulation requires certain regulatory functions to be performed by a global supervisor acting in conjunction with national regulatory authorities. These functions should involve the authorisation of financial institutions, generation of rules and standards of regulatory practice, surveillance of financial markets, and coordination with national authorities in implementing and enforcing such standards.
Lawyers' Duties under the Draft EU Money Laundering Directive: Is Confidentiality a Thing of the Past?
Authors: Xanthaki Helen
Published: January 2008

Directive 91/308/EEC has been hailed by many European Union commentators as an extraordinary advance in the cause of EU integration, not least because it is still one of the few Directives actually in force in the field of EU criminal law. From the point of view of money laundering control, the Directive has been the EU's main weapon in its endeavours to ensure that the liberalisation of the financial markets and the consequent freedom of capital movements ‘is not used for undesirable purposes, such as money laundering’. Notwithstanding the undoubtful success of the Directive to introduce a minimum level of money laundering control mechanisms in all 15 EU member states (some of which had not even criminalised money laundering before transposing the Directive), however, Directive 91/308/EEC is no longer considered an adequately progressive legislative text for the advancement of further money laundering prevention to a pace equal to the one currently in force both at the international level and within some of the EU member states. The legislative response of the EU to the need for increasingly progressive legislation has been the Draft Money Laundering Directive, which having been passed by the Council and the Parliament is in the final stages of becoming part of EU legislation.
In Pursuit of Dirty Money: Identifying Weaknesses in the Global Financial System
Authors: Johnson Jackie
Published: January 2008

Over the last two years a number of initiatives have been brought to the attention of the financial regulators sectors of the global financial system most at risk from money laundering. The Durban Declaration called for the return of wealth plundered by corrupt leaders. The Financial Action Task Force (FATF), the Financial Stability Forum (FSF) and the OECD all identified countries with unregulated or poorly regulated financial systems which encourage money laundering and the US Senate identified problems with correspondent banking. This added attention has encouraged more countries to join the anti‐money laundering movement and there are now 116 member countries in anti‐money laundering groups in Europe, Asia, South America and Africa. However, until their legislation is effectively implemented and the remaining countries join the global anti‐money laundering movement there is unlikely to be any significant reduction in the amount of money being laundered.
Money Laundering Regulation and Bank Compliance Costs: What Do Your Customers Know? Economics and the Italian Experience
Authors: Masciandaro Donato , Filotto Umberto
Published: January 2008

The objective of this paper is to illustrate the link between the effectiveness of the anti‐money laundering regulations and the characteristics of the compliance costs involved for banks. The work is set out as follows. The next section describes the economic framework, which starts with the assumption that intermediaries have an advantage in terms of information and then demonstrates, by means of a principal‐agent model, how this advantage can produce collective gains in the war against money laundering only if the regulations take the problem of compliance costs into due consideration.
E‐diligence: Money Laundering Risks in the Electronic Arena
Authors: Joyce Brian P.
Published: January 2008

The advent and increasing application of electronic commercial transactions, e‐banking, new payment technologies and digital currencies poses a threat to traditional due diligence systems in the international campaign against money laundering. As the electronic infrastructures of global commercial transactions and Internet financial services incubate, compliance dilemmas continue to evolve.
The Polish Financial Intelligence Unit: A New Institution in the Polish Legal System
Authors: Sieńczyło‐Chlabicz Joanna , Filipkowski Wojciech
Published: January 2008

Since the beginning of the 1990s Poland has been developing a system of counteracting and fighting the money laundering phenomenon. Such actions were started because of the need to protect the Polish legal system and the Polish economy against the threat coming from organised criminal groups wanting to invest in Poland the proceeds derived from illicit activities. Poland is an attractive country to them as far as investing is concerned because of the great demand for capital needed to conduct the necessary transformations in the economic and social system.
Drug Kingpins and Blacklists: Compliance Issues with US Economic Sanctions: Part 3
Authors: Fitzgerald Peter L.
Published: January 2008

Those parties who do become caught up in the sanctions and are blacklisted face a daunting situation. Their property and accounts are often blocked, and dealings with US parties, and frequently their overseas affiliates as well, are essentially cut off with little or no warning by virtue of decisions made by a relatively small and obscure office within the Treasury Department. US as well as foreign parties can be blacklisted, and these restrictions can even extend to a firm's employees. The practical consequence of being touched by one of the Office of Foreign Assets Controls (OFAC) economic sanctions programmes may be the economic equivalent of capital punishment. By virtue of the restrictions, the blacklisted business may cease to exist as a viable entity.
Wealth Hidden, Tax Evaded: Strategies for Revelation
Authors: Montano Elizabeth
Published: January 2008

The Australian Transaction Reports and Analysis Centre, known more widely under its acronym AUSTRAC, is both specialist anti‐money laundering regulator and financial intelligence unit. As such, it has a keen interest in hidden wealth and an ever keener interest in uncovering it. AUSTRAC's mission is to contribute to a financial sector hostile to crime. As a financial sector regulator, it encourages transparency and honesty. As a financial intelligence unit, the job is to assist law enforcement and revenue agencies to uncover hidden illegitimately gained wealth and to detect evaded taxes.
‘Underground’ Banking in Russia
Authors: Ledeneva Alena V.
Published: January 2008

Just as the August 1998 financial crisis overturned the predictions of a Russian boom, the quick post‐crisis recovery of the Russian economy came as a surprise too. It has almost become a commonplace that ‘nothing is as strong or as weak in Russia as it seems’ and the need to understand how the Russian economy really works is still of urgent priority.
Towards a Clean World
Authors: Edwards Andrew
Published: January 2008

In all its many manifestations, economic crime remains a threat to civilisation.
An Introductory Who's Who for Money Laundering Investigators
Authors: Bell R.E.
Published: January 2008

It is now generally recognised that, when investigating acquisitive crime, investigators must focus not just on obtaining evidence of the commission of the underlying crime itself, but also on what happened to the criminal proceeds. While there has been significant culture change in the UK so that investigators now focus to a greater degree on the proceeds of crime, this is usually from the perspective of tracing what remains of the proceeds so that the confiscation legislation may be applied. Even then such a focus is patchy and inconsistent and much work remains to be done to ensure that the confiscation legislation is applied in a rigorous manner.
Globalisation and the Offshore Dimension — Building Integrity, Confidence and Cooperation
Authors: Santini Carlo
Published: January 2008

The theme of this paper is the connection between economic crime and the globalisation of economies and markets. It is a broad topic, rich in literature, but where there is still much to examine and analyse more deeply. The paper will be limited to sharing some reflections on the commitment needed to tackle these problems more adequately and on the support asked from institutions which hold responsibility for regulating and supervising markets. There will also be mention of how to prevent the risk that such connections could undermine market integrity.
Taxation and Money Laundering: A Personal View
Authors: Flight Howard
Published: January 2008

Four years ago, a partner of one of the City's most eminent law firms expressed to me their concerns at the relatively new interpretation of the 1995 UK money laundering legislation, rendering a criminal offence, the failure by a professional, such as a lawyer, to report a suspicion of overseas tax evasion with a potential penalty of three years' imprisonment. Subsequent legislation in the Channel Islands and other UK dependent territories contain similar provisions. The point was made to me that British law firms should, therefore, be careful in acting for Continental European businesses in London, as corporate tax evasion by such has, historically, been widespread — or should report automatically a suspicion when acting for any such businesses.
Informal and Formal Money Transfer Networks: Financial Service or Financial Crime?
Authors: Nawaz Shahid , McKinnon Roddy , Webb Robert
Published: January 2008

Prior to the events of 11th September, 2001, international cooperation in the field of global financial crime prevention was already well established. Prompted by separate initiatives led by the United Nations Organisation and the Basel Committee in the late 1980s, the creation in 1989 of the Financial Action Task Force on Money Laundering (FATF) by the G7 countries set in place an international body to coordinate anti‐money laundering measures across 26 countries and jurisdictions. Subsequently, and prompted by the creation of the FATF, other regional interstate organisations in western and eastern Europe, across the Americas and the Caribbean, and also in Asia, have drafted similar anti‐money laundering standards for their respective countries. In turn, these interstate regulatory initiatives have been complemented by parallel business‐led ‘voluntary’ initiatives, such as the example of the Wolfsberg Anti‐Money Laundering Principles designed to promote greater transparency across the banking sector.
The Mechanics, Determinants and Management of Working Capital Investment
Authors: Lawson G.H.
Published: January 2008

A multiperiod analysis of working capital investment is outlined. An attempt is also made to clarify the objects of working capital management by reference to wealth maximisation orthodoxy.
Bankruptcy, Working Capital and Funds Flow Components
Authors: Gentry James A. , Newbold Paul , Whitford David T.
Published: January 2008

The objectives of this study are to offer cash based funds flow components as an alternative to financial ratios for classifying the financial performance of companies; to test empirically the ability of funds flow components to distinguish between failed and nonfailed companies with special emphasis on working capital components; to analyse the empirical results and make recommendations for future study.
DOS Workstations
Authors: Schuyler Michael
Published: January 2008

People who live around computers do not realize how much knowledge they have absorbed. Little tidbits on how to make the things work just get absorbed in the brain somewhere and become second nature. The depth of knowledge (and this is a relative thing) becomes apparent only when attempting to get a neophyte up and running on a particular operation.
Macintosh Workstations
Authors: Valauskas Edward
Published: January 2008

Viruses and the Role of Responsibility. Computer viruses are members of a family of destructive programs that have existed in one form or another since the 1960s with such descriptive names as Trojan horses, time and logic bombs, and worms. All of these electronic creations present a real threat to librarians interconnected with potential sources of infection in the form of academic networks, commercial database services, and local bulletin boards.
Macintosh Workstations
Authors: Valauskas Edward
Published: January 2008

The American Library Association Midwinter Conference. The ALA Midwinter Conference has a reputation as the occasion when much of the real work of the Association is done in preparation for the annual conference held each summer.
DOS Workstations
Authors: Schuyler Michael
Published: January 2008

Hooking into the Electronic Grid. Cyberpunk science fiction postulates a world in the not too distant future where a vast information grid is responsible for most activity of any importance. Future hackers with the requisite skills and mental discipline can hook their brains directly to this grid and travel the ‘data paths’ in search of adventure. Novels such as Neuromancer by William Gibson have invigorated the often dull genre by extrapolating present trends into an all‐too‐believable near future. In some sense, the world postulated by cyberpunk is already here. Anyone connected to a network has already become dependent on the vast information grid that is now responsible for a great deal of activity. Indeed, a computer sitting off by itself may still be a useful tool. But with the addition of a modem it can serve as a window into a vast array of information and services.
Macintosh Workstations
Authors: Valauskas Edward
Published: January 2008

Buses to ride: NuBus, MCA, EISA. Imagine a computer giant like IBM defending its choice of an input/output conductor for its Personal System/2 line of computers with television commercials comparing the innards of a computer to an expressway, packets of data moving like vehicles in traffic scrambling to avoid backups due to obsolete or non‐proprietary architectures. These commercials have appeared in response to the first organized effort by a group of computer manufacturers to circumvent IBM's proprietary Micro Channel Architecture (MCA) with their own design, called EISA (Extended Industry Standard Architecture). Why is there such concern over bus architectures, and how does the Macintosh solution, the NuBus, compare?
Macintosh Workstations
Authors: Valauskas Edward
Published: January 2008

Library Exemption added to Software Rental Bill in U.S. Senate. In last month's issue, I briefly mentioned the existence of U.S. Senate Bill 198, The Computer Soft‐ware Rental Amendments Act of 1989, introduced on January 25 by Sen. Orrin Hatch of Utah. This Bill proposed in its original language to restrict the ren‐tal, leasing, or lending of computer software. I am happy to report that the library community responded to this potential restriction on their right to lend materials in any form; an exemption for non‐profit libraries will be included in a new version of the Bill. I think that it is appropriate to examine this issue in more detail as it is of interest to all computer users in libraries.
DOS Workstations
Authors: Schuyler Michael
Published: January 2008

Those of us who must write user manuals, training manuals, and any sort of documentation, from procedures to memos, know that the complexity of our written words can cause consternation with other staff members. What seemed clear to us remains obscure to them, regardless that we have just written down every step clearly. One of the most oft heard complaints is that the ‘readability’ is lacking. Of course, we complain just as loudly when reading documentation for computer programs others have written. We all get our fair share of complaints. Readability is one of those nefarious reading concepts that can bring more trouble than elucidation. How easy is a passage to read, anyway? And who says? Somehow, youngsters who can't seem to read a complete sentence in a basal reader can devour page after page of Hot Rod Magazine with little trouble at all.
DOS Workstations
Authors: Schuyler Michael
Published: January 2008

LOTUS VAPORWARE SHIPS. Lotus Development Corporation has clearly won the prize for the longest running Vaporware program of all time. Its product cycle of 18 months has exceeded the life of many real programs which were actually shipped to consumers.
Macintosh Workstations
Authors: Valauskas Edward
Published: January 2008

COMPUTER INTERFACES AND THE ISSUE OF CONNECTIVITY. Of near mythic proportions, the interaction of humans with computers has always been treated with awe, mystery, and confusion, even in these days of desktop access to Crays. People process information quite differently from machines and the differences are both startling and complementary. Computers make up for the obvious human weaknesses of retaining, storing, and recalling large quantities of information accurately. Humans on the other hand process massive amounts of diverse data rapidly, thanks to a variety of sensitive input devices that have not found their counterparts on a computer. The interface between computers and humans, for decades, has favored machine processing with commands encoded in abbreviated scripts and abrupt codes. Only recently has there been a move to use more humane means of access to automation with the introduction of symbols in the form of icons and objects displayed on a conventional CRT. How has this change in machine interfacing affected the overall implementation of computer technology? Where is this iconographic explosion leading end users?
DOS Workstations
Authors: Schuyler Michael
Published: January 2008

THE THIRTEENTH PC. Our guess is that most people subscribing to this periodical have more than one PC at home. You use, are in charge of, or are around more than one PC. And if you are particularly blessed, you're in charge of all of them.
Macintosh Workstations
Authors: Valauskas Edward
Published: January 2008

MACINTOSH PORTABLE AND IIci. With fanfare more appropriate to a film epic, Apple announced its latest Macintosh models—the Macintosh Portable and the Macintosh IIci—last month in a media blitz from the stage of the Universal Amphitheatre in Universal City, Calif. In the works for four years, the Macintosh Portable was clearly the CPU in the spotlight given its long‐standing anticipation in the marketplace. Overlooked but not underestimated the Macintosh IIci, the latest product in Apple's modular product line, brings true workstation performance to the Macintosh family. Will these new computers find a place in libraries? Let's examine them to see how they might fit into a library's automation scheme.