AML‐CTF: a forced marriage post 9/11 and its effect on financial institutions

Sinha, G. Alex

doi:10.1108/13685201311318494

Cited by 12 publications

(12 citation statements)

References 19 publications

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“…However, he also contended that what the funds were to be used for would define its scope. Similar to Mugira (2010) and Sinha (2013) suggest that financing of terrorism can involve legal and illegal activities. Financing of terrorism is not a sub-set of money laundering.…”

Section: Terrorism Financing Vs Money Launderingsupporting

confidence: 52%

Conceptualizing terrorist financing in the age of uncertainty

Hamin

Othman

Omar

et al. 2016

JMLC

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Purpose The purpose of this paper is to conceptualize the concept of terrorism, terrorism financing, the relationship between money laundering and terrorism financing and the governance of terrorism financing. Design/methodology/approach This paper adopts a doctrinal, content analysis and secondary data, of which the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 and the Penal Code are the primary sources. The secondary sources for this paper include articles in academic journals, books and online databases. Findings Several methods are involved in the commission of terrorism financing such as raising, moving and using of funds. The activities relating to terrorism financing under the Penal Code are broader than such activities. Despite the adherence by Malaysia to international policies established by the Financial Action Task Force, terrorism financing has remained a threat that must be addressed by the relevant authorities. Practical implications This paper could be a useful source of information for the practitioners, academicians, policymakers and students studying this particular area of crime. Originality/value This paper contributes to a discourse on terrorism financing in the Malaysian context.

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Section: Terrorism Financing Vs Money Launderingsupporting

confidence: 52%

Conceptualizing terrorist financing in the age of uncertainty

Hamin

Othman

Omar

et al. 2016

JMLC

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“…The terrorist attacks on September 11, 2001, changed the mood of the public in general. The financial community, in particular, was distinctly negative as they realized that banks were complicit in money laundering and the financing of terrorist activities (Sinha, 2013). Regulators were also more serious about resolving money laundering issues through financial institutions, and by adding strong controls in the legislation and willingness to impose heavier fines as a result of non-compliance, banks were compelled to invest significantly in their AML processes.…”

Section: Discussionmentioning

confidence: 99%

Assessing the introduction of anti-money laundering regulations on bank stock valuation

Balani

2019

JMLC

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Purpose This paper aims to analyze the impact of the introduction of anti-money laundering (AML) regulations on bank stock valuations in the USA. Regulations can have a negative impact on financial returns as a result of increased operational costs, potentially driving down stock valuations and loss of profitability. However, regulations can also have a positive impact on valuations because of greater oversight and increased investor confidence. Findings are useful for assessing the market impact of future regulations. Design/methodology/approach Event studies and cross-sectional regression analysis are used to determine the impact on bank stock valuations together with specific characteristics of bank size and geographic headquarter location of the bank for identified AML regulations. Hypothesis related to the impact of the introduction of AML regulations are empirically tested based on the statistical significance of cumulative abnormal returns of markets. Findings AML regulations introduced in 1998 had a positive impact on bank stock valuations, while the USA PATRIOT Act legislation of 2001 had a negative impact. These findings suggest that recent AML regulation is a cost compliance burden for banks, where the costs of operations outweigh the benefits of improved processes. Larger banks see a more negative impact on their bank stock valuations compared to smaller banks, suggesting the market perceives greater cost and less profit for larger banks. Results also show that the location of bank’s headquarters does not significantly impact bank stock valuations. Originality/value This paper specifically focuses on the impact of AML regulations on the US banking sector, providing investors, academics and regulators additional insight on the market dynamics of regulations. Identifying whether the introduction of regulations has a significant impact on a bank’s performance will provide both banks and regulators clarity as to the net benefits associated with the current and future AML legislation.

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“…While the association between money laundering and financing of terrorism is arguable, the debate is outside the focus of this article. However, the prevailing viewpoint regards terrorist financing as part of money laundering (McCulloch and Pickering, 2005; Sinha, 2013). The major industrialized nations, particularly the USA and intergovernmental organizations, especially the Financial Action Task Force on Money Laundering (FATF), have been the main driving forces behind the enactment of national AML/CTF laws worldwide (Amoore and De Goede, 2005; Hülsse, and Kerwer, 2007; Whitaker, 2007; Gelemerova, 2009) [11].…”

Section: Money Laundering and Lawyers Notaries And Independent Legal Professionals And The Gatekeeping Obligationsmentioning

confidence: 99%

“…11. For further discussions on the link between money laundering and financing of terrorism, see Hardouin and Weichhardt (2006); Hutchinson and O’Malley (2007) and Sinha (2013).…”

Section: Notesmentioning

confidence: 99%

Tackling money laundering in Tanzania: are private legal practitioners crime enablers or ineffectual and reluctant gatekeepers?

Mniwasa

2020

JMLC

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Purpose This paper aims to examine the money laundering vulnerability of private legal practitioners in Tanzania, the involvement of these practitioners in money laundering activities and their role in preventing, detecting and thwarting money laundering and its predicate crimes. Design/methodology/approach The paper applies the “black-letter” law research approach to describe, examine and analyze the anti-money laundering law in Tanzania. It also uses the “law-in-context” research approach to interrogate the anti-money laundering law and to provide an understanding of factors impacting on the efficacy and readiness of private legal practitioners in Tanzania to tackle money laundering. The review of literature and analysis of statutory instruments and case law, reports of the anti-money laundering authorities and agencies and media reports-generated data are used in this paper. This information was complemented by data from interviews of purposively selected private legal practitioners. Findings Private legal practitioners in Tanzania are vulnerable to money laundering. There is an emerging evidence that indicates the involvement of some private legal practitioners in the commission of money laundering and/or its predicate crimes. The law designates the legal practitioners as reporting persons and imposes on the obligation to fight against money laundering. Law-related factors and practical challenges undermine the capacity of the legal practitioners to curb money laundering. Additionally, certain hostile perceptions contribute to the legal practitioners’ unwillingness, indifference or opposition against the fight against money laundering. Research limitations/implications The paper underscores the need for Tanzania to reform its policy and legal frameworks to create enabling environment for anti-money laundering gatekeepers, including private legal practitioners to partake efficiently in the fight against money laundering. It also underlines the importance of incorporating the principles that govern the private legal practise to enable the practitioners to partake effectively in tackling money laundering. Originality/value This paper generates useful information to private legal practitioners, policy makers and academicians on issues relating to money laundering and its control in Tanzania and presents recommendations on possible policy and legal reforms that can be adopted and applied to augment the role of the legal practitioners in Tanzania to combat money laundering.

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AML‐CTF: a forced marriage post 9/11 and its effect on financial institutions

Cited by 12 publications

References 19 publications

Conceptualizing terrorist financing in the age of uncertainty

Conceptualizing terrorist financing in the age of uncertainty

Assessing the introduction of anti-money laundering regulations on bank stock valuation

Tackling money laundering in Tanzania: are private legal practitioners crime enablers or ineffectual and reluctant gatekeepers?

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