An Introductory Who's Who for Money Laundering Investigators

Bell, R.E.

doi:10.1108/eb027309

Cited by 13 publications

(8 citation statements)

References 3 publications

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“…For instance, human traffickers also commit bribery and tax evasion ( FATF, 2018 ). Moreover, money laundering may involve a varying number of actors, from sole traders to highly sophisticated organised crime groups with their own financial director ( Bell, 2002 ). That is, unlike other decision-making scenarios where knowledge-based systems are modelling a specific behaviour with well-defined boundaries and participants, AML modelling systems need to account for a very broad phenomenon, with many possible behavioural manifestations and combinations of actors.…”

Section: The Role Of Financial Profiling In the International Fight Amentioning

confidence: 99%

Leveraging machine learning in the global fight against money laundering and terrorism financing: An affordances perspective

Canhoto

2021

Journal of Business Research

112

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Financial services organisations facilitate the movement of money worldwide, and keep records of their clients’ identity and financial behaviour. As such, they have been enlisted by governments worldwide to assist with the detection and prevention of money laundering, which is a key tool in the fight to reduce crime and create sustainable economic development, corresponding to Goal 16 of the United Nations Sustainable Development Goals. In this paper, we investigate how the technical and contextual affordances of machine learning algorithms may enable these organisations to accomplish that task. We find that, due to the unavailability of high-quality, large training datasets regarding money laundering methods, there is limited scope for using supervised machine learning. Conversely, it is possible to use reinforced machine learning and, to an extent, unsupervised learning, although only to model unusual financial behaviour, not actual money laundering.

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Section: The Role Of Financial Profiling In the International Fight Amentioning

confidence: 99%

Leveraging machine learning in the global fight against money laundering and terrorism financing: An affordances perspective

Canhoto

2021

Journal of Business Research

112

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“…41]. В окремих випадках фішинг-атаки можуть нести загрозу також національним інтересам 3 , регіональній і міжнародній безпеці 4 . Також є ще один момент, який змушує говорити про небезпечність даного правопорушення, -кіберзлочини, зокрема фішинг, є різновидом організованої злочинності [7].…”

Section: Issn 2414-990x Problems Of Legality 2020 Issue 149unclassified

Legal aspects of counteracting phishing: the European Union experience

Yakoviyk¹,

Волошин²,

Шовкун³

2020

Plaw

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Cybersecurity is increasingly seen as a fundamental problem of the state, which comprehensively affects its security and defense, economy, certain spheres of public life, in particular energy, health care and others. Reliable operation of data networks, computer systems and mobile devices is a prerequisite for the effective state and society functioning, an individual’s life. The reliability of key public information systems depends on many factors: cyberattacks, hardware and software failures, and all kinds of errors. The significant increase in the number of incidents in cyberspace necessitates a systematic analysis of sources of threats, the first place among which is phishing. The introduction of criminal responsibility for phishing is complicated by the fact that "phishing" is an "umbrella" concept that covers a number of launched or committed crimes. From criminal law point of view, phishing attacks can correspond to different categories of crimes (extortion, fraud, blackmail, offenses related to the processing of personal data, etc.). The attempt by some states to impose criminal penalties for phishing at the national level does not solve the problem, since it is not difficult for phishers who work worldwide to cross national barriers. That is still the reason why counteracting cybercrime requires significant efforts not only by individual states but also by international organizations, in particular by the European Union.

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“…60-61). Bell (2002) categorises 11 types of ML offenders, namely, the self-launderer; the relative; the courier; the Smurf ["smurfing" refers to the practice of lodging amounts of cash into bank accounts in sums too small to attract attention and disclosure to the authorities" (Bell, 2002, p. 289)]; the amateur associate; the entrepreneur; the hawaladar ["hawala (Indian) and Fei-Ch'ien, its equivalent Chinese system, are together referred to as 'underground banking'" (Bell, 2002, p. 291)]; the professional specialist (a person who uses their professional skills to assist in ml through providing their skills to criminal activities); the friendly banker; the manager; the financial director (difficult to identify and prosecute and often a victim of rival crime gangs). Three stages of ML take place:…”

Section: Tf Refers Tomentioning

confidence: 99%

Money laundering through gambling devices

Buchanan

2018

SBR

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Purpose The aim of this paper is to examine how money laundering occurs through electronic gaming devices, the regulatory requirements for operators of electronic gaming machines, the issues of on-line versus land-based gambling and a discussion about ethics and social responsibility. Design/methodology/approach This is primarily a conceptual paper which includes an identification of several theories relevant to money laundering. Primary data were obtained from one respondent through a face-to-face meeting and another through a telephone conversation. Findings A strong, globally co-ordinated effort is required to fight against the increasingly “dark side” of money laundering. The tenets of corporate social responsibility (CSR), including a strong focus on ethics, is vitally important in the gambling industry in helping to wipe out money laundering, which is used to make “dirty” money “clean” and in some instances, used to fund terrorism. Research limitations/implications Further studies could be conducted incorporating a sample of primary data within, and between, jurisdictions. Further work is recommended for developing a form of global collective targeted practical deterrents, supported by technology including artificial intelligence as identified to some degree in this paper. Whilst this paper has included a discussion on CSR, moral management and ethics as a means of arbitrating money laundering, future research could put this idea to the test. Practical implications Efforts (including technological) to combat money laundering at the venue level continue to be developed. Further, regulations could include mandatory training in CSR and ethics for all employees in organisations identified by regulators as being particularly susceptible to money laundering. Social implications Terrorist actions have gained increasing attention as various countries have had to endure seemingly escalating atrocities in their jurisdictions. Government has an important role to take the necessary steps to strike out terrorism to protect its citizens. Originality/value No peer-reviewed academic articles could be identified using a Google Scholar search on money laundering and/or marketing and or CSR. A limited number of articles were identified using the search terms “money laundering and gambling”.

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An Introductory Who's Who for Money Laundering Investigators

Cited by 13 publications

References 3 publications

Leveraging machine learning in the global fight against money laundering and terrorism financing: An affordances perspective

Leveraging machine learning in the global fight against money laundering and terrorism financing: An affordances perspective

Legal aspects of counteracting phishing: the European Union experience

Money laundering through gambling devices

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