Prevention of money laundering and the role of asset recovery

Sittlington, Samuel Brian Kerr; Harvey, Jackie

doi:10.1007/s10611-018-9773-z

Cited by 13 publications

(8 citation statements)

References 46 publications

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“…When Kruisbergen, Kleemans, and Kouwenberg (2016) examined 102 Dutch cases in detail, the initial public prosecutor's claims totalled €61,928,210 but this was reduced to €27,463,899 (44 per cent) at the end of the court procedure, of which only €11,325,036 (41 per cent, or 18 per cent of the original claims) was eventually collected. There are similar findings in Australia and in the UK (Chaikin 2018;Goldsmith, Gray, and Smith 2016;Levi 2018; see also Sittlington and Harvey 2018).…”

Section: Revenuementioning

confidence: 56%

Understanding the Laundering of Organized Crime Money

Levi¹,

Soudijn²

2020

Crime and Justice

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This essay focuses on four conditions that influence the level of complexity of money laundering in relation to organized crime. We start with the types of crime and forms in which proceeds are generated, including the type of payment, the visibility of the crimes to victims and/or to the authorities, and the elapsed time interval before financial investigation occurs (if it ever does). Second, the amount of individual net profits show differences between criminals who have no use for money laundering, those who self-launder, and those who need assistance from third party launderers. Third are the offender's goals and preferences in relation to spending and investing crime proceeds. Investments are often (culturally) close to home or country of origin, some opt to wield (often local) power but a large part is freely spent on a hedonistic lifestyle. Fourth, the expected and actual levels of scrutiny and intervention of the anti-money laundering regime play a role in influencing savings and re-investment decisions and in some arrests and proceeds confiscation, but overall, there is no clear cause-effect relationship. The four conditions can intertwine in numerous ways and have no particular sequence. When conditions necessitate or stimulate more complex money laundering schemes, this is reflected not only in techniques, but also in the social networks that are developed or may be a precondition for those schemes (and a constraint on those organized criminals who cannot find an appropriate launderer). Complex cases often depend on the assistance of professional money launderers, outsiders to the criminal's usual social circle and in some places, their availability might be a constraint on organized criminals' expansion. Professional money launderers are people who can be contracted, as experts in their field, to solve particular financial and/or jurisdictional bottlenecks. Using principal-agency theory, we explain how trust is established or tension is resolved between criminal and third party launderer.

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Section: Revenuementioning

confidence: 56%

Understanding the Laundering of Organized Crime Money

Levi¹,

Soudijn²

2020

Crime and Justice

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“…The management of the assets covers from the asset tracing up to the return or disposal of the recovered assets (Brun et al , 2011). Based on FATF (2013), Cabana (2014) and Sittlington and Harvey (2018), two themes were derived in this study, namely confiscation policy and asset management framework. This study compared money-laundering investigation practices in eight countries by referring to the themes derived.…”

Section: Resultsmentioning

confidence: 99%

Asset recovery practices in combating money laundering: evidence from FATF mutual evaluation report of FATF member countries of Asia pacific region

Zolkaflil

Nazri

Omar

2022

JMLC

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Purpose This study aims to understand the member countries’ current asset recovery mechanism based on two elements, namely, confiscation policy and asset recovery management framework. Design/methodology/approach Content analysis was performed on the Financial Action Task Force (FATF) Mutual Evaluation Report (MER) of eight countries. Findings The result showed that only a few countries established a centralised asset recovery centre or special task force to manage recovered assets. Research limitations/implications This study is limited to information mentioned in the FATF MER. Practical implications This study highlights the need to have a centralised asset recovery management centre as an initiative to improve the outcome of money laundering investigations. The study findings will benefit regulators to understand further the practical challenges of the asset recovery mechanism for future improvement. Originality/value FATF recommends that each country establish a centralised asset recovery centre and work closely with the investigating officers and prosecutors in deciding on assets confiscation. However, the implementation is contingent on their local environment and resources at the member countries’ discretion. Therefore, this study aimed to understand the member countries’ current asset recovery mechanism based on two elements, namely confiscation policy and asset recovery management framework.

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“…As such, forfeiture also works as a deterrent-both general and specific-and as a clear signal for criminals that it is unprofitable to commit crimes (cf. Gallant & King, 2013;Sittlington & Harvey, 2018). It is also stated in the literature that the aim and purpose of forfeiture is to control crime, especially organized crime (Gallant, 2014;Gallant & King, 2013) For this reason, some authors see forfeiture as a criminal sanction for wrongdoing (Gallant & King, 2013).…”

Section: Justification Of Forfeiturementioning

confidence: 99%

Should gains from criminal knowledge be forfeited?

Mamak

Barczak-Oplustil

Kwiatkowski

et al. 2021

Crime Law Soc Change

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Nobody should profit from crime; this fundamental moral principle is uncontroversial. At the level of public declaration, few people are likely to disagree with this statement; however, controversies arise when the implementation of this principle is under discussion. Numerous provisions exist that aim to strip criminals of the proceeds from their crimes, but not all aspects of this issue are immediately apparent. For example, a significant question is how to treat profits that a criminal makes from activities including recounting stories about their criminal activities, publishing books describing their actions, or creating YouTube videos presenting details about their crimes. Such profits are either treated as legitimate or are targeted by complicated legal methods of deprivation. The view presented in this paper could facilitate the ability to strip criminals from these forms of profit. This article argues that revenue accruing from knowledge gained from association with crime should be treated as indirect proceeds of crime and, as such, should be forfeited.

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Prevention of money laundering and the role of asset recovery

Cited by 13 publications

References 46 publications

Understanding the Laundering of Organized Crime Money

Understanding the Laundering of Organized Crime Money

Asset recovery practices in combating money laundering: evidence from FATF mutual evaluation report of FATF member countries of Asia pacific region

Should gains from criminal knowledge be forfeited?

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