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Journal articles on the topic 'Financial crime and Authorities'
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1
Jarosz, Dariusz. "Authorities and Society vs. Financial Crime in the Gomułka Period in Poland." Studia Historiae Oeconomicae 34, no. 1 (December 1, 2016): 63–84. http://dx.doi.org/10.1515/sho-2016-0005.
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Abstract The pivotal motive behind financial crime in the real socialist states was the chronic shortage of goods and services. In the case of Poland under the Gomułka administration (1956-1970), a factor which contributed to the prevalence of practices considered economically criminal was, ironically, the liberalization of the government in the period following Władysław Gomułka’s rise to power. The procedure of issuing new licenses to private and co-operative manufacturing businesses fostered illegal practices, because the new businesses needed supplies of deficit resources. Private trade businesses struggled with similar problems. The authorities tried to prevent financial crime by concentrating on publishing new laws which allowed heavy punishment for those behind the biggest economic scandals. In this field, the penal policy was shaped by the top authorities of the communist party, and their decisions were binding for the institutions of the justice system. Such decisions of the top authorities of the Polish United Workers’ Party (PUWP) were behind the death sentence for Stanisław Wawrzecki, who was charged with fraudulence in meat trade in Warsaw. Poles’ attitude towards financial crime was not clear-cut. One the one hand, in their letters to authorities, many Poles expressed their support for severe punishment for those responsible for the biggest fraud, while others objected towards capital punishment for Wawrzecki. The information we have on the dynamics of confirmed financial crimes does not provide a clear answer whether it was actually related to the severity of the punishments.
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Rahman, Aspalella A. "Anti-money laundering law: a new legal regime to combat financial crime in Malaysia?" Journal of Financial Crime 23, no. 3 (July 4, 2016): 533–41. http://dx.doi.org/10.1108/jfc-07-2014-0033.
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Purpose Before the enactment of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA), the fight against financial crime can be found in several statutes such as the Penal Code, Anti-Corruption Act 1997 and Companies Act 1965. It is generally accepted that by freezing and forfeiting the proceeds of the crime, it would give significant impact on the fight against financial crime. However, under these legislations, there were few shortcomings of the procedures on how the proceeds of the crime could be seized and forfeited. As such, the enactment of the AMLATFA is considered timely to overcome these problems. This paper aims to examine how the AMLATFA could be utilized to combat financial crime in Malaysia. Design/methodology/approach This paper mainly relies on statutes as its primary sources of information. As such, the relevant provisions under the Malaysian anti-money laundering laws that relate to measures for freezing, seizure and forfeiture of proceeds of the crime will be identified and analyzed. Findings The AMLATFA provides innovative tools for the law enforcement officials to follow the money trail, which will eventually lead to those who committed the financial crime. It also provides authorities with more powerful seizure and forfeiture measures. This is seen as a new law enforcement strategy to combat financial crime. It is believed that this approach is more effective than the traditional approach, which only punished the individual criminal but failed to diminish the criminal operations. However, it is vitally important to ensure that the effectiveness of the regime must not jeopardize the innocent third parties who could lose their money or any other proprietary interest due to the invocation of the forfeiture order. Originality/value This paper analyzes the new legal regime under the Malaysian anti-money laundering law that can be invoked to combat financial crimes activities. This paper would provide some guidelines into this particular area for legal enforcement authorities, academics, legal practitioners and policy makers, not only in Malaysia but also elsewhere.
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Yeoh, Peter. "Artificial intelligence: accelerator or panacea for financial crime?" Journal of Financial Crime 26, no. 2 (April 1, 2019): 634–46. http://dx.doi.org/10.1108/jfc-08-2018-0077.
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PurposeThis purpose of this viewpoint is to address the intended good and unintended bad impacts of artificial intelligence (AI) applications in financial crime.Design/methodology/approachThe paper relied primarily on secondary data resources, business cases and relevant laws and regulations, and it used a legal-economics perspective.FindingsCurrent AI systems could function as antidotes or accelerator of financial crime, in particular cybercrime. Research suggests criminal law could be applied via three approaches to curb these cybercrimes. However, others considered this to be an inappropriate mechanism to hold AI agents accountable, as present AI systems were not deemed capable of making ethically informed choices. Instead, administrative sanctions would be considered more appropriate for now. While keeping vigilance against AI malicious acts, regulatory authorities in the USA and the UK have opted largely for the innovation-friendly, market-oriented, permissionless approach over the state-interventionist stance so as to maintain their global competitive edge in this domain.Originality/valueThe paper reinforced the growing arguments that AI applications should be deployed more as panacea for financial crimes rather than being abused as crime accelerators. There equally though is the need for both public and private sectors to be mindful of the unintended negative, harmful consequences to society, especially those connected to cybercrime. This implied the further need to beef up attention and resources to help mitigate these risks.
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Klementowski, Robert. "Financial Crime in the Operational Work of the State Security Service Until 1956 – Lower Silesian Perspective." Studia Historiae Oeconomicae 34, no. 1 (December 1, 2016): 129–48. http://dx.doi.org/10.1515/sho-2016-0008.
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Abstract Nationalization and the introduction of state-controlled economy led to the emergence of abnormal social phenomena, including system-specific crimes. Economic transformations were the foundation of the systemic revolution carried out in the first decade after the Second World War, therefore they were the subject of interest for the Ministry of Public Security. That is why financial crimes were treated just like political crimes, which was also justified by legal provisions, as no specific definition of this type of crime existed. This allowed the authorities (secret police, prosecutor’s office, courts, media) to interpret the events according to their will and current political needs, and, as a result, to administer various overt or covert repressions (death penalty, imprisonment, forced cooperation with the secret police).
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Wilson, Gary, and Sarah Wilson. "The FSA, “credible deterrence”, and criminal enforcement – a “haphazard pursuit”?" Journal of Financial Crime 21, no. 1 (December 20, 2013): 4–28. http://dx.doi.org/10.1108/jfc-02-2013-0007.
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Purpose– Located within growing scholarly interest in linking the global financial crisis with revelations of financial crime, this piece utilises Roman Tomasic's suggestion that the financial crisis has marked something of a turning point in regulatory responses to financial crime worldwide. Tomasic attributes this to changing attitudes towards light-touch regulation and risk assessment, and the demand for existing agencies to be replaced with new tougher authorities. In the UK, this can be illustrated by the imminent replacement of the FSA with the Financial Conduct Authority (FCA). The paper aims to discuss these issues.Design/methodology/approach– Discussion of the FSA's financial crime fighting activity is an important forecast for the likely directional focus of the FCA in this regard. A focus only on “market abuse” enforcement within this arises on account of the effects for financial systems widely attributed to this activity, with threats to systemic stability being a hallmark of the 2007-2008 financial crisis. This methodology also encourages coherence in focus and management of sources within the article. Market abuse enforcement provides a lens for exploring the FSA's adoption of the philosophy and ethos of “credible deterrence”, and FCA commitment to retain it, and ultimately for applying the hypothesis of the “haphazard pursuit of financial crime” to pre-crisis criminal enforcement relating to financial crime undertaken by the FSA.Findings– The FSA and FCA appear acutely aware that the financial crisis has marked something of a turning point for the enforcement of financial crime, and for signalling changes in approach, for the reasons explored by Tomasic. Tomasic correctly identifies factors encouraging a range of undesirable practices pre-crisis, and ones signalling tougher and more sustained attention being paid to financial crime henceforth. It is noted that, pre-crisis, the FSA's pursuit of criminal enforcement of market abuse was conscious, comprehensively resourced, well publicised, and actually extensive.Originality/value– This exploration of the FSA's criminal enforcement of market abuse given the Authority's own perceptions that it was not, and could never be, a “mainstream” criminal prosecutor considers the likely lasting legacy of this determined pursuit, when domestic politics and pan-European policies suggested against this. This is likely to be enormously valuable as the FCA undertakes this task in a domestic arena which is markedly in contrast from this, and where European agendas are pushing in favour of criminal enforcement, with the “more Europe, or less” debate providing a further dimension of interest.
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Panov, A. Yu. "Topical issues of interaction between operational units of internal affairs bodies and tax authorities in the process of combating tax crimes." Institute Bulletin: Crime, Punishment, Correction 13, no. 2 (July 19, 2019): 207–12. http://dx.doi.org/10.46741/2076-4162-2019-13-2-207-212.
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Criminal law response is not the main but rather effective means of counteracting economic crime. In this regard modern society is feeling an acute need for high-quality regulatory regulation defining certain types of economic crimes and measures of state coercion used for their perpetration. To solve this problem it is necessary to conduct research on the social and legal content of certain types of tax crimes, complex rules for constructing the compositions of these acts and the specifics of technical and legal registration of the relevant provisions of the Special Part of the Criminal Code. To achieve this goal in modern criminal law science separate groups of economic crimes are singled out as an object of study: economic, tax, credit, monopolistic, etc. In modern conditions the need for proper protection of financial relations, including criminal and legal means, becomes indisputable. However a number of relevant norms of the Criminal Code, as well as the practice of their implementation, cannot be considered satisfactory in terms of compliance with the rules of legislative technology, the validity of the differentiation of responsibility enshrined in them and, as a result, the effectiveness of the implementation of the preventive task of criminal law. Qualitative norms of criminal law, ensuring the protection of financial relations, are an important condition for the proper counteraction to crime in the tax sphere, carried out by the state in the person of investigative and judicial bodies. Representatives of commercial and other organizations as well as other economic entities are no less interested in ensuring the high quality of these criminal law norms, since it acts as the legal basis for business security from unreasonable procedural decisions. In the article taking into account modern features of legislation and law enforcement practice aspects affecting the efficiency of the organization of interaction between operational units of the law enforcement bodies and tax authorities in the process of counteracting tax crime have been considered. The typical algorithms of joint work of these subjects the problems that arise and the most promising ways to solve them are shown.
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Moroke, Ntebogang Dinah. "A two step clustering algorithm as applied to crime data of South Africa." Corporate Ownership and Control 12, no. 2 (2015): 482–90. http://dx.doi.org/10.22495/cocv12i2c4p8.
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This study applied a TwoStep cluster analysis on the 29 serious crimes reported at 1119 police stations across South Africa for the 2009/2010 financial year. Due to this high number of variables and observations, it becomes difficult to apply some statistical methods without firstly using others as precursors. Classical methods have also been found to be inefficient as they do not have the ability to handle large datasets and mixture of variables. The AIC and BIC automatically identified the three clusters of crimes. The findings may guide authorities when developing interventions tailored to better meet the needs of individual cluster of crimes. Existing plans may also be enhanced to the advantage of residents. More emphasise may be placed on crimes that pose a serious threat. The SAPS may use these findings when reporting on national crime statistics. For future studies, discriminant analysis can be applied to check the clusters’ validity
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Markov, Mykhailo, Oleh Yemets, and Andrii Forostyanyi. "ORGANIZED CRIME IN THE FINANCIAL SYSTEM: FOREIGN EXPERIENCE." Baltic Journal of Economic Studies 4, no. 5 (February 11, 2019): 188. http://dx.doi.org/10.30525/2256-0742/2018-4-5-188-199.
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The aim of the article is to analyse combating organized crime in the financial system of Ukraine and abroad; develop specific proposals to optimize the legislative provision of such activities on the basis of the study of positive foreign experience with a view to its further implementation into the relevant legal regulations of our state. The subject of the study is the interrogation of legal regulations of leading foreign countries that regulate the issue of combating organized crime in the financial sphere, the principles of the activities of these countries’ respective organizations aimed at counteracting organized crime in the financial system, as well as state mechanisms for countering organized crime in the US financial system, European and other countries. Methodology. The study is based on general scientific and special-scientific methods and techniques of scientific knowledge. The dialectical method enabled to formulate the definition and determine the essence of the subjects in the system of combating crime, as well as mechanisms of anti-shadowing of the Ukrainian economy. The normative-dogmatic method enabled to interpret the content of legal regulations of domestic legislation that regulate the issue of organized crime in the financial system. The comparative legal method enabled to compare doctrinal approaches to the issue of organized crime in the financial system of Ukraine and abroad. The same method was used to analyse legislation of foreign countries regarding the issue under the study. Methods of analysis and synthesis enabled to study individual units of the institute of organized crime in the financial system. The sociological method was used to evaluate the results of the survey, conducted among employees of the National Police of Ukraine, on the need to take into account foreign experience in counteracting organized crime in the financial system. The method of legal modelling allowed making proposals regarding the improvement of the institute for combating organized crime in the financial system of Ukraine. Practical implications. The analysis of foreign experience of police activity, as well as special bodies and organizations, in combating organized crime in the financial system, carried out on the basis of a comparative legal study of principles, provided for in the international legal documents and their use in the police activities of democratic states, determined the expediency of their implementation in the police activities of the bodies of the National Police of Ukraine. Relevance/originality. The study proved that the legal basis for combating organized crime in the financial system of the examined states is the constitution and national laws, as well as specialized legal regulations, which define the status, rights and duties, the responsibility of employees of special subjects in combating organized crime in the financial system. In addition, in foreign countries, competencies are clearly distributed between national and special authorities to exclude duplication of powers. In view of the proved necessity of creating an effective system of counteraction to organized crime in the financial system of Ukraine, positive foreign experience implementation can become the driving force to strengthen the rule of law and legal order in our state.
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Busser, Els De. "EU-US Digital Data Exchange to Combat Financial Crime: Fast is the New Slow." German Law Journal 19, no. 5 (October 2018): 1251–67. http://dx.doi.org/10.1017/s2071832200023026.
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AbstractCriminal offenses with the most different modi operandi and levels of complexity can generate digital evidence, whether or not the actual crime is committed by using information and communication technology (ICT). The digital data that could be used as evidence in a later criminal prosecution is mostly in the hands of private companies who provide services on the Internet. These companies often store their customers’ data on cloud servers that are not necessarily located in the same jurisdiction as the company. Law enforcement and prosecution authorities then need to take two steps that are not exclusive for evidence of a digital nature. First, they need to discover where the data is located—with which company and in which jurisdiction. Second, they need to obtain the data. In considering digital evidence, the last step, however, is complicated by new issues that form the focus of this paper. The first concern is the practice by companies to dynamically distribute data over globally spread data centers in the blink of an eye. This is a practical concern as well as a legal concern. The second issue is the slowness of the currently applicable international legal framework that has not yet been updated to a fast-paced society where increasingly more evidence is of a digital nature. The slowness of traditional mutual legal assistance may be no news. The lack of a suitable legal framework for competent authorities that need to obtain digital evidence in a cross-border manner, nonetheless, creates a landscape of diverse initiatives by individual states that try to remedy this situation. A third issue is the position that companies are put in by the new EU proposal to build a legal framework governing production orders for digital evidence. With companies in the driver's seat of a cross-border evidence gathering operation, guarantees of the traditional mutual legal assistance framework seem to be dropped. A fourth issue is the position of data protection safeguards. US based companies make for significant data suppliers for criminal investigations conducted by EU based authorities. Conflicting legal regimes affect the efficiency of data transfers as well as the protection of personal data to citizens.
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Голованова, Наталья, and Natalya Golovanova. "Seized Property Regulation Issues." Journal of Russian Law 4, no. 10 (September 19, 2016): 0. http://dx.doi.org/10.12737/21525.
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This article provides some insight into foreign states’ regulation of seized property and weaknesses and opportunities for increasing effectiveness of existing regimes. Asset confiscation through proceeds of crime legislation, as well as assets originated from corruption, has taken on a new lease of life over the past few years. The main object of criminal proceeds confiscation laws is to divestiture the financial gain derived from criminal activity and to relinquish it to the state. The author evaluates the legislation and practice in the framework of regulation of seized property in Europe, USA and Australia, and lays stress on social reuse of propriety. In author’s opinion, Italian experience in transferring confiscated assets to local authorities in favour of the society is especially interesting for Russia. It is noted that besides achieving the common goal to seize illicit assets from criminals to the subsequent payment of compensation to victims of crime, to fight against organized crime, terrorism and economic crimes, it is important to create an economically viable asset recovery system, preserving their value in the interests of the state, society and victims, as well as ensuring accountability, transparency and public confidence in the system of asset recovery.
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Ryder, Nicholas. "‘Too Scared to Prosecute and Too Scared to Jail?’ A Critical and Comparative Analysis of Enforcement of Financial Crime Legislation Against Corporations in the USA and the UK." Journal of Criminal Law 82, no. 3 (June 2018): 245–63. http://dx.doi.org/10.1177/0022018318773209.
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This article has two aims. First, it critically considers the responses towards tackling corporate financial crime in the USA. Secondly, it analyses the UK’s efforts to tackle corporate financial crime and then compares them with the USA. The USA presents an interesting case study for this article due to its robust and aggressive stances towards tackling financial crime and also because it is one of the largest financial markets. Similarly, the UK has adopted a strong stance towards tackling financial crime and is also regarded as one of the most important global financial centres. Therefore, by comparing the two contrasting approaches towards corporate financial crime, it is hoped that the best practices from each country could be adopted. The first section of the article concentrates on the judicial response towards corporate financial crime in the USA and it then moves onto highlight and critique the decision of the US Department of Justice (DoJ) to alter its enforcement policy by moving away from indicting corporations to using deferred prosecution agreements (DPAs). Here, the continued use of DPAs is questioned because they have had a limited impact on the future conduct of corporations who are persistent reoffenders. The article sets out a wide range of arguments for why DPAs should not be the enforcement weapon of choice for the DoJ. The final part of this section critiques the ability of law enforcement and financial regulatory agencies to impose financial penalties and bring civil actions for a wide range of financial crimes under the Financial Institutions Reform, Recovery and Enforcement Act 1989. The second part of the article concentrates on the UK and concisely assesses the doctrine of corporate criminal liability, thus identifying the contrasting judicial approaches with the USA. The next section discusses the use of DPAs for breaches of the Bribery Act 2010 by the Serious Fraud Office. The section advocates that in the UK, DPAs must be utilised for a broader range of financial crime offences, thus drawing on the US model. The penultimate segment of the article identifies and comments on several alternative enforcement measures which could be used to counteract the limitations of the doctrine of corporate criminal responsibility in financial crime cases. This distinctively includes the Financial Conduct Authority’s Senior Managers and Certification Regime, its ability to impose financial penalties and to revoke the authorisation of a regulated corporation. The article concludes by making a number of recommendations and suggested reforms, thus further developing the scope of this research.
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Slabunova, Yu V., Yu M. Kііashko, and M. A. Glushko. "THE IMPORTANCE OF THE ACTIVITIES OF LOCAL GENERAL COURTS IN PROTECTING THE RIGHT OF CITIZENS IN THE CONTEXT OF COMBATING ECONOMIC CRIME AS A THREAT TO THE FINANCIAL STABILITY OF UKRAINE." Legal horizons, no. 17 (2019): 93–97. http://dx.doi.org/10.21272/legalhorizons.2019.i17.p:93.
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The article is devoted to the study of the importance of the activity of local general courts in protecting the rights of citizens in the context of combating economic crime as a threat to the financial stability of Ukraine. It is emphasized that these topics are extremely relevant in the current complex political and legal environment and conditions for the development and growth of the role of information and communication technologies, as well as the active course of globalization processes. It is stated that as a result of such actions, not only public financial interests are often affected, but also lead to a violation of a number of citizens’ constitutional rights. Attention is drawn to the fact that it is the local general courts, which, given their jurisdiction, play an important role in promoting the financial stability of Ukraine. In order to ensure the comprehensiveness of scientific research, particular attention has been paid to clarifying the role of the modern state in the protection of citizens’ rights. Its undisputed importance in the issues of comprehensive promotion of the protection of citizens’ rights and the important role in the implementation of state policy in the sphere of protection of the rights and legitimate interests of the citizens of Ukraine have been clarified, given the latter’s appointment and the sovereignty of its authorities. It is emphasized that judicial institutions play an important role in the protection of citizens’ rights. It is established that the court is the only legitimate body that administers justice in the country. Accordingly, justice ensures the fulfillment of the legal social function of the judiciary as an effective remedy, in particular from committing criminal acts in the economic sphere and other manifestations of the phenomenon of economic crime. It has been proved once again that the effectiveness of judicial protection is a basic prerequisite for effective counteraction to this phenomenon. Noted that the activity of local general courts in this area is of great importance for the protection of the violated rights. It is stated that their proper activity will contribute to the effective fulfillment of this task, satisfying the motivated demands of the society. The key activities of local general courts in protecting the rights of citizens in the context of combating economic crime as a threat to Ukraine’s financial stability are analyzed. Keywords: judicial authorities, local general courts, citizens’ rights, economic crime, financial stability of Ukraine.
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Ukaj, Dr Sc Bajram, and Dr Sc Mejdi Bektashi. "Economic Criminal Acts according to Criminal Code of Republic of Kosovo." ILIRIA International Review 5, no. 1 (June 30, 2015): 163. http://dx.doi.org/10.21113/iir.v5i1.15.
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This article analyses the criminal offences against economy in the Criminal Code of Kosovo, which are increasingly becoming an important object of study, both at national and international levels. The criminal offences against economy are in principle blanket nature offences, guiding nature, since the vast majority of such norms are further delineated in other bylaws, while the criminal code provisions provide on criminal offences, thereby guiding towards another legal or sub-legal provision. Economic and financial crimes in Kosovo are already making a remarkable increase, as proven by statistical records of state authorities. The increased rate of economic crimes is a result of many factors and circumstances present in Kosovo, which may be different from regional countries. The inefficient fight and prevention of organized crime and corruption in the period between 1999-2010 was stimulated and favoured by several specific factors that are elaborated in this article.
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Osadko, Alice. "Some legal issues of counteraction to the functioning of conversion centers." Legal Ukraine, no. 11 (November 29, 2019): 31–35. http://dx.doi.org/10.37749/2308-9636-2019-11(203)-4.
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This article describes conversion centers, examines the specific issues of counteracting their operations as one of the most effective mechanisms for shading money out of the real economy, and identifies some of the weaknesses that exist in eliminating these centers, and suggests ways to address them. Due to the political and legislative changes that are taking place in our country, the authorities' desire to stabilize the country's anti-corruption economy, and unlawful mechanisms in this field are undergoing significant changes. Yes, criminal organizations have recently been set up in Ukraine, existing as large conversion centers designed to cover up economic crimes by illegally converting cash into cash or vice versa. The Conversion Center article is a carefully structured and well-structured stable crime group that exists with a commercial bank or in close collaboration. The purpose of the article is to investigate the activities of conversion centers and to counteract their functioning in the context of the fight against corruption and economic crime. An analysis of current law and practice shows that the functions of counteracting crime in the financial sector, namely the operation of conversion centers, are unjustifiably divided into departments and often duplicated. In particular, such powers are vested in the units of the National Police), the Security Service of Ukraine, the Tax Police (DFS). According to the National Institute for Strategic Studies under the President of Ukraine, in Europe there are two options for the full integration of law enforcement in the fight against economic crime: within the Ministry of the Interior and the Ministry of Finance. All this requires the formation of the concept of strategic construction and determining the location of the tax police or financial investigation service (DFS or FIU) in the fight against economic (tax) crime. This concept should define the basic directions and principles of improvement of managerial, organizational and personnel work, legal, personnel, resource and other law enforcement activity in the specified field on the basis of analysis and assessment of tax security of the person, society and the state. Key words: fictitious enterprise, conversion centers, financial transactions, legalization of income, liability, decriminalization, fraud.
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Lošonczi, Peter, Josef Reitšpís, and Martin Mašľan. "Legal and Policing Model to Counter Organised Crime and Terrorism in Slovakia." Security Dimensions 29, no. 29 (March 31, 2019): 127–39. http://dx.doi.org/10.5604/01.3001.0013.4400.
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Organized crime and terrorist networks belong to the most important threats in Europe, including Slovakia. The number of assets confiscated from organized crime is still increasing, which indicates its rise, especially in the areas of carousel tax fraud, unlawful financial operations, VAT collection, and the distribution of drugs. These activities are often accompanied with corruption. Europe, including Slovakia, is now facing the growing migration wave that increases the risk of foreign fighters entering its territory, who could be recruited for terrorists attacks. The efficiency of the fight against organized crime and terrorism depends on the coordination of activities, the cooperation of the involved authorities, as well as their independence, and a permanent effort to minimize unprofessional and illegal interventions into the work of police, courts and prosecution. This is an area in which permanent improvement is necessary.
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Leonenko, Tetyana, Dmytro Shyyan, and Olha Shyyan. "The crime article – misuse of budget funds, for budget expenditures or provision of credits from the budget without determined budget purposes or with their excess." Naukovyy Visnyk Dnipropetrovs'kogo Derzhavnogo Universytetu Vnutrishnikh Sprav 2, no. 2 (June 3, 2020): 127–34. http://dx.doi.org/10.31733/2078-3566-2020-2-127-134.
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An attempt has been made to determine the crime article – misuse of budget funds, for budget expenditures or provision of credits from the budget without determined budget purposes or with their excess, on the basis of the analysis of scientific views, theoretical provisions and legislation on this problem. The crime article is an important place in the system of features of the composition of the article of crime, in particular, provided for in Article 210 of the Criminal Code of Ukraine, since it is a mandatory feature of it. In the legal literature, the issue of criminal counteraction to the crime provided for in Article 210 Criminal Code of Ukraine has received some attention in the writings of scholars. At the same time, in their writings, this problem is debatable. The purpose of the article is to solve the problematic issues of determining the crime article – misuse of budget funds, for budget expenditures or provision of credits from the budget without determined budget purposes or with their excess, on the basis of the analysis of scientific views, theoretical provisions and legislation on this problem. The proposal to extend the crime under Article 210 of the Criminal Code of Ukraine is supported by means of state and local extrabudgetary funds, since they are not included in the State Budget of Ukraine and local budgets, but are similar in budgetary nature and use to the state finances. Given this, and the somewhat different concept of budgetary funds (budgetary funds) is contained in Paragraph 1 of Part 1 of Article 2 of the Budget Code of Ukraine, it is proposed to delete Note 1 to Article 210 of the Criminal Code of Ukraine. It is proposed to consider the concept of the budget as a certain fund of relevant financial resources and to make corresponding changes in its definition, enshrined in Paragraph 1 of Part 1 of Article 2 of the Budget Code of Ukraine: after the word “…budget – …” replace the word “plan of formation and use” with the word “fund”, and thus formulate this budget norm in the following wording: “…1) budget – fund of financial resources for providing tasks and functions, carried out respectively by public authorities, authorities of the Autonomous Republic of Crimea, bodies of local self-government during the budget period…”. The legislator has fixed inflated indicators of large and especially large sizes, in the presence of which the actions qualify under Article 210 of the Criminal Code of Ukraine, which practically makes it impossible to apply this rule, which necessitates a reduction of the lower level of these sizes to 500 and 1000 times, respectively, exceeding the tax-free minimum income of citizens.
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Ortynskyi, Volodymyr, Yuliia Chornous, and Nataliia Pavliuk. "INTERNATIONAL COOPERATION IN FINANCIAL FRAUD INVESTIGATION." Baltic Journal of Economic Studies 4, no. 4 (September 2018): 252–57. http://dx.doi.org/10.30525/2256-0742/2018-4-4-252-257.
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The aim of the article is to formulate theoretical principles and practical recommendations for the implementation of international cooperation in the investigation of financial fraud. The subject of the study is international cooperation in the investigation of financial fraud. Methodology. The research is based on the use of general scientific and special-scientific methods and techniques of scientific knowledge. The historical and legal method enabled to determine the preconditions for the origin of financial fraud as a crime of international nature, the establishment of the institute of international cooperation in criminal proceedings. The comparative legal method enabled to compare doctrinal approaches to the differentiation of tasks and forms of international cooperation in the investigation of financial fraud. The system-structural method enabled to determine the tasks of the pretrial investigation bodies in the investigation of financial fraud considering the functional aspect of the relevant bodies and individuals. The methods of grouping and classification were the basis for the author’s approach to the definition of features of financial fraud as a crime of an international nature. The technical legal method enabled to examine the state of affairs in the legal regulation of the application of international cooperation measures in the investigation of financial fraud at the international and national levels, to identify its shortcomings, which determine the problems of practical implementation, to develop recommendations aimed at their elimination. The results of the study revealed that improvement of the international cooperation in the investigation of financial fraud involves the use of new methods and means of investigation (legal proceedings within the framework of international legal assistance, joint investigation teams, etc.); working out effective interaction with the competent authorities of foreign countries and international organizations. It is important to conclude international cooperation agreements, including interagency agreements; to improve the national legislation to comply with the provisions of international law; to harmonize the legislation of Ukraine and European states. Practical implications. In the research, financial fraud is defined as a crime of an international nature; the problematic issues of its investigation are determined; features of international cooperation in the investigation of financial fraud; the areas of its efficiency improvement are suggested. Relevance/originality. The original author’s approach to the formulation of theoretical principles and practical recommendations for the implementation of international cooperation in the investigation of financial fraud is the foundation for the elaboration of the most promising areas for the development of national legislation and practical activities in this sphere.
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Et. al., Wajdi Sabah Mahmood,. "The Mental Element of The Crime of Fault in The Performance of The Official Jobs: Article (341) of The Iraqi Law." Psychology and Education Journal 58, no. 3 (May 17, 2021): 3669–79. http://dx.doi.org/10.17762/pae.v58i3.4565.
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Faulty execution of official duties is regarded as one of the main offences that endangers elected authorities, a well-ordered public regulation, and utility that causes harm to public property and public interests. Since it is done by an individual who is performing an official work, this offence is committed by one of the workers violating the boundaries of their employment. This is enshrined in Iraqi penalty Law No. 111 of 1969 in article 341 and is deemed one of the financial and administrative corruption offences stipulated in the honesty Commission Act No. 30 of 2011 due to its extreme and significant danger and leaving traces and impacts. The consequences of this major crime and its effect on the state and community is expressed in the legal, democratic, administrative, fiscal, and social structures of the state. It is described as accidental offenses committed without criminal purpose. In this form of crime, neither initiating nor participating is possible, but both of the perpetrators are simple owners. In certain ways, this offence is analogous to the crime of willful injury to public property and interests, in addition to all other general criteria for any crime.
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Nielsen, Christian Axboe. "The goalposts of transition: football as a metaphor for Serbia's long journey to the rule of law." Nationalities Papers 38, no. 1 (January 2010): 87–103. http://dx.doi.org/10.1080/00905990903386611.
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Football (soccer) provides a useful prism for analysis of the long transition of the Serbian state and society since 1991. To a striking extent, the world of professional football and the attendant phenomena of financial corruption and football hooliganism have informed both the dissolution of the former Yugoslavia and the current concerted attempt to create a “European Serbia.” During the 1990s, football in Serbia to a significant extent became synonymous with organized crime and the criminalization of the Serbian state. Since 2000, the persistent phenomena of crime, violent hooliganism and lethargic reforms have mirrored the difficult and halting transition of the post-Milošević state. Although recent events highlight the reluctance of the Serbian authorities to confront these problems, both government and sports officials are coming to see reform of Serbian football as a key element of the establishment of the rule of law.
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Bastrykin, A. I. "The Practice of Detecting and Investigating by the Investigative Bodies of the Investigative Committee of the Russian Federation of Legalization (Laundering) of Proceeds of Crime and Terrorism Financing." Lex Russica, no. 7 (July 19, 2021): 9–15. http://dx.doi.org/10.17803/1729-5920.2021.176.7.009-014.
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The paper examines countering extremism, terrorist crimes, as well as legalization (laundering) of proceeds of crime, as an important element of comprehensive measures undertaken to ensure national security. These crimes constitute global threats, and their suppression is one of the priorities of the Investigative Committee of the Russian Federation. It should be emphasized that the public danger of legalization (laundering) of proceeds of crime lies in the fact that it undermines the country’s financial system by means of providing the material basis for corruption and terrorism.In modern conditions, the risks of legalization of proceeds of crime, as well as the use of digital currency for illegal or criminal purposes, may arise, for example, when converting digital currency. In view of this, according to the author, it is necessary to establish clear criteria for transactions for which criminal liability for the illegal use of digital currencies may arise, including cases when the digital currency acts as a means of payment for the illegal circulation of weapons, drugs or other items, for the circulation of which criminal liability is established, as well as when illegal gambling or illegal banking are organized. With this in mind, there is a need to introduce criminal liability for illegal circulation of a digital currency and violation of the rules for making transactions with it.One of the main tasks in the field of preventing financing of terrorism and extremism is to counter the spread of radical ideology. To effectively solve this problem, it is required to apply an integrated approach, and, above all, active participation in this process of not only state authorities, but of various institutions of civil society, the scientific community, educational structures, public and religious organizations, as well as the mass media.
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Antinucci, Dr Sc Mario. "“The Principles of Patrimony Due Process of Law: The Punitive Confiscation and the Protection of Third Parties Misrelated to the Crime”." ILIRIA International Review 5, no. 2 (December 31, 2015): 127. http://dx.doi.org/10.21113/iir.v5i2.84.
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main motive for cross-border organised crime, including mafia-type criminal organisations, is financial gain. As a consequence, competent authorities should be given the means to trace, freeze, manage and confiscate the proceeds of such crime. However, the effective prevention of and fight against organised crime should be achieved by neutralising the proceeds of crime and should be extended, in certain cases, to any property derived from activities of a criminal nature. Organised criminal groups operate without borders and increasingly acquire assets in Member States other than those in which they are based. There is an increasing need for effective international cooperation on asset recovery and mutual legal assistance. Among the most effective means of combating organised crime is providing for severe legal consequences for committing such crime, as well as the effective detection and the confiscation of the instrumentalities and proceeds of crime. Although existing statistics are limited, the amounts recovered from proceeds of crime in the Unionseem insufficient compared to the estimated proceeds. Studies have shown that, although regulated by Unionand national law, confiscation procedures remain underused. The adoption of minimum rules will approximate the Member States' freezing and confiscation regimes, thus facilitating mutual trust and effective cross-border cooperation. The Stockholm Programme and the Justice and Home Affairs Council Conclusions on confiscation and asset recovery, adopted in June 2010, emphasise the importance of a more effective identification, confiscation and re-use of criminal assets. In this article, we will focus on the recent Directive of the EU Parliament and of the Council on freezing and confiscation of proceeds of crime in the EU (3 April 2014).
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Alexander, Stephen, and Mathew Cook. "Developing external threats to offshore trusts: unexplained wealth orders and forfeiture of assets under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018." Trusts & Trustees 26, no. 5 (May 1, 2020): 420–28. http://dx.doi.org/10.1093/tandt/ttaa030.
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Abstract In recent years, authorities’ toolkits have been growing with alternative methods to tackle corruption and money laundering, enabling them to attack assets held within onshore and offshore trusts. Two new tools being utilised in this regard are unexplained wealth orders (UWOs) and the non-conviction confiscation regime under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018 (FoAL 2018). Both may affect trusts established in Jersey. Cases have now come before the courts, testing the scope of each of these mechanisms and providing an insight into the courts’ approach to combatting financial crime by way of civil proceedings. The use of a UWO was challenged in the recent English Court of Appeal case of National Crime Agency v Hajiyeva1 and the AG v Ellis proceedings2 in Jersey involved the application of the FoAL 2018. We consider each of these mechanisms and the cases involved in turn below and discuss the impact of these developing tools on the Jersey trust industry.
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Povetkina, Natalia, Yulia Pyatkovskaya, Yuri Truncevsky, and Evgenia Ryzhova. "Monitoring the Corruption-Generating Factors and the Effectiveness of Corruption Prevention Measures in Tax Authorities." Russian Journal of Criminology 12, no. 5 (November 8, 2018): 641–50. http://dx.doi.org/10.17150/2500-4255.2018.12(5).641-650.
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The paper is devoted to the monitoring the corruption-generating factors and the effectiveness of measures aimed at preventing corruption in tax authorities. The authors study crimes of corruption in tax authorities and point out that they are mainly committed for financial gain in the process of communication with the taxpayers - both physical and juridical persons. The authors highlight the systemic character of the Federal Tax Service's work to prevent crimes of corruption which makes it possible to identify both the violations committed by territorial tax agencies and the drawbacks of departmental normative legal acts. The article also examines the work of Commissions on the observance of federal employees' code of conduct and the regulation of the conflict of interests; Commissions work in the territorial tax authorities, analyze and classify both formal (procedural) or essential violations. The authors pay considerable attention to the control over the expenses of territorial tax authority's employees. There are numerous violations in this sphere: insufficient and incomplete character of used measures, formal approach to their organization and implementation, absence of necessary proof. The authors offer recommendations on the procedure of controlling expenses that allows to stop possible corruption offences. They also analyze the profit-related motivation of territorial tax authorities' employees committing crimes of corruption, its connection with the salary levels of state employees and make recommendations on developing comprehensive measures to prevent corruption in tax authorities, including the introduction of the system of social benefits for state employees. In conclusion, the authors present recommendations on the practical application of the monitoring results.
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Franzevich, Andriy. "THE SYSTEMATIC APPROACH TO PROBLEM RESEARCH INTERACTIONS OF THE STATE BUREAU OF INVESTIGATIONS WITH STATE AUTHORITIES." Scientific Notes Series Law 1, no. 9 (2020): 145–49. http://dx.doi.org/10.36550/2522-9230-2020-1-9-145-149.
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The article examines the preconditions for the establishment of the State Bureau of Investigation. Emphasis is placed on activities related to the interaction of the State Bureau of Investigation with other public authorities. The basic principles of organization and activity of the State Bureau of Investigation are considered. Vocabulary and scientific views on the formation of the concept of "interaction" are analyzed. The formation of this concept is carried out in the intersectoral direction. It is emphasized that to study the phenomenon of interaction of DBI with other government agencies, it is appropriate and necessary to apply a systematic approach, which requires that this complex phenomenon be considered in a set of interconnected and interdependent components. From the standpoint of this approach, the interaction of the DBI with other government agencies can be considered in a broad and narrow sense. It is noted that the purpose of the DBI's interaction with other public authorities is determined by the DBI's status, the purpose of its activities and the relevant tasks. The tasks of the DBI related to the prevention, detection, cessation, detection and investigation of crimes are considered. It is noted that the DBI interacts with other law enforcement agencies, namely: prosecutors, internal affairs, National Police, NABU, SBU, the central executive body that ensures the formation and implementation of state tax and customs policy, the central executive body that implements state policy in the field of prevention and counteraction to legalization (laundering) of proceeds from crime or terrorist financing (specially authorized executive body for financial monitoring), other state bodies that, in accordance with the law, carry out operational and investigative activities. Emphasis is placed on the shortcomings in the legal support of the DBI's interaction with other state bodies. Author's suggestions for eliminating shortcomings in this direction are given.
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Klochko, Alyona, Oksana Kvasha, Zoia Zahynei, Mykola Logvinenko, and Mykola Kurylo. "Combating crime in the banking sector as a method for ensuring its stability (evidence from Ukraine)." Banks and Bank Systems 15, no. 1 (March 25, 2020): 143–57. http://dx.doi.org/10.21511/bbs.15(1).2020.14.
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An effective system for combating banking crimes can ensure the stability of the Ukrainian banking sector. Developing such a system requires an analysis of public policy institutional instruments to counter threats to the banking system stability. The article proposes the crime counteraction concept for the Ukrainian banking system based on the analysis of scientific articles dealing with the issue, relevant provisions of legal acts and on the study of functions of law enforcement agencies, individual executive bodies, central public authorities, state collegial bodies, territorial NBU departments, Ukrainian banks and their branches, the Deposit Guarantee Fund, international institutions, and bank clients.It has been established that the stability of the Ukrainian banking system can be ensured by effective interaction of all actors in combating crime in the banking business. Overlapping of their functions and some conflict rules negatively affect ensuring the banking system stability by entities engaged in banking crime counteraction. Therefore, an algorithm of cooperation between relevant counteraction entities should be developed and reflected in the Banking and Financial Security Strategy on the legislative level. Optimization of statistical reporting on crime in the Ukrainian banking sector in a more informative format requires data on both individual types of banking crimes and on the persons who commit them. As part of the work of the National Bank of Ukraine’s Public Council, it is necessary to organize regional public councils and ensure cooperation between bank clients and local banking institutions. It is assumed that the development of effective mechanisms for protecting rights and legitimate interests of depositors and creditors, as well as combating criminalization in the banking sector will be the main functions of these regional public councils. The relevant innovations require amendments to the Regulation on the NBU Public Council. AcknowledgmentThe article was prepared as part of a project for young scientists of Ukraine in 2017 (state registration number – 0117 U 006531), Improving the Legislation of Ukraine Regarding the Protection of Banking Activities in the Context of European Integration: Economic and Legal Aspect, by Alyona M. Klochko, Ph.D. (Law), Sumy National Agrarian University, Head of the Chair of International Relations.
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Lowe, Richard John. "Anti-money laundering – the need for intelligence." Journal of Financial Crime 24, no. 3 (July 3, 2017): 472–79. http://dx.doi.org/10.1108/jfc-04-2017-0030.
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Purpose The purpose of this paper is to highlight the need for predictive intelligence to support anti-money laundering programs in the financial sector. Design/methodology/approach The methodology adopted herein consists of a literature review on the use of intelligence in anti-money laundering, the sources of intelligence and information used in the financial sector, supported by experience gained from investigating and prosecuting money laundering cases, and the assistance provided to financial services companies. Findings Banks and other regulated services are required to meet international standards to deny services to criminals and terrorists, identify suspicious activity and report to the authorities. Regulated businesses have large operations which check customers against sources that confirm their identity or against lists of proscribed or suspected offenders at an individual or national level. Their controls tend to look backwards when other organisations that rely on intelligence, such as the military, value predictive, forward-looking intelligence. The penalties that banks and others face for failure in their controls are increasingly severe, as looking backwards and not forwards reduces the extent to which the controls meet their purpose of reducing the impact of organized crime and terrorism. Originality/value This paper serves as a useful guide to alert and educate anti-money laundering professionals, law enforcement and policy makers of the importance of predictive intelligence in countering organized crime and terrorism. It also considers whether lessons in intelligence handling from other areas can inform a debate on how intelligence can be developed to counter money laundering.
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Terziev, Venelin, and Hristo Bonev. "CLASSIFICATION AND ANALYSIS OF FACTORS, METHODS AND TOOLS IN THE PROSTITUTION PREVENTION MANAGEMENT." Knowledge International Journal 28, no. 6 (December 10, 2018): 2119–32. http://dx.doi.org/10.35120/kij28062119v.
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The article analyzes the women sexual exploitation in order to obtain the benefits and financial resources that feed organized crime groups. The prevention effectiveness is determined by the quality of risk assessment, the definition of critical sites and activities, the purposefulness and consistency of the measures implementation. The dynamics and the essence of the modern threats to people security determine the preventive activity and the preparation for adequate response in situations by the state authorities. The criterion for defining them is the responsibility to protect lives and health of many citizens, and to prevent accidents associated with risks to their normal existence. Pre-preparedness for prevention provides the necessary resources and stable partner organizations to effectively support the law enforcement structures.
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Pristiwiyanto, Pristiwiyanto. "Anak Berhadapan Hukum Dalam Perspektif Restorative Justice." ZAHRA: Research and Tought Elementary School of Islam Journal 1, no. 1 (March 22, 2020): 1–7. http://dx.doi.org/10.37812/zahra.v1i1.69.
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Children are the mandate and blessings of God Almighty, which is inherent in their dignity and dignity as whole human beings. A country representing an institution / institution that is responsible for meeting the financial needs of its people should be able to make a budget that can realize the protection and welfare of children in the form of good health protection from philosophical aspects, right from sociological aspects, and correct from normative aspects of solving and protection of children in conflict with the law. Children who are dealing with the law are very vulnerable to handling that is not in accordance with the child's psychology or psychology. To decide the need for conflict with children to correct cases of crime / conflict with the law. Crimes are against the law Crimes are often followed up by experts Criminal prosecutions of double-edged double-edged swords or there are other debates saying the murder law will slice their own flesh wrong compilation in its application. the laws that children do often cause legal problems. Law enforcement officials are often absent in the action against lawsuits committed by children. Regulations taken in handling cases of children are often distorted and not involved by the authorities in the field, so it happens with children's rights and does not damage the child's future.
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Vanni, Domitilla. "The essential role of the investigation in fighting economic crime in Italy." Journal of Financial Crime 23, no. 2 (May 3, 2016): 465–80. http://dx.doi.org/10.1108/jfc-08-2014-0038.
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Purpose This paper aims to analyse the evolution of European anti-money laundering discipline passing from the First Money Laundering Directive 91/308/EEC, that was only referred to banks and financial intermediaries, that has been furthermore extended to some activities and professions outside the financial sector. The research examines the different steps done buy Italian Legislation in the field of economic crime: at first Law n. 14/2003 of 3 February 2003 (Community Law 2002), they transposed the 2001 Directive 2001/97/EC and then the Law n. 56/2004 of 20 February 2004, that has implemented Directive 2001/97/EC. Now it is urgent to implement Directive 2005/60/EC that has extended the scope of the legislation, including the fight against the financing of terrorism and modified anti-money laundering obligations. Design/methodology/approach This paper deals with the Legislations of some European States (in particular UK and Italy) interpreting them by a comparative method. Findings This paper has put in clear some differences and some analogies between national legislations of different countries. Research limitations/implications In Italy, at first Law n. 14/2003 of 3 February 2003 (Community Law 2002), has transposed the 2001 Directive 2001/97/EC and then the Law n. 56/2004 of 20 February 2004, has implemented Directive 2001/97/EC. In 2005, Directive 2005/60/EC has extended the scope of the legislation, including the fight against the financing of terrorism and modified anti-money laundering obligations. Practical implications In the context of economic crime, capital investigations represent one of the most effective tools to fight the activities of organized crime in the phase of managing wealth illicitly produced and its immission in the circuit of the legal economy. Social implications The need of fighting economic crime must always be harmonized with the protection of right to privacy that has been acknowledged by Article 8 of the European Convention of Human Rights of 1950 as a fundamental right. Originality/value This paper develops the need to balance the right to privacy of every European citizen (Article 8 CEDU) with investigative power exercised by Public or Private Authorities, considering the possibility to comprise the first – if necessary – to allow the regular exercise of the second.
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Yuzhakov, V. N., and E. I. Dobrolyubova. "Interaction of Citizens with Regulatory Enforcement and Inspection Bodies: Status and Key Trends." Administrative Consulting, no. 11 (January 8, 2021): 23–41. http://dx.doi.org/10.22394/1726-1139-2020-11-23-41.
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The objective of the paper is to evaluate the status and trends of citizen interactions with regulatory enforcement and inspection bodies in the framework of inspection reform.The key method used was a representative sociological survey conducted in 35 Russian regions in March 2020. The survey allowed for collecting citizen evaluations on personal experience related to facing 10 major risks to public values (in the areas of personal safety from crime, food and non-food product safety, fire and technical safety of buildings and constructions, environmental safety, risks related to medical services and drugs, transport safety, risks related to financial services and misuse of personal data).The results demonstrate that some 49.5 percent of Russian citizens have faced the need to protect themselves from the above risks for the past 2 years. Out of them, 44.9 percent of respondents applied for protection to regulatory enforcement and inspection authorities. Only 44.2 percent of respondents that had applied to regulatory enforcement and inspection authorities for protection of public values fully attained their objectives (i.e. managed to prevent the threat or have violations eliminated and the damage reimbursed).Comparing these results to those obtained from the previous surveys demonstrates that implementation of the inspection reform has not yet made any significant effect on improving the quality of interaction between citizen and regulatory enforcement and inspection authorities. To improve the quality of such interactions special measures should be undertaken for improving the use of feedback mechanisms for planning inspection activities. Responses to citizen applications should be controlled not only in terms of timeliness but also in terms of substance. Timely review and reaction to citizen applications as well as more involvement in damage reimbursement processes on the part of regulatory enforcement and inspection authorities are also recommended. Broader use of digital technologies for interactions between citizen and regulatory enforcement and inspection authorities could also help improve the quality of these interactions and contribute to increasing the public trust to these authorities.
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Hamin, Zaiton, Rohana Othman, Normah Omar, and Hayyum Suleikha Selamat. "Conceptualizing terrorist financing in the age of uncertainty." Journal of Money Laundering Control 19, no. 4 (October 3, 2016): 397–406. http://dx.doi.org/10.1108/jmlc-06-2015-0022.
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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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Schlenther, Bernd. "Is the South African effort toward reducing money laundering optimal?" Journal of Money Laundering Control 17, no. 1 (January 7, 2014): 17–33. http://dx.doi.org/10.1108/jmlc-07-2013-0025.
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Purpose – A measure of how much money is laundered is required to determine the effectiveness of any anti-money laundering regime and the reduction of money laundering in targeted areas. In the absence of useful estimates, authorities need to look at the best quality data available to arrive at a meaningful estimate and a consequent target for reduction of money laundering. Since tax crimes are viewed as one of the top three sources of laundered money, an understanding of the underlying predicate offence – tax evasion – may be indicative of the values or volumes involved in order to facilitate a target setting process. It is suggested that a “whole of government approach”, as is advanced by the OECD, is applied between the tax administration and the financial intelligence centre in South Africa. The paper aims to discuss these issues. Design/methodology/approach – By reviewing tax gap and money laundering estimation models and results from South Africa's first tax amnesty, it is proposed that micro analysis methodologies are applied to arrive at an estimate of the size and impact of money laundering which results from tax evasion practices. Findings – By making basic inferences from the results of the 2003 voluntary disclosure programme, it is estimated that a potential revenue gap of between ZAR4 billion and ZAR12 billion exists for personal income tax alone and that the value of personal assets acquired from the proceeds of crime can, at any time, be as high as ZAR1.4 trillion. Originality/value – In the absence of empirical and statistical data, it is necessary for authorities in developing countries to identify and make use of the most relevant and detailed data to assess its effectiveness in identifying, quantifying and reducing money laundering.
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Olaiya, Taiwo Akanbi. "Humanitarian Action and Intra-Continental Migrant Children’s Education: Evidence from the Governance at the Grassroots in Nigeria." Public Administration Research 9, no. 2 (August 8, 2020): 1. http://dx.doi.org/10.5539/par.v9n2p1.
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How does humanitarian action at the grassroots shape support for children of intra-continental migrant? Despite a large volume of research outputs and public policy advocacy on migration, there has been little work on the crucial nexus between local humanitarian efforts and migrant children’s educational needs. Conceptually, we viewed humanitarian action beyond the traditional definition as a tool for emergency response. We included efforts aimed at dignifying migrant children with basic education and enhancement of their integration in the new location. Cross-sectional data obtained from agencies of government at the grassroots were employed to measure the effects of local humanitarian action on the education of migrant children. The finding showed that institutionalised humanitarian efforts provide real-time support for basic education of migrant children. Also, burdensome obligations and lack of financial independence for governance at the grassroots curtailed the magnitude of assistance rendered by local authorities. Using Talcott Parson’s functionalist theory, we suggested three mutually transformative approaches. First, constraints by the upper levels of government– State and Federal tiers– exacerbate financial incapacitation and, ultimately, impede humanitarian effort at the grassroots. Second, provision of critical humanitarian needs, such as migrant children’s education, fosters social integration and crime control among migrants. Finally, intra-continental migration is not debased by acculturation. The findings showcase the need for strengthening the financial capacity of governance at the grassroots to reinforce common interests between migrants and host communities.
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Chitimira, Howard, and Menelisi Ncube. "Towards Ingenious Technology and the Robust Enforcement of Financial Markets Laws to Curb Money Laundering in Zimbabwe." Potchefstroom Electronic Law Journal 24 (May 21, 2021): 1–47. http://dx.doi.org/10.17159/1727-3781/2021/v24i0a10729.
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Technology has positively contributed to the creation of financial markets and the facilitation of payments globally. The effective use of robust technology could enhance the consistent enforcement of financial market laws by curbing financial crimes in any country. This in turn would enhance the integrity of financial markets and promote the viability of financial markets. In relation to this, it appears that Zimbabwe has struggled to comply with international measures to combat money laundering and the financing of terrorism (AML/CFT) since it has poor financial market laws which are inconsistently enforced due inter alia to its poor money laundering detection mechanisms and inadequate resources. For instance, Zimbabwe has to date failed to make satisfactory progress to adopt and enforce adequate risk mitigation measures against money laundering practices in accordance with the Financial Action Task Force (FATF) recommendations. This is evidenced by the increased incidence of money laundering in Zimbabwean financial markets. Furthermore, the inconsistent enforcement of financial market laws has resulted in poor liquidity and the recent suspension of the Zimbabwe Stock Exchange (ZSE). The viability and integrity of the Zimbabwean financial market has thus been compromised. This article discusses the integration and use of robust technology in the Zimbabwean financial market to curb financial crimes such as money laundering and bank fraud. The adequacy of financial market laws and/or regulations will also be discussed vis-à-vis their consistent enforcement by relevant bodies such as the Financial Intelligence Inspectorate Evaluation Unit (FIU) in Zimbabwe. This is done to evaluate the use of technology to curb money laundering and promote a viable economy and financial market in Zimbabwe. It is submitted that the relevant authorities should promote the effective use of technological inventions like artificial intelligence (AI) and machine learning to curb money laundering, bank fraud and other related financial crimes in Zimbabwe.
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Pushkarev, Viktor Victorovich, Taulan Osmanovich Boziev, Alla Sergeevna Esina, Olga Evgenievna Zhamkova, and Olga Georgievna Chasovnikova. "Criminal prosecution for crimes committed in the banking industry." Laplage em Revista 6, Extra-C (December 30, 2020): 244–48. http://dx.doi.org/10.24115/s2446-622020206extra-c647p.244-248.
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The criminal acts encroaching on credit funds of banks are widespread in all regions of the Russian Federation. They threat the banking industry in the economy which is the main constituent of the country’s financial system. Currently, investigative authorities face difficulties in starting criminal proceedings against persons committing such crimes. This article focuses on devising an algorithm for criminal proceedings in this sphere for complicated cases and to ensure effective criminal prosecution actions and harm compensation at the pre-trial phase of criminal proceedings.
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Al Sabri Halawi, Reeda. "Dirty money in the banking sector." Journal of Money Laundering Control 22, no. 3 (July 2, 2019): 527–42. http://dx.doi.org/10.1108/jmlc-11-2018-0067.
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Purpose The purpose of this study is to analyze the Lebanese anti-money laundering (AML) paradigm in light of banking secrecy law. The phenomenon of money laundering that was first associated with the crime of drug trafficking developed a lot since the early 1900s to become a major threat to the world’s economy today. The fight against this ever-growing crime, with multiple sources and origins, has been the centre of attention of the biggest countries in the world. Thus, the need for international AML standards was required, by which countries must abide, to ensure an effective fight against this crime. The issue of banking secrecy regulations was important to study along with the AML framework as the principles of the first totally contradict those of the latter. Design/methodology/approach The scope of this study first entails a qualitative technique. It will start with analysing existing legal provisions on money laundering and studying the AML framework internationally and in accordance with the Lebanese banking system. For that, websites such as GoogleScholar and HeinOnline were used to collect many scholars articles. Additionally, Laws, Regulations and Directives have been examined for the purpose of establishing the legal basis for the fight against money laundering. Moreover, an interview was conducted in 2018 with the Lebanese Financial Prosecutor, which served as data related to the operations of the Special Investigation Commission (SIC) in Lebanon, which is the Lebanese Financial Intelligence Unit. Second, quantitative research has been done. Reports of the Association of Banks in Lebanon, Financial Action Task Force Report and Annual Reports of the SIC of Lebanon have been used to gather information related to the AML/combating the financing of terrorism framework, such as customer due to diligence provisions and know-your-customer requirements and to collect statistics of suspicious reports. Findings The question of “How to balance the confidentiality of the Lebanese banking sector with the interest of the international community in the fight against money laundering?” was interesting to study, as it turned out that the existence of such professional secrecy does not affect the effective implementation of the AML guidelines by banks and other financial institutions. This can only happen when there is a special judicial organ to which banking secrecy is not opposable at any time, and which is the sole organ entrusted with lifting off this professional secrecy and allowing the disclosure of information to the competent authorities. Thus, the Lebanese banking system can ensure total compliance with the AML framework while still adopting banking secrecy regulations. Originality/value The choice of Lebanon was compelling because of the special level of protection its banking secrecy law offers.
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Shcherbak, Valeriia G., and Tetiana Yu Dudorova. "IMPROVING THE PROCESSES FOR PROVIDING CUSTOMS AND LOGISTICS SERVICES IN UKRAINE." Bulletin of the Kyiv National University of Technologies and Design. Series: Economic sciences 129, no. 6 (May 13, 2019): 134–42. http://dx.doi.org/10.30857/2413-0117.2018.6.13.
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The paper offers insights into the specifics of customs regulation in the area of logistic supply networks in Ukraine. The Ukrainian customs regulation framework should provide favourable environment for the adaptation of the national economy to a more intense international competition driven by joining the system of global regulation and free movement of resources and gradual integration of its economy into global and European economic processes. The purpose of this study is to suggest pathways to enhance customs regulations in logistics supply networks in Ukraine. It is argued that the implementation of the logistic approach to the customs regulation of foreign economic activity envisaged by the Customs Code of Ukraine is possible only within relevant legislative and regulatory framework. Customs authorities must cooperate (in a number of ways) with their business partners to identify the common benefits that can be gained through joint participation in a safe supply chain of goods. Customs authorities must also record the entire set of benefits they intend to provide (within their mandate) to their business partners in a safe supply chain of goods. The application of logistics guidelines in company foreign economic activities contributes to providing material, financial and information support for the supply of goods along with cost optimization and efficiency increase for foreign trade operations. The above objectives are directly related to forecasting, risk assessment in the area of foreign economic activity, supplies and stocks optimization, information and financial support issues, customs clearance and control procedures, etc. Apparently, the implementation of customs regulations in the global logistics supply networks is affected by the degree of countries integration. There are three options for customs regulation within the global supply networks: in the absence of economic integration; in a free trade zone settings; within a common customs space. It is emphasized that the creation of a free trade zone and a common customs union simplify customs procedures dramatically. The growing trade volume, the increasing international terrorism and international organized crime hazards challenge effective national and international interaction between public authorities and businesses. This can be achieved through establishing free trade zones and customs unions which will ultimately contribute to reducing logistics risks by joint efforts of nations.
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Kopteva, Lyudmila, Arthur Budagov, and Anna Trushevskaya. "Impact of corruption on the economic and environmental security of the state." E3S Web of Conferences 258 (2021): 06065. http://dx.doi.org/10.1051/e3sconf/202125806065.
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Corrupt activities in the Russian Federation have reached the point where national security is under threat. Corruption creates obstacles to the economic growth of the state, slows down various transformations not only in the economic, but also in the social sphere of society, worsens the standard of living in the Russian Federation, undermines public confidence in public authorities, and reduces authority in the eyes of other countries. Theoretically, broad corrupt activities are able to destroy the norms, constitutional foundations that have developed in society and neutralize the operation of any legal system. One should not lose sight of the fact that corruption activity, due to its illegal origin, intersects with other variants of socially destructive phenomena, such as sanctioned crime, shadow economy and terrorist attacks. As a result, it can be said that corruption is a combination of various factors, a continuously growing system that threatens the state and financial security of the country, and is not an independent unit, which is an exceptional precedent of bribery of a certain person among civil servants.
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Andriichenko, Nadiia. "A step toward improvement of police performance assessment as subjects of combating financial and economic crimes: Experience of Ukraine and Slovakia." Bratislava Law Review 2, no. 2 (December 31, 2018): 127–38. http://dx.doi.org/10.46282/blr.2018.2.2.107.
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The article is devoted to the study of certain aspects of the police performance assessment in Ukraine and the Slovak Republic as subjects of combating financial and economic crimes. It is determined that the expediency of studying this issue is determined by the high level of financial and economic crimes in Ukraine and the Slovak Republic. It was insisted that the assessment of the police activity in Ukraine and the Slovak Republic is carried out mainly on the basis of quantitative criteria. In view of possible fraud with the statistical data that is the basis of the report of the police authorities of Ukraine and the Slovak Republic, it is proposed to consolidate such a criterion for assessing of the police activity as a level of latent crimes. Among the qualitative criteria for assessing the police activity in Ukraine and the Slovak Republic, public trust has been highlighted, but it was concluded that its definition should be carried out by an independent sociological service. It is grounded that the implementation of these proposals will have a positive impact on the police activity in Ukraine and the Slovak Republic in the area of combating financial and economic offenses.
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BHASIN, MADAN LAL. "Satyam’s Manipulative Accounting Methodology Unveiled: An Experience of an Asian Economy." International Journal of Business and Social Research 6, no. 12 (January 28, 2017): 35. http://dx.doi.org/10.18533/ijbsr.v6i12.1010.
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<p>Manipulative accounting practices are perennial and such practices have occurred in all eras, in all countries and affected millions of corporations. Unfortunately, there are few loopholes in accounting and auditing standards, which provide leeway and thus motivate accounting professionals to use aggressively manipulation practices. In fact, manipulative accounting (MA) involves the intentional cooking-up of financial records towards a pre-determined target. Every company indeed maneuvers the numbers, to a certain extent, as formally reported in its financial statements (FS) to achieve budgetary targets and generously reward senior managers. From Enron, WorldCom to Satyam, it appeared that window-dressing leading to MA is a serious problem that is increasing both in its frequency and severity, which undermines the integrity of financial reports and eroded investors’ confidence. The responsibility of preventing, detecting and investigating financial frauds rests squarely on Board of Directors and they should adopt preventive steps. Despite the raft of CG, and financial disclosure reforms, corporate accounting still remains murky and companies continue to find ways to play ‘hide-and-seek’ game with the system. Satyam computers were once the crown jewel of Indian IT-industry but were brought to the ground by its founders in 2009 as a result of financial manipulations in FS. The present study provides a snapshot of how Mr. Raju (CEO and Chairman) mastermind this maze of AM practices? Undoubtedly, Satyam scam is illegal and unethical in which computers were cleverly used to manipulate account books by creating fake invoices, inflating revenues, falsifying the cash and bank balances, showing non-existent interest on fixed deposits, showing ghost employees, and so on. Satyam fraud has shattered the dreams of investors, shocked the government and regulators and led to questioning of the accounting practices of auditors and CG norms in India. Finally, we recommend that “All types of MA practices should be legally recognized as a serious crime, and accounting bodies, law courts and regulatory authorities must adopt exemplary punitive measures to prevent such unethical practices.”</p>
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Durdynets, Myroslav Yu, Raisa V. Perelyhina, Olga A. Klymenko, Iryna M. Semeniuk, and Lidiia M. Kostetska. "Counteraction to Corruption Offences in Ukraine and the EU: Comparative Legal Aspect." Academic Journal of Interdisciplinary Studies 9, no. 5 (September 21, 2020): 227. http://dx.doi.org/10.36941/ajis-2020-0100.
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The article focuses on counteraction to corruption offences in Ukraine and the EU. To this end, the authors conducted a consistent analysis of international legal acts in the field of combating corruption, in particular the United Nations Convention against Corruption of 10/31/2003; Council of Europe Criminal Convention for the Suppression of Corruption (ETS 173) No. ETS173 of 01/27/1999; Resolutions (97)24 of the Committee of Ministers of the Council of Europe on the Twenty Guiding Principles for the Fight against Corruption, etc. The study provides a systemic analysis of individual cases of experience in counteraction to corruption offences in EU countries. Experience of Great Britain, France, Germany, Belgium, Sweden, etc. is explored. The authors proved that all EU countries provide criminal liability for committing corruption offences. In different countries, criminal laws differ in the different levels of detailing of crime, as well as in the different content of the concept of corruption offence. It is proven that corruption must always be considered as criminal offence only. Today, such unambiguity is advisable in the fight against corruption in Ukraine, where the criminalization of a number of blatantly corrupt practices, such as unjust enrichment, lasts for a long period and is ambiguously effective. The article also concludes that the most effective approach of legal support for combating corruption is one that covers criminal prosecution, disclosure of information about public authorities and private entities, their income levels, their wealth, etc., as well as the interaction of law enforcement agencies with the fiscal authorities. On the example of EU countries, we showed that monitoring of financial information of public officials under the private and public laws with the proper level of analytical support for its processing provides the necessary basis for law enforcement agencies to initiate criminal proceedings for such crimes. Special attention is also paid to expanding the scope of administrative services provided by public officials as being covered by the attributes of corruption and lacking legislative support. This will significantly increase the level of transparency of the activity of public authorities, while reducing the level of corruption manifestations. An important conclusion of the article is that the effectiveness of criminal prosecution for committing corruption offences depends on the level of legal culture and the level of legal awareness of both the public and public servants.
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Smith, G. Stevenson. "Management models for international cybercrime." Journal of Financial Crime 22, no. 1 (January 5, 2015): 104–25. http://dx.doi.org/10.1108/jfc-09-2013-0051.
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Purpose – The purpose of this paper is to identify how the management structure of cybercriminals has changed and will continue to be revised in the future as their criminal business models are modified. In the early days of hacktivism, a distinction was made between a “hacker” and a “cracker”. The hacker was considered someone who was interested in the vulnerabilities in a computer system, but they were not out to exploit these vulnerabilities for illicit gains. Today, this is no longer true, as loosely coordinated gangs of computer hackers exploit vulnerabilities of financial institutions and the public to steal and transfer money across borders without difficulty. Design/methodology/approach – The paper reviews legal cases dealing with the computer theft of assets from financial institutions and individuals. The focus is on external exploits of hackers not on employee’s theft of assets. It explores the management structure used by cybercriminals who have been caught and prosecuted by legal authorities in the USA and other countries. The paper discusses how this management structure has evolved from older traditional crime business models based on “family” relationships to morphing criminal gangs based in Russia, the Ukraine and other locations almost untouchable by the US legal authorities. These new criminal networks are based on knowledge relationships and quickly disappearing network connections. The paper concludes with a discussion regarding the management structure cybercriminals will follow in the future, as they continue their criminal activities. Findings – The study provides indications of a trend toward more complex management and organizational structures among cybergangs. Originality/value – Although there are many annual studies identifying the growth of cybercrime and the types of attacks being made, but there is not even a single study that shows how the cybercrime business model has changed over the past 20 years. From that perspective, the paper provides information of a changing and more effective business model for cyberattacks.
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Kofanov, A., N. Pavlovska, M. Kulyk, Yu Tereshchenko, and H. Strilets. "CORRUPTION IN THE SYSTEM OF PUBLIC ADMINISTRATION AND ECONOMY OF UKRAINE: CURRENT STATUS AND TRANSFORMATION." Criminalistics and Forensics, no. 66 (2021): 438–51. http://dx.doi.org/10.33994/kndise.2021.66.33.
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The article deals with a number of issues of investigation and prevention of corruption crimes in the field of public administration. The purpose of this paper is to analyze challenges in investigating and preventing corruption crimes in the field of public administration. The relevance of this study lies in the fact that the variety of forms of bribery, its penetration into various spheres of activity: economic, financial, entrepreneurial, educational, requires new ways to prevent and counteract these criminal manifestations, the creation of pragmatic recommendations aimed at improving their prevention and investigation. The study was carried out based on the method of system analysis and generalization of information obtained in the course of the study, questionnaires of different categories of law enforcement officers. They conduct pre-trial investigation of these crimes, as well as reports of the Expert Service of the Ministry of Internal Affairs of Ukraine, the National Police of Ukraine, the National Anti-Corruption Bureau of Ukraine, and Forensic Science Institutes of the Ministry of Justice of Ukraine for 2016-2019, the legal framework on liability for corruption offenses. The most relevant motives and methods of committing corruption crimes have been analyzed and it has been established that bribery and corruption rank first among economic crimes, and the high level of corruption of state bodies in various spheres of public life contributes to the increase in the number of such crimes. The study found that civil servants through abuse of office, as well as obtaining undue benefits predominantly commit corruption crimes. The ways of improving the forms of combating corruption in public authorities are proposed, which will reduce the level of corruption in the public administration system, in particular, the implementation of measures aimed at enhancing information exchange between non-governmental organizations, the media, the public and local authorities, and public authorities.
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Lazetic-Buzarovska, Gordana. "New Macedonian legislation which improves the position of the injured party." Temida 8, no. 2 (2005): 3–10. http://dx.doi.org/10.2298/tem0502003l.
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This article deals with newly adopted provisions in the Macedonian criminal legislation, that are affecting the position and status of injured party in the criminal procedure, with special attention to alternative measures as new criminal sanctions and new opportunities for realization of compensation request on time and in effective way. As author says, with extending the grounds for submitting compensation request the legislator have introduced provisions that contribute toward improving the position of the injured party during the criminal procedure and even after its termination. Beside already strengthened position of public prosecutor, there are new provisions regarding widening of possibilities for injured party when he is in the role of subsidiary prosecutor. Having in mind European countries? experiences regarding witness protection, Republic of Macedonia has created legislative framework for combating most difficult types of organized crime. However, practical implementation of newly adopted Law on witness protection depends a lot on successful establishment and functioning of authorities responsible for caring out witness protection Programs, providing enough financial resources and intensive and direct interstate co-operation. Hence, it is obvious that the legislative provisions are just the first step among necessary activities for accomplish witness protection programs.
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Sukhonos, V. V., Y. V. Harust, T. A. Vasilieva, V. I. Melnyk, and V. V. Mirgorod-Karpova. "Directions of adaptation of the financial legislation of Ukraine to the EU legislation taking into account implementation of the concept of a new innovative model of the state management of financial system of Ukraine." Legal horizons, no. 25 (2020): 97–114. http://dx.doi.org/10.21272/legalhorizons.2020.i25.p97.
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The scientific article is devoted to the coverage of one of the most pressing problems of Ukraine - problematic aspects of its economic security. The authors cover the current state of Ukraine's economy and analyze the views of domestic and foreign scholars on overcoming the economic crisis in the country. The current state of legal support of the foundations of financial and economic security of Ukraine is studied. The emphasis is on the crucial role of reforming and creating a new concept of the financial system of Ukraine. The foreign experience of ensuring the economic security of the country is analyzed. The paper plays a crucial role in reforming the system of public authorities in order to reduce the corruption element in public processes. The authors define that the financial system is a significant social sphere in society, on the state of which depends not only the economic security and reliability of the country, but also the potential of the state on the world stage as a whole. That is why the article focuses on the development of a new effective concept that would restructure the entire sector of the financial system of the state should be a priority in state and regional policy. This determines the urgency of studying the main problems and shortcomings of the current financial system of Ukraine, as well as the objective need to introduce a new concept of economic security of Ukraine. The Concept proposes ways to optimize the activities and structure of the subjects of financial system management in Ukraine, coordination and interaction between them. Proposals are provided for improving the administrative legislation that defines liability for financial offenses. Criteria for evaluating the effectiveness of financial system management are outlined. The concept envisages reforming the bodies of the Ministry of Finance of Ukraine, the Ministry of Internal Affairs of Ukraine, the Security Service of Ukraine, the State Tax Service of Ukraine, the State Customs Service, the State Fiscal Service, the State Audit Office, the Financial Monitoring Service, the Office of the Prosecutor General of Ukraine. state policy in the field of economy and finance, ensuring the economic security of the country, combating economic crime, reducing the shadow economy, control over the completeness of customs and tax revenues, as well as the effective use of the State budget.
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Rekunenko, I., Zh Kobets, and I. Shvydko. "FEATURES OF FORMATION AND APPLICATION OF FINANCIAL MONITORING SYSTEM IN UKRAINE." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 1 (2020): 104–17. http://dx.doi.org/10.21272/1817-9215.2020.1-11.
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The article is devoted to the study of peculiarities of formation and development of the national system of financial monitoring in the context of Preventing and Combining the Money Legalization (Laundering) and / or Terrorism Financing (AML / CFT). The basic approaches to the definition of the essence of the concept of «financial monitoring» are systematized according to the level of its conduct, and legal aspects of AML / CFT regulation in Ukraine are disclosed. The main functions of financial monitoring, including organizational and managerial, control and supervision, operational-analytical, informative and preventative are identified. The results of the activity of the State Financial Monitoring Service of Ukraine are reviewed, which confirm that the banking sector is the most financially powerful channel of illegal flows. In turn, financial monitoring of the non-banking sector is characterized by low institutional performance. The article provides a list of financial transactions that are most commonly associated with the illicit legalization of income, including cash transactions and transactions related to obtaining or providing financial assistance. It is determined that the key problems of establishing a system of financial monitoring in Ukraine are: contradictory conditions of state-building processes (weakness of law enforcement and judicial authorities); imbalance of regulation of business activity (complexity and duration of starting a business, high level of tax burden); peculiarities of investment policy; low level of financial inclusion in Ukraine. Given the international experience of developed countries, it is advisable to expand the list of financial crimes related to AML / CFT in accordance with the FATF Recommendations; strengthen interagency coordination and create a unified information exchange system; reinforce the personal responsibility of officials. The main directions of realization of the concept of development of the financial monitoring system in Ukraine should be: intensification of international cooperation; improvement of mechanisms for identification and disclosure of suspicious transactions, elimination of «blind zones» or disorderly allocation of competences; In addition, the main task of conducting internal financial monitoring at the bank level should be use the tools «customer due diligence / enhanced due diligence», as well as «know you client / know your customer's customer», in order to ensure transparency (legality) of relationships with counterparties.
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Fitzpatrick, David. "A “think piece” on intelligence, investigation and prosecution." Journal of Financial Crime 24, no. 3 (July 3, 2017): 449–60. http://dx.doi.org/10.1108/jfc-03-2017-0018.
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Purpose The purpose of this paper is to expose the failure of the criminal justice system of England and Wales to provide an effective response to widespread fraud and to point to sources from which a new doctrine may be created. The author’s approach draws on public sources, in particular, recent Home Office publications, the work of the House of Commons Home Affairs Committee and studies undertaken by the Mayor of London’s offices in 2014/2015. Design/methodology/approach The paper uses a critical assessment of the criminal justice system based on the author’s own experience as a fraud prosecutor. Findings Among the findings is that, while the failings of the current system have been apparent for some years, the extent and depth of the same failings have not been publicly realised, nor sufficiently acknowledged by the authorities. It has become obvious that the traditional response of the criminal justice system, when employed against fraud, will fail for want of anything corresponding to the resources required. A new doctrine will emerge as the Proceeds of Crime Act 2002 is revised and more flexibly employed. The Criminal Finances Bill also holds much promise, in particular, with its new offences akin to money laundering and the provision of powers of investigation at a significantly lower level of command among investigators. However, there remains an apparent reluctance in law enforcement to explain its methodology or to support reform, which would allow a fuller sharing of intelligence and appreciations of threats posed by fraud derived from intelligence with the financial services sector and the victim public. Originality/value The value of the paper is derived from the author’s long experience as a fraud prosecutor and as an adviser to the government, on fraud and organised crime, in a closely related jurisdiction with similar problems, but where greater success has been achieved, namely, Hong Kong.
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Perepelytsya, Maria. "Virtual currency as an object of financial monitoring: taking into account the experience of foreign countriesin the formation of national legislation." Law and innovations, no. 2 (34) (June 18, 2021): 58–66. http://dx.doi.org/10.37772/2518-1718-2021-2(34)-7.
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Problem setting. On April 28, 2020, the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction” came into force, which expands the range of state financial monitoring entities a new category of subjects of primary financial monitoring – providers of services, related to the circulation of virtual assets. The space of virtual currencies has expanded to include a number of new products and services, activities and interactions. In turn, the rapid development, growing recognition and global nature of products and services based on virtual currency have increased the risks of using such a financial asset to legalize illicit income. Contributing to this fact that payment products and services based on virtual currency do not recognize borders and transactions with them can be carried out without any apparent link to a particular jurisdiction. Therefore, the financial system of any state can be used to legalize (launder) proceeds of crime. This issue is extremely important for Ukraine, because the state of this problem is at a low level, and the issue of its solution is only being raised. The purpose of the research. Research of the approaches that some countries are currently using, and some are going to apply in the near future, in the field of regulation of payment products and services based on virtual currency as an object of financial monitoring in order to take them into account when developing national legislation in this area. Analysis of resent researches and publications. The problem of virtual currency as a new means of payment, its functionality and types were studied in the works of domestic scientists – M. Kucheryavenko, A. Kud, E. Smychok, A. Ovcharenko, O. Glushchenko, S. Khvalinsky and foreign – Fredrik Schneider, E. Gots. But the author of the article draws attention to a separate aspect of this problem - the legal uncertainty and unregulated implementation of transactions with virtual currency in legal relations in the field of financial monitoring. Article’s main body. Having analyzed the experience of foreign countries in the formation of national legislation, we consider it possible to offer the following recommendations for regulating financial monitoring, where the object is virtual currency: 1) registration in a special body of service providers related to virtual assets, both national and foreign origin; 2) conducting activities by the national financial monitoring service (seminars, lectures, webinars, issue of reports, collections of cases, etc.) on illegal use of crypto-assets, both among the subjects of primary financial monitoring and among individuals and legal entities whose activities are not associated with virtual currency in order to eliminate financial illiteracy; 3) licensing of activities; 4) creation of a separate department in the structure of the financial monitoring service for supervision and control of providers of services in the field of virtual currency, which would evaluate programs, business plans of such providers in order to prevent neutralization of risks in the field of virtual assets, combating money laundering; 5) the obligation directly to the providers of virtual services to periodically provide reports on the risks that exist in their activities; 6) differentiation of services with virtual assets depending on the subject or object of the service itself: services in the field of money transfer, services in the field of securities, services in the field of exchange goods and derivatives and development of typology and risk indicators for each area ; 7) establishing close cooperation between state national authorities on the exchange of any information related to the implementation of activities in the field of virtual currency. Conclusions. The article, based on a study of the approaches used by some countries in the field of regulation of payment products and services based on virtual currency as an object of financial monitoring, provides suggestions for their application in national legislation. The experience of regulatory supervision over the use of virtual currencies in the field of financial monitoring is studied on the example of Italy, USA, Norway, Japan, Sweden, Mexico, Finland and the most effective measures are singled out. The focus is on the cross-border nature of virtual currency transactions as an object of financial monitoring and ways to track them.
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DOMAGALSKI, LESZEK. "PROPERTY SECURITY IN FIGHTING AND COUNTERACTING ECONOMIC CRIMES." PRZEGLĄD POLICYJNY 140, no. 4 (March 17, 2021): 100–115. http://dx.doi.org/10.5604/01.3001.0014.8466.
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The article presents the function of property security in fighting against economic, organised and fi scal crimes. Attention is paid to the services and authorities forming the three pillars of the asset recovery system, the unit responsible, among others for collecting and processing information about assets constituting benefits from illegal or undisclosed sources included in the structures of the General Police Headquarters, the Prosecution Service and the General Inspector of Financial Information. The changes introduced by the Act of 23 March 2017 amending the Act – Penal Code relate to so-called extended confiscation. The essence of the new legal regulations and the importance of extended confiscation based on legal presumptions have been presented. The Act of March 1, 2018 on counteracting money laundering and fi nancing terrorism and its importance for the recovery of property and preventing crimes detrimental to the economic security of the state has also been interpreted.
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Mugarura, Norman. "Can “harmonization” antidote tax avoidance and other financial crimes globally?" Journal of Financial Crime 25, no. 1 (January 2, 2018): 187–209. http://dx.doi.org/10.1108/jfc-06-2016-0045.
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Purpose The purpose of this research paper is to underscore that harmonization of laws, much as it might not offer a lasting cure of tax avoidance and other forms of financial crimes, can enhance the fight against it and subsequently help to forestall it. Tax avoidance has remained an intractable challenge and costs governments astronomical sums of money, largely because taxation is a sensitive issue in the realm of sovereign national jurisdictions. The first part of this paper involves a review of empirical data on tax avoidance to create a context for evaluating theoretical issues on tax avoidance and how they are manifested in practice. It draws examples in a cross-jurisdictional perspective given the global character of tax avoidance and evasion as financial crimes. The last part of this paper discusses possible recommendations that could be implemented to tackle tax avoidance and its attendant challenges on economies. Design/methodology/approach The author has carried out a scoping review of the literature on tax avoidance and myriad of ways used to commit it globally. There was a wealth of data on tax avoidance, evasion, money laundering and harmonization of laws, which was reviewed and applied in undertaking this study. These data were sourced from published academic books, journal articles and online data sources/websites. This paper reflects on and internalizes most recent empirical data on tax avoidance and evasion such as unprecedented leak of millions of files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca – the so-called “Panama papers”, which has revealed the extent of tax avoidance globally. It also goes an extra length (literally speaking) to underscore important measures that ought to be introduced to address tax avoidance, evasion and money laundering once and for all. Findings The findings of this paper confirm that while harmonization of law has its inherent shortcomings, it is necessary to enhance individual state’s ability to deal with overlapping interstate challenges such as tax avoidance. This paper proffers a thorough analysis of tax avoidance, the varied context in which it is manifested with a view to evaluate measures that could be adopted by states to minimize or forestall it globally. Research limitations/implications This paper has used data on tax avoidance and cognate areas in underscoring inherent challenges in current measures against tax avoidance globally. There were not many studies carried out on the role of harmonization in bolstering states’ efforts against tax avoidance and other financial crimes. Practical implications Paying taxes or avoiding paying it has a direct bearing on people, societies and national governments. It is therefore important that states adopt measures to curtail tax avoidance – because it costs governments a lot of revenue. Originality/value Though studies have been conducted on tax avoidance and cognate areas, this paper articulates that harmonization could greatly enhance the fight against it globally. This paper will appeal to tax authorities, banks, governments, policy makers, oversight financial institutions and those who have a vested interest in regulation of financial crimes globally.