This paper illustrates how criminals currently launder money in Germany, Liechtenstein, and Switzerland. Semi-structured expert interviews were conducted with 50 money launderers and 50 compliance ...and prevention experts, whose responses were subjected to qualitative content analysis. Based on the findings therefrom, a quantitative survey of 200 compliance officers was conducted. Together, these two methods revealed the concrete techniques currently used to launder money in Europe. Contrary to popular belief, money laundering is found not to be associated with high costs, and can even generate significant profits. As the findings of the qualitative study are based on semi-standardised interviews, they are limited to the 100 participants’ perspectives. By identifying concrete methods of money laundering, this study’s findings provide compliance officers, law enforcement agencies, and legislators with valuable insights into how criminals act. Whereas prior literature primarily focuses on organisations and mechanisms aimed at fighting money laundering, this article instead describes how criminals avoid detection by analysing the perspectives of prevention experts and the criminals themselves. Acting on this information should enhance the effectiveness of combating and preventing money laundering.
Current trends in terrorist financing Teichmann, Fabian Maximilian
Journal of financial regulation and compliance,
01/2022, Letnik:
30, Številka:
1
Journal Article
Recenzirano
Purpose
The purpose of this paper is to illustrate how intelligent terrorist financiers avoid detection when acquiring and subsequently transferring financial assets to finance terrorism. Particular ...emphasis is placed on cryptocurrency.
Design/methodology/approach
A qualitative content analysis of 30 semi-standardised expert interviews with both criminals and prevention experts led to the identification of means for the circumvention of current combat the financing of terrorism (CFT) measures with a focus on cryptocurrency.
Findings
The findings illustrate, for the benefit of law enforcement agencies, investigators, regulating authorities and legislators, the specific low-risk methods that terrorist financiers use to generate and transfer assets. These findings help to develop more effective prevention methods.
Research limitations/implications
Qualitative findings from the analysis of semi-standardised interviews are limited to the 30 interviewees’ perspectives.
Practical implications
Identification of gaps in existing CFT mechanisms provides compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate.
Originality/value
The existing literature focuses on organisations that combat terrorist financing and the improvement of CFT measures. This article outlines how terrorist financiers avoid detection. Both preventative and criminal perspectives are considered.
Purpose
This paper aims to enlighten the shortcomings of the EU Whistleblowing Directive 2019/1973, which could interfere negatively with its successful national implementation. In focus is the ...tension between companies potentially attempting to hide misconduct and disgruntled employees taking advantage of generous protection under the directive.
Design/methodology/approach
With an extensive literary basis, this paper explores articles of the EU Whistleblowing Directive 2019/1973 under five areas of the so-called “weakness.” With view to Germany and Austria, the difficulty of implementing the directive is highlighted and likewise with view to Switzerland, a potential solution is presented.
Findings
The Whistleblowing Directive 2019/1973 overshoots its target by protecting whistleblowers without considering the wider public interest. There are specific points of arbitrary definition which demand resolution to ensure a successful national implementation.
Originality/value
This is a multifaceted discussion of a highly contentious ethical debate. Through an exploration of specific points of the Directive, it is possible to present why there are points of contention in the first place, and also the difficulty of implementing the principle of proportionality. The issue at the heart of the matter is balancing the protection of trade secrets with the fundamental necessity of whistleblowing as a means of last resort.
Sulla base di un esempio, gli autori trattano del fenomeno della corruzione fra privati (art. 322octies seg. CP) sul mercato immobiliare. In particolare, sono messe in risalto le problematicità ...legate all'art. 322octies cpv. 2 rispettivamente all'art. 322novies cpv. 2 CP, secondo cui il reato è perseguibile solo a querela di parte nei casi poco gravi. Tale distinzione, che costituisce un unicum all'interno del diritto penale svizzero, può portare a situazioni in cui la corruzione fra privati risulta punibile ai sensi di altre norme del Codice penale, ma non della normativa specifica.
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Sur la base d'un exemple, les auteurs traitent du phénomène de la corruption privée (art. 322octies ss CP) sur le marché de l'immobilier. Ils soulignent en particulier les problèmes liés à l'art. 322octies al. 2 et art. 322novies al. 2 CP, selon lesquels l'infraction n'est poursuivie que sur plainte dans les cas de peu de gravité. Cette distinction, unique en droit pénal suisse, peut conduire à des situations où la corruption privée est certes punie par les dispositions relatives aux infractions contre le patrimoine, mais pas par les art. 322octies ss CP pourtant prévus à cet effet.
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Auf Grundlage eines Beispiels erörtern die Autoren das Phänomen der Privatbestechung (Art. 322octiesff. StGB) im Immobiliensektor. Sie beleuchten insbesondere die Problematik, die daraus ensteht, dass das Delikt in einfachen Fällen nur auf Antrag verfolgt wird. Diese im schweizerischen Strafrecht einmalige Konstellation kann dazu führen, dass eine Bestechung zwischen Privatpersonen zwar nach den Bestimmungen des Vermögensstrafrechts strafbar ist, nicht aber nach den eigentlich dafür vorgesehenen korrputionsstrafrechtlichen Art. 322octiesff. StGB.
Compliance in Multinational Corporationsexplores phenomena such as bribery, money laundering, and terrorism financing. Including an empirical analysis of 100 expert interviews, it takes an innovative ...look at the perspectives of criminals and compliance experts to provide a long-lasting guide for compliance experts.
This paper examines the intersection of international arbitration and money laundering and corruption in jurisdictions where corruption is endemic, such as some Eastern European countries, to provide ...insight into the challenges and risks involved in arbitrating. Few sources have addressed the issue of money laundering and corruption in international arbitration in these jurisdictions. Given this significant research gap, the aim of this paper is to draw attention to areas where investment and international trade relations may be undermined by criminal activity. To this end, the specific methods used by money launderers were explored through a qualitative study involving ten suspected money launderers and eighteen prevention experts. The findings were then tested quantitatively. The results show that, as the number of corruption allegations in arbitration has increased, arbitrators have assumed an important role in reviewing compliance rules related to corruption. As a result, this article seeks to improve current understanding of compliance issues in arbitration in countries where corruption is prevalent and thereby identify a path for future research.
This paper explores how compliance proves to be an effective shield against corporate criminal liability claims. In addition, it outlines how a coherent and comprehensive compliance program can help ...save a company from any wrongdoing and often mitigate or even exclude its liability for the misconduct of its employees. Implementing an effective compliance mechanism,complements a corporation's goal of being as stable as possible. While there is a wealth of literature on compliance, the intersection with corporate criminal liability has not received as much attention. In addition, the retrospective perspective of compliance in cases where corporate criminal liability has been invoked is not as valuable as the analysis of how a preventive approach is beneficial to a company in terms of avoiding a liability scandal. Compliance is a strain on a corporation's resources and time. It is not a one-time cost for businesses, especially as it becomes mandatory through increasingly stringent regulatory requirements. The literature focuses on the pragmatic aspect of implementing compliance, in particular cost-benefit calculations. This neglects recognizing the wider benefit of compliance as a preventive defence against corporate criminal liability.
The welding of aluminium high pressure die castings is a well known and broadly investigated challenge in various fields of industry and research. Prior research in this specific field mainly focused ...on the optimisation of the welding and the casting process and on the cause of the frequently occurring porosity and incomplete fusion phenomena, whereas the impacts of these defects have hardly been addressed. Therefore, the underlying study presents the investigation of weldments in EN AC-AlSi10MnMg high pressure aluminium die castings by linear elastic finite element analysis based on X-ray computed tomography as a novel approach. Hereby, four laser weldments with differing surfaces and pore contents were investigated by X-ray computed tomography and tensile testing. Based on the voxel datasets of the porous weldments, triangular finite element meshes were generated and a numerical finite element analysis was conducted. Good agreement of the stress-strain curves between the simulations and the experiments was achieved.
Over the past two decades, the enforcement of anti-bribery, anti-money-laundering and anti-terrorism-financing regulations has become increasingly challenging for multinational corporations. Bribery ...and money laundering scandals have the potential to take down entire multinational corporations. Frequently, managers in charge of those firms end up facing criminal prosecution and civil lawsuits, and are not equipped with the formal legal training to prevent these phenomena. Compliance in Multinational Corporations explores the historical background of such phenomena as bribery, money laundering, and terrorism financing. Analysing the legal environment based upon international conventions, and including an empirical analysis of 100 expert interviews, it takes an innovative look at the perspectives of both criminals and compliance experts to provide a long-lasting guide for compliance experts. While traditional compliance and financial crime literature focuses on rules, regulations and prevention mechanisms, this book shows how intelligent criminals act. It offers practical advice and concrete guidelines that will address the most pre-eminent compliance challenges.The book will prove an essential resource for compliance managers, academics and professional educators who wish to equip themselves against the significant risks they face.
This paper examines Business to Government (B2G) corruption in China. It contributes to existing empirical analyses in several ways. First, it draws on an extensive literature review of the cultural ...practice of guanxi that often facilitates corruption. Second, it offers new perspectives by focusing on the much-overlooked corruption issue on a local, and municipal level. Furthermore, it is examined how the Chinese cultural practice of guanxi, in which citizens cultivate a relationship with public officials via gift-giving, contributes to this confined municipal corruption. For this reason, the introduction of performance matrices that evaluate public officials according to various indicators and the implementation of safe avenues for complaints are suggested as more immediate solutions to low-level corruption. Therefore, any anti-corruption measures should also target public officials at the local level to ensure that they do not abuse their power.
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