From dirty money to “creative financing”: an exploratory netnography, euphemism and cognitive dissonance in financial crime narratives

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.

PurposeThis study aims to examine the financial investigation system in Ghana in relation to tax evasion and money laundering practices among multinational corporations (MNCs).Design/methodology/approachThe study adopted the qualitative case study design. The population was 15 officials, comprising 14 highly qualified tax enforcement and anti-money laundering officers from key state agencies, as well as a tax consultant. The data was gathered using a semi-structured interview and analysed thematically.FindingsThe study found that there is an effective financial investigation system in Ghana that regulates tax evasion and money laundering practices among MNCs; however, more can be done to perfect the system. There is an effective collaboration among financial investigation agencies in terms of intelligence sharing, although it is often marred by bottlenecks and unnecessary bureaucracies. Finally, there was no consensus that the financial investigation system in Ghana has helped to prevent/retrieve the proceeds of tax evasion and money laundering among MNCs. The study concludes that Ghana’s financial investigation system is well-placed to deal with tax evasion and money laundering practices among MNCs. Notwithstanding, there is room for improvement.Research limitations/implicationsThis study only focused on the financial investigation system in Ghana in relation to tax evasion and money laundering practices among MNCs. It did not give attention to other entities, individuals or crimes.Originality/valueThe study offers an inside perspective into the financial investigation system in Ghana in relation to tax evasion and money laundering among MNCs. To the best of the authors’ knowledge, no study of this nature has been conducted in Ghana or elsewhere.

<p>Money laundering is a serious crime, this crime can occur in several jurisdictions, so it can be said to be a transnational crime. Money laundering as one of the crimes committed by a group of people or more than one person. This form of money laundering is in the form of a criminal offense, while the original crime is often called a predicate offense. Some of the motivating reasons for committing money laundering crimes are that the money is used as capital as a business or sent to non-banking financial service providers such as insurance. The impact of money laundering will disrupt the national and international economy. In addition to these impacts, money laundering will result in disruption of the operational effectiveness of the economic system which will later lead to bad economic policies, especially in certain countries. Money laundering practices can also destabilize the national economy because money laundering causes sharp fluctuations in interest rates and exchange rates. The problem of money laundering will never run out even though the development of this case from year to year is increasing both in a number of state losses and its modus operandi. This study aims to see the implementation of policies on money laundering cases in Indonesia and will be compared with Denmark so that it can find out the implementation of each country's policies and what obstacles the Indonesian state faces in eradicating money laundering crimes. So the author is interested in giving the title of this study as Implementation of policies on law enforcement in money laundering cases in Indonesia and Denmark. The legal research used is qualitative research which is included in the category of normative research. The data used is secondary data.</p>

Money laundering is a stand-alone crime, although money laundering is born from its original crime, such as corruption, but the anti-money laundering regime in almost all countries places money laundering as a crime independent of its original crime in the case of a money laundering probe. The purpose of this study is to describe and analyze criminal law policies in regulating corporate accountability for current money laundering, analyze the implementation in law enforcement against corporations engaging in money laundering, and establish a model of criminal law policy on corporate liability that commits a crime money laundering in the future. This research emphasized that criminal law policy in ordering corporate responsibility to money laundering crime has been regulated in Money Laundering Criminal Act. The Money Laundering Act in Indonesia has indeed accepted corporations as a subject of criminal law, there are several cases that indicate the involvement of corporations engaging in money laundering practices in Indonesia but at the stage of settlement within the justice system there is not a single corporation that has been charged and sanctioned criminal. In line with the development of specific laws, corporations are categorized as subjects of criminal law.

The principal issue that will be considered in this chapter is how the banking sector facilitates the crimes of money laundering and tax evasion. This will entail asking a series of related questions. Does the assistance of the banking sector in financial crime involve a small number of wayward employees at the periphery of banking? Or are multinational financial institutions willing participants in the systemic evasion of global antifinancial crime standards? In exploring these questions, the theory and practice of money laundering will be explored by focusing on the three stages of the money laundering cycle. The global anti-money laundering standards that apply to the banking sector, and the role of bank secrecy in promoting tax evasion, will be examined through a series of case studies. It will be argued that there is strong empirical evidence that the banking sector is a systemic offender facilitating financial crimes, despite the enactment of international and national antifinancial crime standards and criminal prosecutions of financial institutions.

Indonesia is currently racing with time related to the increasingly rampant criminal corruption committed by state officials who have a very significant impact also on the increase of TPPU. One of the perpetrators' efforts to avoid him from the law by hiding or obscuring his crime through money laundering takes advantage of the mechanism of financial traffic.
 Money laundering practices are very often committed against money earned from crime. The practice is simply a way to disguise or conceal the proceeds of a criminal offense. Money laundering is then used as a shield for the proceeds of the crime. Therefore, the existence of provisions or regulations on TPPU is very beneficial to minimize the velocity of funds from the crime.
 
 The latent danger of corruption has touched almost all levels of society, not only in relation to state organizers, power and policy, but also to the presence of private parties. Various methods have been taken to eradicate it, both preventively and repressively as well as by making changes to the method of eradication. One of the objectives of repressive action is to restore the State's losses. Corruption has resulted in heavy losses to the state's finances and undermines the stability of the national economy.
 The state losses in the form of assets resulting from corruption in returning it are not easy, the complexity of the settlement of criminal cases is one of the most dominant causes, not to mention the settlement of cases of corruption, especially those that have obtained permanent legal force, in relation to the spoils and payments replacement money, suspects, defendants, or convicted persons who disappeared at the time the proceedings were underway.
 The handling of TPPU cases has significance for the return of state assets related to the eradication of corruption. Property becomes a very fundamental object in relation to corruption and TPPU. Money laundering is always associated with property derived from a crime. The outcome of corruption is certainly related to assets or property acquired in an unauthorized and dirty manner. The prosecution of the perpetrators of corruption is not only related to the problem of his actions but also the repression of the result of his act of seizure of assets or assets of the perpetrator.
 Presidential Instruction Number 5 of 2004 on the Acceleration of Corruption Eradication issued by the President on December 9, 2004 to prove the seriousness of the government in criminalizing the money laundering of corruption results as well as a legal instrument that ordered law enforcement officers to immediately restore the state loss (asset recovery).1
 The handling of TPPU, is a tough task for PPATK, especially to detect the occurrence of TPPU and further criminal acts. So the prevention and eradication of money laundering requires a systematic and comprehensive mechanism, which includes the detection process and legal process.2
 
 The practice of money laundering through bank mechanisms is possible because banks are the most vulnerable financial institutions, and are subjected to the practice of Money Laundering whereby banks have a clearing system, international correspondence and a secret banking system.3
 
 The role of the financial and government industry (PPATK) in preventing and eradicating TPPU becomes a barometer. It is based on banking and other financial services providers as front lines, in anti money laundering regimes. It is expected that financial institutions together with employees are at the forefront, in an effort to combat illegal financial activities.4

Purpose– Money laundering schemes are inextricably linked to corruption whereby the latter is utilised either as “a means to an end or as an end in itself”. The prevalence of one of these offences in a country usually signifies the prevalence of the other. The foregoing connection is supported by studies carried out by the World Bank and Asian Development Bank to correlate the connection between money laundering and corruption. Corruption has been exploited to facilitate commission of other crimes such as drug trafficking, prostitution, small arms trafficking and illegal currency trafficking. It has destroyed the myth that corruption is a domestic political issue amenable within individual states borders. Therefore, the design of anti-corruption policy measures should incorporate effective implementation anti-money laundering (AML) strategy and their enforcement on corrupt public officials. It needs to be noted that money accrued from corruption constitutes criminal property under the majority of global AML/CFT frameworks which have been domesticated by individual national governments. Both corruption and money laundering thrive in an environment of bad governance, lack of requisite local oversight institutions, a tenuous legal systems and laws and bad governance. These offences have become so intertwined that it is not easy to tell which is which because they are embedded in each other and in the context of this paper are symbiotic.Design/methodology/approach– The paper articulates that there is a close connection between corruption and money laundering offences. It was undertaken by evaluating primary and secondary data sources to demonstrate the interconnectivity of the foregoing criminal offences in the regulatory realm. The overlapping relationship between corruption and money laundering has been acknowledged by many oversight institutions and national governments. For example, Singapore enacted a legislation: “Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act” in (1999) recognizing the foregoing interconnectivity. The G20 imposed on Financial Action Task Force the requirement to incorporate mechanisms within its framework to combat money laundering and terrorist financing measures to fight corruption. Therefore, this paper has demonstrated a close correlation between corruption and money laundering and what ought to be done at various oversight levels to forestall them.Findings– Corruption and money laundering are inextricably linked such that where one exists, the other one will be also lurking in the background. The paper has articulated the connection between corruption and money laundering and the context they are manifested either together or differently. It has demonstrated that the foregoing offences are literally “Keith and Kin” and should be accorded the same level of attention as serious financial crime, both in theory and practice of states.Research limitations/implications– While there are many papers which have been published on the subject of money laundering and corruption, not many articulate the connection between corruption and money laundering in the context of this paper. The paper was undertaken by evaluating primary and secondary data sources and analysing this data in different contexts of this paper. However, it would have been better to corroborate some of the foregoing sources by working with oversight AML/corruption institutions. Therefore, the author will ensure that future studies carried out on the subject matter of money laundering and corruption are undertaken with a high measure of collaboration with oversight AML/corruption agencies and possibly also civil society organisation which have a mandate on these similar issues.Practical implications– This paper is of practical significance for governments, policy and oversight institutions in dealing with issues relating to corruption and money laundering. The paper provides insights into the dynamics of the foregoing twin offences, the context they are manifested and how the law can be better utilised to forestall them. Corruption and money laundering have eviscerated the individual economies capacity to engage in national development programmes, and they need to be addressed as a matter of seriousness, both nationally and internationally. This paper will provide insights into what states need to do to harness the law relating to corruption and money laundering offences, both at an oversight institution and individual national government’s level.Social/implications– Corruption and money laundering crimes have eroded the fabric of societies, eviscerated individual states capacity to pursue national development goals and not to mention fuelling other crimes such as financing of terrorism, human and small arms trafficking, drugs trafficking, to mention but a few. Therefore, no state can afford to ignore the foregoing transgressions against humanity because no state can claim to be immune from the offshoot effects of corruption and money laundering.Originality/value– There are not many published papers which articulate the connection between money laundering and corruption in the context of this paper. This paper is one of its kind, original and a must read. It is a must read because it has a lot offer literally to every one û academics, researchers, students, policy and regulatory institutions and the list goes on.

Money laundering with Cryptocurrency in Indonesia in the use of digital currencies provides a loophole for criminals to hide the results of criminal acts through money laundering practices. This article reviews various strategies used in money laundering using crypto assets, with the aim of providing a deeper understanding of this issue. This research applies the normative study method by analyzing legal aspects based on literature as well as the latest developments related to money laundering and cryptocurrencies. Money laundering through crypto assets is carried out in order to disguise the source of illegal funds. Some of the commonly used methods include transactions over the dark network as well as the use of unlicensed mixing services. This crime has been regulated in various laws and regulations that aim to prevent and eradicate the practice of money laundering through cryptocurrencies.

Financial crime, in particular money laundering and illicit financial flows are a thriving economy whose value is in the billions of dollars, with robust markets and demand across the world. This paper seeks to identify and assess the impact that money laundering and illicit financial flows have had on Kenya’s investment landscape. The paper was premised on findings from desk research of literature written concerning money laundering as an emerging from of transnational and financial crime, as well as from findings of studies conducted by government agencies and other institutions on the risk, prevalence and challenges around anti-money laundering in Kenya. The paper also examines Kenya’s legal framework on money laundering and its overall anti-money laundering strategies, and further draws on the researcher’s experience as a practitioner in the criminal justice system and expert on transnational organised crime and its occurrence in East Africa. The research sets out a contextual background which illustrates the measures taken to combat money laundering from the international level, to the national level through the different international instruments ratified and domestic laws enacted by Kenya. The paper additionally discusses at length the country’s current standing internationally with regard to efforts made to combat money laundering, the different ways in which money laundering and illicit financial flows manifest in Kenya’s economy, and the various factors that have served as enablers for money laundering and illicit financial flows, both within and outside of the legal framework. Key findings in this regard include the presence of a strong cash-based economy, the proliferation of mobile money transactions in Kenya, corruption and low political goodwill, advances in technology which are not matched by tandem advances in the legal framework, overall weaknesses in the investigative and prosecutorial roles that are unable to adequately address the occurrence of money laundering as well as poor coordination of efforts by regulatory agencies to combat money laundering. The study discusses the implications and impacts of money laundering on Kenya’s investment landscape in detail, and proposes various measures which if implemented, would go a long way in reducing the prevalence of money laundering and illicit financial flows and by extension, the far reaching impacts on investment, governance and the rule of law.

Corruption in Indonesia and in other countries has become a latent problem and is very difficult to eradicate. Various attempts have been made to eradicate this corruption: both at the country level itself and at the international level. In general, the eradication of corruption is carried out through the establishment of a corruption eradication agency or institution which is legalized through a law. Furthermore, the following presentation is a case study of Indonesia and South Korea on how to eradicate corruption.
 
 The practice of money laundering has often involved cross-border transactions, because by conducting such transactions between countries, it is very effective in eliminating traces of illegal flows of funds. With the increasing globalization of the international financial system, money laundering, as a criminal activity, is becoming more and more common, but in turn it greatly affects and damages the global social and financial system.
 
 In summary, it can be concluded that in the era of globalization the problem of corruption and money laundering is becoming increasingly widespread because the existence of this crime involves many factors that cross national boundaries. The problem of corruption and money laundering is the dark side of globalization. Handling corruption and money laundering cannot be resolved quickly and easily, but it takes time, commitment, political will, and support from all parties: national government, society, and multilateral cooperation. Learning from South Korea, Indonesia and the international community, for example, requires a more efficient structure-based bureaucratic reform by upholding the spirit of 'Good Governance' and 'Check and Balance' which is expected to encourage all elements of the nation to work together to solve corruption at a practical level.

The coming of cryptocurrencies has, amazingly, changed the face of the financial space. It has opened up opportunities and challenges in the field of money laundering. The deep impact of cryptocurrencies on the practice of money laundering becomes a detailed study. Since digital currencies are embedded with inherent characteristics, such as anonymity, decentralization, and the ease of performing cross-border transfers, criminals have now found new ways to conceal their illicit financial activities. The paper critically reviews how cryptocurrencies are used in money laundering schemes, evaluates the effectiveness of current legal provisions and anti-money laundering measures, and reviews case studies that exemplify real-world applications and challenges to regulatory bodies. Moreover, it offers recommendations on the use of new technologies, like blockchain analytics, toward better detection and prevention of money laundering through cryptocurrency. The paper thus provides a range of useful insights, associated with recommendations for the strengthening of the global regulatory framework in dealing with the increased threat of cryptocurrency money laundering, through a synthesis of the literature review, case analysis, and expert interviews. The paper contributes to this debate by providing insight into the challenges that regulatory authorities face and making recommendations to improve anti-money laundering efforts in the cryptocurrency space. This is done through an in-depth review of recent cases and legislation in this area. The findings were that, though cryptocurrencies pose a great challenge, innovative technology solutions coupled with international cooperation can play a vital role in mitigating the risks associated with cryptocurrency-based money laundering.

This study explores financial crime and money laundering trends through a bibliometric analysis using Scopus and Web of Science databases. The primary objective is to assess research themes, scholarly contributions, and emerging topics in financial crime and money laundering, particularly those involving cryptocurrency. The methodology involves a comprehensive data collection process, with 1280 articles screened using inclusion and exclusion criteria, narrowing to 190 articles for in-depth analysis. Tools like VOSviewer, MS Excel, and Biblioshiny R package were employed for bibliometric coupling, keyword co-occurrence, and thematic clustering. Findings reveal the central role of cryptocurrency in financial crimes, with specific attention to techniques like fraud detection, cybercrime, and anti-money laundering. It highlights the rapid increase in publications since 2017, attributed to cryptocurrency adoption, regulatory developments, and the prevalence of financial crime. The USA, UK, and Australia emerged as major contributors, with the USA displaying the highest collaborative research efforts. Practical implications are significant for policymakers, offering insights to enhance digital transfer security and inform measures against money laundering risks. The study's social implications underline the need for robust cybersecurity and forensic measures to combat online financial crimes effectively. Limitations include its reliance on English-language documents and focus on specific publication databases, and generalizability. Future research directions suggest further investigation into cryptocurrency’s psychological impacts, consumer trust, and geographical distribution of fraud activities. This study's originality lies in its bibliometric approach, combining quantitative and qualitative insights, filling research gaps on emerging digital financial crime trends, especially related to cryptocurrency and global collaborative research.

PurposeThe aim of the present study is to shed light on the role of legal practitioners, namely, lawyers and notaries, in the fight against money laundering: Are they considered as facilitators or obstacles against money laundering? How does the global and the EU legal framework deal with the legal professionals?Design/methodology/approachThe research follows a deductive approach attempting to respond to questions such as: How do the lawyers’ and notaries’ societies react in front of the anti-money laundering measures that concern them and why? What are the discrepancies between the lawyers’ professional secrecy and the obligations that EU anti-money laundering legislation assigns them?FindingsThis study disclosures the response of the European union and international legal and regulatory framework as well as the reflexes of the international and European legal professionals’ associations to this danger. It also demonstrates the reaction of lawyers against European union anti-money laundering legislation, to the point that it limits not only the confidentiality principle but also the position of the European judicial systems to the contradiction between this principle and the lawyers’ obligation to report their suspicions to the authorities.Research limitations/implicationsTo fulfil the study goals, it was necessary to overcome some obstacles, like the limitation of existing sources. Indeed, transnational empirical research considering the professionals who facilitate money laundering is narrow. Besides, policymakers and academics only recently expressed more interest in money laundering and its facilitators.Originality/valueThis paper fulfils an identified need to study the legal professionals’ role not only in money laundering practices but also in anti-money laundering policies.

The purpose of this paper is to examine the role of cryptocurrency in facilitating money laundering and identify different methods and services that send funds through numerous addresses or businesses to obscure their origins using cryptocurrency. The methodology for conducting this research is qualitative. A literature review that involves a systematic and rigorous approach to identifying, analyzing, and synthesizing existing research on the use of cryptocurrency as a money laundering instrument has been taken into consideration. We identified in the first selection more than 150 research papers published between 2002 and 2021. Our results show that cryptocurrency is used in money laundering schemes, including the purchase of cryptocurrencies by criminal networks using illicit proceeds and the use of cryptocurrencies to transfer funds. The biggest issue facing virtual currency currently is that the same attributes that attract legitimate users, such as anonymity, as well as speed and global reach, also attract criminals. Money laundering has had devastating social implications for societies. Our research helps to focus attention on the problems of using cryptocurrency in money laundering practices and possible interventions by the authorities in the form of regulation

The crime of money laundering has become one of the crimes that get serious attention from the international community. This crime always accompanies an organized crime that can cross national borders such as narcotics crime, terrorism, and corruption. Although the state has issued new regulations to prevent the occurrence of money laundering crimes, but it turns out more money laundering practices with an increasingly varied mode. The crime of money laundering began to emerge and legally regulated in Indonesia since 17 April 2002 through the enactment of Law no. 15 Year 2002 on the Crime of Money Laundering. The law is the first legal rule governing money laundering offenses. In Indonesia, the regulation on money laundering has undergone several changes. A year after the birth of Law no. 15 of 2002 on Money Laundering, the Act was amended through Law no. 25 of 2003. It still needs to be optimized, in 2010, came another law, the Law no. 8 of 2010 on Prevention and Eradication of Money Laundering Criminal Act (UU TPPU) which contains some improvements from the previous Law. Based on the PPATK 2013 Annual Report, 12 decisions related to money laundering cases and if accumulated from 2005 to 2013, there are 105 cases that have been terminated. A similar report came from the Supreme Court. According to the highest court institution in 2010, as many as 11 cases that entered the Supreme Court stage, in 2011 there were 19 cases and in 2013 there were only nine cases. The whole is a case accepted by the Supreme Court at the Cassation level.