Financing Of Terrorism Research Articles

Organized Crime, Poverty, and Drug Trafficking in Nigeria: A Sociological Perspective

The main thrust of this study is to investigate organized crime, poverty, and drug trafficking in Nigeria: A sociological perspective. The study avers that organized crime, poverty and drug trafficking has been identified over the years as not only a threat to national security in Nigeria, but also a serious social problem befalling contemporary society and globally threaten peace and unity. Regrettably, Nigeria was initially tagged as a drug-transit nation, gradually; that conception has changed in recent times, because of frantic and dogged effort by government at all levels to fight drug related activities to a standstill. The study argued that regardless of the counter efforts by NDLEA and other government agencies, sizeable amounts of drugs gain passage through the extensive seaports, airports and land borders in Nigeria on a daily basis. The objective of the study is to investigate the effects of rising organized crime, poverty, and drug trafficking on national security in Nigeria with focus on social problems and increasing damage of our national image globally. However, the study relied heavily on relevant theoretical and empirical literature from internet search engines, such as Google, journals, and text books, etc. The study adopted a quantitative research method. Functionalism Theory were explained and adopted as theoretical framework. The study reveals that the preponderance increases of organized crime, poverty, and drug trafficking in Nigeria is a veritable strong weapon for terrorism financing, social problems, corruption inducement, political instability and neglect to economic development. This has affected Nigeria international image and the negative effects are highly felt in the rising level of insecurity and drug related crimes in the country. Consequently, data for the study were generated using the secondary sources interpretative documents related to the organized crime, poverty, and drug trafficking in Nigeria. The study also identified a high level of institutional cum political corruption, poverty (unemployment) as among major contributing factors to the rising trends of organized crime, drug trafficking in Nigeria. Based on the discussion the study recommended among others: Urgent steps should be taken to increase capacity building and strengthening of Nigerian security agencies as well as good governance.

Peranan Audit Forensik Dalam Mencegah Kejahatan Keuangan Perbankan Dengan Menggunakan Teknologi Informatika

Financial crime is any activity that involves fraudulent or criminal behavior to gain personal financial gain. This is a criminal activity carried out by individuals or groups involved in financial crime activities, such as: money laundering, terrorism financing, fraud, tax evasion and identity theft. Financial crime has become a big problem and is detrimental to many parties, using increasingly sophisticated techniques, which requires a solution. In this research the author will focus on discussing banking financial crimes using information technology, because they seriously damage the reputation of financial institutions, destroy public trust, and cause significant financial losses. Banking must have a strategy to protect various technologies, information and data simultaneously, which requires coordination with all stakeholders in Indonesia. The aim of writing this journal is to determine trends, patterns, factors that influence, anticipate and punish banking financial crimes using information technology. The research uses qualitative methods with data collection methods using literature studies. The object of this research is secondary data in the form of banking financial crimes using information technology committed by perpetrators of banking financial crimes. The role of forensic audit is the best way to prevent and detect banking financial crimes using information technology in Indonesia. Forensic audit has the ability to provide statements based on its expertise.

Corporate Responsibility for the Crime of Terrorism Financing in Indonesia

Corporate Responsibility for the Crime of Terrorism Financing in Indonesia

A METHOD FOR SYNTHESIZING TOPOS OF HASHES IN THE CATEGORICAL cN-SCHEME OF THE MARKOV ALGORITHM. Part 1

In organizational systems, economic interactions are studied. The purpose of this study is to synthesize a problem-oriented management subsystem for combating money laundering and terrorist financing. To achieve this goal, the problem of synthesizing a constructive way of processing such interactions is solved. The method is based on the development of the N-scheme of the Markov algorithm with an output that cannot be considered normal according to Markov. This algorithm scheme allows us to consider a quadruple consisting of words in the ordered and extended Markov alphabet A2, morphism numbers N, source numbers i, and the alphabet M. From the N-scheme of the Markov algorithm, its categorical version is synthesized. The need for this scheme of the Markov algorithm is due to the solution of the problem of folding Markov occurrences of words into each other of large length for their more compact representation. The idea of organizing a convolution for the entire topos is tested separately. The term “topos of hashes” is introduced into scientific circulation. This topos is considered as an alternative way to represent blocks of chains of Markov occurrences. The hash topos is formed from hash trees known in blockchain technology. This idea follows from previous studies of classifiers in topos, as well as the possibility of splitting chains of Markov occurrences into blocks. The convolution is considered using gamma and hash functions. In the course of the study, it was possible to theoretically show the connection between Markov algorithms and blockchain technology, taking into account the fact that each chain of occurrences of words in each other is considered as a category, and these chains are formed in different sources, otherwise worlds, and the way they are synthesized may have signs of a creative process, then a connection was found between the theories of categories, algorithms, blockchain technology and intuitionistic models by S. Kripke and L. E. Ya. Brouwer.

Application of International Law in Tackling Money Laundering

Money laundering has become a complex and challenging global issue, this complexity is compounded by its cross-border nature, which demands effective international cooperation in its handling and the application of international law to be key to comprehensively combating trafficking and preventing the proliferation of proceeds of crime. International law related to trafficking has evolved rapidly in recent decades. Beginning with the 1988 Vienna Convention on Psychotropic Drugs and Psychotropic Substances, various international legal instruments have been formulated to define trafficking, criminalize its perpetrators, and strengthen cooperation between states. For example the United Nations Convention Against Transnational Organized Crime (Palermo Convention) of 2000 and Recommendation 40 of the FATF, In 2022, the Center for Financial Transaction Reporting and Analysis (PPATK) fully disclosed the amount of Money Laundering (TPPU) which reached IDR 183.88 trillion. Indonesia has ratified various international legal instruments related to TPPU and implemented them in national regulations. Law Number 23 of 2003 concerning Money Laundering and Terrorism Financing is the main legal basis in Indonesia. PPATK, as a UIF (Financial Intelligence Unit), plays an important role in collecting, analyzing, and disseminating information related to TPPU to relevant authorities.

Perlindungan Hukum dan Kebijakan Tarif Pajak terhadap Trader Crypto di Indonesia

Cryptocurrency investment in Indonesia has become an increasingly popular topic as people's interest in digital assets increases. Although there is potential for huge profits, there are also risks that need to be considered. The Indonesian government takes a cautious stance in regulating cryptocurrencies. Clear regulations still do not exist, although in 2019, the Commodity Futures Trading Supervisory Agency (BAPPEBTI) issued regulations recognizing cryptocurrencies as commodity futures that can be traded on futures exchanges. Bank Indonesia has issued a statement reminding the public of the risks associated with the use of digital currencies, but there has been no outright ban on their use. There are also concerns regarding the misuse of cryptocurrencies for illegal purposes, such as money laundering and terrorism financing, which are continuously monitored by governments and financial regulatory agencies. Despite regulatory uncertainty, interest in cryptocurrencies continues to grow in Indonesia, and more and more companies and individuals are interested in understanding and using this technology.

Perlindungan Hukum dan Kebijakan Tarif Pajak Terhadap Trader Crypto di Indonesia

Cryptocurrency investment in Indonesia has become an increasingly popular topic as people's interest in digital assets increases. Although there is potential for huge profits, there are also risks that need to be considered. The Indonesian government takes a cautious stance in regulating cryptocurrencies. Clear regulations still do not exist, although in 2019, the Commodity Futures Trading Supervisory Agency (BAPPEBTI) issued regulations recognizing cryptocurrencies as commodity futures that can be traded on futures exchanges. Bank Indonesia has issued a statement reminding the public of the risks associated with the use of digital currencies, but there has been no outright ban on their use. There are also concerns regarding the misuse of cryptocurrencies for illegal purposes, such as money laundering and terrorism financing, which are continuously monitored by governments and financial regulatory agencies. Despite regulatory uncertainty, interest in cryptocurrencies continues to grow in Indonesia, and more and more companies and individuals are interested in understanding and using this technology.

INTERNATIONAL EXPERIENCE IN USING INNOVATIVE TOOLS OF STATE FINANCIAL CONTROL OVER ILLEGAL FINANCIAL FLOWS

Effective financial control often requires cooperation between countries and international organizations. The study of international experience contributes to the development of mechanisms of international cooperation and information exchange to combat illegal financial flows. The article examines the international experience of using innovative tools of state financial control to combat illegal financial flows. Emphasis is placed on the analysis of modern practices in countries with developed systems of financial control, such as the USA, Great Britain, Germany, France, and Japan. The main tools used to detect and prevent illegal financial flows are described, including automated transaction monitoring systems, analytical platforms based on artificial intelligence, as well as methods of a risk-based approach to auditing. Special attention is paid to the role of international cooperation and information exchange between financial institutions of different countries, which allows more effective detection and termination of activities related to money laundering and terrorist financing. The article also analyzes the legal acts that regulate the use of innovative financial control tools in different countries and their compliance with international standards, such as FATF recommendations. The challenges and risks associated with the introduction of the latest technologies into the financial control system, including issues of data confidentiality and protection of human rights, were studied. The analysis of indicators and methods of assessment of illegal financial flows was carried out, the formation of illegal financial flows in modern globalized conditions was analyzed, the experience of other countries with regard to state financial control and its effectiveness was studied, innovative approaches and technologies that could be used to improve the financial control system and the possibility of their implementation of financial control in Ukraine. In addition, the evaluation of the effectiveness of the proposed innovative tools in the fight against illegal financial flows was carried out and the need for the development of such an assessment methodology, which would allow measuring the real impact of new technologies on reducing the volume of illegal financial flows, was substantiated.

Money Laundering and Terrorism Financing in Bosnia and Herzegovina: A Review of the Legislative Framework and Current Situation

Money Laundering and Terrorism Financing in Bosnia and Herzegovina: A Review of the Legislative Framework and Current Situation

Financial crimes in Africa and economic growth: Implications for achieving sustainable development goals (SDGs)

AbstractThe current review systematically synthesizes existing literature to provide a comprehensive overview of the nature of financial crimes in Africa and their impact on economic growth. We adopted the PRISMA protocol to identify 128 papers from the Scopus database, which were analyzed using MS Excel, VOSviewer, and R‐packages (Bibliometrix). The survey reveals that financial crimes are on the rise in Africa and have gained increasing concern over the years on the part of scholars, governments, and NGOs. The survey also demonstrates that most of the financial crime in Africa emanates from illicit activities such as credit card fraud, cybercrime, mobile money fraud, financial statement fraud, Ponzi scheme, bribery and corruption, public fund mismanagement, terror financing, piracy, identity fraud, tax invasion, drug trafficking, product based‐fraud, burglary, trade‐based money laundering, sex marketing, and gambling; with the majority occurring in specific regions like Western Africa, Southern Africa, and Eastern Africa. Sociopolitical marginalization, poverty, and unemployment, weak institutional and financial regulatory systems and individual selfish interests were the major causes. Overall, the content analysis of the studies indicates that financial crimes have significant negative impacts on the economic growth of the African continent. Implications for future research and practices have been discussed.

The Legal Position of Corporate Crime in Indonesia

In the context of Indonesian criminal law, legal subjects extend beyond humans or individuals to include legal entities or corporations. Corporations, as legal entities that can be held accountable for their actions, are subject to a range of legal frameworks, including those outlined in various laws such as Law No. 7 Drt. Year 1955 concerning Investigation, Prosecution and Trial of Economic Crimes, Law No. 31 Year 1999 as amended by Law No. 20 Year 2001 concerning Amendments to Law No. 31 Year 1999 concerning Eradication of Crimes, Law No. 9 Year 2013 concerning Prevention and Eradication of Criminal Acts of Terrorism Financing, Law No. 31 Year 1999 concerning Corruption Eradication, Law No. 41 Year 1999 concerning Forestry and others. Criminalizing corporations differs from criminalizing individuals due to the inherently distinct nature of corporations, which is not subject to the same legal principles as individuals within the criminal law. While certain forms of punishment can be imposed upon people, they are not applicable to corporations; for example, imprisonment and death penalty. Therefore, it is necessary to impose an appropriate form of punishment on corporations in order to achieve the objectives of criminalization. Accordingly, a variety of sanctions exist that are regulated by several different laws, including probation sanctions, equity fines, diversion to alternative sanctions, supplemental sanctions, community service sanctions, the authority of external legal entities, and the requirement to purchase shares.

Unveiling the crypto-terror nexus: law enforcement intelligence challenges against terrorist financing

Unveiling the crypto-terror nexus: law enforcement intelligence challenges against terrorist financing

How Botswana and Mauritius Exited the EU High-Risk Third Country List by Adapting Their Approaches to Beneficial Ownership and Residence

On 22 February 2022, the Mauritian Ministry of Financial Services and Good Governance issued a communique reporting the country’s removal from the European Union (‘EU’) List of High-Risk Third Countries. This list is also called the Anti-money Laundering and Countering Terrorist Financing List (‘AML/CTF’); or, less affectionately, the Blacklist. Mauritius issued this report a month after the European Union released its Commission Delegated Regulation (EU) 2022/229, removing Botswana and Mauritius from the AML/CTF. The EU placed Mauritius and Botswana on the Blacklist in May 2020 after adopting updated criteria for assessing high-risk third countries and publishing its revised methodology for identifying these high-risk jurisdictions. These updated criteria and procedures relegated the tax regimes of Mauritius and Botswana as strategically ‘[deficient] on anti-money laundering and counter-terrorist financing…,’ such that they ‘pose significant threats to the financial system of the Union.’ Placement on the Blacklist encumbers States with increased monitoring, regulatory requirements, and global trade restrictions that can result in a heavy economic toll. Moreover, to exit the list, countries must remediate deficiencies in cooperation with the EU and Financial Action Task Force (‘FATF’), each of which must be satisfied with the improvements made. Mauritius and Botswana passed a bevy of substantial laws in just over a year to satisfy the EU and FATF, earning an exit from the Blacklist. Among the many changes, enhancements to each country’s transparency measures were central. Adopting new approaches to beneficial ownership and residence in each country is at the core of this transparency. This work will explore how Mauritius and Botswana leveraged new approaches to beneficial ownership and residence to meet EU standards for tax regime transparency, resulting in each country’s removal from the EU Blacklist. This analysis will begin with an economic overview of Mauritius and Botswana. What follows will be an introduction to the EU AML/CTF list, followed by how and why the EU placed Mauritius and Botswana on the list. Finally, this work will look at how Mauritius and Botswana exited the list, and what that exit means for each country and other countries like them.

FinTech application in Islamic social finance in Asia region: a systematic literature review

Purpose This study aims to analyse the existing literature on the utilisation of financial technology (FinTech) in the Islamic social finance (ISF) sector, focusing on tools, applications and benefits. From this study, it is to provide insights for literature or for practitioners on how FinTech can be used in ISF, such as using blockchain (tools) in waqf (application) that can help to enhance transparency and trust (benefits) with donors. It is important to explore new available tools or applications in ISF markets so that such effort can benefit the industry in promoting its growth. Design/methodology/approach A systematic literature review (SLR) was carried out using Reporting Standards for Systematic Evidence Syntheses (ROSES) which has been based on quality evaluation criteria, beginning with 41,945 entries in Scopus, 25,386 entries in the Web of Science and 1,590 entries in the Google Scholar databases and ending with 35 articles from data abstraction and analysis, all of which focus on tools, applications and benefits of FinTech in ISF sector. Findings This review yielded three primary themes and eleven sub-themes addressing FinTech, namely applications (four sub-themes: crowdfunding, blockchain, banking service and peer-to-peer (P2P), tools (three sub-themes: waqf, zakat and sadaqah), as well as benefits (four sub-themes: transparency, innovation, inclusiveness and efficiency). Research limitations/implications This study emphasises on innovative application of FinTech used in ISF industry which focuses on applications, tools and benefits of FinTech to the industry. However, the findings indicate that there is plenty of room for future investigation. The current work outlines several methodological issues and concerns as well as provides recommendations for future research. Various challenges associated with FinTech applications include inadequate regulations, complex permit application procedures, misuse of FinTech for terrorist financing, the existence of fraudulent FinTech companies and consumer disputes in the FinTech sector concerning ISF. There are few in-depth studies on the possible use of FinTech models in ISF, compared to studies focusing on upcoming challenges. This study also highlights the methodological limitations in previous research efforts, which can be used to improve future studies in this area. To offer a more comprehensive analysis, additional search keywords and engines that have not been included in this study could be used in future investigations with different methodologies. Practical implications For practitioners, the paper has significant managerial consequences. The analysis provides insights into real-life opportunities, limits and solutions for improving performance management by looking at FinTech applications from a larger and more diverse perspective. The practitioners, especially the State Islamic Religious Council, can recognise the benefits of using FinTech technology in ISF (waqf, zakat and sadaqah), namely under their jurisdiction. Originality/value This systematic literature assessment identifies critical knowledge gaps that must be addressed such as the applications of FinTech that are still ambiguous, with certain applications not completely embraced in the ISF industry. This study uses SLR technique to categorise literature, identify gaps in current studies and provide recommendations for the research issue (Paul and Criado, 2020), instead of using the other previous methodology such as content analysis or qualitative review. Hence, FinTech is considered an innovative or new approach in ISF industry.

The role of gold in terrorism: Risk aversion or financing source?

Based on the perspective of terrorism, this study uses a bootstrap full-sample causality test and sub-sample rolling window estimations to explore the risk aversion capability and terrorist financing capability of gold's time-varying dimension. The results suggest that terrorist incidents (defined by the number of terrorist attacks) and terrorist brutality (measured by the number of fatalities produced by terrorist attacks) are important factors in explaining changes in gold prices, but their effects differ. With extensive media coverage, the cause of investors' panic has changed from terrorist incidents to terrorist brutality. The results from some sub-sample periods support the capital asset pricing model by showing that terrorist attacks push up gold prices through a “terror premium.” Considering reverse causality, gold price can be used as an early warning of terrorist attacks, but its terrorist financing function is not yet proven. In the context of increasingly serious terrorism, studying the interaction mechanism between terrorist attacks and gold prices can help investors reasonably plan investments and provide insights for the government on combatting terrorism and maintaining world peace.

Application of the International Convention for the Suppression of the Financing of Terrorism and of International Convention on the Elimination of All Forms of Racial Discrimination (Ukraine v. Russian Federation), Judgment

Application of the International Convention for the Suppression of the Financing of Terrorism and of International Convention on the Elimination of All Forms of Racial Discrimination (<i>Ukraine v. Russian Federation</i>), Judgment

ҚР-ғы қаржы мониторингі жүйесін және қызметін жетілдіру

Creation of a system of countering money laundering and terrorist financing in Kazakhstan. A review of the conventions and treaties ratified by the Republic of Kazakhstan in the field of combating money laundering and financing of terrorism was made. Definition of the concept of «financial monitoring». Financial measures to combat money laundering have been developed. Currently, the main areas of work of financial monitoring have been considered. The ways of improving the personnel potential of financial and non-financial organizations that carry out the first monitoring were shown. The blocks that form the basis of the national system of countering the legalization (laundering) of proceeds from crime and the financing of terrorism have been identified. the analysis of the field of countering money laundering and terrorist financing was carried out and its effectiveness was proposed to be applied in practice.

FUNCTIONING OF THE POLISH ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM SYSTEM ON THE EXAMPLE OF THE ACTIVITIES OF THE GENERAL INSPECTOR OF FINANCIAL INFORMATION

The functioning of the Polish anti-money laundering and countering the financing of terrorism system is a key area of supervision, the effectiveness of which is assessed by the General Inspector of Financial Information (GIIF). The aim of this article is to analyze the functioning of the Polish anti-money laundering and countering the financing of terrorism system. The analysis began with an introduction that outlined the context of the GIIF's activities and the importance of anti-money laundering and countering the financing of terrorism for national and international security. Next, the phases of money laundering are described. Then, modern methods of counteracting money laundering and legal regulations of Poland and the EU in the field of counteracting money laundering and combating terrorism are presented. In the next part, the activities of the General Inspector of Financial Information are described. The research problem was formulated: How does the activity of the GIIF affect the functioning of the Polish anti-money laundering and countering the financing of terrorism system. The research methodology included the analysis of literature, statistical data, legal documents and GIIF reports, as well as the synthesis method. The results of the study showed some achievements in the effectiveness of the GIIF's activities, but also identified areas for further action, including better use of available data and resources and strengthening the control over sectors susceptible to money laundering.

Are beneficial ownership laws important? Exploring the impact of Panama, FinCEN, and Pandora Papers on beneficial ownership laws in the UK and the US

Money laundering and reverse money laundering, also known as terrorism financing, have emerged as critical issues in the 21st century, posing threats to security, economic stability, and the integrity of financial systems. This article explores the growing use of anonymous shell companies as a method for executing money laundering and reverse money laundering. It focuses on two key jurisdictions: the United Kingdom (UK) and the United States of America (US).The research draws on case studies published by the International Consortium of Investigative Journalists, including the Panama Papers, FinCEN Files, and Pandora Papers. These case studies have prompted regulatory changes in beneficial ownership This study examines the practical implementation of laws, comparing the approaches of the UK and the US. It addresses the vulnerabilities revealed by the aforementioned case studies and assesses the actions taken by these countries in response to the leaks. The study evaluates the progress achieved in enhancing beneficial ownership regulations and reducing anonymity in shell company creation.In conclusion, this article provides insights and recommendations for future developments in this critical area.

COMPLEX ANALYSIS OF CRYPTOCURRENCIES AND THEIR IMPLICATIONS IN THE CONTEXT OF MONEY LAUNDERING AND TERRORISM FINANCING

This study investigates the potential role of Bitcoin in terrorism financing by analyzing the decentralization and anonymity features of cryptocurrencies that facilitate illegal transactions. In the context of delayed regulatory capacity regarding innovations in financial technology, the study explores new opportunities for terrorism financing. International reports, such as that of the financial action task force on money laundering, highlight the growing risks of terrorism financing associated with virtual currencies like Bitcoin. While terrorist financing based on emerging technologies enables terrorist organizations to swiftly transfer funds globally, this phenomenon simultaneously increases the difficulties in combating terrorism financing at the national level. In light of this technological revolution and the expansion of terrorism, the study focuses on the interaction between Bitcoin and terrorism, exploring whether terrorist attacks significantly contribute to Bitcoin price fluctuations and to what extent the cryptocurrency may evolve into a currency used for terrorism financing.