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This question seeks to identify the application domains or purposes of the approaches, as well as the
frequency of application. To enable bias reduction, the data extraction process was conducted by two
researchers who performed the extraction and verification of the selected works (all disagreements
were resolved through discussions) and the results were validated by a third researcher. Money
laundering is the process by which large amount of illegally obtained money, from drug trafficking.
The two pivotal points reveal that this cluster conducts a series of research and summary on the
legislation of anti-money laundering laws and regulations from the aspects of money laundering
crime, predicate offence, legal subject, legal liability, legal force and international cooperation. Study
distribution by countries and application domain categories. Table 6 shows how the 71 primary
studies are distributed in 65 publication venues. Developing countries’ strategies to establish
offshore financial centre (hereinafter OFCS) as vehicles for. As shown in Figure 4 and Table 4,
“Journal of Money Laundering Control” ranks in the first place among all the journals with cited
frequency for 51 times. “Journal of Money Laundering Control” is the only periodical specializing in
the field of anti-money laundering research in the world currently and plays a prospective and
guiding role in revolution, innovation and development. Financial services institutions across the
globe have anti-money laundering policy. International Monetary Fund (IMF) and World Bank have
launched several. Table 10 presents the categories identified in the selected studies. Solutions that
adopted standards, theories and frameworks (C3) were grouped by the identified support mechanism
(8 studies). SARS helps in identifying accounts and other identity information. However, each
financial services institution has a unique. The cooperation among different authors is also shown in
Figure 2. Note that from the first issue of 2016, this journal uses article numbers instead of page
numbers. Illicitly earned money in a particular country is transferred to a company in. It is due to the
interconnected nature of the global economy that money laundering. The process of Money
Laundering involves a three-stage process: placement or getting the illegally accrued money. It’s
considered to present the mainstream and the latest development of international anti-money
laundering research. “Crime, Law and Social Change” ranks the second with cited frequency for 48.
Sobreira Leite, G.; Bessa Albuquerque, A.; Rogerio Pinheiro, P. Criminals attempt to legalize this
money so that it can be used to acquire assets or used for their secret missions such as terrorist
activities. It is globally accepted that CDD must be done by the banks to safeguard itself from
money laundering (Mugarura, 2014). The real estate has the following features, which make it
attractive for. Let us write or edit the research paper on your topic. These phone credits were later
sold under mobile peer-to-peer payments. Editor’s Choice articles are based on recommendations by
the scientific editors of MDPI journals from around the world. The term “money laundering” is often
said to have originated at the time of the. Circumstantial Evidence and Money Laundering
Investigators in the US need not prove that the money launderer was aware about the unlawful
activity. Stages of the search process and number of selected studies.
The review protocol adopted consists of the following elements—(i) research questions, (ii) search
strategy, (iii) inclusion and exclusion criteria, (iv) study selection, (v) evaluation of study quality and
(vi) data extraction and synthesis. Such imports do not generate domestic economic activity or
employment, and in some cases can artificially. Through CiteSpace II, the structural properties of a
node are displayed in terms of a purple ring. In the principal federal criminal money laundering
statutes, 18 U.S.C. 1956 and 1957, and to varying degrees in several other federal criminal statutes,
money laundering involved the flow of resources to and from several hundred other federal, state,
and foreign crimes. It’s quite rational that construction of a national regulatory system and the
implementation of the supervision mechanism centered upon the banking sector. In this paper the
authors analyzed 49 articles published between 1997 and 2008 classifying them into four categories
of financial fraud (bank fraud, insurance fraud, securities and commodities fraud and other related
financial fraud) and six classes of data mining techniques (classification, regression, clustering,
prediction, outlier detection and visualization). References Financial Crimes Enforcement Networks
(2013). Various government and non-government agencies at global, regional, and national. For this
review, 71 relevant papers were identified and rigorously reviewed, summarizing the extracted data
in order to answer a set of research questions that motivated this review. The penalties frequently
include not only long prison terms, but the confiscation of the property laundered, involved in the
laundering, or traceable to the laundering. If it is a larger bank, then multiple business units’
compliance staff must collaborate with the central compliance team in the decision-making process.
Three points were the Money Laundering and terrorism related monetary transactions can be
identified and monitored are: 1) entry of cash into the financial system 2) transfers to and from
financial system and 3) cross border flows of cash. ICE participates with the International Mass-
Marketing Fraud Working Group. The collaboration is also to review the risks arising from changes
in regulatory policies which would impact its business. SARS review teams are available across the
country and help multiple agencies to find correct targets. Loopholes in policies and regulations must
be addressed to combat ML. It contains the most detailed overview yet published on the rules and
practices of international co-operation in the fight against money laundering, and the jurisdictional
questions that inevitably arise in this context. An SLR evaluates existing studies on a specific
phenomenon in a fair and credible manner. CiteSpace II provides clusters of articles co-cited
(keywords co-occurrence) by analyzing the co-cited (co-occurrence) relationship between articles to
shows the research status of a certain subject areas. Reply Delete Replies Reply Mack John 11 July
2023 at 04:22 Stay Ahead of the Curve with Acams CAMS Exam Questions - Prepare for the
CAMS exam with precision and accuracy. The four major global anti-money laundering bodies that
formulate guidelines. The literatures with cited frequency for 12 or more in global AML research
1993-2013. Figure 6. The network map of co-cited literature in global AML research 1993-2013. The
common feature for “Journal of Money Laundering Control” and “the Crime Law and Social
Change” is that their cited frequency is quite high and their betweenness centrality are higher than
0.1 as the key nodes in graph., which further proves that the two academic journals are at the
important position in the international study of anti-money Laundering. “Lecture Notes in Computer
Science” is at the third place with the cited frequency for 32 times. The financial action task force
(FATF) develops and promotes policies to protect the global financial system against money
laundering and terrorist financing. As mentioned earlier, a comprehensive search was performed
using synonym terms related to the subject matter of the search. Laundering” is said to have
originated from Mafia ownership of Laundromats in. In April 2010, a case was reported in the
Cayman Islands in which an. This paper has some practical meaning considering the data sources,
research methods and the research result. Identifying, analysing, reporting and maintaining of
customer records as per local laws; 5. Group, which is an informal international gathering of FIUs,
wherein the member.
The same nomenclature was used in category C2 to identify studies that adopted a set of hardware
market solutions. According to Mugarura (2014), the notion that the global policies surrounding
CDD are uniformly applied across all jurisdictions is a myth. Black Market Currency Exchange is a
term used to refer to the black market in. Kriminalistik, 53, 570-578. Meyer, J. and Hetzer, W. (1997)
Seizing Crime-Derived Assets?Legal and Practical Problems in Controlling Organized Crime. To
browse Academia.edu and the wider internet faster and more securely, please take a few seconds to
upgrade your browser. Today Money Laundering is mostly carried out to cover underground
operations; mostly terrorism related or other such mafia or drug connected activities. That means that
circumstantial evidence is enough for the investigator to prove that money launderer has generated
the money through illicit means and juries will make note of this evidence during the trial. Journal of
Otorhinolaryngology, Hearing and Balance Medicine (JOHBM). Methodology The literature review
comprises of a methodical review of 22-Peer-reviewed articles (that is, journals and magazines
newspapers) to analyse the various aspects of combating money laundering. Madoff had committed
a series of crimes over more than 20 years and was. Introduction Money laundering is the processing
of these criminal proceeds to disguise their illegal origin. The collaboration is also to review the risks
arising from changes in regulatory policies which would impact its business. It educates private
parties in identifying money laundering cases. Finally, in the third stage, after all the papers were
downloaded, they were read in their entirety and analyzed again using inclusion and exclusion
criteria, corresponding to the second selection filter that resulted in a final selection of 71 studies.
Moreover, the specific legislation as regards to confiscation is strongly needed because most nations
widely differ on the laws to confiscate money generated from criminal activities. The profit earned
by the front company is further used to. Journal of Manufacturing and Materials Processing (JMMP).
He points out the vital function of combat money laundering on controlling the predicate offences as
well as the role that BKA plays in fighting money laundering crime and puts forward the
corresponding legal countermeasure on the basis of exploring the close relations between financial
crime, organized crime, tax evasion and money laundering. See Full PDF Download PDF About
Press Blog People Papers Topics Job Board We're Hiring. There was also a lack of discussions about
the limitations of techniques and tools reported in the reviewed studies. Journal of Cardiovascular
Development and Disease (JCDD). NOTES 1 The research is sponsored by the National Social
Science Foundation of China (NO. 12XJY028) and the Humanities and Social Sciences Foundation
of the Ministry of Education, People’s Republic of China (NO. 11YJA790033). From Table 1, we
can see that USA with 97 papers has become the leading country in the field of AML research since
she paid the earliest attention to money laundering and executed criminal legislation. To browse
Academia.edu and the wider internet faster and more securely, please take a few seconds to upgrade
your browser. Various regulations from across the world mandate financial services institutions. As
shown in Table 3, Wuhan University of Technology is currently ranking first with 7 articles in this
field, and then followed by Cardiff University, University of Queensland, University of London,
etc. This paper aimed to report the design, execution and results of a systematic literature review, in
which a systematic selection and rigorous analysis of a comprehensive set of approaches was
performed. These and several other studies point to concerns about the economic and social
expansion and impact of money laundering, where, due to the volume and diversity of existing ML
practices, actions to combat them becomes essential in order to minimize the damage caused to
society. For example, it compares and contrasts the advantages and disadvantages. 3 Laboratory
experiment The result is obtained from simulations with artificial data used in real experiments.
Under watch list filtering, financial services institutions screen for all parties.
Trade-Based Money Laundering False invoicing such as over- and under-invoicing in commodity
transactions, known as trade-based money laundering, are also investigated by the ICE through the
Trade Transparency Unit initiative launched by them. U.S. Immigration and Customs Enforcement
(ICE) has come forward with some new ways in analyzing money services businesses (MSBs), bulk
cash smuggling, courier hubs, and alternative remittance systems (ICE, 2013). Units (FIUs). The
primary task of FIUs is to provide continuous exchange of. It, therefore, poses a significant problem
to central banks as it damages the effective operations of national. Research questions of the
systematic literature review (SLR). Citation information may partially show the quality of the
reported study and also the maturity of the techniques proposed. Sobreira Leite, G.; Bessa
Albuquerque, A.; Rogerio Pinheiro, P. Chervoniaschaya, A.M. Brown and H. Kostyuk. 2007. “The
anti-money laundering. Journal of Low Power Electronics and Applications (JLPEA). Loughlin
(2012) further cites “India”, who are successfully integrating such people through the “financial
inclusion” scheme. Madoff had committed a series of crimes over more than 20 years and was.
Kriminalistik, 51, 31-36. Hetzer, W. (1999) European Impulses in Money Laundering?Fighting Tax
Evaders and Money. The case of India, Philippines, Malaysia who is formulating suitable means to
identify the “unbanked” or “underbanked” (Loughlin, 2012). Library Trends, 16, 374-387. Smith,
L.C. (1981) Citation Analysis. There is intent to possess or acquire or use proceeds with the
knowledge thereof. 4. Participating, Facilitating, or Counseling Roles Apart from actual commitment
of offence, there could be participation or counseling to criminal offence and the parties doing this
are also liable under this law. As shown in Table 9, all studies set the objectives of the research
performed (Q1) and more than half of the papers had an adequate description of the context (Q2),
for example, details about the nature of the organization, type of organization, software type and
level of experience of the team, as well as providing the research design to achieve the objectives
(Q3), presenting clear conclusions with enough data to support them (Q5). H. and O. Wuensch. 2007.
“The fight against money laundering: An economic. Work-role of Radiation Therapists in the
Consequences of Adaptive Radiotherap. The forward-looking approach of emerging economies
should be a guiding stone for other nations and regulators. MONEYVAL and International Narcotics
and Law Enforcement Affairs (INCSR)” (Van. European Central Bank, and the Asian Development
Bank to combat money. Data extraction was performed based on the items in the form presented in
Table 4 to answer questions RQ4 and RQ5 in order to investigate the maturity of the selected
studies. At the end of the process, the third researcher validated the results by acting as the final
decision-maker for discussions where no agreement decision was made. Anti- Money Laundering
Measures and their Effectiveness As already stated, money laundering is an age-old activity but its
forms vary time to time. Regulatory risks are the negative consequences that financial services. The
main tactic behind this method of laundering money is that the person borrows. For this review, 71
relevant papers were identified and rigorously reviewed, summarizing the extracted data in order to
answer a set of research questions that motivated this review. It can also show the impact of a study
on the revised topic. Failure to report any suspicious transaction to BNM. Table 10 presents the
categories identified in the selected studies. Under the MLTA, thirteen money laundering methods
were analyzed in detail.
The provisions aim at detecting money laundering activities, preventing such activities with
appropriate measures and finally recovering proceeds of crime (UNODC, 2009). Paper should be a
substantial original Article that involves several techniques or approaches, provides an outlook for.
Some of the crimes like-illegal arms sales, smuggling, corruption, drug trafficking and the activities
of. Money laundering is the process whereby criminals attempt to hide and disguise the true origin
and ownership of the proceeds of their criminal activities, thereby avoiding prosecution, conviction
and confiscation of the criminal funds. Regulations have been developed to prevent Money
Laundering and capture those involved in the process. In addition, some of the foreign periodicals
such as “Journal of Financial Crime”, “Communications of the ACM” have quite high influence in
international anti-money laundering research. 3.5. The Keywords Analysis Keywords search is an
effective method of document retrievals for keyword is the important component of academic
papers. Exhibit 1 explains a typical process of money laundering. Among the selected papers, 12
works performed only demonstrations (application descriptions) or examples of use in which 11
were in the academic context and only 1 in the institutional context. Congress party-led United
Progressive Alliance (UPA) government, was arguably. M.M. 2010. “Promise and perils: the making
of global money laundering. The proximity of money launderers to the financial services industry,
and. Financial institutions make available the supporting documents to facilitate law enforcement
departments (Leff, 2012). Some of the important anti-money laundering laws that are in force
currently can be described as per the following. Money Laundering and financial terrorism reduces
the productivity with a country since most of resources are diverted to criminal activities
encouraging practices of corruption (Graham, 2007, p. Table 1 presents the research questions and the
motivations for their constitution. It aggregated the scores into one overall risk score using an expert
weighting system also presenting a ranking of the participant countries from highest to lowest level
of risk. Additionally, money launderers have a tendency to direct and redirect their. The United
States is at the leading position in the international anti-money laundering research field, followed by
China, Britain, Germany, Australia, respectively, Romania, Canada, the Netherlands, Italy and
Ukraine, all of which are the main force in the field of anti-money laundering research. Visit our
dedicated information section to learn more about MDPI. Application of Technological Solutions in
the Fight Against Money Laundering—A Systematic Literature Review. Appl. Sci. 2019, 9, 4800.
Oxford University Press, Oxford. Hetzer, W. (2001) Legislative Strategies?Economic Crime and
Money Laundering. It should be added that there were no papers that provided expert observations
such as textual, qualitative or opinion evaluations. Money laundering has been affecting the global
economy for many years. Large. It should not be used to assist clients to transfer illicit money
through the bank’s financial network. Due to the importance of the theme and its social impact, it is
equally important to systematically analyze and document the approaches, methodologies, methods
and support mechanisms adopted to help understand its nature and potential application areas, as
well as to identify the direction areas of future research. This helped to ensure that the data returned
by the search expression had several relevant studies. Regulatory risks are the negative consequences
that financial services. Group, which is an informal international gathering of FIUs, wherein the
member. All of which provide primary solutions to the problems inherent in detection and
classification of fraudulent data. The biggest cluster 26 contains 46 nodes including two pivotal
points and 5 nodes with cited frequency higher than 15 times.