ma tering anti money laundering and counter terrori t financing pdf

Ma Tering Anti Money Laundering And Counter Terrori T Financing Pdf

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The Palgrave Handbook of Criminal and Terrorism Financing Law

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To learn more, view our Privacy Policy. Log In Sign Up. Download Free PDF. Leonce Mulenda. Mnaka Godfrey. Download PDF. A short summary of this paper. Inefficient employment and placement schemes in banking institutions can be the reason behind few number of MLCO officers. Data also revealed that lack of proper trainings on AML, commitment by banks and inadequacy implementation mechanism of AML Laws and regulations are among the reasons for this discrepancy; also the presence of inexperienced staffs to deal with AML defeats the efforts to combat ML.

Although data suggests that money laundering activities in banking institutions are sinking, the problem is still tenacious and therefore compulsory efforts to control it is required.

Data also revealed that most of the bank officials have less experience in matters related to money laundering and international financial crimes in which lack of proper trainings on AML, commitment by banks and inadequacy implementation mechanism of AML Laws and regulations are among the reasons for this discrepancy.

The act itself has been concentrating on issues such as licensing, ownership and structure of banks and financial institutions, capital reserves and accounts, activities and investments, supervision, coordination and control with very little attention to Anti Money Laundering.

Ekwueme mentioned that money laundering was there even before the arrival of trade liberalization and globalization. The history of money laundering goes back to ancient times, forexample in China money laundering was practised around BC by merchants who hide their wealth from monarchy rulers through the strategy of hiding it and invest in businesses in remote areas Seagrave, However money laundering gained its popularity in the 20th century whereby the seizing of wealth became popular as a key tool of crime prevention.

Money laundering is the process of converting illegal gotten- money from drug trafficking, terrorist or other serious crimes into legal money or having originated from legitimate sources. Morgan Furthermore, Thanasegaran and Shanmugam defined money laundering as earning huge sums of money from illegal activities.

Such illegal activities include corruption, extortion, prostitution, illegal liquor, as well as terrorism and gambling. The process of money-laundering includes a series of multi-specialized deals designed to disguise the source of financial assets so that these assets and funds can be used as a legitimate sources resulting from legitimate business operations Agarawal and Agarawal, Money laundering is a process the aim of which is to cover traces leading to the real source of illegally acquired money, in which, more and more often, the non-financial sector and the professions become involved Giunio, Similarly, the aims of AML are not necessary the same in different jurisdictions.

The aims might include deterring and detecting organized crime, to reduce drug dealing, to deter terrorism or to maintain the reputation of the financial services industry Yeandle, et al. The most common activities which associated with money launderings are terrorism, drug and human trafficking. Forexample there are many cases in which group of people or rich countries are financing these illegal activities, For instance, Pakistan through Taliban and other Arabic countries used to finance Al Qaeda activities against USA and its allies.

Also, USA on the other hand, has financed such operations during the cold war period in the fight against USSR operations to establish communism Wario Vaithilingam, and Masciandaro, mentioned that money laundering is the world problem which needs international governmnents policy concerns and collective responsibility in combating it due to its high socio-economic and political consequency. There are many measures which are have been taken by world governments to combat money laundering such as the creation of the Financial Action Task Force FATF.

The task force aimed at developing and promoting national and international policies to combat money laundering and terrorist financing ,The Anti-Money Laundering Cross-Border Declaration of Currency and Bearer Negotiable Instruments Regulations, In Tanzania money laundering has been stipulated under the Proceeds of Crime Act section 71 3 as i engaging directly or indirectly in a transaction which involve the entering into or removal from the United Republic of Tanzania, of money or other property which is the proceed of crime; and ii Receiving, possessing, concealing, disposing off, bringing into or removing from the United Republic of Tanzania, of money or other property which is the proceed of crime, knowingly or otherwise.

Wario stated that strategies to combat money laundering were officially adopted in where by the Bank of Tanzania BoT has issued circulars to all banks and financial institutions that it must have an Anti-Money Laundering AML compliance officer who oversees the implementation of AML compliance BOT An increased in the use of off-shore financial institutions is termed to be one among the motivator that facilitate the laundering process ibid.

Scholars such as Naylor and Duyne mentioned that law enfrocements in many countries have little knowledge on issues regarding to money laundering.

In the past ten years international efforts to suppress money laundering have gained momentum Murithi Various United Nations Convention UNC and multirateral government initiatives contributes to the national and international legal standards formation on money laundering. Blum mentioned that offshore financial centers and banks act as facilitators of money laundering and other forms of crime.

Many studies have been conducted worldwide on money laundering; forexample Bagenda who studied combating of money laundering in Tanzania, Gorudema conduected a survey on effective control of money laundering and Morgan did a study on policy issues in money laundering. Recently money laundering in Tanzania started to be a debatable issue Bagenda The central bank of Tanzania BoT and other financial stakeholders take some necessary measures to combat the problem Wario Inspite the efforts done by government of Tanzania and other stakeholders in combating money laundering, little is known on the effectiveness of the framework for combating money laundering and international financial crime in Tanzania.

Therefore, there is a need to conduct studies on money laundering combating framework in Tanzania so as to bridge the knowledge gap that still exists. To examine strategies to mitigate money laundering and international financial crime ii. To examine the effectiveness of anti money -laundering regulations in Tanzania. To identify challenges faced by banks and financial institutions in fighting money laundering.

The chapter begins with discussion of various concept related to money laundering. The chapter further presents conceptual framework, theoretical review and various empirical studies on the filed of money laundering and financial crime world wide. Various scholars, financial institutions and financial experts have defined the concept of money laundering worldwide; Adenkule defined money laundering as the process which involves stream of money from illegal sources into legitimate channels so that it becomes tricky to trace its original source.

The process is conducted furtively and it involves many people whose activities are illegal, and sometimes the flow of money does not follow normal banking procedures. Later, the acquired money is used legally. The work of Osofsky explain that the term money laundering was firstly used in during the Watergate Scandal and is therefore no original legal definition but a colloquial paraphrase describing the process of transforming illegal into legal assets.

CRDB anti money laundering manual explain ways in which criminals are benefited from money laundering as avoidance of prosecution, increased profits, avoidance of seizure of accumulated wealth. The transaction rids the criminal money making it more difficult to link it to the crime. Possession of the item and subsequent sale also provides the necessary explanation for the clean cash at later stage.

Samah explain ways in which money can be obtained in Islamic faith, he argue that money can be obtained from legitimate halal or illegitimate haram sources. FATF defined money laundering as disguising the illegal sources of money so that it looks like it came from legal sources.

Some of them are explained as follows:- i Placement This method involves injecting illegal money into financial institutions such as banks, Credit Corporation and microfinance organization without being notice of the suspicious activities by the authorities. This is done through converting money into smaller portions and deposits them into banks accounts for various activities.

As Thanasegaran and Shanmugam, mentioned that at the integration stage the money laundered is re-entered into the legal financial system through investments into assets such as real estate and luxury goods. If the layering process succeeded, the scheme place laundered proceeds back into the economy in such away the re- enter the financial system and appear to be normal business funds.

As Zeldin ,mentioned that during the final phase criminals attempt to integrate illegally obtained proceeds into legitimate businesses.

Often cash-intensive businesses such nightclubs, hotels, casinos, bars, restaurants are used as fronts because it is somewhat easier to over-report earnings.

Once the legitimate businesses are established, it becomes easier to launder money by using a variety of methods. These are the operational risk that has the potential of eroding the financial institutions. Since then, a lot of measures have been taken to combat money laundering. The Bank of Tanzania BOT has issued circulars to banks for anti—money laundering purposes and every financial institution must have an anti-money laundering compliance officer who oversees the implementation of anti—money laundering compliance BOT, The BOT act no 4 of explain the principles and function of banks in Tanzania which is to formulate, implement, regulate and supervise banks and financial institutions.

The BOT circular no. The BOT directives of also requires all banks to have knolwedge of their customers dealings and businesses so as to minimize the risks of money laundering. Also the banks and financial institutions are required to cooperate with law enforcement bodies fighting against money laundering by disclosing and delivering necessary information.

The BOT directives also requires banks and other financial institutins to train their employees so as to enable them to have a clear and proper knowledge and raise their awareness on matters related to money laundering. Further, under directives of a court order, financial institutions are requierd to release documents needed by law enforcement agencies for investigation on money laundering activities. The documents needed for money laundering investigations are released by Anti Money Laundering Officers AMLOs and include dates, names, type of transactions, amounts involved, and name of institutions to whom the documents are released.

The major areas from which money laundering profits are derived in Tanzania include; corruption, misappropriation of public funds, tax evasion, abuse of religious charities, misappropriation of foreign-assistance projects, bureau de change, land speculation, stock theft, car theft, drug trafficking, arms and gem smuggling, public procurement and public tender, and exchange control violations BOT, That measures have been taken to make sure that there are proper controls of money laundering with capacity building at revenue authority to avoid tax evasion, debt conversion by those aims at soliciting money through illegal systems.

Furthermore, reforms made in the new Banking and Financial Institution Act of is a genuine development in Tanzania towards fighting anti-money laundering.

All in all, financial institutions are regulated and protected from money laundering because a little bit of negligence gives rise to criminals to launder money.

Bank staffs are also required to know high risk customers by using KYC know your Customer and take necessary precautions when dealing with them, these are like dealers in precious metals and gem stones, heads of state and governments, senior politicians, arm dealers, and so on.

There is also sanction for those who support money laundering like revoke of license, penalties or fines, and black listing. Therefore, high measures are taken to combat money laundering but the money laundering issue is becoming more complicated as days go on and there is a need for more studies and findings.

So long as money laundering is practiced in corruption, the government has to ensure that it has stern laws that restrict people to make money laundering Montsi and Goredema, Transparency International report of the year listed Tanzania as the 9th most corrupt country in the world. In the year Transparency International ranked Tanzania as the 16th most corrupt country.

Misappropriation of public funds has been also the major source of money laundering in public sector. The reports for financial year of the government and parastatal institutions show a trend of increased unauthorized expenditure ibid.

According to the CAG the most striking audit findings are incompleteness of accounting records, incorrect bank reconciliations, failure to collect revenues, use of inappropriate procurement procedures, and gaps in payments procedures. Ghost payments are made to many companies and sometimes substandard works are done with intention to save money which was meant to produce quality works.

This has been the case for many local government councils in areas of education department, infrastructure development and in health.

Payments were made from project accounts for purposes other than those originally intended. The funds were diverted from legitimate use. The reports also mention the unaccounted for and unauthorized expenditure of billions of Tanzanian Shillings in public procurement Montsi and Goredema, This lack of accountability and control has caused the government loss of huge amounts of public and donor funds.

The Prevention and Combating of Corruption PCCB Act , section 7 g states that the Bureau shall investigate any alleged or suspected offence under this Act, conspiracy to commit an offence under this Act, and conduct of a public official which is connected to corruption. The situation is not as it is because the corrupt people have been practicing illegality to the extent that nobody has been jailed because of corruption.

Those who receive huge money have not been touched. A good example is the way the government resolved the suspects of the scandal involving stealing money from External Payments Account. They were asked to return the money instead of suing them. During the FATF issued its first annual report which contains its 40 Recommendations on actions for governments to take to combat money laundering.

The Palgrave Handbook of Criminal and Terrorism Financing Law

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The Palgrave Handbook of Criminal and Terrorism Financing Law

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The Palgrave Handbook of Criminal and Terrorism Financing Law

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A remittance is a transfer of money , often by a foreign worker to an individual in their home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows , especially with regard to labor-exporting countries. Due to its large diaspora and overseas expats population , India consecutively remains the top receiver of remittance, e.

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