This is one of the peer reviewed journal which is published quarterly with the purpose of throwing light upon legal provisions and regulation in relation to controlling money laundering related matters. The authors of article are not only scholars but also involved at operational and policy levels which respect to countering money laundering.
The article covers the legal risk which is faced by banking institutions towards compliance with money laundering laws. It is the responsibility of financial institution to identify and locate any kind of money laundering as the process cannot be completed without going through the financial institutions. I have experienced that terrorist organization and individuals involved in pre planned criminal activities are the main groups involved in money laundering and the journal seeks to provide ways in order to disrupt such groups. The journal also covers latest trends and techniques which have been identified and discovered with respect to countering money laundering. The journal also talks about how to use financial intelligence in order to tackle money laundering and how to effectively implement compliance management programs. I have learnt that compliance management programs can be implemented through incorporation of a compliance committee within the organization.
The journal covers the important segments in relation to the topic of money laundering reforms. It also talks about over all banking regulations and ethical compliance of financial institutions. I have experienced that the journal is helpful towards gaining an overview of the topic but does not provide detailed information in relation to the topic. The peer reviewed journal article is available at Emerald Publishing Database. (www.emeraldgrouppublishing.com)
The article aims to assess the programs in relation to the control of global money laundering and it can be compared to the money lauding reforms in Australia in order to determine their effectiveness. The journal article provides that in order to effectively assess and implement regimes with respect to countering financing of terrorism and money laundering explicit objectives are necessary. The study provides that no specific objective have been identified by the FATF and only emphasises on FATF compliance. The paper discusses the cost involved in implementing the anti money laundering program along with the benefits and adverse effects provided by the program. I have learnt that there has been more adverse effect of the plan along with increased cost as compared to the benefits provided by program. The main reason identified by me in relation to the adverse effect is the lack of explicit objectives set by the program. I also experienced that there has been a failure to provide any scientific evidence with respect to the effective implementation of Anti money laundering regimes and the intention of international monetary fund to establish international and domestic financial stability.
The article helps to identify the shortcomings of the programs which should be avoided in case of Australian money laundering reforms. The article provides the explicit objectives which are necessary for the effective implementation of any regulation in relation to money laundering. However the article mainly stress on international money laundering and terrorism where the situation is different as compared to that of Australia. The article is available on Google books.
The article primarily emphasises on the role of white collar crime towards the origin of financial crisis globally and specifically in relation to frauds which are mortgage oriented. According to the reports of Federal Financial Crimes Enforcement Network (FinCEN) there has been a 1,411% increase in reported frauds between 1997-2005. The number itself explains the urgency required to address the issue. Most of the the reported incidents have been in relation to false documentation and material misrepresentation. The report further indicated a 44% increase from the year 2005-2006. I got the knowledge that there have been several loans which have been obtained through false documentation and misrepresentation and the criminals had relied on them to make big money and initiating the process of money laundering. The data also indicated that seven out of ten loans taken are not returned and written off as bad debts.
The data provided by the article directly supports the reforms which have been initiated by the Australian government towards money laundering and defeats the criticism that the reforms are hampering the proper functioning of business organization within Australia. I believe that the Australian government can further use the data to formulate more reforms towards loans and advance made by the financial institutions to the public. I am now certain that Money laundering can only be addressed properly if the sector from which it originates is identified and loans and advances from financial institution are of of such major areas. Then journal article is available at the Wiley Online Library (www.onlinelibrary.wiley.com)
The financing of the large number of weapon for mass destruction, money laundering activities and providing financial aid for terrorist financing act as a major threat to the integrity and security of the financial system of Australia. The journal specifically states the revised recommendations provided by FATF that have been framed for the purpose of strengthening the global security and safeguarding the integrity of the financial system. The revised standards provided by the FATF acts as a strong tool for the Government, which enables it to take appropriate action against financial offenses. I have experienced that these standards also focus on new areas like offenses related to taxation and corruption.
The journal briefly explains the aim of the revised recommendation proposed by the FATF. The recommendations concentrate on the threats posed by the Proliferation of weapons for causing destruction of the masses and the practice of corruption. The standards to deal with such new threats have been expanded and simplified procedures have been proposed for the areas that are at low risk.
Moreover, the revised recommendations lay down the foundation for all other countries to meet the standards proposed by the FATF in order to deal with money laundering activities and providing financial assistance for terrorism acts. Therefore I was also enlightened with the fact that the revised recommendations propose to safeguard the security of the country from the proliferation of weapons and aims at reducing the risk of corruption practice in the country.
This journal talks about the measures to be adopted by both the organisations that are providing financial services and the customers of the organisations in order to prevent the commission of crimes. Although the primary responsibility of preventing crimes is the responsibility of the police, there are ways in which the organisations as well as the individuals can also prevent the commission of crimes. The journal laid emphasis on the ways that may be adopted to prevent the criminals from committing crimes. Part 1 of the (AML/CTF) Act imposes legal obligations upon the certain businesses and the gambling sectors. Part 2 of the reforms proposes to impose legal obligations upon the legal professionals to comply with the statutory provisions laid down under the AML Act. The compliance with the rules by the legal professionals shall ensure that their risk of being involved in any form of money laundering activities, financing any terrorism act, and supplying large numbers of weapons for destructing the masses is reduced.
The journal briefly states that if the reporting entities in the business sectors, the gambling sectors and the other organisations that provide financial related services comply with the statutory obligations stipulated under the AML/CTF Act, then the chances of commission of crime shall be reduced. The journal briefly explains the impact of the increased crime rates on the quality of lives in Australia. I experienced that the only way to bring down the crime rate in the country is by complying with the statutory rules and regulations that have been laid down for the protection of the citizens of the country. The AML/CTF Act requires the reporting entities to report before the AUSTRAC regarding any suspicious matters relating to monetary transactions and international transfer of the funds.
The article provides that international trade has been used by criminals for many years to avoid capital export rules, transfer and hide illegally gained funds and to avoid tax obligations. With the growth of international trade in the recent times the types of crime in relation to money laundering, tax evasion, corruption and fraud have also increased. The main reason behind such increase in crime is because of the lack of transparency in relation to business operations. Recent reports have suggested that millions of dollars are transferred across the globe every year in form of money laundering. According to a report Published by FATF trade based money laundering is one of the most used ways by criminals to do white collar crimes. I experienced that the issue in relation to Trade Based Money Laundering has not received adequate support from policy makers. I got to know that Criminal use international trade in order do transactions across the globe in order to make their illegitimate money legal. The three significants methods used by the criminals to launder money using international trade are
The criminals mostly make these simple activities complex in order to successfully transfer illegal money across the globe. The Australian government must focus on the concept of TBML in order to successfully carry out its AML campaign. As there are lack of international policies in relation to the issue the government must address the issue with increased attention. I got the knowledge that this sector is one of the most significant and widely used sector by the criminals as it lacks proper polices and thus addressing it is of utmost importance in order to restrict money laundering. The article is available at SweetandMaxwell library (sweetandmaxwell.co.uk).
The authors through the book emphasises on white collar crimes. The authors firstly describe what exactly white collar crime is. According to the book everyone is aware of the term white collar crime but do not know what the terms actually mean. White collar crime indicates criminal activities done by professionals and reputated person in the society. The main motive behind such crimes is financial gains and for the same the individuals get indulged in core criminal activities. These activities include tax evasions, frauds and money laundering with respect to causing loss to a state or financial institutions. Money laundering is one of the most reported white collar crime in the recent times. The response required for such white collar crimes must be well integrated and substantial as they cannot be handled by a particular state or agency. The books provides the global effect of financial crimes and how such effects have led to strong steps in form of legal reforms being taken against the crimes.
I got to know that it is difficult to accesses when a professional is doing the right thing and when he is indulging in a crime as they find out new ways to evade tax liabilities and defraud without getting caught. The book provides details about the psychology of white collar crimes along with a few suggested ways to identify and counter them. The book would be helpful in relation to the topic as it would provide details about how the new reforms are being able to counter the latest techniques implemented by individuals towards money laundering. However I gained the knowledge that the information provided by the book is very narrow as money laundering is a vast topic and not only related to white collar crimes. The book is available at Google books.
The author through this book wants to identify the short comings of regulations along with what can be achieved through them. The author provides that regulations strive to reduce the risk arising out of legal issues along with maintaining the proper functioning of trade, commerce and travel.
I got to know that Regulations prima faice looks to address the risk adequately but a detailed analysis provides that they have significant side effects. I understood that it is very difficult to formulate regulations which would address the legal risk along with ensuring the proper functioning of activities related to the businesses. The books analyses the diverse situations which are addressed by regulations including financial, terrorist related and industrial hazards. The book analyses the purposes that the regulations strive to achieve with respect to preventing disasters in the future.
Risk management affects compliance and reform efforts and as a result generate paradoxical and tension outcomes. The book provides that successful regulations can be achieved through enhancing public reassurance and political legitimacy in a central role. The book is helpful for researchers working in fields of risk management in relation to crime, public, social and political activities. Thus the book would be a good resource to analyse in relation to the topic of money laundering. However I got to know that the analysis made by the book through three practical case studies does not provide a clear and simple idea about why and what works in relation to regulations. There is no particular section which is useful in relation to the topic of risk management in money laundering the book as a whole provides useful information for the topic. The book only represents the limits and strength of regulatory reforms and how they must be understood in relation to social, political and actuarial risk scenarios. The book is available at Elgaronline library.
The book deals with cases related to corruption and fraud which arise in the public sector. It provides various ways to deal with corruption and frauds arising in public sector. The author provides an appropriate meaning for fraud and corruption as such terms is often subjected to misinterpretation. It provides the specific reasons which give rise to public sector corruption and fraud. The author provides that the two essential conditions which give rise to fraud and corruption within the organization is intent and opportunity. The book provides a review on accounting and reporting function which can be very useful to identify the case of money laundering. The book through its Chapter 9 identifies the need of a proper reportioning and accounting setup within the organization and how key risks can be controlled with the help of such framework. The book also defines the need of appropriate investment in information technology in order to address the risk raining out of financial matter adequately.
The content in this book is useful for the topic of money laundering as the process initiates from acquirement money in an illegal way. I experienced that the Public sector is one of the most economically advanced sectors globally and the book provides ways in order to address illegal financial activities within the sector. The author provides to what extent the public sector is subjected to fraud and corruption and this helps in identifying the urgency required to address the issue. I got the knowledge that if illegitimate methods to acquire money can be prevented it would be helpful to address money laundering. However the book does not deal with the topic of money laundering directly. The book is available at ABEBOOKS (www.abebooks.com).
The book mainly deals with financial frauds in the society; it provides definition of fraud, types of fraud, the statistics in relation to financial frauds and the consequences faced by the society as an effect of financial crimes. The book then describes the basic of financial accounting with respect to relating the five accounting cycles with journals. The book then identifies the type of business identities and the extent of financial fraud each one of them is subjected to. The author defines how analysis of financial accounting should be done in order to prevent financial fraud. The books states that businesses are both villains and victims of financial crimes. It also provides ways to investigate sophisticated whiteness in relation to financial crimes along with tools for investigators. I understood that it is very difficult to identify financial frauds in relation to a public company as the directors are in supreme control of the company’s affairs and no accountant has the power or guts to question them in relation to differences arising in the financial report. Thus they get the opportunity and along with intent it leads to financial fraud and subsequently money laundering. I also got the knowledge about the importance of a good accounting and reporting system within an organization and how it can effectively be used to counter money laundering.
The book provides the fundamentals situations which lead to money laundering in the different business entities along with ways to identify and report financial frauds with respect to senior executives. It also provides an overview on white collar crimes and the urgency required to address financial frauds. The book is a good source for the topic but again is not directly related to it. The book is available at Semesticscholar library (www.semanticscholar.org)
The Government of Australia persists to modify the statutory provisions of the Anti-Money laundering and counter-terrorism financing (AML/CTF). The Anti- Money laundering Act 2006 demonstrates that Part 1 of the reforms aim at the gambling sectors and the financial sectors. The Government has proposed to introduce Part 2 of the reforms, which is expected to concentrate on professions, which includes the legal profession, and on certain specific businesses. This book deals with the fact how the legal practitioners are required to meet the requisites prescribed by the Act. The book states that if the legal practitioners comply with the prevailing legal obligations, it would become more convenient to address the risk of getting involved into money laundering activities as well as activities related to providing financial aid to terrorism.
The Book acknowledges the primary concern of the lawyers regarding the imposition of Part 2 of the reforms upon them as it may have an adverse impact on the professional independence, confidentiality of the clients and the legal privileges of the clients. I got to know the significance of the Anti-money laundering and counter-terrorism financing regimes and how important it is for the legal practitioners to comply with the rules. I understood that their compliance will reduce their risk of getting involved into any money laundering or terrorism financing activities. Moreover, the Law Council shall continue to work with the Government and keep acknowledging the legal practitioners about any latest reforms regarding the AML/CTF rules.
The report is primarily based on global anti corruption. As discussed the first stage of money laundering is corruption. The need to launder money arises when individual gains it through illegal process such as corruption and fraud. They are not able to disclose this money in their tax returns and they have no choice other than laundering it to foreign banks. The report identifies the roles of business, government, society towards giving rise to corruption. The report identifies how successful money laundering reforms have been towards preventing fraud and corruption in the government, business and the society as a whole. The reports also provide cultural context, metrics and collective situation in relation to corruption. The report is in relation to the global agenda council with respect to anti corruption which is an advocacy body for policies on anti corruption and comprises of eminent members from the society, business and governments. The councils bring together its members in order to collectively find solutions to tackle corruption and subsequently money laundering. The council has collectively formulated a G20 Anti-Corruption Action plan to tackle corruption situations. The countries belonging to the G20 group understand the impact of corruption on economic growth as thus pledge to collectively address the issue.
The plan is directly related to the topic as it provides collective way to tackle corruption situations and subsequently preventing money laundering. I got to know that the plan provides the importance of transparency in government procurement and promotes the implementation of initiatives based on different sectors thus enlightening me about its relevance with the issue of money laundering. The report is available at https://reports.weforum.org and it is authoritative as it is an official report provided by World Economic Forum and all 20 counties have pledged to comply with it.
The report signifies the intention of the Australian government towards addressing the rising issue of money laundering. The government has taken stern measures in order to implement the money laundering reforms and regulations enacted by it. The report identifies the importance of both small and large business organization to the Australian market and society. The report identifies the need to address money laundering issue along with terrorism financing in Australia and ask the businesses to comply with anti money laundering obligations. The report directs the businesses to register themselves with AUSTRAC and implement the AML program within the organization. The businesses are required according to the report to lodge compliance and financial report with AUSTRAC every year within 31st March. The report must contain self assessment by the businesses towards their compliance with AML program. The failure to register the compliance reprot may result in a business being regarded as an high risk organization along with several financial penalties.
The report has been reformed in several ways and one of the main reforms being the removal or a partial compliance program from the report. I got the knowledge that Businesses cannot mention in their compliance report that they have partially complied with the AML program. The report also require the details with respect to the employees who are in position to facilitate the AML program with the organization, it also includes the risk which have been identified by the businesses with respect to new technologies before adopting them. The report is provided in the official website of Australian Transaction Reports and Analysis Centre. I can say that the report is clearly authoritative as it imposes financial and legal sanctions upon non compliance.
The (AML/CTF) Act aims at preventing activities related to money laundering and providing financial aid to terrorism act by imposing statutory provisions on the money transfer services, gambling sectors, professionals, businesses and financial sectors. The legal obligations laid down under the Act require these sectors to verify the identity of the customers while providing these services. The Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian Government agency that ensures the compliance with the (AML/CTF) Act. Business are required to comply with the AML Act and the Privacy Act 1988 at the time of dealing with personal information of the customers. Division 5A of the AML Act requires the disclosure of personal information that a credit reporting body holds to be made to a reporting entity in order to verify the identity of the individual under the AML Act. The Financial Action Task Force (FATF) has been established which addresses issues relating to money laundering in the illegal drug trade. The FATF has proposed revised standards for the purpose of preventing the security of the country against money laundering and proliferation of weapons to cause destruction of the masses and providing financial assistance to terrorist acts. The revised recommendations made by the FATF require the reporting entities to not only identify and verify the customers but also verify the beneficial owners of the customers.
The journal specifically states that the AUSTRAC is responsible for the regulating the AML/CTF Act and requires the reporting entities to comply with the regulations and provide them with remedial measures in case of reporting any suspicion activities. Through the legislation I understood that the Australian government is taking significant measures addressing the issue of money laundering in Australia as well as in the international market. I got to know that the non compliance of these provisions may result in financial penalties along with imprisonment.
Anti-Laundering Guide for legal practitioners; Law Council of Australia; Updated 2016.
Australian Transaction Reports and Analysis Centre, 2016, Money laundering in Australia 2016 Sydney: Australian Transaction Reports and Analysis Centre.
Benson, M., L, & Simpson, S. 2009, White Collar Crime: An Opportunity Perspective. New York: Taylor & Francis.
Braithwaite, J. 2010, Diagnostics of white-collar crime prevention. Criminology & Public Policy, 9(3), 621-626.
Financial Action Task Force, 2012, International standards on combating money laundering and the financing of terrorism & proliferation: the FATF recommendations, Paris: Financial Action Task Force.
Gilmour, N., & Gilmour, N. (2016). Preventing money laundering: a test of situational crime prevention theory. Journal of Money Laundering Control, 19(4), 376-396.
Haines, F. 2011, The Paradox of Regulation: What Regulation Can Achieve and What It Cannot. Cheltenham: Edward Elgar Pub.
Halliday, T, M. Levi and P. Reuter 2014, Global Surveillance of Dirty Money, University of Illinois College of Law and American Bar Foundation.
Jones, P. C. 2004, Fraud And Corruption In Public Services: A Guide to Risk and Prevention: Gower.
Nafis. A., et al., 2014., Journal of International Banking Law and Regulation, Trade Based Money Laundering: Ever-Increasing Threats with Little Regulations. Vol-29. ISSN: 1742-6812
Silverstone, H., & Sheetz, M. 2006, Forensic accounting and fraud investigation for non-experts, (2n ed.). New Jersey: John Wiley & Sons.
Specialist Journals: Journal of Financial Crime; Journal of Money Laundering
The Anti-Money Laundering and Counter-Terrorism financing Act 2006 (AML/CTF Act)
World Economic Forum, 2012, Anti-corruption Network of global agenda councils reports 2011-2012: World Economic Forum
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download