This article delves into the transition from traditional tax havens to a new generation of digital jurisdictions powered by blockchain technology. It examines how blockchain wallets and decentralized exchanges are redefining financial sovereignty by offering anonymity, asset protection, and...

This study investigates the impact of corporate governance mechanism on money laundering operations in publicly listed firms in Nigeria, emphasising the efficacy of governance measures and the mediating function of internal audits. The study employed purposive sampling to analyse 177 firms...

Criminal finances, together with money laundering and asset recovery, are central to many forms of organised crime. In recognition of this, the priorities of the European Multidisciplinary Platform Against Criminal Threats (EMPACT)1 on fraud, and economic and financial crimes put emphasis on the...

The objective of anti-money laundering (AML) programs is to disrupt the financial infrastructure of criminal organizations, thereby seizing illicit assets and curbing the expansion of these criminal activities. This paper assesses the effectiveness of AML programs in curbing three distinct forms...

Environmental crime, ranked as the fourth-largest criminal enterprise after drug trafficking, counterfeiting, and human trafficking, encompasses illegal activities such as mineral extraction, land clearance, and waste trafficking. These crimes are closely linked to financial crimes due to their...

This paper analyses the legal frameworks in Kenya and Uganda, and the Financial Action Task Force (FATF) guidelines to ascertain if they are effective in minimising money laundering activities and keeping the countries off of FATF's grey list. The study implements the Two-Pillar methodology that...

The low conviction rate for money laundering, particularly in corruption cases, stems from the technical language of the ML law and the challenges of proving mens rea for ML perpetrators. This paper examines Indonesian corruption cases from 2017 to 2021 and finds that the conviction rate for ML...

In this paper, we investigate the impact of religion on the money laundering risk, focusing specifically on Protestantism compared to other religions. Protestantism is often associated with greater individual self-discipline and stronger institutional economic governance. Analysing data from 27...

The 2024 report builds on the significant achievements and lessons learned in previous years, reflecting the EIB Group's unwavering dedication to combating fraud and corruption. The report gives an overview of the Investigations Division's work to prevent, detect, investigate and remedy...

Approximately sixty percent of German goods exports are transported via sea freight. The international shipping industry is dominated by firms registered in offshore centers with little transparency. Criminals feel invited to abuse these opaque constructions for laundering their illegally...

This paper examines the role of anti-money laundering (AML) regulations and compliance in combating money laundering and terrorist financing (ML/TF) in Canada. AML regulations establish guidelines for financial institutions to identify, prevent, and report suspicious activities. However,...

The rise in the volume of Illicit Financial Flows (IFFs) across the world is triggering calls from the Global South to mitigate the deleterious consequences of both IFFs and tax abuse on their economies. Using a Third World Approaches to International Law lens, this article analyses the politics...

Africa is one of the fastest-growing crypto markets in the world, with its crypto transactions peaking at $20 billion per month in mid-2021, with Nigeria contributing to the world's third largest bitcoin-holding. Evidence continues to grow, showcasing criminals who seek to use cryptocurrencies...

The last five years have seen immense growth in the Nigerian financial services sphere, particularly with the introduction of innovative ways to make, trade and exchange money in a largely unregulated sphere. One of such developments is virtual assets which has opened up a lot of doors in the...

The rapid evolution of global trade offers great productivity gains to participating countries but also raises the likelihood of losing domestic resources through trade-based money laundering. This paper empirically examined whether trade-based money laundering affects domestic resource...

Shell companies can be a legitimate entity but can also been used for illicit activities such as money laundering. Users of shell companies have included illegal arms dealers, drug cartels, terrorists and cyber-criminals, as well as legitimate businesses. To assist in distinguishing between...

Are sanctions bypassed by hiding money offshore? Using bilateral data on bank deposits, we compare how offshore deposits from sanctioned versus non-sanctioned countries develop after the U.S. and the EU impose financial sanctions. Sanctions targeting individuals increase offshore deposits, as...

Debanking became a news story in 2023 when Nigel Farage alleged that Coutts had closed his account because its executives disapproved of his political opinions. A study by the Financial Conduct Authority (FCA) revealed that such ideologically motivated account closures are vanishingly rare....

This study aims to assess the feasibility of providing a unique access point for competent authorities involved in the fight against money laundering and tax evasion to relevant asset registers in the EU Member States. The study first defines a list of assets relevant for money laundering and...

This study assesses the feasibility of setting up a single access point to relevant asset registries in the EU Member States for competent authorities involved in the fight against money laundering and tax evasion. It first defines the relevant assets for money laundering and tax evasion, maps...

The 2023 Investigations Activity Report highlights our commitment to integrity and transparency in all our activities. The European Investment Bank Group (EIB) is dedicated to maintaining the highest standards of integrity and has a zero-tolerance policy for any prohibited conduct. The Group's...

The first and second Eurojust meetings on Money Laundering and Asset Recovery took place on 19- 20 June 2023 and on 20-21 June 2024. The meetings brought together prosecutors specialised in asset recovery and tackling money laundering from the European Union and countries with liaison...

Purpose of the article: The purpose of this article is to provide a comprehensive analysis of the role of artificial intelligence (AI) in the banking sector, focusing on its applications, challenges, and implications. By synthesizing existing research and empirical studies, the article aims to...

When Russia attacked Ukraine, national states as well as multinational bodies such as the European Union imposed economic sanctions against Russia. Companies in sanctioning countries were expected to terminate their business with companies in the sanctioned country. However, the threat of...

Panama has struggled to bring its anti-money laundering and combating the financing of terrorism (AML/CFT) regime in line with international standards, resulting in periods of being “grey listed” by the international standard-setter, the Financial Action Task Force (FATF). Panama’s AML/CFT...

"Illicit financial flows (IFFs) associated with commodity trade erode the tax base of resource-rich developing countries. Efforts to curb IFFs and reform taxation stumble over enhanced North-South tensions but remain crucial to helping poorer countries mobilise domestic resources for...

The 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...

The study characterizes financial monitoring as part of the system for preventing and counteracting the legalization of income and the financing of terrorism. The purpose of the research is to study the experience of how national financial monitoring systems function (in the UK, USA, China,...

The rise in financial fraud has prompted regulatory proposals under the Payment Services Regulation in the form of a shared liability model provisioned under Article 59. The potential proposal by the European Parliament could now extend liability beyond Payment Service Providers to Electronic...

This report summarizes the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the Virgin Islands (VI) as at the date of the onsite visit of March 15-30, 2023. It analyses the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations...