An Ethical Approach to Anti-Money Laundering Regulations: A Framework for Organisation of Islamic Cooperation Countries

An Ethical Approach to Anti-Money Laundering Regulations: A Framework for Organisation of Islamic Cooperation Countries
Author: Ender Tosun
Publisher: ENDER TOSUN
Total Pages: 174
Release: 2024-04-20
Genre: Antiques & Collectibles
ISBN:

This study presents a new ethical framework for anti-money laundering (AML) that can be possible by combining Islamic system and experience, that offers a holistic, consistent, and comprehensive framework in the fight against money laundering with the global experience in this field. Although today, there are many standards and units against crimes through the fight against money laundering, this struggle has not been fully integrated with the ontological reality of the human beings and their ethical system. The contemporary world does not say much in the context of the fight against money laundering, whether good and evil are merely epiphenomenal feelings or whether they are strongly tied to a fundamental reality. As a natural consequence of this, contemporary anti-money laundering activities are mainly limited to law enforcement and intelligence activities; and this structure cannot present a holistic framework in terms of combating money laundering and thus crime by using instruments in fields that concern all aspects of life, such as economic policies, moral teaching, and academic studies. This study demonstrates how Islam provides a framework for combating money laundering, integrating the intellectual, economic, financial, ethical, and other related fields, and based on the original and ontological reality of man. To achieve this objective, the study delves into secondary literature, conducts a survey involving professionals in the field of anti-money laundering (AML), and performs a gap analysis comparing the modern AML framework with the Islamic ethical system. It also identifies areas where potential improvements can be made, where both the Organization of Islamic Cooperation (OIC) countries and other countries can support each other in reaching a higher level in the fight against money laundering. Based on these analyses, the study proposes a new framework in the fight against money laundering and concludes that both OIC and non-OIC countries have a lot to learn from each other and from the core teachings of Islam.

Islamic Finance

Islamic Finance
Author: Mr.Alfred Kammer
Publisher: International Monetary Fund
Total Pages: 38
Release: 2015-04-06
Genre: Business & Economics
ISBN: 1498325033

The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.

Mauritius

Mauritius
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 310
Release: 2008-12-11
Genre: Social Science
ISBN: 1451933592

A detailed assessment report on Anti-Money Laundering and Combating the Financing of Terrorism for Mauritius is discussed. Mauritius is well placed to capitalize on its national strategy to diversify its economy into global financial services by taking advantage of its linkages with both African and long-standing arrangements with the larger Asian economies. Additionally, Mauritius intends to offer new products in Islamic financial services and wealth management. The investigative and prosecutorial authorities have the necessary powers to execute their respective functions.

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
Author: El Bachir Boukherouaa
Publisher: International Monetary Fund
Total Pages: 35
Release: 2021-10-22
Genre: Business & Economics
ISBN: 1589063953

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

People’s Republic of China

People’s Republic of China
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
Total Pages: 246
Release: 2019-06-21
Genre: Social Science
ISBN: 1498320686

This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.

Gibraltar

Gibraltar
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 203
Release: 2007-05-21
Genre: Social Science
ISBN: 1451815085

Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There is also some risk to Gibraltar at the placement stage, in connection with drug trafficking, migrant smuggling, and organized crime in southern Spain. The Financial Services Commission in Gibraltar has established a strong, risk-based framework for financial institutions for AML.

Making Remittances Work

Making Remittances Work
Author: Emiko Todoroki
Publisher: World Bank Publications
Total Pages: 267
Release: 2014-06
Genre: Business & Economics
ISBN: 1464801096

Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.

The Puppet Masters

The Puppet Masters
Author: Emile van der Does de Willebois
Publisher: World Bank Publications
Total Pages: 230
Release: 2011-11-01
Genre: Law
ISBN: 0821388967

This report examines the use of these entities in nearly all cases of corruption. It builds upon case law, interviews with investigators, corporate registries and financial institutions and a 'mystery shopping' exercise to provide evidence of this criminal practice.

Toolkit to Combat Trafficking in Persons

Toolkit to Combat Trafficking in Persons
Author: United Nations Office on Drugs and Crime
Publisher: United Nations Publications
Total Pages: 0
Release: 2008
Genre: Social Science
ISBN: 9789211337891

In the light of the urgent need for cooperative and collaborative action against trafficking, this publication presents examples of promising practice from around the world relating to trafficking interventions. It is hoped that the guidance offered, the practices showcased and the resources recommended in this Toolkit will inspire and assist policymakers, law enforcers, judges, prosecutors, victim service providers and members of civil society in playing their role in the global effort against trafficking in persons. The present edition is an updated and expanded version of the Toolkit published in 2006.