Purpose This paper aims to examine how legal protections vary across United Nations Security Council (UNSC) counter-terrorism financing (CTF) and counter-proliferation financing (CPF) sanctions regimes and why this variation persists. It argues that this unevenness reflects institutional design: preventive financial restraints are administered through committee-based, non-judicial mechanisms rather than a common rights-based review framework. Design/methodology/approach The paper adopts a doctrinal and comparative institutional approach, analysing UNSC resolutions, sanctions committee guidelines and associated procedural mechanisms across CTF- and CPF-oriented targeted sanctions regimes. It compares the availability and operation of exemptions, de-listing procedures, Ombudsperson review and ancillary listing and review safeguards. The analysis is limited to publicly available UNSC materials and focuses on institutional design rather than domestic implementation or empirical practice. Findings Legal protections across UNSC CTF and CPF sanctions regimes are increasingly formalised but unevenly distributed. Regimes addressing ISIL (Da’esh) and Al-Qaida incorporate comparatively developed procedural mechanisms, including Ombudsperson review, while others rely on more limited forms of review. This unevenness reflects differentiated institutional development and the path-dependent evolution of safeguards. Even the most developed arrangements lack independent judicial determination. Originality/value The paper provides a systematic comparative analysis of legal protections across CTF and CPF sanctions regimes. It advances financial crime scholarship by applying a legal protection perspective to preventive financial restraints, showing how asset freezes operate as instruments of governance and control while affording uneven procedural protection. It clarifies why formalisation of safeguards does not necessarily produce uniform, rights-based or judicial legal protection.
Purpose Money laundering (ML) risks in the fast-growing luxury goods market fall largely outside the Financial Action Task Force (FATF) framework, which imposes anti-money laundering (AML) obligations on dealers in precious metals and stones but not to dealers in other high-value items. Focusing on cash transactions for portable luxury goods, this study aims to ask how four major jurisdictions - China, the EU, the UK and the USA - address these risks under domestic AML frameworks.Design/methodology/approach The study uses a theory-informed comparative legal methodology drawing on three analytical frameworks - situational crime prevention theory, regulatory theory and the theory of transnational legal order - operationalized through comparative legal analysis of primary sources and a quantitative review of FATF Mutual Evaluation (ME) data.Findings Significant inconsistencies emerge between jurisdictional approaches. All four jurisdictions formally comply with FATF requirements for precious metals and stones dealers but treat dealers of other high-value goods very differently, from comprehensive coverage to near-complete exclusion. These yield four supervisory models varying in regulatory breadth, reporting depth, enforcement feasibility and vulnerability to abuse. FATF ME ratings suggest that technical compliance does not consistently align with ML risk mitigation effectiveness.Originality/value The study addresses a research gap by examining ML risks across the luxury goods sector, beyond the well-studied precious metals and stones segment, in four jurisdictions representing the largest share of the global market. It develops an original typology illustrating how divergent approaches emerge under common FATF standards and suggests that technical compliance can obscure underlying weaknesses in sector-specific ML risk mitigation.
Purpose This paper aims to compare Ghana’s Virtual Asset Service Providers Act, 2025 (Act 1154), with the USA’s anti-money laundering (AML) framework for virtual assets. It asks whether a unified statute can give an emerging economy advantages over a fragmented, path-dependent regime. Design/methodology/approach The study uses functional and institutional comparative legal analysis. It reviews statutes, supervisory notices, sandbox materials and enforcement documents through a six-dimensional matrix mapped to Financial Action Task Force Recommendations 10, 12, 15, 16, 20, 26, 27 and 35. Findings Ghana’s Act offers statutory coherence, and early implementation steps show movement beyond a purely prospective regime. However, enforcement capacity for virtual asset service providers (VASPs) is still developing. The US framework is institutionally fragmented yet operationally mature. Ghana’s licensing model more closely resembles a banking charter than a money services business (MSB) registration, increasing demands on supervisory expertise, verification systems and technical infrastructure. Both frameworks also leave gaps around decentralized finance. Research limitations/implications Implementing regulations remain incomplete and Ghana does not yet have a mature enforcement record specific to VASPs. The analysis, therefore, combines legal design with early operational evidence rather than a full account of law in action. Practical implications Emerging-economy regulators need more than statutory clarity; they need credible supervisory capacity. VASPs in Ghana should expect operational requirements to evolve as implementation matures. Originality/value The paper offers an early comparative analysis of Ghana’s Act and contributes to debates on regulatory leapfrogging, implementation gaps and compliance capacity in the Global South.
Purpose This study aims to examine whether bank lending connected to environmentally destructive activities can give rise to criminal liability under anti-money laundering (AML) law. It challenges the prevailing framing of environmental risk in finance as a matter of sustainability policy, arguing that lending to borrowers whose revenues derive from environmental crime falls within the scope of criminal law. Design/methodology/approach This study combines a doctrinal analysis of AML law with a case study of an investigation by the French National Financial Prosecutor concerning four French banks and their financing of Brazilian meat processors linked to illegal deforestation. Findings Revenues generated through cattle raised on illegally deforested land qualify as proceeds of environmental crime. When such revenues are used to service debt or pay interest, these payments may constitute money laundering by integrating criminal proceeds into the financial system. Although EU environmental, social and governance (ESG) legislation excludes bank lending, existing AML statutes already apply to these financial flows. The French proceedings illustrate how this doctrinal possibility is beginning to translate into enforcement practice. Practical implications Financial institutions must integrate environmental crime typologies into their AML risk assessments, due diligence and transaction monitoring. ESG reporting alone is insufficient. Originality/value This study offers the first systematic legal analysis of how lending operations can fall within the scope of money laundering when linked to environmental crime. It reframes sustainable finance by showing that bank liability does not depend on future ESG reform.
Purpose This study aims to assess whether, and under what legal, institutional and operational conditions, the transplantation framework can be integrated into Dutch banks’ AML/CFT strategies to improve terrorism financing (TF) detection, given TF’s weak-signal nature and high false-positive risk. Design/methodology/approach Qualitative Dutch banking-sector case study using seven semi-structured expert interviews with AML/CFT professionals (two banks; one payment service provider) and document analysis of relevant legal, regulatory, policy and institutional materials. Interviews were recorded with consent, transcribed and thematically analysed combining deductive transplantation framework codes (push–pull dynamics; constraints) with inductive practice-based themes. Findings Integration is only partially feasible. Respondents described TF as low-value, licit-source activity that routine rule-based monitoring struggles to detect. Three binding conditions emerged: (1) privacy and lawful-basis uncertainty limiting profiling and cross-bank data sharing; (2) fragmented visibility across institutions and internal silos; and (3) scarce TF expertise and contested resourcing. Research limitations/implications Small-N qualitative design and confidentiality constraints limit generalisability and access to granular case metrics. Practical implications For banks, use the transplantation framework as an intelligence-led add-on rather than a new set of automated rules. Invest in specialist TF capability and improve information flow between departments. For policymakers, make responsible use possible by clarifying lawful bases, creating safe harbours for supervised pilots and enabling secure, governed information sharing. Originality/value To the best of the author’s knowledge, the study provides one of the first empirical tests of the transplantation framework for bank-led TF detection and specifies concrete feasibility conditions.
PurposeThis paper aims to explain why the implementation of Financial Action Task Force (FATF) anti-money laundering (AML) and counter-financing of terrorism (CFT) standards vary significantly across sectors within the same national jurisdiction. Using Nigeria as a case study, the paper introduces the concept of dual-speed compliance to explain persistent gaps between technical compliance and functional effectiveness. Design/methodology/approachThe study adopts a qualitative research design. Data were collected through 36 semi-structured interviews with regulators, financial institutions, designated non-financial businesses and professions (DNFBPs) and security agencies, supplemented by two focus group discussions. Documentary analysis of FATF and Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) mutual evaluation reports, national risk assessments and relevant legislations was also undertaken. Data were analysed using thematic analysis to enable a systematic cross-sector comparison. FindingsThe paper shows that AML and CFT compliance in Nigeria operates at differentiated regulatory speeds. Banks and formal financial institutions demonstrate relatively high compliance, which is driven by intensive supervision, international financial exposure and significant compliance investments. In contrast, DNFBPs exhibit weak and uneven compliance because of limited oversight, low awareness, capacity constraints and insulation from global financial pressures. Informal economic actors largely remain outside the regulatory perimeter, resulting in near-total non-compliance and displacement of illicit financial activity. Research limitations/implicationsThe study relies on qualitative data from a single country case, limiting statistical generalisability. However, the findings offer analytical insights that are applicable to other high-informality developing economies. Future research could apply the dual-speed framework comparatively across jurisdictions. Practical implicationsThe paper highlights the need for sector-specific, risk-based supervisory strategies, targeted DNFBPs capacity-building and policies that integrate informal actors through digital identity and financial inclusion initiatives. Originality/valueThe paper offers original value by introducing dual-speed compliance as a framework for analysing intra-state variation in AML and CFT implementation, which is supported by rare qualitative evidence from a high-informality developing economy.
PurposeThis paper aims to analyse how, in 2018–2025, Ukrainian civil and commercial courts have been used to detect and neutralise sanctions circumvention schemes that are disguised as ordinary private-law transactions in the wartime context. Design/methodology/approachThis study used doctrinal analysis of Ukrainian legislation and sanction-related court decisions (2018–2025), purposive sampling and coding by evasion/circumvention pathway, followed by triangulation against official anti-money laundering/counter-terrorist financing (AML/CFT) and export-control guidance and relevant EU/US policy documents. FindingsBased on seven court disputes (2018–2025), this paper identifies recurring sanctions-circumvention typologies implemented through private-law instruments (registry manipulation/beneficial-ownership concealment, asset transfers, procedural substitution, claim assignment and award-based debt collection). The courts’ reasoning consistently turns on continuity of control, temporal proximity between designation and the transaction and opacity/artificiality of the restructuring. Supreme Court practice on recognition and enforcement of arbitral awards shows heightened scrutiny where the economic beneficiary may be a sanctioned entity. Research limitations/implicationsResearch limitations include jurisdiction-specific evidence; replication in EU implementing jurisdictions is recommended. Practical implicationsPractical implications include transaction-level risk indicators for banks, corporates and investigators; policy options to align civil-law remedies with AML/CFT and export-control objectives. Originality/valueTo the best of the authors’ knowledge, this is among the first studies to derive a sanctions-circumvention taxonomy for Ukraine directly from court practice and to translate that case law into a structured set of transaction-level risk indicators and policy options for aligning civil-law remedies with sanctions, AML/CFT and export-control objectives.
Purpose This systematic scoping review aims to map the peer-reviewed evidence on cryptocurrency-enabled money laundering to highlight significant gaps in knowledge, particularly regarding its role in the rapid expansion of Southeast Asia’s scam economy. It focuses on scam compounds, money mule networks and anti-money laundering/counter-terrorist financing strategies to inform policy responses. Design/methodology/approach Following systematic scoping review guidelines, 7,669 records from five databases (2009–2025) were screened, yielding 25 peer-reviewed studies. Dual-reviewer screening, standardized extraction and thematic synthesis were used, with quality appraisal emphasizing methodological rigor and theoretical depth. Findings Four themes emerged: (1) industrial scam ecosystems in Southeast Asia are linked to crypto-enabled wealth transfer and laundering, though peer-reviewed evidence on these specific regional operations remains limited; (2) offender rationales favor low-risk, high-reward techniques like mixing, privacy coins and high-volume, low-amount transfers; (3) blockchain forensics enable tracing and evidence gathering, but are challenged by evolving privacy tools; and (4) regulatory attempts often lag behind criminal innovation, necessitating financial reforms. However, the review reveals a critical gap: only a minority of studies directly address Southeast Asia’s scam compounds, underscoring the need for targeted research amid the region’s burgeoning scam economy. These themes illustrate that cryptocurrency has become essential financial infrastructure for organized crime, yet empirical insights specific to Southeast Asia remain limited. Originality/value To the best of the authors’ knowledge, this is the first systematic scoping review highlighting the shortage of peer-reviewed research and studies of Southeast Asia’s scam economy in cryptocurrency laundering research, synthesizing broader literature to advocate for criminologically informed interventions.
PurposeThis study aims to grow the literature on illicit finance by developing methodologies for estimating the size and impact of illicit finance using public drug and cash seizure data.Design/methodology/approachUsing drug seizure data, the paper lays out an approach to estimating the monthly financial flows associated with three drug types. After estimating the monthly flows for these narcotics, this paper uses a gravity model for money laundering demand to estimate the distance that these funds travel from their point of origin for laundering. The analysis also explores the relationship between drug seizures and cash seizures to draw inferences about trafficking patterns.FindingsThe findings suggest that approximately $750m in laundered illicit funds are generated from wholesale drug trafficking in the USA each month and suggest that only a small fraction of this value has been seized in the period studied. Approximately half of these funds are likely laundered within 50 miles of the recipient. Additional data on cash seizures is used to illustrate that when illicit funds are exported, traffickers often use similar routes to those used for drug trafficking. Cash seizures show significant correlation with drug seizures, often occurring near southern border areas.Originality/valueThis paper uses a novel approach to examine data from US Customs and Border Protection. It also updates and applies Walker's (2009) gravity model approach using novel data from the World Bank (2024) and the 2024 FATF Consolidated Assessment Ratings.
PurposeThis paper examines the potential misuse of external commercial borrowings (ECBs) as channels for trade-based money laundering (TBML), using India as a case study. While ECBs are an essential source of foreign capital, especially in developing economies, their intersection with TBML risks remains largely unexplored in academic and regulatory discourse.Design/methodology/approachThe study uses a policy and data-based analytical approach. It reviews Reserve Bank of India (RBI) circulars, Foreign Exchange Management Act (FEMA) regulations and international anti-money laundering (AML) guidelines to identify areas where current safeguards may be inadequate. A simple four-layer forensic risk framework is then applied to RBI's published ECB data to highlight combinations of lender type, sector and loan maturity that tend to show higher exposure to TBML-related risks. In this context, forensic refers to a structured, evidence-based method of risk detection rather than an investigative audit.FindingsThe analysis reveals that ECBs involving related-party lenders or funds routed through opaque jurisdictions are more likely to conceal trade-linked laundering activity. These patterns are most observed in sectors such as finance, petroleum and metals. Although the current FEMA and RBI frameworks are strong on debt control and end-use restrictions, they remain weak in linking capital flows with trade-level data.Practical implicationsThe paper proposes a four-layer forensic risk assessment framework that combines regulatory data with red-flag typologies. The framework provides a model for other emerging economies to strike a balance between external finance and AML safeguards.Originality/valueThis paper is one of the first to examine ECBs from a money laundering risk perspective, combining policy review with data-driven risk scoring. It provides a practical approach for regulators in emerging economies to strike a balance between the need for foreign capital and enhanced AML oversight.
PurposeThis paper aims to analyse the core provisions of the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018. It focuses on the effectiveness of a power of summary forfeiture against movable property in both the context of non-conviction-based forfeiture and Jersey's alignment with international standards. The paper seeks to demonstrate the effectiveness of the power, how it has been challenged and how those challenges have been overcome. The paper highlights areas of potential reform to improve Jersey's already established reputation in civil asset recovery, protect the services of international finance centres against abuse as a transit jurisdiction for illicit finance and enhance an increasingly important tool in the fight against financial crime in Jersey and beyond.Design/methodology/approachThe paper evaluates domestic case law up to the appellate level, exploring judicial analysis of the key provisions and principles to assess whether summary forfeiture achieves legislative objectives and meets international standards.FindingsThe effectiveness of summary forfeiture can be undermined by extensive litigation. Jersey has made significant contributions in this field, which supports the arguments in favour of civil forfeiture powers. The Jersey judgments have considered and resolved a wide range of complex issues relevant to coordinate forfeiture regimes. The structure of the Law could be changed to enhance both its domestic and international impacts.Originality/valueThe paper offers broader lessons for jurisdictions using non-conviction-based forfeiture and can be used to gain greater insights and awareness into how an international finance centre can enhance civil asset recovery as an alternative to conventional criminal justice measures.
PurposeThis study aims to identify the key factors that influence public awareness of money muling among digitally active adults in Cyprus. Given Cyprus's strategic geopolitical position, the ongoing occupation of part of its territory, and its proximity to regions affected by political instability and transnational crime, the country faces heightened exposure to financial offences. These vulnerabilities, compounded by institutional limitations, highlight the need to understand how the public perceives and responds to money muling schemes. By identifying the factors that shape awareness, this research seeks to inform more effective prevention strategies and support policy responses tailored to the Cypriot context.Design/methodology/approachThis study adopts a quantitative research design. Data were collected through a structured questionnaire comprising closed-ended questions. Exploratory factor analysis was employed to identify the main factors influencing money mule awareness, followed by multiple regression analysis to examine their causal effect.FindingsThe study shows that Cypriots have a relatively low awareness of money mules, indicating a basic understanding but also substantial room for improvement. Key factors influencing awareness include cybersecurity and financial crime awareness, digital financial literacy and financial fraud awareness. These insights are valuable for policymakers, law enforcement authorities, financial institutions, educators and public awareness campaigns, as they support the design of targeted interventions and the strengthening of efforts against financial crimes.Originality/valueThis study contributes to an underdeveloped body of literature, as research on money muling remains limited globally and particularly scarce in the Cypriot context. In addition to assessing public awareness, the study situates its findings within Cyprus's broader geopolitical, economic and institutional environment, which the literature identifies as relevant to understanding financial crime risks. The study provides contextually informed empirical evidence that may support future policy discussions, preventive initiatives, and comparative research.
PurposeThe purpose of this paper is to analyse privacy and national surveillance laws in Australia, including but not limited to the federal Privacy Act 1988 and the federal Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF), to determine whether a tension exists between these two statutes within the context of the deployment of central bank digital currency (CBDC) in Australia.Design/methodology/approachThe paper adopts doctrinal and normative approaches for analysis of the relevant legislations. Furthermore, the paper adopts a functionalist theoretical perspective to interrogate the interrelationship between regulation and society.FindingsThe paper suggests that the relevant legislations contain undefined terms, such as "reasonable grounds", which may give the appearance of a balanced approach to the interactions between privacy and national surveillance laws within the context of deployment of CBDCs. The paper argues that lack of definition of these terms, however, renders the terms ineffective, leading to a potential regulatory overreach. The paper recommends administrators need internal policies and procedures that would give clear guidance on the possible meanings of those legislative terms to achieve the balance desired between privacy and national security requirements in Australia when deploying CBDCs. It is suggested that internal policies are to base suspicion on factual basis for decision-makers to have reasonable grounds for contravening privacy legislations. This may be achieved through requiring decision-makers to justify their decisions and consider alternative options before infringing on privacy, thus enhancing accountability. Furthermore, it is suggested that the transparency and traceability provided by distributed ledger technologies will compel decision-makers to assess the benefits of privacy violations against their costs, promoting a balanced approach to surveillance and personal data disclosure.OriginalityThe originality of the paper lies in its seminal analysis of the interaction of privacy an anti-money laundering laws in the context of the introduction of a central bank digital currency.
PurposeTerrorist financing is an integral part of terrorist preparation and, critically, may be an early intervention point for intelligence and counterterrorism interception. This study aims to assess the diverging paths to successful and failed intervention through counterterrorist financing (CTF) protocols by comparing two terrorist plots. One, planned by the Chicago gang "El Rukn" and funded by Libya, was foiled because of a convergence of the geopolitical context of the plot and cooperation among critical national security institutions. The other, nicknamed "the Planes Operation" but better known as "9/11", killed over 2,000 people and devastated the USA socially and economically.Design/methodology/approachThe study performs comparative case studies and crime script analyses to illustrate similarities and differences in these cases and highlight respective mechanisms of success and failure from a CTF perspective.FindingsThe study found that in the case of El Rukn, the critical factor in the plot's failure was the prior criminality of the group, leading to the group's investigation by the US Customs, CIA and FBI. These agencies were then able to use traditional anti-money laundering (AML) protocols to intercept the plot. This is in contrast to the Planes Operation, where the hijacker's financing activities never alerted the attention of AML protocols and thus went undetected prior to the plot.Originality/valueThis study adds to prior literature discussing whether AML techniques, frequently conflated with CTF techniques, are the most efficient to intercept terrorist financing.
Purpose This study aims to examine how green finance affects money-laundering risks in Asian economies and assesses whether trade openness moderates this relationship.Design/methodology/approach Using panel data from 29 Asian economies for 2012-2023, this study applies a two-step GMM estimator with common correlated effects to address cross-sectional dependence, endogeneity and dynamic panel bias.Findings Green finance reduces money-laundering risks. Trade openness increases these risks, but when combined with green finance, the risks decline.Research limitations/implications The analysis focuses on Asian economies only. Future studies should extend the examination to other regions.Practical implications Policymakers should design green finance policies that expand access to transparent international capital markets, promote regional cooperation and strengthen trade-based money laundering safeguards when advancing both trade and green finance.Social implications Green finance not only helps the environment but also improves financial integrity and social trust by stopping illegal financial activities that make markets less fair and make inequality worse.Originality/value To the best of the authors' knowledge, this is the first study to use the economic theory of crime to explain how trade openness alters the effectiveness of green finance in reducing money-laundering risks through a cost-benefit mechanism. It also identifies trade openness as a key boundary condition for when green finance works.
Money laundering has affected the economy in different ways, where the fraudulent activities are either domestic or abroad, resulting in financial instability globally. Anti-money laundering (AML) system is applied to detect and report any suspicious transactions. There are numerous approaches, techniques and algorithms in AML that are applied to fight against money laundering. This study aims to understand, identify and document the AML techniques applied to detect and prevent money laundering activities. A systematic literature review is applied for searching articles based on methods used for AML from the electronic database platform. For review, data is considered from journal articles, books and conference proceedings with a time framework from 2014 to 2024. In total, 53 papers were selected in the domain of money laundering concepts, issues and techniques of AML. The review articles are on the techniques of AML, such as machine learning, data mining, graph networks and artificial intelligence, which are applied to detect and prevent money laundering issues. Money laundering, being a global issue, is a threat to the economy and society. Detecting money laundering activities is utmost required; this study contributes in selecting the articles that are involved in the application of techniques of AML in detecting and preventing money laundering activities. The results of this study can provide support instruments to identify the better AML techniques that are useful for practitioners and industry experts working in the AML domain. Further research can be explored with other AML techniques.
The purpose of this study is to explore the evolving landscape of money laundering (ML) research in emerging economies, identifying key trends, challenges, and future research directions. The paper adopts bibliometric and systematic literature review approaches to distill the main trends, themes and knowledge gaps in the areas of ML research. This paper analyzed indicators of bibliometrics, keyword co-occurrence network and thematic clustering while identifying evolving patterns in researching ML by analyzing 102 articles indexed in both Scopus and Web of Science. ML research has taken a quantum leap after 2018. It discusses thematic clusters on the challenges facing developing countries, corruption and its interaction with financial systems, illicit financial flows and the macroeconomic consequences of financial crimes. Globalization, political dynamics and informal financial systems pose other challenges. These findings emphasize adaptive, technology-driven frameworks oriented toward the sustainable development goals. The research provides a cumulative overview of fragmented studies on ML in emerging economies, thereby bridging the gaps between academic research and policy-making. The paper contributes to the wider understanding of the socio-economic and environmental dimensions of financial crimes and positions ML within the global agenda of equitable development.
Purpose This paper aims to illuminate actions to be executed by the bank’s financial crime compliance department on suspected money mules. Design/methodology/approach This paper outlines the actions by collecting facts from existing literature review, reports and news on money mule. Findings Money mule phenomenon is a threat to the financial system. The irresponsible actions by money mules allow illicit funds to pass through the banks, resulting in money trail dissemblance and prevent detection. The banks must not extend their services to money mules, and actions of suspicious transaction report filing, exit relationship, watchlisting, police report and interbank intelligence exchange should be initiated. Originality/value This paper presents mandatory actions to be taken by financial crime compliance department after completion of money mule investigation by anti-money laundering analyst. This study will be beneficial for future money mule researchers, enforcement agencies and practitioners in the banking industry.
Purpose The purpose of this paper is to systematically review and evaluate recent anti-money laundering (AML) research, focusing on methodological shifts toward machine learning and network analysis, and identify key challenges and future directions for effective and ethical AML. Design/methodology/approach This is a systematic review that follows Preferred Reporting Items for Systematic Reviews and PRISMA guidelines. An analysis of 45 studies (2017–2024) was conducted via Google Scholar using structured content analysis with a bi-dimensional framework (methodology and contextual applicability). Findings AML research shows a paradigm shift from statistics to machine learning and network analysis. Mixed methods are increasingly important. Key challenges include cryptocurrencies, balancing detection with privacy and model interpretability/scalability. The literature shows significant variation in methods and results across operational contexts, but few studies offer direct comparisons of their relative effectiveness. Network analysis effectiveness depends on regulatory context and data sharing. The reviewed studies reveal ongoing discussion and varied approaches regarding model complexity versus practical applicability in diverse settings. Similarly, a debate on the factors influencing network analysis effectiveness emerges, frequently pointing to the critical roles of regulatory frameworks and data-sharing capabilities, though without a unified consensus on optimal implementation across all contexts. Research limitations/implications This study reveals the need for research into adaptable models, context-specific solutions, privacy-preserving analytics and the interplay between AML evolution and criminal adaptation. Practical implications This study recommends layered analytics, data-sharing frameworks and interpretability for FIs; graduated compliance, sandboxes and outcome metrics for regulators; and interoperable, tailored and simplified solutions for tech providers. Social implications The broader implications of this research extend beyond immediate technical considerations to encompass significant societal impacts. The findings of this study reveal complex interactions between surveillance capabilities, privacy considerations and regulatory effectiveness. The analysis suggests that successful AML frameworks must balance competing demands: the need for comprehensive monitoring systems against legitimate privacy concerns and the requirement for transparent processes against the complexity of modern financial networks. These considerations have substantial implications for policy development and regulatory frameworks. Originality/value This review applies a unique bi-dimensional framework for analysis. It peaks at the contextual variance influencing network analysis effectiveness, questions a straightforward “complexity equals superiority” assumption by pointing to practical implementation factors and notes the emerging potential of hybrid models. Additionally, this study identifies critical gaps, such as the co-evolution of methods and counter-methods, and various implementation barriers.
Purpose This paper aims to investigate the challenges faced by company secretaries in complying with anti-money laundering (AML) laws and their requirements in Malaysia. The focus of the study is to analyse the understanding and compliance of the company secretaries on the duties imposed on them under the AML regime in Malaysia. Design/methodology/approach A review of existing AML guidelines, policies and compliance reports was conducted, supplemented by an analysis of the specific responsibilities of company secretaries, including Know Your Customer, customer due diligence, suspicious transactions reporting and record-keeping practices. Findings The study identifies significant gaps in compliance among company secretaries despite the established AML framework and guidelines. These gaps include technical and operational challenges, and there is a need for enhanced measures to prevent the misuse of their service’s money laundering activities. Originality/value This research offers a unique perspective on the AML compliance landscape for company secretaries and service providers, underscoring the importance of their role in establishing the corporate vehicle and their roles in combating money laundering. This paper provides practical insight for improving compliance effectiveness, contributing to the broader discourse on AML enforcement within trust company and service providers (TCSPs), including the companies’ secretaries.
