Are AI-Based Anti-Money Laundering Systems Compatible with Fundamental Rights?

2020 ◽  
Author(s):  
Winston Maxwell ◽  
Astrid Bertrand ◽  
Xavier Vamparys
Keyword(s):  
Money Laundering ◽  
Fundamental Rights

scholarly journals O crime de lavagem de dinheiro no âmbito da convenção sobre o combate a corrupção de funcionário públicos estrangeiros em transações comerciais internacionais da Organização para a Cooperação e Desenvolvimento Econômico (OCDE)

2015 ◽  
Vol 10 (2) ◽  
pp. 187
Author(s):  
Notari Bonini Notari ◽  
Rogério Gesta Leal
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Economic Cooperation ◽  
General Assumption ◽  
Fundamental Rights ◽  
Social Rights ◽  
Public Officials ◽  
Brazilian Government ◽  
Business Operations ◽  
Financial Issues

O presente artigo tem por objetivo analisar o fenômeno da corrupção e o crime de lavagem de dinheiro e a forma como vem sendo abordada essa temática no âmbito da Convenção sobre o Combate da Corrupção de Funcionários Públicos Estrangeiros em Transações Comerciais Internacionais da Organização para a Cooperação e Desenvolvimento Econômico (OCDE) e à formulação de políticas públicas para o Combate a Corrupção e a Lavagem de Dinheiro, por parte do Estado Brasileiro. A Lavagem de Dinheiro é uma das espécies de práticas corruptivas, de tal modo que esse tipo de ilícito compromete a efetivação dos direitos fundamentais, dos direitos sociais, do direito penal econômico, o Estado Democrático de Direito afetando, de forma direta, as políticas públicas tributárias em razão do cometimento de ilegalidades e delitos ligados às questões de ordem econômica, tais como, o suborno, fraudes, sonegação fiscal, propina, lavagem de dinheiro, tráfico de drogas, armas, ligados de maneira indireta, ao crime organizado. Considerando que o artigo é de natureza bibliográfica, será utilizado quanto ao método de abordagem a ser adotado no seu desenvolvimento o dedutivo, tendo pressuposto argumentos gerais (premissa maior) para argumentos particulares (premissa menor); enquanto o procedimento será analítico. Palavras chaves: Políticas Públicas Tributárias, Lavagem de Dinheiro, Corrupção de Funcionários Públicos Estrangeiros, ordem econômica, ilegalidades. MONEY LAUNDERING CRIME UNDER THE CONVENTION ON THE FIGHT AGAINST CORRUPTION OF FOREIGN public employee in the business operations of the International Organization for Economic Cooperation and Development (OECD) This article aims to analyze the phenomenon of corruption and money laundering and how it is addressing this issue under the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions of the Organization for Economic Cooperation and Economic Development (OECD) and the formulation of public policies for the Fight against Corruption and Money Laundering, by the Brazilian government. Money laundering is a kind of corrupt practices, so this type of crime committed with the observance of fundamental rights, social rights, economic criminal law, the democratic rule of law affecting directly the tax public policy because the commission of unlawful acts and crimes related to financial issues such as bribery, fraud, tax evasion, bribery, money laundering, drug trafficking, arms linked indirectly to the crime organizado.Considerando that the article is a bibliographic character , will be used as a method of approach is adopted in its deductive development, with arguments general assumption (major premise) for particular arguments (minor premise); while the procedure is analytic.

scholarly journals Challenge of Advocate’s Profession in the Age of Money Laundering, Terrorism Financing and Proliferation Evasion “Not to slip with a fragile burden!"

2021 ◽  
Vol 3 (21) ◽  
pp. 139-148
Author(s):  
Sandra Joksta
Keyword(s):  
Human Rights ◽  
Money Laundering ◽  
Fundamental Rights ◽  
European Convention ◽  
Legal Certainty ◽  
European Court ◽  
Fundamental Freedoms ◽  
Terrorism Financing ◽  
Protection Of Human Rights ◽  
Joint Connection

Ability to perform advocate’s duty is irrevocably linked to advocate’s immunity concept. The article provides an insight about the scope of advocate’s immunity concept in the age of money laundering. The purpose of it is to analyse the modern tendency to overstep the red lines guarding this concept, when applying legal enactments for money laundering evasion purposes. In the article, the judgment of 19 November 2020 in case “Klaus Mueller vs Germany” made by European Court of Human Rights, is analysed, where the issue of advocate’s immunity was considered in joint connection with the Clause 8 of the Convention for the Protection of Human Rights and Fundamental Freedoms. The sometimes-exaggerated need for transparency at all costs conflicts with privacy protection aspects of individuals. Legislative enactments of money laundering and terrorism financing and proliferation evasion systemically contradicts Law of Advocacy and causes collision with other norms of higher legal rank such as fundamental rights enshrined in the European Convention on Human Rights to fair trial and justice and rights to choose an occupation and engage in work. Keywords: advocate’s immunity concept, advocate’s rights to professional secret and confidentiality, legal certainty, money laundering and terrorism financing and proliferation evasion, principle of sound legislation, uncertain privilege.

scholarly journals Crucial Issues with Legal Protection of Consumers Human Rights when Banks unilaterally Close Accounts

2021 ◽  
Vol 7 (4) ◽  
pp. 617
Author(s):  
Aleksejs Jelisejevs
Keyword(s):  
Human Rights ◽  
Money Laundering ◽  
Legal Protection ◽  
Criminal Activity ◽  
Private Life ◽  
Fundamental Rights ◽  
Good Faith ◽  
General Idea ◽  
European Convention ◽  
Human Beings

When unilaterally closing a customer’s account due to so-called de-risking, the customer’s interests are not only ignored by the bank but their human rights, including respect for his private life and presumption of innocence, are also severely violated De facto, de-risking stigmatizes discarded consumers as being involved in criminal activity without a court conviction. As a result of the unfair account closure, both the consumer's social and psychological integrity can suffer. Their rights to establish and develop relationships with other human beings and the outside world and respect for reputation are put in jeopardy. In order to overcome the above collision of interests, this study proposes a doctrinal assessment of consumer's interests that should limit the bank's right to unilaterally terminate the contract by the systemic and teleological interpretation of regulating rules in combination with the general civil principle of good faith. By analogy with the original source of the problem, this tool has been called the “Good Faith-Based Approach". Therefore, in view of states' affirmative obligations under the European Convention on Human Rights, this research shows that the consumers' conflicting interests should take priority in legal protection until the consumer's involvement in money laundering and terrorist financing is established and proven. A certain level of restrictions imposed on the consumers' fundamental rights could be considered justifiable to prevent money laundering as long as the business relationship with the bank continues. However, when rupturing contractual relations within the de-risking paradigm, only close adherence to the good faith principles can guarantee that the bank's rights are not applied by the bank formally and unreasonably, that is, against the sense, meaning, and goals established by the regulating authorities or contrary to the general idea of law. Keywords: Good faith, De-risking, Bank account closure, Unilateral termination of contract, Human rights

scholarly journals The Evolving EU Anti-Money Laundering Regime

2016 ◽  
Vol 23 (2) ◽  
pp. 261-293 ◽  
Author(s):  
Valsamis Mitsilegas ◽  
Niovi Vavoula
Keyword(s):  
Private Sector ◽  
Money Laundering ◽  
Task Force ◽  
Legal Framework ◽  
Fundamental Rights ◽  
The European Union ◽  
Global Standards ◽  
Financial Intelligence ◽  
The Impact ◽  
Terrorist Finance

Over the past twenty-five years, the European Union has developed a far-reaching legal regime aimed at countering money laundering. The evolution of this regime has been linked inextricably with the parallel development of global standards in the field, most notably by the Financial Action Task Force on Money Laundering (FATF). This article will critically evaluate the content of EU anti-money laundering law, by putting forward a comprehensive typology of the EU anti-money laundering regime as outlined in the successive EU Anti-Money Laundering Directives and consisting of three elements: the criminalization of money laundering and terrorist finance; the prevention of money laundering via the imposition of a series of duties on the private sector; and the focus on financial intelligence, via the establishment and co-operation of financial intelligence units responsible for receiving and analysing reports received from the private sector. The article will examine the evolution of EU law as regards all elements of anti-money laundering law, by focusing in particular on the changes brought forward by the post-Lisbon Fourth Money Laundering Directive. The article will cast light on the influence of the FATF in shaping these standards and will highlight the impact of the ever expanding EU anti-money laundering legal framework on fundamental rights and the rule of law.

A critical analysis of the effects of the Central Bank of Nigeria foreign exchange policy on financial inclusion, anti-money laundering measures and fundamental rights

2017 ◽  
Vol 20 (4) ◽  
pp. 417-427
Author(s):  
Ehi Eric Esoimeme
Keyword(s):  
Human Rights ◽  
Central Bank ◽  
Foreign Exchange ◽  
Money Laundering ◽  
Financial Stability ◽  
Oil Prices ◽  
Fundamental Rights ◽  
Financial Inclusion ◽  
Content Type ◽  
Fair Balance

Purpose Following the drop in crude oil prices from a peak of US$114 per barrel in July 2014 to as low as US$33 per barrel in January 2016, the country’s reserves have suffered great pressure from speculative attacks, round tripping and front loading activities by actors in the foreign exchange (forex) market. The fall in oil prices also implied that the Central Bank of Nigeria’s (CBN) monthly foreign earnings had fallen from as high as US$3.2bn to current levels of as low as US$1bn. The net effect of these combined forces unfortunately is the depletion of the nation’s forex reserves. As of June 2014, the stock of forex reserves stood at about US$37.3bn but has declined to around US$28.0bn as of today. To avoid further depletion of reserves, the CBN adopted a number of policies including the prioritisation of the most critical needs for forex. This paper aims to critically analyse the effects of these policies on financial inclusion, anti-money laundering (AML) measures and human rights. Its aim is also to determine whether CBN’s Forex Policy does strike a fair balance between financial stability, inclusion, AML measures and human rights. Design/methodology/approach This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. Findings This paper determined that the CBN forex policy does not strike a fair balance between financial stability, inclusion, AML measures and human rights. Research limitations/implications This paper focuses on the effect of the most recent CBN Forex Policies on financial inclusion, AML measures and human rights. It does not address the older policies. Also, it does not address other vulnerable groups like low-income households. Its focus is on the under-served group. Originality/value While many have written papers on CBN’s forex policies, none of those papers critically analysed the effects of these policies on financial inclusion, AML and fundamental rights. The Lagos Chamber of Commerce and Industry, for example, analysed the impact of these polices on the financial services sector; the manufacturing sector; food and household products; tyre and rubber industry; pharmaceutical sector, oil and gas sector; free trade zone sector; furniture manufacturers; and foam manufacturers. It made no mention of inclusion, money laundering and fundamental rights. Also, Vincent Haruna analysed the effect of these policies on Nigerians, particularly those engaged in international trade, and those who have children studying abroad. He neither specifically addressed financial inclusion nor did he make any mention of human rights and money laundering.

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