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课上使用课件
Research Project 2023 S2 Tutor：Sophia 悉大补习小管家微信 悉大技能分享视频号
【补习｜升学续签｜CFA｜CPA｜求职】
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Part 1. 格式 ............................................................................................................................... 4
Part 2. 内容 ............................................................................................................................... 5
【补习｜升学续签｜CFA｜CPA｜求职】
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导师介绍:
u RMIT EFM 商科PhD在读
u Monash Master of Business GPA 3.6
u Pennsylvania State University Dean’s List –经济专业
u 多⻔商科科⽬（商法，公司法，市场营销，国际商业…) 取得 HD
u ⽂科科⽬（传播，⼼理学…）取得90分以上成绩
u PTE 85/90 ⽂科⼤神
u AP Psychology 满分五分
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Part 1. 格式
• This assessment is a GROUP research assignment. ⼩组研究任务
o Students will form a group of 5-6 students. 5-6⼈的⼩组
o Students must complete ONE of the research questions that are listed below.
完成下⾯列出的⼀个研究问题
• The research paper is worth 40% of your total grade. 占总成绩的40%
o Students should write a TOTAL of 3,000 words. 总共3000字的⽂章
o This does NOT include REFERENCES (e.g., bibliography, in-text references, footnotes).
o up to 4,000 words of written text, plus any additional reference pages.
不包括参考⽂献（例如，书⽬、⽂本中的参考⽂献、脚注）。如果你写的字数超过3,0
00字（不包括参考⽂献, 最多4000字的书⾯⽂字，加上任何额外的参考⻚
• The font should be TIMES NEW ROMAN (size 12) and in Microsoft Word format. TIMES
NEW ROMAN（12号），并采⽤Microsoft Word格式
• Students should be selective in the material that they use and ensure that is both
材料对回答问题有意义和相关性
o SIGNIFICANT and RELEVANT to answering the question. This assignment is a RESEARCH
exercise. 研究性练习
o at least THREE reliable ACADEMIC SOURCES in their assignments, namely academic
journal articles or books, including the compulsory academic source on the topic that you have
chosen.
三个可靠的学术来源，即学术期刊⽂章或书籍，包括关于你所选主题的必读学术来源
o Note that the sourcebook/textbook and PowerPoints are not counted as an academic source.
资料书/教科书和PowerPoints不被算作学术来源
o It is necessary for students to read and use the compulsory text in answering the research
question. If a group does not expressly use a compulsory text, the maximum mark is 50% of
the total mark, i.e., 20 marks.
有必要阅读和使⽤必读⽂本。如果⼀个⼩组没有明确使⽤必修课⽂，最⾼分是总分的5
0%，也就是20分
• You must be careful to not copy from any source without giving full acknowledgement of the
source. You should give proper referencing, i.e., use the Harvard system of referencing, or the
APA system of referencing. This may mean you give in-text referencing.
适当的参考⽂献，即使⽤哈佛系统，或APA参考⽂献系统
o It is important that, when you have decided on a citation style, you are consistent and keep
within the rules of the citation style. 保持⼀致，并遵守引证⻛格的规则。
o A group should not copy another group’s works, since this will be considered plagiarism.
Serious penalties may apply to cases of plagiarism, including failure of the subject.
• DUE DATE: This research paper must be submitted through TURNITIN by FRIDAY 20TH
OCTOBER 2023 at 11.59 pm (one minute to twelve noon – SYDNEY TIME).
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10⽉20⽇星期五中午 11点59分
Part 2. 内容
1. “Ransomware is a cyber-crime that cannot be prevented. Therefore, countries should focus
their resources on investigating and prosecuting cybercriminals who engage in ransomware.”
Do you agree with this opinion. You must give reasons for your answer. Discuss the opinion
by providing a comparative study of the experience of the United States and at least 1 other
country/ jurisdiction in combatting ransomware.
Compulsory Source
Lubin, Asaf. “The Law and Politics of Ransomware.” SSRN Scholarly Paper. Rochester, NY,
August 4, 2022. https://papers.ssrn.com/abstract=4181964.
• The article discusses regulatory challenges associated with ransomware prevention and
explores the core causes for limited criminalization, prosecution, and international
cooperation that have exacerbated this wicked cybersecurity problem.
• The article examines forensic, managerial, jurisdictional, informational, and resource
allocation challenges that have plagued the fight against digital extortions in the global
commons.
• To address these challenges, the article makes a case for the international
criminalization of ransomware.
• The article claims that most ransomware attacks are already criminalized under existing
international law.
• The article portrays the criminalization of ransomware as a “fourth generation” in the
outlawry of Hostis Humani Generis (enemies of mankind) by drawing on historical
analysis.
• The article demonstrates various opportunities that could arise from treating
ransomware gangs as international criminals subject to universal jurisdiction.
• The article focuses on three immediate consequences that could arise from such
international criminalization: (1) expanding policies for naming and shaming harboring
states, (2) authorizing extraterritorial cyber enforcement and prosecution, and (3)
advancing strategies for strengthening cybersecurity at home.
结构outline
1. Introduction
Þ what is ransomware, influence and impact?
2. Ransomware: challenges
3. Agree or disagree, why?
4. A comparative study of the experience of the United States and other country
5. Conclusion
Sample research source:
1. Beaman, C., Barkworth, A., Akande, T. D., Hakak, S., & Khan, M. K. (2021).
Ransomware: Recent advances, analysis, challenges and future research directions.
Computers & Security, 111, 102490.
https://doi.org/https://doi.org/10.1016/j.cose.2021.102490
in this paper, we explored recent advances in ransomware prevention and detection and
highlighted future research challenges and directions.
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2. Yaqoob, I., Ahmed, E., Rehman, M. H. u., Ahmed, A. I. A., Al-garadi, M. A., Imran, M.,
& Guizani, M. (2017). The rise of ransomware and emerging security challenges in the
Internet of Things. Computer Networks, 129, 444-458.
https://doi.org/https://doi.org/10.1016/j.comnet.2017.09.003
With the increasing miniaturization of smartphones, computers, and sensors in the Internet of
Things (IoT) paradigm, strengthening the security and preventing ransomware attacks have
become key concerns. Traditional security mechanisms are no longer applicable because of
the involvement of resource-constrained devices, which require more computation power and
resources.
Agree or Disagree?
1. https://www.pbs.org/newshour/nation/why-ransomware-attacks-are-on-the-rise-and-what-
can-be-done-to-stop-them
Agree- ransomware attacks rose by 62 percent worldwide, and by 158 percent in North
America alone, according to cybersecurity firm SonicWall’s 2021 report. The FBI received
nearly 2,500 ransomware complaints in 2020, up about 20 percent from 2019, according to its
annual Internet Crime Report. The collective cost of the ransomware attacks reported to the
bureau in 2020 amounted to roughly $29.1 million, up more than 200 percent from just $8.9
million the year before.
Disagree:
2. https://www.upguard.com/blog/best-practices-to-prevent-ransomware-attacks#toc-1
Because technology is constantly evolving, it's important to follow basic cybersecurity
practices and stay proactive, so that you'll never put yourself or your business at risk of any
ransomware threats.
Comparative of countries
US:
How the United States Can Deter Ransomware Attacks | RAND
FACT SHEET: Ongoing Public U.S. Efforts to Counter Ransomware - The White House
The US government has launched a new strategy to combat ransomware attacks that includes
a range of measures such as increasing international cooperation, improving incident
response capabilities, and enhancing cyber security awareness and education. The strategy
also includes measures to disrupt ransomware operations and hold perpetrators accountable
through law enforcement actions.
Australia:
chrome-
extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.homeaffairs.gov.au/cyber-
security-subsite/files/tackling-ransomware-threat.pdf
The Australian Government developed and launched Australia’s Cyber Security Strategy
2020 last year.
Significant initiatives since then have included consultation and subsequent introduction into
Parliament of legislation to boost the cyber defences of Australia’s critical infrastructure and
systems of national significance.
The Federal Government will make the nation’s largest ever investment in cyber security,
with $1.67 billion to build new cybersecurity and law enforcement capabilities.
The government aims to protect essential services upon which we all depend, assist
businesses to protect themselves and raise the community’s understanding of how to be
secure online.
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2. “The Risk-Based Approach (RBA) should be abandoned because it has not been effective
in deterring money laundering or the financing of terrorism. A rules-based approach to
Money Laundering and Terrorist Financing is simpler, more efficient and effective.”
Do you agree with this opinion. You must give reasons for your answer. Discuss the opinion
by referring to the RBA which has been applied to two sectors of the economy, including the
real estate market.
Compulsory Source
FATF (2022), Guidance for a Risk-Based Approach to the Real Estate Sector, FATF, Paris.
Available at www.fatf-gafi.org/publications/documents/Guidance-RBA-Real- Estate-
Sector.html
The majority of comments and input focused on:
The need for greater clarity in Guidance regarding its applicability to the real estate sector, as
well as related professions (lawyers, notaries and financial institutions);
Requesting FATF to ensure the further harmonisation of AML/CFT requirements so that the
sector may operate with greater certainty across borders;
Calls for a de facto and more effective implementation of the FATF risk-based approach;
Calls for greater reach of FATF recommendations, namely the application of R22 and R23 to
broader real estate activities such as property development, leasing and others, which are
currently not directly targeted by the Standards.
结构 outline
1. Introduction
what is risk-based approach ?
2. Risk-based Approach and Rules-based approach difference and similarities
3. Agree or disagree, why?
4. Discussion of RBA has been applied to two sectors of the economy
5. Conclusion
Sample research source:
1. Simonova, A. (2011). The risk‐based approach to anti‐money laundering: problems and
solutions. Journal of Money Laundering Control, 14(4), 346-358.
https://doi.org/10.1108/13685201111173820
• failure to develop adequate risk‐based AML systems, taking into account varying levels of money
laundering risk, is not only to be considered in the context of legal risk but also and more importantly
in the context of integrity risk; anti‐money laundering (AML) has to be made part of financial and
non‐financial institutions' corporate social responsibility policies
Risk-based Approach and Rules-based
1. Ai, L. (2012). “Rule‐based but risk‐oriented” approach for combating money laundering in
Chinese financial sectors. Journal of Money Laundering Control, 15(2), 198-209.
https://doi.org/10.1108/13685201211218225
• This paper compares the differences between rule‐based approach and risk‐based approach (RBA),
and provides different options to financial institutions considering their own circumstances.
Findings This paper finds that capacity constraint is an issue for directly transplanting the RBA
performed by developed countries to Chinese financial institutions.
Agree and Disagree
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1. Ross, S., & Hannan, M. (2007). Money laundering regulation and risk‐based decision‐
making. Journal of Money Laundering Control, 10(1), 106-115.
https://doi.org/10.1108/13685200710721890
• The current emphasis in anti‐money laundering (AML)/ counter terrorist financing (CTF) regulation
on “risk‐based” strategies means that regulatory, law enforcement and reporting agencies need to
respond to money laundering and terrorist‐financing threats in ways that are proportionate to the
risks involved. However, the way that risk is conceptualized remains vague, and the requirements
on agencies imposed by the risk‐based approach involve a significant element of uncertainty.
Discussion of RBA, sectors application
• Real estate (compulsory source)
• Finance- Risk-Based Approach (RBA)
countries, competent authorities, and banks identify, assess & understand the money laundering &
terrorist financing risk to which they are exposed, & take the appropriate mitigation measures in
accordance with the level of risk
national level, RBA is applied through development of a national ML/TF risk assessment.
supervisory level, RBA is applied by national supervisors in development of regulations, guidance on
risks
bank level, RBA is developed & applied through knowledge of customers, businesses, products &
services
AML/CTF Act 的范围
Applies to any person who provides service listed in section 6 of the Act because pose a risk of ML
and/or TF (reporting entity) : Financial services, bullion & gambling & digital currency exchange
sectors
Two Tranches
First Tranche (implemented) – 16,435 persons
Applies to financial services sector providing designated services & businesses already subject to
AML/CTF regulation as cash dealers under Financial Transaction Reports Act 1988 (Cth) 适⽤于提
供指定服务的⾦融服务部⻔和已经作为现⾦交易商受到反洗钱/反恐融资监管的企业
Suspicion matter report
‘Any transaction which causes a feeling of apprehension or mistrust about transaction considering its
unusual nature or circumstances or, person or group of persons with whom they are dealing, & based
on bringing together of all relevant factors including knowledge of person or persons’ business or
background (as well as behavioural factors), should be reported as a suspect transaction’
(AUSTRAC ) 考虑到交易的不寻常性质或情况，或与之交易的个⼈或团体，并根据所有相关因
素，包括对个⼈或个⼈的业务或背景的了解（以及⾏为因素），对交易产⽣忧虑或不信任感的
任何交易都应作为可疑交易报告
3. “The Financial Action Task Force (FATF) has mandated under Recommendation 24 that
all jurisdictions have laws disclosing the beneficial ownership of companies. Australia has
failed to comply with the FATF Standards on beneficial ownership of companies because
they are impractical and ineffective in preventing financial crimes, such as tax evasion.”
Do you agree with this opinion? You must give reasons for your answer and discuss the laws
and policies on beneficial ownership in relation to 2 or more countries, including Australia.
Compulsory Source
Australian Government (2022), Multinational Tax Integrity: Public Beneficial Ownership
Register, Consultation Paper, Department of Treasury, Canberra. Available at
https://treasury.gov.au/consultation/c2022-322265
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• The Tax Institute has submitted a response to Treasury’s consultation paper on
Multinational tax integrity: Public Beneficial Ownership Register.
• The Tax Institute has several concerns with the proposed policy and implementation of a
beneficial ownership register (BO register) as outlined in the Consultation Paper.
• In particular, members have expressed apprehension at the proposal to require public
disclosure of personal information in this way.
• Disclosure to, and use by, authorised government agencies may assist in the stated
objectives in the Consultation Paper.
• However, The Tax Institute considers that the public disclosure of this personal
information significantly increases the likelihood of it being abused and could potentially
result in individuals being the target of identity theft, fraud, financial and personal crimes.
• Further, the practical application of the proposal is far broader than the stated policy
intent of ‘ensuring multinational enterprises (MNEs) pay a fairer share of tax’.
• In practice, the proposal is likely to impact small businesses, privately owned groups and
not-for-profit organisations (NFPs).
• It is unclear how this achieves the stated objective of increasing MNE tax transparency.
• The Tax Institute is of the view that the proposal should not apply to NFPs and only apply
to private groups once a central, government operated register has been established.
• If Government’s intention is to require all Australian businesses to disclose their
beneficial ownership, this should be explicitly stated.
• This will ensure all entities that are likely to be affected understand the proposed
obligations and have the opportunity to consider their impacts.
• Alternatively, the measure should be limited to the entities that fall within the intended
policy scope.
结构 outline
1. Introduction
what is Beneficial Ownership?
2. FATF Standards on beneficial ownership of companies
3. Agree or disagree, why Australia has been ineffective in enforcing these?
4. Laws and policies on beneficial ownership in relation to 2 or more countries, including
Australia
5. Conclusion
Sample research source:
FATF Standards
1. Ginting, J., & Chairunissa, A. T. (2021). ADOPTING THE FINANCIAL ACTION TASK
FORCE (FATF) RECOMMENDATIONS IN REALIZING BENEFICIAL OWNERS
TRANSPARENCY IN LIMITED COMPANIES TO PREVENT MONEY LAUNDERING
CRIMINAL ACTS IN INDONESIA. Journal of Legal, Ethical and Regulatory Issues, suppl.
Special Issue 4, 24, 1-15.
https://login.ezproxy.lib.rmit.edu.au/login?url=https://www.proquest.com/scholarly-
journals/adopting-financial-action-task-force-fatf/docview/2573888307/se-
2?accountid=13552
The Government is promoting transparency on the Beneficiary of Limited Liability
Companies in Indonesia in preventing and eradicating money laundering and terrorism
financing. This is done to prevent and eradicate Limited Liability Companies as a tool used to
carry out money laundering activities. The non-exposure of the Beneficiary is used to take
action that fulfills all elements of money laundering. Prevention and eradication are carried
out by issuing regulations that require transparency of the identity of the Beneficiary, namely
Presidential Regulation Number 13 of 2018, which was born based on the recommendation
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of the 24th Financial Action Task Force (FATF), Transparency and Beneficiary of Legal
Entities.
Agree or disagree.
1. https://jws.com.au/insights/articles/2017-articles/transparency-on-the-beneficial-
ownership-of-compan
Current law
Under the Corporations Act 2001 (Cth) (Corporations Act), generally all companies other
than listed companies are required to record whether a member holds its shares beneficially,
or not, in its register of members. However, there is no requirement to disclose the identity of
any beneficial holder.
The requirements for listed Australian companies are more onerous. A person must notify the
company and the ASX if they (together with any associates) hold a “relevant interest” in five
per cent or more of the total number of votes attached to voting shares in the company. This
concept of “relevant interest” is defined broadly in section 608 of the Corporations Act to
include persons with the “power to exercise, or control the exercise of” voting rights
indirectly by means of a trust, agreement or practice.
Laws and policies on BO of other country
1. Gilmour, P. M. (2020). Lifting the veil on beneficial ownership. Journal of Money
Laundering Control, 23(4), 717-734. https://doi.org/10.1108/JMLC-02-2020-0014
This study demonstrates that a lack of beneficial ownership transparency facilitates money
laundering by concealing corrupt wealth and frustrating authorities’ efforts to trace illicit
finance.
Better intergovernmental cooperation is required to improve beneficial ownership
transparency and to ensure measures to curb offshore money laundering are successful.
4. Anti-Money Laundering and Professionals
“There is little, if any, justification for the FATF Standard that require lawyers to report
suspicious transactions about their clients or otherwise enact comprehensive Anti-Money
Laundering regulation of lawyers.”
Do you agree with this statement? You must give reasons for your answer. In answering the
question, you must refer to 2 or more countries, including one country that has not adequately
implemented the FATF Standard (e.g. United States, Australia) and one country that has
complied with the Standard (e.g. member of the European Union, United Kingdom) in
relation to Designated non- financial Businesses and Professions (DNFBPs).
Compulsory Source
Michael Levi (2022) Lawyers as money laundering enablers? An evolving and contentious
relationship’, Global Crime, 23:2, 126-146. Available at
https://doi.org/10.1080/17440572.2022.2089122
• The article critically considers the available evidence about the involvement of lawyers in
elite money laundering and attempts to control their involvement.
• Lawyers’ lobbying and drafting laws are in addition to their normal focus of using expert
knowledge and legal professional privilege/professional secrecy to facilitate frauds and
to conceal the criminal origins of the funds of others.
• In few known laundering-for-others cases, there is much evidence that lawyer assistance
goes beyond doing their normal business: setting up constructions for clients that avoid
external scrutiny is usually legal.
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• It is implausible to fully resolve the extent to which lawyer ‘enablers’ are, respectively,
naive, negligent, wilfully blind and/or intentionally criminal.
• Within-firm supervision and both real and expected regulatory/criminal
justice/reputational controls may have an impact, but the evidence base for assessing
control effectiveness remains weak.
结构 outline
1. Introduction
FATF standard on anti-money laundering regulation
2. Current issues with suspicious transaction report with lawyers
3. Agree or disagree, is there justification for the FATF Standard that require lawyers to
report suspicious transactions about their clients?
4. Refer to 2 countries
5. Conclusion
Sample research source:
Issues with lawyers reporting
1. Schneider, S. (2006). Testing the limits of solicitor‐client privilege. Journal of Money
Laundering Control, 9(1), 27-47. https://doi.org/10.1108/13685200610645201
• Lawyers are implicated in money laundering (both wittingly and unwittingly) primarily through
their role as an intermediary in a commercial or financial transaction. In the majority of these cases,
lawyers were facilitating a real property transaction by an individual engaged in drug trafficking.
Lawyers were also used by offenders or their nominees to incorporate companies, purchase
securities, and conduct bank transactions, including those pertaining to legal trust accounts.
Agree or disagree?
1. Levi, M. (2021). Making sense of professional enablers’ involvement in laundering
organized crime proceeds and of their regulation. Trends in Organized Crime, 24(1), 96-110.
https://doi.org/10.1007/s12117-020-09401-y
• Money laundering has ascended the enforcement and criminological agenda in the course of this
century and has been accompanied by an increased focus on legal professionals as ‘enablers’ of
crime. This article explores the dynamics of this enforcement, media and political agenda, and how
the legal profession has responded in the UK and elsewhere, within the context of ignoring the
difficulties of judging the effectiveness of anti-money laundering.
Refer to 2 countries
1. https://www.fatf-gafi.org/en/publications/Mutualevaluations/Mer-united-kingdom-
2018.html
The UK is the largest financial services provider in the world. As a result of the exceptionally
large volume of funds that flows through its financial sector, the country also faces a
significant risk that some of these funds have links to crime and terrorism. This is reflected
in the country’s strong understanding of these risks, as well as national AML/CFT policies,
strategies and proactive initiatives to address them.
The UK aggressively pursues money laundering and terrorist financing investigations and
prosecutions, achieving 1400 convictions each year for money laundering. UK law
enforcement authorities have powerful tools to obtain beneficial ownership and other
information, including through effective public-private partnerships, and make good use of
this information in their investigations.
The UK’s overall AML/CFT regime is effective in many respects. It needs to address certain
areas of weakness, such as supervision and the reporting and investigation of suspicious
transactions.
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5. PEP Regulation and Corruption
“Global Anti-Money Laundering (AML) regulation of Political Exposed Persons (PEPs) has
failed to deter the misuse of the financial system by corrupt PEPs. It is too easy for PEPs to
conceal their identity and their beneficial ownership of companies. The solution is to ban all
foreign PEPs from having bank accounts.”
Do you agree with this opinion? You must give reasons for your answer. In answering the
question, you should discuss how 2 or more countries, including the United States of
America, have dealt with PEPs under their AML laws.
Compulsory Source:
Kang, Sungyong (2018) Rethinking the Global Anti-money Laundering Regulations to Deter
Corruption, International and Comparative Law Quarterly vol 67, July 2018, pp 695-720.
Available https://ssrn.com/abstract=3430159
• Global anti-money laundering (AML) regulations aim to detect and deter corrupt
‘politically exposed persons (PEPs)’ but have caused tremendous collateral damage to
many innocent PEPs, particularly foreign PEPs.
• Financial institutions have voluntarily terminated the accounts of foreign PEPs due to
significant compliance costs of identifying and managing accounts of foreign PEPs
coupled with an increased risk of serious fines against compliance failures.
• Global AML regulations could avoid the collateral damage while maximising the
deterrence of corruption if high degrees of coordination along two dimensions are
satisfied, namely, transborder coordination and coordination between public
enforcement entities and private actors.
• The cornerstone change made in 2012 to fulfil the first dimension was the inclusion of
domestic PEPs in the FATF Recommendations.
• Full coordination along both dimensions would reduce the tremendous compliance costs
and difficulties in identifying PEPs as well as the risk of serious fines for compliance
failures.
结构 outline
1. Introduction
AML and PEP
2. Current issues with PEP and money laundering
3. Agree or disagree, is it easy for PEP to hide their identity, should they be banned from
having bank account?
4. Refer to 2 countries
5. Conclusion
Sample research source:
PEP and money laundering
1. Canestri, D. (2019). Politically exposed entities: how to tailor PEP requirements to PEP
owned legal entities. Journal of Money Laundering Control, 22(2), 359-372.
https://doi.org/10.1108/JMLC-06-2018-0042
• The paper defines the concept of politically exposed entities and the applicable due diligence
framework. Anticipating legislative measures, it proposes to introduce this concept via best
practices of financial institutions and private banking initiatives such as the Wolfsberg Group.
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2. Raymond Choo, K. K. (2008). Politically exposed persons (PEPs): risks and mitigation.
Journal of Money Laundering Control, 11(4), 371-387.
https://doi.org/10.1108/13685200810910439
• It was found that there is a need to harmonise legally enforceable obligations targeting PEPs. PEP
monitoring, arguably, should be extended to individuals holding prominent public functions in their
own jurisdictions, individuals exercising functions not normally considered prominent but who have
political exposure comparable to that of similar positions at a prominent level, and individuals
holding important positions in private sectors such as CEOs of listed companies.
Agree or disagree?
1. https://www.aic.gov.au/publications/tandi/tandi386
• They have a higher risk of corruption due to their access to state accounts and funds. A review of
Financial Action Task Force (FATF) and FATF-style regional bodies' mutual evaluation reports
reveals that a significant number of jurisdictions are found to be either non-compliant or partially-
compliant with the FATF recommendation on PEPs. Corrupt PEPs may exploit the regulatory
difference between jurisdictions to facilitate the laundering of corruption proceeds and/or illegally
diverted government, supranational or aid funds. To combat money laundering risks posed by PEPs,
there is a need for ongoing monitoring of risks by regulated entities.
2. https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/pep-corruption-
schidlow/
Identifying PEP spending patterns as vehicle to launder money;
monitoring negative news; and
using data analytics to reduce false positives.
Refer to 2 countries
1. US
https://namescan.io/coverages/usa
Bank Secrecy Act (BSA)
The Bank Secrecy Act (BSA) of the United States is the earliest and most severe anti-money
laundering and counter-terrorist financing (AML/CFT) legislation in the country's history.
Bank Secrecy Act (BSA): The BSA gives the Secretary of the Treasury the authority to issue
regulations requiring banks and other financial institutions to take precautions against
financial fraud, such as the implementation of anti-money laundering (AML) schemes that
provide adequate consumer due diligence (CDD), monitoring, reporting, and record-keeping.
Core Recommendations
SUPERVISION & PREVENTION
Creation of financial intelligence unit (FIU) & regulator 建立⾦融情报单位和监管机构
Supervise financial institutions & other reporting entities to ensure compliance with customer due
diligence (CDD) & other preventative measures 监督⾦融机构和其他报告实体，确保遵守客户尽
职调查和其他预防措施
Implement measures relating to politically exposed persons (PEPs) 实施与政治⼈物有关的措施
CRIMINALISATION & CONFISCATION
Criminalise money laundering & terrorist financing 将洗钱和资助恐怖主义的⾏为定为犯罪
Confiscate proceeds of crime 没收犯罪所得
Freeze terrorist assets & implement measures relating to proliferation financing 冻结恐怖分⼦的资
产，并实施与资助扩散有关的措施
INTERNATIONAL COOPERATION
Cooperative effectively with other countries
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2. Africa
Oke, T. (2016). Money laundering regulation and the African PEP: case for tougher civil
remedy options. Journal of Money Laundering Control, 19(1), 32-57.
https://doi.org/10.1108/JMLC-01-2015-0001
• The paper makes an important, significant and persuasive argument for a kind of paradigm shift in
the approach to fighting corruption by PEPs in Africa specifically …. It is quite creative in
deciphering a major root cause of the ineffectiveness in most of Africa of criminal sanction as an
anti-corruption weapon, and in pressing trust law and the principles of fiduciary obligation into the
service of thinking through the reinvigoration of the legal battle against corruption in Africa.
6. Digital Currencies Regulation and Financial Sanctions
“Digital currencies provide the easiest method for evading financial sanctions, whether those
sanctions are imposed by the United Nations Security Council or are unilateral sanctions
imposed by countries, such as the United States. However, in the real-world digital currencies
are not as important as fiat currencies in their utility to evade sanctions.”
Do you agree with this opinion? You must give reasons for your answer. In answering the
question, you should discuss both the UN Security Council and the United States’ unilateral
sanctions regimes.
Compulsory Source:
Wronka, Christoph, Digital currencies and economic sanctions: the increasing risk of
sanction evasion, Journal of Financial Crime, Vol 29 No 4 2022 pp 1269-1282
• The paper discusses the effect of digital currencies on economic sanctions with the focus being
on the increasing risk of sanction evasion.
• digital currencies have significantly increased the risk of sanction evasion because they
facilitate the anonymous or pseudonymous conduct of international commercial transactions,
which are hard or impossible to detect and track.
结构 outline
1. Introduction
Digital currency
2. Digital currency and evading financial sanctions
3. Agree or disagree, is it easy to use digital currency to evade sanctions or fiat currencies ?
4. Refer to UN Security Council and US unilateral sanctions regimes
5. Conclusion
Sample research source:
Digital currency and evading financial sanctions.
1. Wronka, C. (2022). Digital currencies and economic sanctions: the increasing risk of
sanction evasion. Journal of Financial Crime, 29(4), 1269-1282.
• digital currencies have significantly increased the risk of sanction evasion. This is because they
facilitate the anonymous or pseudonymous conduct of international commercial transactions, which
are hard or impossible to detect and track.
2. Blakstad, S., & Allen, R. (2018). Central Bank Digital Currencies and Cryptocurrencies. In
S. Blakstad & R. Allen (Eds.), FinTech Revolution: Universal Inclusion in the New Financial
Ecosystem (pp. 87-112). Springer International Publishing. https://doi.org/10.1007/978-3-
319-76014-8_5
• The primary driver for this initiative appears to be to circumvent US-led financial sanctions
and its ability to move money through international banks
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Agree or disagree, Fiat currencies/ digital currencies.
1. https://www.raconteur.net/finance/cryptocurrency/why-sanctions-evaders-cant-hide-in-
cryptocurrency/
• “Cryptocurrency, in some ways, is no different than traditional finance,” says Sauter. “Law-abiding
cryptocurrency exchanges and other services that are potential on-ramps and off-ramps for crypto
are aware of who those sanctions apply to; just like any traditional compliant bank, would not allow
those sanctioned entities to move their funds.”
• One company that is developing blockchain and crypto monitoring tools is Chainalysis, which can
place alerts on crypto wallets that have been linked to sanctioned individuals or companies.
• “If you are a crypto exchange who is interacting directly or indirectly with a sanctioned wallet, you
will receive an alert that you’re receiving funds or someone is trying to make a transfer from a
sanctioned entity,” says Caroline Malcolm, head of policy at Chainalysis.
UN Security Council and US unilateral sanctions regimes
1. https://www.un.org/securitycouncil/content/un-sc-consolidated-list
• The Consolidated List includes all individuals and entities subject to measures imposed by the
Security Council. The inclusion of all names on one Consolidated List is to facilitate the
implementation of the measures, and neither implies that all names are listed under one regime, nor
that the criteria for listing specific names are the same. For each instance where the Security Council
has decided to impose measures in response to a threat, a Security Council Committee manages the
sanctions regime.
2. https://www.ohchr.org/en/press-releases/2023/03/united-states-efforts-use-sanctions-
expand-jurisdiction-abroad-violate-human
• “Unilateral sanctions target individuals abroad for alleged activities outside the United States,
including activities that are legal where they occur”
3. https://www.brookings.edu/testimonies/use-and-effect-of-unilateral-trade-sanctions/
• Unilateral sanctions always have some impact, both on the United States and on the target country.
U.S. sanctions have clearly weakened the economy of Cuba, slowed investment in Libya and Iran,
and hurt Pakistan, which, prior to sanctions, received substantial U.S. economic and military
assistance.
• In a global economy, unilateral sanctions tend to impose greater costs on American firms than on
the target who can usually find substitute sources of supply and financing. The impact of such
sanctions can be offset by factors beyond our control, as in the case of Iran where increases in the
price of oil more than compensated for any penalty introduced as a result of U.S. policy.
【补习｜升学续签｜CFA｜CPA｜求职】
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课上使用课件
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2
Part 1. 格式 ............................................................................................................................... 4
Part 2. 内容 ............................................................................................................................... 5
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3
导师介绍:
u RMIT EFM 商科PhD在读
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u Pennsylvania State University Dean’s List –经济专业
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u PTE 85/90 ⽂科⼤神
u AP Psychology 满分五分
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Part 1. 格式
• This assessment is a GROUP research assignment. ⼩组研究任务
o Students will form a group of 5-6 students. 5-6⼈的⼩组
o Students must complete ONE of the research questions that are listed below.
完成下⾯列出的⼀个研究问题
• The research paper is worth 40% of your total grade. 占总成绩的40%
o Students should write a TOTAL of 3,000 words. 总共3000字的⽂章
o This does NOT include REFERENCES (e.g., bibliography, in-text references, footnotes).
o up to 4,000 words of written text, plus any additional reference pages.
不包括参考⽂献（例如，书⽬、⽂本中的参考⽂献、脚注）。如果你写的字数超过3,0
00字（不包括参考⽂献, 最多4000字的书⾯⽂字，加上任何额外的参考⻚
• The font should be TIMES NEW ROMAN (size 12) and in Microsoft Word format. TIMES
NEW ROMAN（12号），并采⽤Microsoft Word格式
• Students should be selective in the material that they use and ensure that is both
材料对回答问题有意义和相关性
o SIGNIFICANT and RELEVANT to answering the question. This assignment is a RESEARCH
exercise. 研究性练习
o at least THREE reliable ACADEMIC SOURCES in their assignments, namely academic
journal articles or books, including the compulsory academic source on the topic that you have
chosen.
三个可靠的学术来源，即学术期刊⽂章或书籍，包括关于你所选主题的必读学术来源
o Note that the sourcebook/textbook and PowerPoints are not counted as an academic source.
资料书/教科书和PowerPoints不被算作学术来源
o It is necessary for students to read and use the compulsory text in answering the research
question. If a group does not expressly use a compulsory text, the maximum mark is 50% of
the total mark, i.e., 20 marks.
有必要阅读和使⽤必读⽂本。如果⼀个⼩组没有明确使⽤必修课⽂，最⾼分是总分的5
0%，也就是20分
• You must be careful to not copy from any source without giving full acknowledgement of the
source. You should give proper referencing, i.e., use the Harvard system of referencing, or the
APA system of referencing. This may mean you give in-text referencing.
适当的参考⽂献，即使⽤哈佛系统，或APA参考⽂献系统
o It is important that, when you have decided on a citation style, you are consistent and keep
within the rules of the citation style. 保持⼀致，并遵守引证⻛格的规则。
o A group should not copy another group’s works, since this will be considered plagiarism.
Serious penalties may apply to cases of plagiarism, including failure of the subject.
• DUE DATE: This research paper must be submitted through TURNITIN by FRIDAY 20TH
OCTOBER 2023 at 11.59 pm (one minute to twelve noon – SYDNEY TIME).
【补习｜升学续签｜CFA｜CPA｜求职】
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10⽉20⽇星期五中午 11点59分
Part 2. 内容
1. “Ransomware is a cyber-crime that cannot be prevented. Therefore, countries should focus
their resources on investigating and prosecuting cybercriminals who engage in ransomware.”
Do you agree with this opinion. You must give reasons for your answer. Discuss the opinion
by providing a comparative study of the experience of the United States and at least 1 other
country/ jurisdiction in combatting ransomware.
Compulsory Source
Lubin, Asaf. “The Law and Politics of Ransomware.” SSRN Scholarly Paper. Rochester, NY,
August 4, 2022. https://papers.ssrn.com/abstract=4181964.
• The article discusses regulatory challenges associated with ransomware prevention and
explores the core causes for limited criminalization, prosecution, and international
cooperation that have exacerbated this wicked cybersecurity problem.
• The article examines forensic, managerial, jurisdictional, informational, and resource
allocation challenges that have plagued the fight against digital extortions in the global
commons.
• To address these challenges, the article makes a case for the international
criminalization of ransomware.
• The article claims that most ransomware attacks are already criminalized under existing
international law.
• The article portrays the criminalization of ransomware as a “fourth generation” in the
outlawry of Hostis Humani Generis (enemies of mankind) by drawing on historical
analysis.
• The article demonstrates various opportunities that could arise from treating
ransomware gangs as international criminals subject to universal jurisdiction.
• The article focuses on three immediate consequences that could arise from such
international criminalization: (1) expanding policies for naming and shaming harboring
states, (2) authorizing extraterritorial cyber enforcement and prosecution, and (3)
advancing strategies for strengthening cybersecurity at home.
结构outline
1. Introduction
Þ what is ransomware, influence and impact?
2. Ransomware: challenges
3. Agree or disagree, why?
4. A comparative study of the experience of the United States and other country
5. Conclusion
Sample research source:
1. Beaman, C., Barkworth, A., Akande, T. D., Hakak, S., & Khan, M. K. (2021).
Ransomware: Recent advances, analysis, challenges and future research directions.
Computers & Security, 111, 102490.
https://doi.org/https://doi.org/10.1016/j.cose.2021.102490
in this paper, we explored recent advances in ransomware prevention and detection and
highlighted future research challenges and directions.
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2. Yaqoob, I., Ahmed, E., Rehman, M. H. u., Ahmed, A. I. A., Al-garadi, M. A., Imran, M.,
& Guizani, M. (2017). The rise of ransomware and emerging security challenges in the
Internet of Things. Computer Networks, 129, 444-458.
https://doi.org/https://doi.org/10.1016/j.comnet.2017.09.003
With the increasing miniaturization of smartphones, computers, and sensors in the Internet of
Things (IoT) paradigm, strengthening the security and preventing ransomware attacks have
become key concerns. Traditional security mechanisms are no longer applicable because of
the involvement of resource-constrained devices, which require more computation power and
resources.
Agree or Disagree?
1. https://www.pbs.org/newshour/nation/why-ransomware-attacks-are-on-the-rise-and-what-
can-be-done-to-stop-them
Agree- ransomware attacks rose by 62 percent worldwide, and by 158 percent in North
America alone, according to cybersecurity firm SonicWall’s 2021 report. The FBI received
nearly 2,500 ransomware complaints in 2020, up about 20 percent from 2019, according to its
annual Internet Crime Report. The collective cost of the ransomware attacks reported to the
bureau in 2020 amounted to roughly $29.1 million, up more than 200 percent from just $8.9
million the year before.
Disagree:
2. https://www.upguard.com/blog/best-practices-to-prevent-ransomware-attacks#toc-1
Because technology is constantly evolving, it's important to follow basic cybersecurity
practices and stay proactive, so that you'll never put yourself or your business at risk of any
ransomware threats.
Comparative of countries
US:
How the United States Can Deter Ransomware Attacks | RAND
FACT SHEET: Ongoing Public U.S. Efforts to Counter Ransomware - The White House
The US government has launched a new strategy to combat ransomware attacks that includes
a range of measures such as increasing international cooperation, improving incident
response capabilities, and enhancing cyber security awareness and education. The strategy
also includes measures to disrupt ransomware operations and hold perpetrators accountable
through law enforcement actions.
Australia:
chrome-
extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.homeaffairs.gov.au/cyber-
security-subsite/files/tackling-ransomware-threat.pdf
The Australian Government developed and launched Australia’s Cyber Security Strategy
2020 last year.
Significant initiatives since then have included consultation and subsequent introduction into
Parliament of legislation to boost the cyber defences of Australia’s critical infrastructure and
systems of national significance.
The Federal Government will make the nation’s largest ever investment in cyber security,
with $1.67 billion to build new cybersecurity and law enforcement capabilities.
The government aims to protect essential services upon which we all depend, assist
businesses to protect themselves and raise the community’s understanding of how to be
secure online.
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2. “The Risk-Based Approach (RBA) should be abandoned because it has not been effective
in deterring money laundering or the financing of terrorism. A rules-based approach to
Money Laundering and Terrorist Financing is simpler, more efficient and effective.”
Do you agree with this opinion. You must give reasons for your answer. Discuss the opinion
by referring to the RBA which has been applied to two sectors of the economy, including the
real estate market.
Compulsory Source
FATF (2022), Guidance for a Risk-Based Approach to the Real Estate Sector, FATF, Paris.
Available at www.fatf-gafi.org/publications/documents/Guidance-RBA-Real- Estate-
Sector.html
The majority of comments and input focused on:
The need for greater clarity in Guidance regarding its applicability to the real estate sector, as
well as related professions (lawyers, notaries and financial institutions);
Requesting FATF to ensure the further harmonisation of AML/CFT requirements so that the
sector may operate with greater certainty across borders;
Calls for a de facto and more effective implementation of the FATF risk-based approach;
Calls for greater reach of FATF recommendations, namely the application of R22 and R23 to
broader real estate activities such as property development, leasing and others, which are
currently not directly targeted by the Standards.
结构 outline
1. Introduction
what is risk-based approach ?
2. Risk-based Approach and Rules-based approach difference and similarities
3. Agree or disagree, why?
4. Discussion of RBA has been applied to two sectors of the economy
5. Conclusion
Sample research source:
1. Simonova, A. (2011). The risk‐based approach to anti‐money laundering: problems and
solutions. Journal of Money Laundering Control, 14(4), 346-358.
https://doi.org/10.1108/13685201111173820
• failure to develop adequate risk‐based AML systems, taking into account varying levels of money
laundering risk, is not only to be considered in the context of legal risk but also and more importantly
in the context of integrity risk; anti‐money laundering (AML) has to be made part of financial and
non‐financial institutions' corporate social responsibility policies
Risk-based Approach and Rules-based
1. Ai, L. (2012). “Rule‐based but risk‐oriented” approach for combating money laundering in
Chinese financial sectors. Journal of Money Laundering Control, 15(2), 198-209.
https://doi.org/10.1108/13685201211218225
• This paper compares the differences between rule‐based approach and risk‐based approach (RBA),
and provides different options to financial institutions considering their own circumstances.
Findings This paper finds that capacity constraint is an issue for directly transplanting the RBA
performed by developed countries to Chinese financial institutions.
Agree and Disagree
【补习｜升学续签｜CFA｜CPA｜求职】
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1. Ross, S., & Hannan, M. (2007). Money laundering regulation and risk‐based decision‐
making. Journal of Money Laundering Control, 10(1), 106-115.
https://doi.org/10.1108/13685200710721890
• The current emphasis in anti‐money laundering (AML)/ counter terrorist financing (CTF) regulation
on “risk‐based” strategies means that regulatory, law enforcement and reporting agencies need to
respond to money laundering and terrorist‐financing threats in ways that are proportionate to the
risks involved. However, the way that risk is conceptualized remains vague, and the requirements
on agencies imposed by the risk‐based approach involve a significant element of uncertainty.
Discussion of RBA, sectors application
• Real estate (compulsory source)
• Finance- Risk-Based Approach (RBA)
countries, competent authorities, and banks identify, assess & understand the money laundering &
terrorist financing risk to which they are exposed, & take the appropriate mitigation measures in
accordance with the level of risk
national level, RBA is applied through development of a national ML/TF risk assessment.
supervisory level, RBA is applied by national supervisors in development of regulations, guidance on
risks
bank level, RBA is developed & applied through knowledge of customers, businesses, products &
services
AML/CTF Act 的范围
Applies to any person who provides service listed in section 6 of the Act because pose a risk of ML
and/or TF (reporting entity) : Financial services, bullion & gambling & digital currency exchange
sectors
Two Tranches
First Tranche (implemented) – 16,435 persons
Applies to financial services sector providing designated services & businesses already subject to
AML/CTF regulation as cash dealers under Financial Transaction Reports Act 1988 (Cth) 适⽤于提
供指定服务的⾦融服务部⻔和已经作为现⾦交易商受到反洗钱/反恐融资监管的企业
Suspicion matter report
‘Any transaction which causes a feeling of apprehension or mistrust about transaction considering its
unusual nature or circumstances or, person or group of persons with whom they are dealing, & based
on bringing together of all relevant factors including knowledge of person or persons’ business or
background (as well as behavioural factors), should be reported as a suspect transaction’
(AUSTRAC ) 考虑到交易的不寻常性质或情况，或与之交易的个⼈或团体，并根据所有相关因
素，包括对个⼈或个⼈的业务或背景的了解（以及⾏为因素），对交易产⽣忧虑或不信任感的
任何交易都应作为可疑交易报告
3. “The Financial Action Task Force (FATF) has mandated under Recommendation 24 that
all jurisdictions have laws disclosing the beneficial ownership of companies. Australia has
failed to comply with the FATF Standards on beneficial ownership of companies because
they are impractical and ineffective in preventing financial crimes, such as tax evasion.”
Do you agree with this opinion? You must give reasons for your answer and discuss the laws
and policies on beneficial ownership in relation to 2 or more countries, including Australia.
Compulsory Source
Australian Government (2022), Multinational Tax Integrity: Public Beneficial Ownership
Register, Consultation Paper, Department of Treasury, Canberra. Available at
https://treasury.gov.au/consultation/c2022-322265
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• The Tax Institute has submitted a response to Treasury’s consultation paper on
Multinational tax integrity: Public Beneficial Ownership Register.
• The Tax Institute has several concerns with the proposed policy and implementation of a
beneficial ownership register (BO register) as outlined in the Consultation Paper.
• In particular, members have expressed apprehension at the proposal to require public
disclosure of personal information in this way.
• Disclosure to, and use by, authorised government agencies may assist in the stated
objectives in the Consultation Paper.
• However, The Tax Institute considers that the public disclosure of this personal
information significantly increases the likelihood of it being abused and could potentially
result in individuals being the target of identity theft, fraud, financial and personal crimes.
• Further, the practical application of the proposal is far broader than the stated policy
intent of ‘ensuring multinational enterprises (MNEs) pay a fairer share of tax’.
• In practice, the proposal is likely to impact small businesses, privately owned groups and
not-for-profit organisations (NFPs).
• It is unclear how this achieves the stated objective of increasing MNE tax transparency.
• The Tax Institute is of the view that the proposal should not apply to NFPs and only apply
to private groups once a central, government operated register has been established.
• If Government’s intention is to require all Australian businesses to disclose their
beneficial ownership, this should be explicitly stated.
• This will ensure all entities that are likely to be affected understand the proposed
obligations and have the opportunity to consider their impacts.
• Alternatively, the measure should be limited to the entities that fall within the intended
policy scope.
结构 outline
1. Introduction
what is Beneficial Ownership?
2. FATF Standards on beneficial ownership of companies
3. Agree or disagree, why Australia has been ineffective in enforcing these?
4. Laws and policies on beneficial ownership in relation to 2 or more countries, including
Australia
5. Conclusion
Sample research source:
FATF Standards
1. Ginting, J., & Chairunissa, A. T. (2021). ADOPTING THE FINANCIAL ACTION TASK
FORCE (FATF) RECOMMENDATIONS IN REALIZING BENEFICIAL OWNERS
TRANSPARENCY IN LIMITED COMPANIES TO PREVENT MONEY LAUNDERING
CRIMINAL ACTS IN INDONESIA. Journal of Legal, Ethical and Regulatory Issues, suppl.
Special Issue 4, 24, 1-15.
https://login.ezproxy.lib.rmit.edu.au/login?url=https://www.proquest.com/scholarly-
journals/adopting-financial-action-task-force-fatf/docview/2573888307/se-
2?accountid=13552
The Government is promoting transparency on the Beneficiary of Limited Liability
Companies in Indonesia in preventing and eradicating money laundering and terrorism
financing. This is done to prevent and eradicate Limited Liability Companies as a tool used to
carry out money laundering activities. The non-exposure of the Beneficiary is used to take
action that fulfills all elements of money laundering. Prevention and eradication are carried
out by issuing regulations that require transparency of the identity of the Beneficiary, namely
Presidential Regulation Number 13 of 2018, which was born based on the recommendation
【补习｜升学续签｜CFA｜CPA｜求职】
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of the 24th Financial Action Task Force (FATF), Transparency and Beneficiary of Legal
Entities.
Agree or disagree.
1. https://jws.com.au/insights/articles/2017-articles/transparency-on-the-beneficial-
ownership-of-compan
Current law
Under the Corporations Act 2001 (Cth) (Corporations Act), generally all companies other
than listed companies are required to record whether a member holds its shares beneficially,
or not, in its register of members. However, there is no requirement to disclose the identity of
any beneficial holder.
The requirements for listed Australian companies are more onerous. A person must notify the
company and the ASX if they (together with any associates) hold a “relevant interest” in five
per cent or more of the total number of votes attached to voting shares in the company. This
concept of “relevant interest” is defined broadly in section 608 of the Corporations Act to
include persons with the “power to exercise, or control the exercise of” voting rights
indirectly by means of a trust, agreement or practice.
Laws and policies on BO of other country
1. Gilmour, P. M. (2020). Lifting the veil on beneficial ownership. Journal of Money
Laundering Control, 23(4), 717-734. https://doi.org/10.1108/JMLC-02-2020-0014
This study demonstrates that a lack of beneficial ownership transparency facilitates money
laundering by concealing corrupt wealth and frustrating authorities’ efforts to trace illicit
finance.
Better intergovernmental cooperation is required to improve beneficial ownership
transparency and to ensure measures to curb offshore money laundering are successful.
4. Anti-Money Laundering and Professionals
“There is little, if any, justification for the FATF Standard that require lawyers to report
suspicious transactions about their clients or otherwise enact comprehensive Anti-Money
Laundering regulation of lawyers.”
Do you agree with this statement? You must give reasons for your answer. In answering the
question, you must refer to 2 or more countries, including one country that has not adequately
implemented the FATF Standard (e.g. United States, Australia) and one country that has
complied with the Standard (e.g. member of the European Union, United Kingdom) in
relation to Designated non- financial Businesses and Professions (DNFBPs).
Compulsory Source
Michael Levi (2022) Lawyers as money laundering enablers? An evolving and contentious
relationship’, Global Crime, 23:2, 126-146. Available at
https://doi.org/10.1080/17440572.2022.2089122
• The article critically considers the available evidence about the involvement of lawyers in
elite money laundering and attempts to control their involvement.
• Lawyers’ lobbying and drafting laws are in addition to their normal focus of using expert
knowledge and legal professional privilege/professional secrecy to facilitate frauds and
to conceal the criminal origins of the funds of others.
• In few known laundering-for-others cases, there is much evidence that lawyer assistance
goes beyond doing their normal business: setting up constructions for clients that avoid
external scrutiny is usually legal.
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• It is implausible to fully resolve the extent to which lawyer ‘enablers’ are, respectively,
naive, negligent, wilfully blind and/or intentionally criminal.
• Within-firm supervision and both real and expected regulatory/criminal
justice/reputational controls may have an impact, but the evidence base for assessing
control effectiveness remains weak.
结构 outline
1. Introduction
FATF standard on anti-money laundering regulation
2. Current issues with suspicious transaction report with lawyers
3. Agree or disagree, is there justification for the FATF Standard that require lawyers to
report suspicious transactions about their clients?
4. Refer to 2 countries
5. Conclusion
Sample research source:
Issues with lawyers reporting
1. Schneider, S. (2006). Testing the limits of solicitor‐client privilege. Journal of Money
Laundering Control, 9(1), 27-47. https://doi.org/10.1108/13685200610645201
• Lawyers are implicated in money laundering (both wittingly and unwittingly) primarily through
their role as an intermediary in a commercial or financial transaction. In the majority of these cases,
lawyers were facilitating a real property transaction by an individual engaged in drug trafficking.
Lawyers were also used by offenders or their nominees to incorporate companies, purchase
securities, and conduct bank transactions, including those pertaining to legal trust accounts.
Agree or disagree?
1. Levi, M. (2021). Making sense of professional enablers’ involvement in laundering
organized crime proceeds and of their regulation. Trends in Organized Crime, 24(1), 96-110.
https://doi.org/10.1007/s12117-020-09401-y
• Money laundering has ascended the enforcement and criminological agenda in the course of this
century and has been accompanied by an increased focus on legal professionals as ‘enablers’ of
crime. This article explores the dynamics of this enforcement, media and political agenda, and how
the legal profession has responded in the UK and elsewhere, within the context of ignoring the
difficulties of judging the effectiveness of anti-money laundering.
Refer to 2 countries
1. https://www.fatf-gafi.org/en/publications/Mutualevaluations/Mer-united-kingdom-
2018.html
The UK is the largest financial services provider in the world. As a result of the exceptionally
large volume of funds that flows through its financial sector, the country also faces a
significant risk that some of these funds have links to crime and terrorism. This is reflected
in the country’s strong understanding of these risks, as well as national AML/CFT policies,
strategies and proactive initiatives to address them.
The UK aggressively pursues money laundering and terrorist financing investigations and
prosecutions, achieving 1400 convictions each year for money laundering. UK law
enforcement authorities have powerful tools to obtain beneficial ownership and other
information, including through effective public-private partnerships, and make good use of
this information in their investigations.
The UK’s overall AML/CFT regime is effective in many respects. It needs to address certain
areas of weakness, such as supervision and the reporting and investigation of suspicious
transactions.
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5. PEP Regulation and Corruption
“Global Anti-Money Laundering (AML) regulation of Political Exposed Persons (PEPs) has
failed to deter the misuse of the financial system by corrupt PEPs. It is too easy for PEPs to
conceal their identity and their beneficial ownership of companies. The solution is to ban all
foreign PEPs from having bank accounts.”
Do you agree with this opinion? You must give reasons for your answer. In answering the
question, you should discuss how 2 or more countries, including the United States of
America, have dealt with PEPs under their AML laws.
Compulsory Source:
Kang, Sungyong (2018) Rethinking the Global Anti-money Laundering Regulations to Deter
Corruption, International and Comparative Law Quarterly vol 67, July 2018, pp 695-720.
Available https://ssrn.com/abstract=3430159
• Global anti-money laundering (AML) regulations aim to detect and deter corrupt
‘politically exposed persons (PEPs)’ but have caused tremendous collateral damage to
many innocent PEPs, particularly foreign PEPs.
• Financial institutions have voluntarily terminated the accounts of foreign PEPs due to
significant compliance costs of identifying and managing accounts of foreign PEPs
coupled with an increased risk of serious fines against compliance failures.
• Global AML regulations could avoid the collateral damage while maximising the
deterrence of corruption if high degrees of coordination along two dimensions are
satisfied, namely, transborder coordination and coordination between public
enforcement entities and private actors.
• The cornerstone change made in 2012 to fulfil the first dimension was the inclusion of
domestic PEPs in the FATF Recommendations.
• Full coordination along both dimensions would reduce the tremendous compliance costs
and difficulties in identifying PEPs as well as the risk of serious fines for compliance
failures.
结构 outline
1. Introduction
AML and PEP
2. Current issues with PEP and money laundering
3. Agree or disagree, is it easy for PEP to hide their identity, should they be banned from
having bank account?
4. Refer to 2 countries
5. Conclusion
Sample research source:
PEP and money laundering
1. Canestri, D. (2019). Politically exposed entities: how to tailor PEP requirements to PEP
owned legal entities. Journal of Money Laundering Control, 22(2), 359-372.
https://doi.org/10.1108/JMLC-06-2018-0042
• The paper defines the concept of politically exposed entities and the applicable due diligence
framework. Anticipating legislative measures, it proposes to introduce this concept via best
practices of financial institutions and private banking initiatives such as the Wolfsberg Group.
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2. Raymond Choo, K. K. (2008). Politically exposed persons (PEPs): risks and mitigation.
Journal of Money Laundering Control, 11(4), 371-387.
https://doi.org/10.1108/13685200810910439
• It was found that there is a need to harmonise legally enforceable obligations targeting PEPs. PEP
monitoring, arguably, should be extended to individuals holding prominent public functions in their
own jurisdictions, individuals exercising functions not normally considered prominent but who have
political exposure comparable to that of similar positions at a prominent level, and individuals
holding important positions in private sectors such as CEOs of listed companies.
Agree or disagree?
1. https://www.aic.gov.au/publications/tandi/tandi386
• They have a higher risk of corruption due to their access to state accounts and funds. A review of
Financial Action Task Force (FATF) and FATF-style regional bodies' mutual evaluation reports
reveals that a significant number of jurisdictions are found to be either non-compliant or partially-
compliant with the FATF recommendation on PEPs. Corrupt PEPs may exploit the regulatory
difference between jurisdictions to facilitate the laundering of corruption proceeds and/or illegally
diverted government, supranational or aid funds. To combat money laundering risks posed by PEPs,
there is a need for ongoing monitoring of risks by regulated entities.
2. https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/pep-corruption-
schidlow/
Identifying PEP spending patterns as vehicle to launder money;
monitoring negative news; and
using data analytics to reduce false positives.
Refer to 2 countries
1. US
https://namescan.io/coverages/usa
Bank Secrecy Act (BSA)
The Bank Secrecy Act (BSA) of the United States is the earliest and most severe anti-money
laundering and counter-terrorist financing (AML/CFT) legislation in the country's history.
Bank Secrecy Act (BSA): The BSA gives the Secretary of the Treasury the authority to issue
regulations requiring banks and other financial institutions to take precautions against
financial fraud, such as the implementation of anti-money laundering (AML) schemes that
provide adequate consumer due diligence (CDD), monitoring, reporting, and record-keeping.
Core Recommendations
SUPERVISION & PREVENTION
Creation of financial intelligence unit (FIU) & regulator 建立⾦融情报单位和监管机构
Supervise financial institutions & other reporting entities to ensure compliance with customer due
diligence (CDD) & other preventative measures 监督⾦融机构和其他报告实体，确保遵守客户尽
职调查和其他预防措施
Implement measures relating to politically exposed persons (PEPs) 实施与政治⼈物有关的措施
CRIMINALISATION & CONFISCATION
Criminalise money laundering & terrorist financing 将洗钱和资助恐怖主义的⾏为定为犯罪
Confiscate proceeds of crime 没收犯罪所得
Freeze terrorist assets & implement measures relating to proliferation financing 冻结恐怖分⼦的资
产，并实施与资助扩散有关的措施
INTERNATIONAL COOPERATION
Cooperative effectively with other countries
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2. Africa
Oke, T. (2016). Money laundering regulation and the African PEP: case for tougher civil
remedy options. Journal of Money Laundering Control, 19(1), 32-57.
https://doi.org/10.1108/JMLC-01-2015-0001
• The paper makes an important, significant and persuasive argument for a kind of paradigm shift in
the approach to fighting corruption by PEPs in Africa specifically …. It is quite creative in
deciphering a major root cause of the ineffectiveness in most of Africa of criminal sanction as an
anti-corruption weapon, and in pressing trust law and the principles of fiduciary obligation into the
service of thinking through the reinvigoration of the legal battle against corruption in Africa.
6. Digital Currencies Regulation and Financial Sanctions
“Digital currencies provide the easiest method for evading financial sanctions, whether those
sanctions are imposed by the United Nations Security Council or are unilateral sanctions
imposed by countries, such as the United States. However, in the real-world digital currencies
are not as important as fiat currencies in their utility to evade sanctions.”
Do you agree with this opinion? You must give reasons for your answer. In answering the
question, you should discuss both the UN Security Council and the United States’ unilateral
sanctions regimes.
Compulsory Source:
Wronka, Christoph, Digital currencies and economic sanctions: the increasing risk of
sanction evasion, Journal of Financial Crime, Vol 29 No 4 2022 pp 1269-1282
• The paper discusses the effect of digital currencies on economic sanctions with the focus being
on the increasing risk of sanction evasion.
• digital currencies have significantly increased the risk of sanction evasion because they
facilitate the anonymous or pseudonymous conduct of international commercial transactions,
which are hard or impossible to detect and track.
结构 outline
1. Introduction
Digital currency
2. Digital currency and evading financial sanctions
3. Agree or disagree, is it easy to use digital currency to evade sanctions or fiat currencies ?
4. Refer to UN Security Council and US unilateral sanctions regimes
5. Conclusion
Sample research source:
Digital currency and evading financial sanctions.
1. Wronka, C. (2022). Digital currencies and economic sanctions: the increasing risk of
sanction evasion. Journal of Financial Crime, 29(4), 1269-1282.
• digital currencies have significantly increased the risk of sanction evasion. This is because they
facilitate the anonymous or pseudonymous conduct of international commercial transactions, which
are hard or impossible to detect and track.
2. Blakstad, S., & Allen, R. (2018). Central Bank Digital Currencies and Cryptocurrencies. In
S. Blakstad & R. Allen (Eds.), FinTech Revolution: Universal Inclusion in the New Financial
Ecosystem (pp. 87-112). Springer International Publishing. https://doi.org/10.1007/978-3-
319-76014-8_5
• The primary driver for this initiative appears to be to circumvent US-led financial sanctions
and its ability to move money through international banks
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Agree or disagree, Fiat currencies/ digital currencies.
1. https://www.raconteur.net/finance/cryptocurrency/why-sanctions-evaders-cant-hide-in-
cryptocurrency/
• “Cryptocurrency, in some ways, is no different than traditional finance,” says Sauter. “Law-abiding
cryptocurrency exchanges and other services that are potential on-ramps and off-ramps for crypto
are aware of who those sanctions apply to; just like any traditional compliant bank, would not allow
those sanctioned entities to move their funds.”
• One company that is developing blockchain and crypto monitoring tools is Chainalysis, which can
place alerts on crypto wallets that have been linked to sanctioned individuals or companies.
• “If you are a crypto exchange who is interacting directly or indirectly with a sanctioned wallet, you
will receive an alert that you’re receiving funds or someone is trying to make a transfer from a
sanctioned entity,” says Caroline Malcolm, head of policy at Chainalysis.
UN Security Council and US unilateral sanctions regimes
1. https://www.un.org/securitycouncil/content/un-sc-consolidated-list
• The Consolidated List includes all individuals and entities subject to measures imposed by the
Security Council. The inclusion of all names on one Consolidated List is to facilitate the
implementation of the measures, and neither implies that all names are listed under one regime, nor
that the criteria for listing specific names are the same. For each instance where the Security Council
has decided to impose measures in response to a threat, a Security Council Committee manages the
sanctions regime.
2. https://www.ohchr.org/en/press-releases/2023/03/united-states-efforts-use-sanctions-
expand-jurisdiction-abroad-violate-human
• “Unilateral sanctions target individuals abroad for alleged activities outside the United States,
including activities that are legal where they occur”
3. https://www.brookings.edu/testimonies/use-and-effect-of-unilateral-trade-sanctions/
• Unilateral sanctions always have some impact, both on the United States and on the target country.
U.S. sanctions have clearly weakened the economy of Cuba, slowed investment in Libya and Iran,
and hurt Pakistan, which, prior to sanctions, received substantial U.S. economic and military
assistance.
• In a global economy, unilateral sanctions tend to impose greater costs on American firms than on
the target who can usually find substitute sources of supply and financing. The impact of such
sanctions can be offset by factors beyond our control, as in the case of Iran where increases in the
price of oil more than compensated for any penalty introduced as a result of U.S. policy.
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