Magister Legum - LLM / Financial crimes are transnational in nature, and no country is immune from them. They are an international problem that can best be solved through international cooperation on a global scale. It is therefore necessary to have rules and norms that apply worldwide in order to deal with these crimes comprehensively.1 Of particular prominence is the crime of money laundering (ML), which may be defined as the processing of criminal proceeds to disguise their illegal origin.2 This term is relatively new and is broadly defined, with the definitions varying from jurisdiction to jurisdiction. In Zimbabwe, money laundering acts are listed in the Money Laundering and Proceeds of Crime Act 34 of 2013 (the Principal Act).3 The Financial Action Task Force (FATF) is the main international inter-governmental body formed specifically to set AML standards and to promote their implementation globally.

This thesis aims to answer the question how our relation to money will look like in a potential cashless society.  In a world where all cash has disappeared and the only existing way of paying is digital, what will the notion of money be? How are we interacting with it? How is it affecting our way of spending and saving? With the digitalization of money comes a lot of potential problems that may not be as clear in the beginning, and are being over shadowed by the much clearer and easier to grasp benefits. People tend to spend much more when using a card instead of paying with cash. Overspending a budget is easy when borrowing money through services such as “Buy now, Pay later” - payments. There is no difference between paying 50 units and 5000 units when doing it through the internet.  What will this do to us in a future society? By using Sweden as a context, this thesis is exploring how the transition to a cashless society will look like and the consequences it may have. Initially having a user centered-focus, trying to solve problem, the project takes a turn and switches to a more speculative point of view, exploring different possibilities of how we can connect and interact with money. The final proposal includes three probes acting as conversation pieces, enabling a discussion regarding the removing of cash.

[pt] Proponho, nessa tese, que pesquisar acerca da moeda é uma forma fundamental de compreendermos a sociedade brasileira hoje, no capitalismo contemporâneo, bem como analisar comportamentos reveladores que se expressam na nossa população há mais de século. Pretende-se follow the money - na expressão da língua daqueles que parecem mais entender sobre o assunto -, para debatermos a criação, o uso, as definições, e o futuro do dinheiro no Brasil, e em outras partes do mundo. Entre os assuntos que serão tratadas nessa tese, abordarei aquilo que orbita em torno dos sentidos do dinheiro, como as representações do dinheiro na cultura, os traços de culturas monetárias nacionais, as situações de instabilidade (de doença monetária), como a inflação; além da discussão sobre as teorias sócio-antropológicas acerca do passado, presente e futuro do dinheiro. / [en] In this thesis, I propose that researching the currency is a fundamental way of understanding Brazilian society today, in contemporary capitalism, as well as analyzing revealing behaviors that have been expressed in our population for more than a century. The intention is to Follow the money - in the language of those who seem to understand more about the subject - to discuss the creation, use, definitions, and future of money in Brazil, and in other parts of the world. Among the subjects that will be treated in this thesis, I will address what orbits around the meanings of money, such as the representations of money in culture, the traits of national monetary cultures, situations of instability (of monetary illness), such as inflation; besides the discussion about socio-anthropological theories that deal with the past, present and future of money.

In tests performed for the period 1897 to 1958, Milton Friedman and David Meiselman found that income velocity of circulation of money was consistently more stable than the investment multiplier except during the early years of the Great Depression. This paper replicates their test for the period 1959 to 1986. The results for this later period are consistent with the Friedman-Meiselman findings. The stock of money remains the more stable and consistent influence on consumption; autonomous expenditures do not influence consumption during any sub-period studied. The money stock remains far more critical than autonomous expenditures in explaining movements in consumption. The replication consists of a series of regression equations for consumption expenditures as a function of the stock of money and of autonomous expenditures. Data in both nominal and real terms are used. Data are lagged five quarters to test the effect on consumption. / Master of Arts

No description available.

Lately, money laundering activities have received a lot of attention in the auditing and accounting field due to pressures from the EU. Legislative changes have caused an urgency in preventative measures against money laundering and reporting of suspicious activity. Accordingly, the selected subject is current and important to acknowledge in the work of auditors and accountants. Therefore, this study aims to examine the professional's adaptive ability in their practices to remain compliant with the developing Anti-Money Laundering regulations within the European Union. With a focus on professional skepticism the study will contribute to regulatory compliance research by analyzing documents and asking practitioners’ perspectives on their ability to judge when skeptical action is situationally appropriate.  Regulatory compliance and the inter-play of professionals is the core issue which the researchers mean to address. The adapted approach is to conceptualize a general theory by interviewing individuals with expertise in the field and gaining their perspectives on the matter. An important part of this process is to gather relevant information so that it can be used as a tool to understand the perspectives as best as possible. Beyond reviewing literature this also involves document analysis. The document analysis examines legal documents and reports to gain a rudimentary understanding of how investigated professionals in Sweden are judged in different situations.  The study's findings suggest that skeptical attitudes typically have a preventative function amongst both auditors and accountants to avoid high-risk clients. Therefore, minimizing the risk of facing a dilemma of whether to file a suspicious activity report against a client. Moreover, in the make-up of Professional Skepticism, attitude seemingly has increased weight contra the individual's mindset as the transition to a stronger presence of liquid transactions and more efficient analysis methods illegitimize the reasoning behind some situational accounting techniques. Moreover, the observed reality of the Swedish accounting and auditing professional is an increase in the awareness of the implemented laws. Adaptability and use of education, experiences, work programs and tools play a key role in the efficiency and effectiveness of the overall work within the frames of the Swedish legal systems and to detect and decrease illegal activities. To that extent, professionals also have differing outsets depending on the firms' resources and the individuals' roles in the firm.  The study contributes to knowledge of the effect of the progressive changes to Anti-Money Laundering regulations on audit and accounting practitioners, before the Money Laundering Act (2014:307) until today, as the intention is for professionals to better understand the components relevant to assertive decision-making with respect to money laundering regulation.

Pang Po Hing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 67-71). / ABSTRACT --- p.i / ACKNOWLEDGMENT --- p.ii / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.vi / Chapter CHAPTER 1: --- INTRODUCTION --- p.1 / Chapter CHAPTER 2: --- LITERATURE REVIEW --- p.4 / Chapter 2.1 --- Theoretical Review --- p.4 / Chapter 2.1.1 --- Properties of a Target Variable --- p.4 / Chapter 2.1.2 --- Money View --- p.4 / Chapter 2.1.3 --- Credit View --- p.5 / Chapter 2.2 --- Empirical Review --- p.8 / Chapter 2.2.1 --- Money View --- p.8 / Chapter 2.2.2 --- Credit View --- p.10 / Chapter CHAPTER 3: --- METHODOLOGY --- p.14 / Chapter 3.1 --- Vector Autoregression (VAR) --- p.14 / Chapter 3.1.1 --- Estimation of the Reduced Form VAR Model --- p.14 / Chapter 3.1.2 --- The Parameters Restrictions --- p.17 / Chapter 3.1.3 --- The Wald Statistics --- p.23 / Chapter 3.1.4 --- Impulse Response Functions --- p.24 / Chapter 3.1.5 --- Variance Decompositions --- p.25 / Chapter 3.1.6 --- Structural Decomposition --- p.26 / Chapter 3.2 --- Data Diagnoses --- p.27 / Chapter 3.2.1 --- Stationarity of the Time Series --- p.27 / Chapter 3.2.1.1 --- Definition of Stationarity --- p.27 / Chapter 3.2.1.2 --- The Unit Root Tests --- p.27 / Chapter 3.2.1.2a --- The Augmented Dickey and Fuller Tests --- p.27 / Chapter 3.2.1.2b --- The Phillips and Perron Tests --- p.29 / Chapter 3.2.1.2c --- Lag Lengths for the Unit Root Tests --- p.30 / Chapter 3.2.2 --- Selecting the Order of the VAR Model --- p.31 / Chapter 3.2.1 --- Tests for the Model Stability --- p.31 / Chapter 3.3 --- Estimation Procedures --- p.34 / Chapter CHAPTER 4: --- EMPIRICAL RESULTS --- p.36 / Chapter 4.1 --- Results of the Data Diagnoses --- p.36 / Chapter 4.1.1 --- Results of the Unit Root Tests --- p.36 / Chapter 4.1.2 --- Lag Length of the VAR Model --- p.38 / Chapter 4.1.3 --- Results of the Likelihood Ratio Tests --- p.38 / Chapter 4.2 --- Estimation of the Reduced Form VAR Model --- p.39 / Chapter 4.2.1 --- Results of the Parameters Estimates --- p.39 / Chapter 4.2.2 --- The Wald Statistics --- p.43 / Chapter 4.2.3 --- Variance Decompositions --- p.47 / Chapter 4.2.4 --- Impulse Response Functions --- p.54 / Chapter CHAPTER 5: --- IMPLICATIONS AND CONCLUSIONS --- p.62 / REFERENCES --- p.67 / APPENDICES --- p.72

Dissertation (PhD)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The endogenous money theory states that the money supply responds endogenously to the demand for credit. The money supply is not exogenously determined by the central bank. The endogenous theory is associated with the Post Keynesian school. It has been tested extensively for developed countries, where it was found that the modern credit-driven world is characterised by an endogenous money supply. The contribution of the present study is to extend this analysis to developing countries, specifically twelve countries in the SADC region. To examine the applicability of the endogenous money theory to developing countries, the thesis begins with an overview of the views of the different schools of thought on the role of money. The areas of consensus and disagreement within the Post Keynesian school are discussed. The theoretical basis of the thesis is the ‘structuralist’ Post Keynesian view that money cannot be endogenous if the financial system in a country has not reached the final stages of development. The ‘structuralist’ hypothesis is tested for the SADC countries by examining the demand and supply of credit money in each country. It was found that households do not generally have full access to formal credit markets. Changes in the money supply are not determined by changes in private sector credit in many of the countries. The analysis was then extended to the institutional environment in each country. A financial institutional index was developed to facilitate comparison between the SADC countries. It was shown that South Africa is the only country in the SADC area that has a financial system that can be classified as ‘largely developed’. It is also the only country where changes in the supply of money are predominantly credit-driven. Post Keynesians maintain that the money supply is endogenous and interest rates are exogenous. Interest rate mark-ups and spreads are assumed stable over the business cycle. This notion is challenged by the ‘structuralist’ Post Keynesians. To test the theory of stable interest rate mark-ups and spreads, data for each individual country were examined. Neither interest rate spreads, nor interest rate mark-ups were found to be stable. Interest rate spreads are generally higher in developing countries than in developed countries. No clear pro- or counter-cyclical variation in spreads was found. Finally, an econometric model was developed and the links between financial development and growth were examined. By looking at 49 developed and developing countries, it was found that financial development is strongly linked to economic growth. Financial repression and high interest rate spreads cause growth to be depressed. Financial development and increased competition in the banking sector will lead to higher real economic growth rates. In an environment where the financial system has not reached the stage where money is endogenous, the lack of financial institutional development stifles economic growth. / AFRIKAANSE OPSOMMING: Die teorie van ‘n endogene geldvoorraad aanvaar dat die aanbod van geld endogeen reageerop die vraag na krediet. Die geldvoorraad word nie eksogeen bepaal deurdie sentrale bank nie. Die endogene gedvoorraad teorie word geassosieer met die Post Keynesiaanse skool. Dit is reeds getoets vir ontwikkelde lande, waar die bevinding was dat ‘n endogene geldvoorraad ‘n eienskap is van ‘n moderne kredietgedrewe wereld. Hierdie tesis maak ‘n bydrae deur die analise uit te brei na ontwikkelende lande, spesifiek twaalf lande in die SADC streek. Om die toepasbaarheid van die endogene geldvoorraad vir ontwikkelende lande te toets, begin die tesis met ‘n oorsig van die verskillende denkskole se sienings oor die rol van geld. Die areas waar Post Keynesiane ooreenstem en verskil word bespreek. Die teoretiese basis van die tesis is die ‘strukturalistiese’ Post Keynesiaanse siening dat die geldvoorraad nie endogeen kan wees indien die finansiele sisteem in ‘n land nog nie die finale ontwikkelingstadia bereik het nie. Hierdie hipotese van die ‘strukturaliste’ word getoets vir die SADC lande deur te kyk na die vraag na en aanbod van krediet in elke land. Daar is bevind dat huishoudings oor die algemeen nie volledige toegang het tot formele kredietmarkte nie. Veranderinge in die geldvoorraad word nie in al die lande veroorsaak deur veranderinge in privaat sektor kredietverlening nie. Hierdie analise word dan uitgebrei na die institusionele omgewing in elke land, ‘n Finansiele institusionele indeks is ontwikkel om vergelyking tussen die SADC lande moontlik te maak. Daar is bevind dat Suid Afrika die enigste land is met 'n finansiele sisteem wat geklassifiseer kan word as ‘grotendeels ontwikkeld’. Dit is ook die enigste land waardie geldvoorraad beduidend kredietgedrewe is. Post Keynesiane glo dat die geldvoorraad endogeen is en rentekoerse eksogeen. Rentekoersmarges word gesien as stabiel oor die konjunktuursiklus. Hierdie aanname word bevraagteken deur die ‘strukturalistiese’ Post Keynesiane. Die teorie van stabiele rentekoersmarges word getoets deur te kyk na data vir elke individuele land. Die bevinding is dat rentekoersmarges nie stabiel is nie. Marges is oor die algemeen hoer in ontwikkelende lande as in ontwikkelde lande. Daar is geen duidelike pro- of kontrasikliese variasies in rentekoersmarges gevind nie. Laastens is ‘n ekonometriese model ontwikkel om die skakels tussen finansiele ontwikkeling en groei te ondersoek. Deur te kyk na 49 ontwikkelde en onontwikkelde lande, is daar bevind dat finansiele ontwikkeling en groei ‘n sterk verband toon. Finansiele onderdrukking en hoe rentekoersmarges lei tot laer ekonomiese groei. Finansiele ontwikkeling en groter mededinging in die bank sektor sal lei tot hoer reele ekonomiese groeikoerse. In ‘n omgewing waar die finansiele sisteem nog nie die stadium bereik het waar geld endogeen is nie, sal die gebrek aan finansiele institusionele ontwikkeling ekonomiese groei benadeel.

The subject of my thesis is the identification and subsequent comparison of legal instruments which are intended to fight against legalization of proceeds of crime, which is also referred to as money laundering, in the Czech Republic and in the Federal Republic of Germany. The first chapter is to familiarize the reader with the issue of money laundering, therefore it provides the definition of the phenomenon of money laundering and also describes the typical phases of this process. The second chapter is devoted to international institutions that deal with money laundering on the supranational level and whose activities are then reflected in international standards. The third chapter deals with legislation related to the fight against legalization of proceeds of crime in the Czech Republic. First I focus on the history of the development of the struggle against money laundering in the country and subsequently describe particular laws designed to regulate the rights and obligations relating to the effective fight against this phenomenon. Further I describe particular obligations that fall on subjects, which may be confronted with efforts to launder money within its activities, and characterize individual institutions that are involved in the fight against money laundering. The fourth chapter is...

De senaste åren har Finansinspektionen rapporterat nya fall kring penningtvätt där etablerade storbanker har stått i rampljuset i negativ bemärkelse. Rapporterade fall av penningtvätt ökar årligen inom Sverige och detta kan betyda att det finns brister inom det förebyggande arbetet mot penningtvätt eller att banker bland annat, har blivit bättre på att upptäcka penningtvätt. Banker och Finansinspektionen befinner sig på frontlinjen för vårt finansiella system och därför är det väsentligt att dessa aktörer innehar verktyg och metoder för att förhindra penningtvätt som utgör ett hot mot det finansiella system och den allmänna demokratin. Årligen rapporterar Finanspolisen att det tvättas ca 130 miljarder kr inom den svenska ekonomin och att de nuvarande trenderna dessvärre inte pekar på en nedgång. Syftet med denna studie är att bidra till en ökad förståelse kring hur banker arbetar i förebyggande syfte mot penningtvätt och hur de samspelar med Finansinspektionen för att få bukt med denna brottslighet. För att samla in datamaterialet genomfördes totalt sex semistrukturerade intervjuer med anställda från tre storbanker inom Sverige och en intervju med en anställd från Finansinspektionen. Det empiriska resultatet tydliggjorde att bankerna förlitar sig mycket på användningen av interna verktyg som kundkännedom - KYC och att kundkännedom är ett omfattande verktyg som innefattar ett flertal sekretessbelagda element som alla har ett identiskt syfte, att kartlägga och identifiera risker. Slutsatserna visar att det sker ett omfattande arbete i förebyggande syfte mot penningtvätt där banker årligen avsätter miljontals kronor för att göra ett gediget arbete. Det riskbaserade förhållningssättet till regelverken innebär att det fortfarande lämnas utrymme för banker att förbättra sina interna processer i det förebyggande arbetet mot penningtvätt, trots det faktum att det finns en medvetenhet om att brottslingarna ligger steget före. Samtidigt kan detta kompenseras av mer vägledning i de föreskrifter som ges av Finansinspektionen. En annan väsentlig slutsats vi har kommit fram till är att samspelet med Finansinspektionen inte alls fungerar på samma sätt som Finansinspektionen förmedlar att det gör. Den viktigaste delen av detta samarbete gick ut på att tillföra varandra med nya rapporter och föreskrifter, inte att samspela med andra aktörer för att få bukt med penningtvätt. / In the last couple of years, The Swedish Financial Supervisory Authority have reported new cases of money laundering where established major banks have been in the limelight in a negative sense. Reported cases of money laundering are increasing annually in Sweden, which indicates that there are shortcomings in the preventive work against money laundering or that banks are better at finding money laundering cases. Banks and The Swedish Financial Supervisory Authority are at the forefront of the preventive work against money laundering and therefore it is essential that these organizations possess tools and methods to prevent the emergence of money laundering and identify risks that pose a threat to our financial system and thus to the general democracy. Annually, The Financial Police reports that about SEK 130 billion is laundered in the Swedish economy and that the current trends unfortunately do not point to a decline. The purpose of this study is to contribute to an increased understanding of how banks work in preventive purpose against money laundering. As well as how banks interact with The Swedish Financial Supervisory Authority to overcome money laundering. In order to collect the data, a total of six semi-structured interviews were conducted with employees from three established banks within Sweden and one from The Swedish Financial Supervisory Authority. The conclusions show that a great deal of work is done in a preventive purpose against money laundering where banks allocate millions of SEK every year to do a solid job. Banks rely heavily on the use of internal tools such as know your customer and internal regulations which is a tool that can be used to get customer awareness. But in practice, the riskbased approach to the regulations means that banks still need to improve their internal processes in the preventive work despite the fact that criminals are considered to be one step ahead. At the same time, this can be offset by more guidance in the regulations that the Swedish Financial Supervisory Authority has as a task, to make sure that the banks are following the rules in the market. Another significant conclusion we have reached in the study is that the interaction with The Swedish Financial Supervisory Authority does not work at all in the same way that The Swedish Financial Supervisory Authority mediates that it does. The most important part of this collaboration was to provide each other with new reports and regulations, and not to interact with other organization such as banks to overcome money laundering.