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Money laundering, in essence, means ‘making money dirty money look clean. The modern term of Money laundering was first used in a legal context in 1982 in America in the case US v $4,255,625.39, relating to the confiscation of laundered Columbian drug proceeds1 . However, historically, the concept of money laundering was originally used by the American enforcement officers in the 1920s. The concept was used in reference to the mafia ownership of Laundromats in America during Prohibition. During this period, the notorious mobs earned vast sum of money in cash from their criminal enterprises. Hence, in their quest to legitimise the proceeds made from their criminal enterprises, the gang ventured into buying out rightly legitimate businesses, thereby, laundered the illicit proceeds from the criminal.

The enterprises with proceeds made from the legitimate business they acquired This particular practice, the legalisation of illegal proceeds, is very significant as it represents the common component in regard to the various definitions of money laundering. Thus, the aim of money laundering is to cover up the predicate offences from which proceeds are derived and to ensure that the criminals can enjoy their proceeds, by conserving or investing them in the legal economy.

Following the criminalisation of the phenomenon of money laundering and the legalisation of the term, the term has been defined in various contexts by various stakeholders. As mentioned earlier, the common basis of the various definitions is such that relates to the legalisation of the illicit proceeds of criminal activities. As such, the American President’s commission on Organised Crime in its interim report in 1985: The cash connection: Organised Crime, Financial Institutions and Money Laundering, defined Money Laundering as the process by which one conceals the
existence, illegal source or illegal application of income, and then disguises that income to make it appear legitimate.

The International Monetary Fund, also defines money laundering as a process in which assets obtained or generated by criminal activity are moved or concealed to obscure the link between the crime and the assets.

Introduction to Money Laundering

Crime is an act that violates the provision of law and affects the humanity in general (Rodriguez, 2014). Crime is related with the humankind from the pre-historic age. It has many aspects but the motto is similar in nature. From the changes of time, crime has find out different dimensions and the rate is wide spread in nature (Helgesson & Mörth, 2016). It is the duty of every government to curb the crimes with all possible steps. In the modern age, some crimes are emerging as a serious in nature that must be curbed with strong velocity.

White-collar crimes are one of them. Edwin Sutherland first coined the term at the era back to mid-nineties. This term is used to identify the business related professionals who are committed finance-based crimes during their job. Money laundering is an example of such crime. The term money laundering denotes the crime related to money. When the money generated from the illegal transaction, the crime of money laundering is occurred (McIntosh, 2016). This type of crime is well spread in all over the world especially in the developed countries like Ireland and England.

  A comparative study regarding the money-laundering scheme has been discussed in this study. The Law and procedure of both the countries have been discussed here and the recommendations that are taken by both the countries have been discussed in detailed version. A research regarding the same is needed to come into a conclusion as certain research questions are arisen regarding the same. The report has thrown lights on the research methodologies including a literature review so as to point out the every single facts of the case.  

In Ireland, the crime money laundering in serious is nature as it affects the economical system of the country and it is very important to stop the crime as it involves the business personnel as well as the government officers. In the year 1994, an Act related to the criminal justice has been enacted by the Irish government with the intention to eradicate the offence from all aspects of the society. In the year 2010, another Act relating to the money laundering has been passed, which was amended in the year 2013.

The reason behind the enactment of the Act is to upgrade the money laundering provisions and make a strong step towards the directive principles of European Union. The record history of the money laundering crime in Ireland is at hike and for that purpose, the respective government has taken certain recommendations regarding the Financial Action Task Force. The government has built up certain bodies that will govern the anti-money laundering and financial crisis (Barone, Delle Side & Masciandaro, 2017).  

In the states of England, the crime against the money laundering is at hike and there is a serious breach of peace happened in respect to all financials sectors. There have been a lot of steps taken by the U.K government to deal with the crime. In the recent past, anti-money laundering Act has been enacted with a view to tackle the problem. In the year 1993, the first money laundering regulation had been generated in the Parliamentary house and came into force in the next year. However, it has become necessary to enact additional laws to curb the crime, as the nature of the crime was growing day today (Lingxia, Chenghu & Dong, 2015). In the year 2000, terrorism Act was passed and after that enactment, the Act has been named as Anti-terrorism Act in the year 2001.

Money Laundering in Ireland

One survey has been made regarding the rate of the crime and it has come to the broad light that the crime rate regarding the money laundering is incrementing irrespective of all those laws. The British legislature had been witnessed a bulk of legal approaches in the year 2003 regarding the specific provision of the white-collar crime. Some of the Acts were amended at this time. One supervisory authority has been established regarding the money-laundering problem. In 2013, a national crime agency has been established that are imposed with the related provisions regarding the eradication of the crime (Clemence, Doise & Lorenzi-Cioldi, 2014).

1.1. Problem statement:

The crime related to the money laundering has been created a serious impact on the economical as well as the political future of the country. Effects of money laundering are vehemently affected the status of a country (Mei & Zhou, 2015). The nature of the crime can be categorised as a transnational organised way where the offenders are trying to take away the money from some illegal way. The primary intention of the offenders is to launder the money in such way that is become untraceable. The intention of the money launderer is to change the illegal money into a legal terms and conceal all the gains to evade the tax that are imposed on the people in general. The most injurious sector is the private sector in such cases. The offenders are targeted the front companies and invested their money in such companies.

The problem arises when these companies are created additional pressure on the other companies. Another risk regarding the money laundering process cropped up in the case of banking services (Helgesson & Mörth, 2016). The bank authorities fell in a serious dilemma over the issue for generating loans to the companies as they become perplexed regarding the money laundering process. It is become hard for them to trace out the nature of the business of all companies. If there is any money laundering approaches are found, the authority has to face serious disorder as the alleged companies will fled away without repay the loan properly.

The criteria of money laundering have affected the government policies with all possible nature and the budget and the shares of the companies are affected with many dimensions. Budget has been made with a view to tackle the monetary policy of the country and the money launderer affects that with various ways (Rauch, Doorn & Hulsink, 2014). Sometimes, they are affected the share market policies of the government by investing into many schemes that are less risky in nature. The offenders also affect the tax processes and that act creates pressure on the taxation policy and the common have to face the excessive tax burden.

In the development of any country, financial sectors are playing important role and the main aim of the money laundering crime is to affect the financial sections of the country. The offenders are instigating in the process to feather their own nest. It affects the reputation of a country and the international opportunities may be loosed. It is the utmost duty of the government to curb the process to secure the future of the country.

Laws and Regulations in Ireland

The government of both the countries i.e. the Ireland and England in this respect takes a number of Acts and regulations. If the governments cannot grip the money laundering process, it will help to make a decline in the financial criteria of the country. The present case is based on the money laundering Act of England and Ireland and recommendation that is taken by both the countries. The common objects and the dispute faced by the countries has also been provided with brief fact.

1.2. Research aim and objectives:

Based on the initial decisions, it can be stated that the preliminary aim of the subject is to point out the different aspect of the money laundering process and the government initials in this respect (Boles, 2015). The study will points out certain provision regarding the laundering Acts and challenges that are faced by the government of England and Ireland and the common people or other sectors of both the countries that are affected by this crime. A broader picture related to the crime has also been chalked out to identify the necessity of the enactments as against the same. 

There are certain objectives are cropped up during the research processes that are as follows:

  • The first objective can be made a legal framework regarding the crime in Ireland and England.
  • Analyse the policies that are taken by the countries to curb the crime and evaluate the amendment process regarding the same.
  • Assess the current strategies of the government relating to the recommendations of the policies and the necessity regarding the amendment procedures.
  • It is to be find out whether there is any system regarding the record keeping process as against the money laundering has been generated or not.
  • Decisions and judgment of the criminal process regarding the same has also been reflected in this case.
  • Whether there is any international cooperation to tackle the crime is effective or not.
  • Whether the efforts made by the governments of both the countries are sufficient in nature.
  • Whether there is any provision, regarding the enhancement of the process has been made by the governments.
  • Coordination of the European Union to help the United Kingdom for combating the crime with monetary help is sufficient or not.
  • The legislative approaches regarding the crime allow the privacy of the persons are suitable or not.

The research process regarding the topic is made with an intention to analyse the present topic. The above mentioned objectives are going to be clarified the provision regarding the money laundering process (Lingxia, Chenghu & Dong, 2015). The preliminary motto regarding the process is to find out the necessary frameworks regarding the money laundering so that it can be possible to deal with the problem effectively. Relying on the facts, it can be stated that there are certain research questions that can be categorised as follows:

  1. What are the major steps to combat the offence in a fruitful way?
  2. How to assess the legal policies regarding the prevention of the money-laundering Act of both the countries of Ireland and England?
  3. What are the preventive strategies taken by the both the countries, England and Ireland to curb the unlawful activities?
  4. What are the decisions of the criminal justice system regarding the enhancement of the process of preventing the money-laundering?
  5. Is there sufficient approaches being made by the governments regarding the policies based on money laundering and whether the Act is made with an intention to infringe the private right?

 1.4. Significance of the research:

The main significant of the research is to make a comparative study on the money laundering Act of England and Ireland. There is certain significance regarding the researchable topic that can facilitate the different approaches made by the study. The most significant provision of this subject is to analyse the provisions critically and maintain to frame the conceptual ideas of the crime in a specific way. Money laundering is an emerging crime that is to be solved as soon as possible for the betterment of the future of the country (Mugarura, 2016).

An attempt has been made through this report to verify the certain process of the governmental policies regarding the same. It has also highlighted the provision relating to the different enactments to eradicate the social crime from the root of the society. There is a serious need happen regarding the circumstances so that the parts of the white-collar crime can be curbed and the offender can be punished in a more punitive way. The study will help to generate the positive and negative approaches of both the countries regarding the evaluation of the offence. It is to be taken into account that there is a rational approach regarding the subject matter and a combined investigation has been made regarding preventive policy of the same.

Money Laundering in England

1.5.  Limitations:

There are certain loopholes observed in this study as the study is discussed with the topic related with money laundering Act (Levy, 2016). It is just a part of the white-collar crime and the report had failed to discuss about the other provisions of the crime. Another limitation is that the report has made an initiative regarding the process and recommendations of the governments of the countries like Ireland and England. The overall international policies have not been discussed in this case.

The chapter of the literature review has provided certain introduction regarding the criminal provision of the particular chapter that is dealing with the money laundering process. There are certain critical study regarding the said topic has been made and there is an attempt made to emphasise on the different prospects of the specific chapter of money laundering (Rickards, 2017).

The initials are taken to conduct a review on the subject and an expert step is needed to uproot the crime from the society. It is a fact that in the developed countries, financial atmosphere are playing an important role regarding the development of the future of the country. In these countries, there has been an anti-social activities taken place. In the countries like Ireland, there was no preventive provision regarding the white-collar crime before twentieth century. Therefore, it was become hard to control the money related crimes in the absence of a strict legal provision regarding the prosecution of the same.

From the closure outcast of the legislative investigation, it can be observed that the anti-corruption law of the Ireland was very weak during 2001. There was no clear provision regarding the bribery or financial corruption in the legislative section of Ireland. From the growing crime rate regarding the financial sector, it has become necessary to enact certain provision regarding the same. In the year 2001, the Prevention of Corruption Act was proposed and an attempt towards the official bribery has been made. In  case of licence or permit, authorised by the government, the rule is to be applied. There was sufficient evidentiary value present regarding the money laundering activities relating to the public officials in Ireland. Therefore, there was a need regarding the relevant provision of that crime arose. However, certain loopholes have been found in that case. The Act of 2001 only attracts the provision where there is an involvement regarding the public officials are taken place.

In the country of England, a specific rule can be observed regarding the same that can drawn as under:

According to a report by the UNODC, in the country like England, the stages of the laundering process is divided into three parts: placement, layering and integration (Williamson, 2015). These stages are denoting the effects of the money launderer and the way they are acting. In the placement stage, the offenders are investing money in several financial funds. In the second stage, the offenders are trying to assimilate the funds and trying to disperse the funds in several international institutions. This is called as layering process. At the last level, the offenders are trying to legalise the money that are earned illegally.

Laws and Regulations in England

The main aim of the report is to determine the respective regulation regarding the Anti-money laundering process (Levy, 2016). Apart from this, the reports deal with the various aspects of the Acts and the government initiative on the same. Based on the facts, it can be stated that main focus of the chapter is to adopt certain appropriate methodology regarding the same. There should be certain philosophies that will help to identify the various dimensions of the same and it is important to study various approaches for the same. 

.2. Research philosophy:

In the words of Nikaido Paisand Sarma, the chapter of research philosophy is the central pivot of all researches and it directs positively to achieve the objectives properly (Boles, 2015). According to the literature-based study of the above named topic, it can be stated that the methodology that can best be described the matter is doctrinal approach. The main dilemma that needs to be finding out is whether the crime related to the money laundering can be treated as a universal crime. There are several cases that point out on the matters regarding the subject matter where comparative approaches are need to be applied and should be countered with effective measures (Ross, 2015). The impact of the same has both positive as well as the negative for countering the same with all possibilities.

There are certain provisions present regarding the doctrinal approach that had a pre-historic impression. Apart from the doctrinal methodology, provision regarding the drafting methodology is also applicable. The main theme of the doctrinal research is based on the critical conceptualism that covers all the relevant provision of the matter. This doctrine is backed by some relevant case laws that investigate into the facts of each case properly.  The style of such doctrine is to elaborate the provinces of the fact in such a manner that it becomes easier to trace out the original facts of the case.

There are certain kinds of meetings had been done regarding the action against the money-laundering feature where effective procedures are taken to be applied worldwide. An international community for resist the financial terrorism are taken in case of combat the money laundering formulae. Banks are affected by those money laundering features and after a close study, the International Monetary Fund has taken an initial to establish a Financial Action Task Force (FATF). After analysing the effects of the case, the drafting methodology has been adopted to deal with the following facts.

3.3. Scope of the research:

The scope of the research is of variant in nature. The research purpose is to chalk out a specific provision and initiatives regarding the money laundering (Braggion, 2015).  According to a recent study, it has been noticed that there is a serious lack happened regarding the government initiatives on the anti-money laundering issue. The problem can be landscaped as follows:

The main ethics of the doctrinal research is to analyse the facts elaborately. Therefore, if the provision regarding the same can be broadened, the scope of the same can be utilises properly. However, there is a lack of uniformity cropped up regarding the applicability of the same regarding the matter. Initiatives have been made by the United Nation as the problem is affected the financial system globally (Garvey, 2015). In the year 2013, an attempt regarding the same has been made in the form of action task force to control the offenders. Serious inconsistencies are taking place during the meeting among the states (Mugarura, 2016).  

Comparative Study of Ireland and England

3.4. Justification:

There are three types of approaches that should be taken into consideration. They are the inductive approach and the deductive approach and adductive approach (Zoppei, 2017). These approaches are helpful regarding the topic. These approaches are called the research approaches. The analytical theories are divided into two parts. One is the quantitative and the other is the qualitative analysis. The approaches are important to conclude the topic in a different way so that it can be possible to make an outline regarding the same.

3.5. Research method:

According to Mr. Kothari, it is important to adopt a systematic way to come to a conclusion by obtaining sufficient data regarding the proposed subject matter. In this case, the subject matter is the money laundering Act and necessary provision regarding the same. The case study is consists of several topics regarding the literature reviews and the research analysis and a broad description on the same. The research methods are helpful to assure the proposed program (Harvey, 2015).

The main criteria regarding the research method is to find out the suitable approach relating to the current studies and it is important to trace out the relevant case laws and sections as well as the recommendations relating to the same. It is also important to develop the theoretical as well as the methodological insight regarding the particular topic with a view to know about the negative impression of the acts relating to the money laundering and try to eliminate the same for the betterment of the international interest. Furthermore, the methods will help to walk through a systematic approach so as to interpret the ultimate findings through a profound manner (Helgesson,  & Mörth, 2016).

The main problem regarding the topic is to combat against the money laundering activities so as to fight against the corruption in a systematic way. It is a fact that the crime is serious in nature and are emerging but in many developing countries, there is no strict provision regarding the same has been enacted till now. This case is analysing the recommendations taken by the government of Ireland and the United Kingdom, their approaches towards the crime and their effects on the financial as well as the political sphere of the country.

There are certain limitations cropped up regarding the same (Mugarura, 2016). The topic covers the chapter on the money laundering Act. However, the term money laundering is a crime regarding the white-collar crime but in this present topic, only the recommendations taken by the Ireland and the England has been emphasised.

In the present case, the subject matter is regarding the preventive methods taken by the government of Ireland and England and to discuss about the topic comparatively. However, it is the ultimate motto of this case study to analyze various sections and chalk out the framework. Broad assessments regarding the legal strategies are to be followed up in this section. It is a fact that the money laundering created a serious implication on the economics and the political sphere of a country.

Strategies are taken for the implementation of the relevant policies regarding the said subject matter (Unger, 2014). The governments are injected certain policies and recommendation regarding the anti-money laundering purpose and it is the utmost duty of the government to record the same for future precedents. The provision of money laundering is a part of the white-collar crime and it is necessary to prevent the same for the interest of justice. There are several cases that emphasising the chapter and there are sufficient decisions that are precedent the provision of the case. There is a conflict regarding the subject matter that whether this crime can be treated as an international threat or not (Cooper, 2014).

4.2.  Quantitative analysis:

This kind of analysis technology helps to measure the situation of the financial market. Generally, this system are used in the field of management, but in this case, the chapter is inevitably involved with the financial market (Helgesson  & Mörth, 2016). Therefore, there are certain applicability of this analysis on the subject matter. Certain issues are cropped up regarding the said topic that should be discussed with proper adjudication. The relevant issues regarding the topic are as follows:

Strategies are taken to design the legal outcome of the relative processes that are to be implemented for achieving the ultimate goal. It is to be observed that in Ireland, there was no effective provision on the money laundering and for that reason the rate of the related offenders were at hike. According to Mitsilegas & Vavoula, there was a need for the implementation of a new rule and the first step took in place in the year of 2001. Prior to the period, Ireland was witnessed a rule as against the Criminal Justice Act that was enacted in the year 1994 (Mitsilegas  & Vavoula, 2016)

. Section 31 of the said Act has given proper justification towards the money laundering process. It was the first step that was taken by the Irish government regarding the said topic. According to this section, the term money laundering is related to some specific activities like the drug peddling or other criminal activities and the offenders are identified as the person involved in such activities. The involvement must be a wilful involvement. However, the activities were not directly attached with money. The activities that were identified by the provision related to the property by which money can be earned illegally.

The concept began to change since 2001 when a new Act was enacted regarding the same and an amendment has been done regarding the provision of the Act of 1994. The Act implemented at the time known as Criminal Justice (Theft and Offences) Act that consists of some revised provision regarding the said money laundering process. However, Harvey & Ashton had revealed that in the new provision, a level of culpability has been developed and it is to be decided that the person who will exceed the level, will be held guilty under the offence (Harvey & Ashton, 2015). Section 21 of the Criminal Justice Act 2001 deals with the money laundering process.

A distinction has been made between the new provision and the old provision regarding the money laundering process. The new Act is emphasising on the culpability of the offence where the old section provided the establishment of certain governing body in this respect. The main duty of those bodies were to identify the offenders that are violated the provisions of the said Act and to prevent terrorism regarding the financial activities that are to be specified in the Act. Similar provision has been encrypted under the provision of section 32 of the Act of 1994 that was amended in the year 1997 to counter the money laundering effects (Schneider, 2016).

It had also provide certain provision regarding the implementation of certain internal procedures. Necessary training should be given to the Directors and employees of an office so that they will not engage in such crime. It is restrictive in nature. In Ireland, the department of Finance was imposed with the duties to chair the training convocation and to comply with the required sections. Another Act was passed in the year 2003 that provided certain rule if there is any need to disclose the information based on the money laundering process (Yeoh, 2014). The provision can well be defined under section 57. Certain penalty provisions have been stated in this section. It helps to assist the Ministry of Justice so that they can counter the financial terrorism in a more effective way.

The Criminal Justice Act of 1994 emphasises on the standard of the criminal activities that can be well designated by the Act. The courts are given ample of power regarding the same so that it can deliver justice to the affected parties and can take strong step as against the financial corruption. It has been stated earlier that in the Act of 1994, an express provision has been discussed regarding the reason for the commission of the crime. It was stated that there are some properties that are specified under the sections and violation of the same could be regarded as a standard of criminal justification.

In the year 1999, a new provision was added to the Act that is related to the confiscation proceeding. It has been under the provision that if any person are arrested while peddling drug, he can be held liable under the provision of the Act and it is up to the discretionary power of the court regarding the confiscation proceedings. After the Act, there are many enactments are made to prevent the offence and eradicate the same from the society so that it may not harm the economic back bone of the country (Ramakrishna, 2015).

Legal strategy of England:

In case of England, there has been a policy framework that is divided into three stages. The stages are depicted the criteria of the money laundering crime. The activities of the criminals who are participating in the program of money laundering has been mentioned invariably. The stages can be categorised as placement, layering and integration. In the first stage, the offenders are trying to invest the money to the unknown and less risky funds. In the second stage, they tried to transfer the fund to different institutions or account. The third stage is the main criteria regarding the said offence. At this stage, the offenders are trying to change the nature of the money. They make the money from illegal to legal. This type of system gives rise to the term of financial terrorism.

Though there are certain similarities between the laws of both the countries, there are certain comparison has been observed. In the year 1993, a regulation regarding the money laundering has been passed. Directives on the money laundering have been passed and the intention was to secure the future of the country from the detrimental effect of the money laundering. In the year 2000, an Act was enacted on the money laundering with the Royal seal and the Act was come to know as the Terrorism Act 2000. The Act was later amended for twice, in the year 2001 and in 2006. Another regulation regarding the money laundering has been passed in the year 2001 (Helgesson, & Mörth, 2016).

Under this regulation, certain power of the Commissioners is prescribed and certain penalty provisions have been provided in this respect. In the criminal history of the provinces of England, money laundering is treated as a sort of terrorism that affects the country on different angle. As the crime attached with the monetary provision, the ground of security and credits are also got engaged with the offence.

The British Parliamentary system has been witnessed many changes regarding the subject in the year 2013 as there are many amendments commenced and a new regulation regarding the same has been passed in this respect. The regulation that was implemented in the year 2013 has attracts the relevant procedure by specifying the necessary obligation that should be taken into consideration by the person who carry on business of same kind. The offenders are divided into two parts- one can be named as money service operators and the second one is called as the high value dealer.

According to Helgesson, & Mörth, in England, the nature of the money laundering is known as the transnational organised crime and the nature of such crime become serious irrespective of necessary enactments and laws. The growing nature of the crime has become a content for worrying to the government as well as the legislative body of the United Kingdom. A separate Act has been enacted for the purpose of draw the outline of such organised crime. An agency has been concocted in such case and the power and function of the said agency has been pointed out.

In United Kingdom, corruption has been incremented in an alarming way. There are certain anti-corruption guidance has been made regarding the same and the same have defined several corruptions. The term money laundering has been defined as the process by which the persons are gaining money in an illegal way and try to wrap the same under the coverage of legal process. There are certain coercive force that are instigating to commit the crime in an international way. There are several steps taken by the U.K government.

Crime is an act that can affect the whole society as well as the globe in general. Criminal nature is common to every person. The rate of criminal mentality and criminal offences are increasing and it is very important to curb those offences from the society that are deep rooted in it. At the first stage of the era, the crimes were confined in the matters that are related to the person in general. However, with the changes of time, the nature of the crimes is also set to be changed and this process gave birth to the criminal activities like the white-collar crime.

White-collar crimes are related to the financial system where there is an involvement by the government officials or the business personnel can be observed. These type of crime can be divided into several parts where money laundering is a branch. Both the countries have taken certain measures to deal with the issue. The effect of the crime is detrimental in nature. These affect the economical sector of the country and create several obstacles regarding the international trade and businesses. As the crime comprised of the businessperson, the future of the respective countries are become unsecured.

In the developing states as Ireland and England, the incrementing nature of the crimes are become a potential threat regarding the future of the country and it becomes inevitable to implement certain recommendations or enactment regarding the same. In both the countries, certain steps have been taken to deal with the problem.

 In England, certain strategies are taken recently to counter the offences. In the words of Ryder, in 2013, an agency to combat the national level crime had been established and a new Act was enacted to deal with the provision that is named as Crime and Courts Act 2013 (Ryder, 2015). This legislation gives an ample of power to the hand of the court regarding the matter so that the court can represent itself a safety measure.

There are certain companies that are keeping themselves engaged in the money laundering scheme and the offenders are invested in the accounts of these companies to legalise their black money. In the developed countries, the rate of these companies are increasing in nature and it becomes necessary to implement an Act so that the companies can able to disclose their financial status with a view to protect the civil liabilities. In the year 2015, Serious Crimes Act has been passed to meet these criteria. It has laid down certain provisions against the terrorist financing, prescribes certain safeguards regarding the territories of the England and Wales, Scotland, Northern Ireland, and cover the areas of various sectors of crime, disclosure of related documents and the relevant provisions regarding the confiscations. In the year 2017, a consulting provision is regulated that is especially concentrate on the money laundering process.

In case of Ireland, there had been an absence regarding the strict money laundering provision in the legislative section. The first attempt has been made in the year of 1994, where there was a specific section on the money laundering. However, the provision used to narrate the basic principles of the money laundering and there were certain acts that denote the commission of the same. After that process, the Act was amended from time to time and thereafter, certain other necessary Acts were also enacted by the legislative bodies. In the year 2010, an Act regarding the Criminal Justice has been proposed to be enacted and the provisions of the Act has enlightened the Money laundering and Financing. This Act was amended in the year 2013.

The term financial terrorism denotes such acts where the offenders are engaged them in the illegal process of changing the legal nature of the money. It has been observed that the offenders, who are committing these crimes, are from the financial sectors. If there is no strict provision regarding the same, there should be an economical degradation that will affect the future of the country and serious tax evasion may also be occurred as the offenders are about to evade the tax. The common people have to face huge problem regarding the same. There was a necessity accrued and an Act has been enacted to deal with the topic in the year 2013. It is utmost duty of a country’s legislature to secure the interest of the citizen and provide them justice so as they can feel safe within the territory of the country. There must be an Act that can provide justice to the affected persons at large.

The Criminal Justice Act 2013 is not merely provides necessary provision regarding the same, it amends various sections of the Act of 2010. The amended sections are section 17, 24, 25, 33, 34, 36, 37, 39, 54, 55, 60, 71, 84, 104 and 109 respectively. These amendment provisions are comprised under the part 2 of the Act of 2013. Apart from this, there are certain Anti-money laundering alliances are to be made by the Ireland. The banking sectors are harmed by the illegal acts of the offenders and the authorities have no clue regarding the same and could not able to trace out the money launderers. In the year 2015, there were certain report has been proposed.

Record keeping provision:

It is important to trace out certain record for the establishment of the required materials that are to be done for the subsequent event. It is a duty of a prudent person to keep certain records for the beneficiary use of the provision and make himself up-to date regarding the proposed scheme. it is important to define the term record in a well known manner so that it could be possible to describe the topic more effectively. Record can be treated as the copy of documents that are acquiring from relevant person for the purpose of meet the necessary requirements. If there is any need to reconstruct the transaction procedure regarding any relevant topic, record will help to facilitate certain provision.

 In England, certain rules are prescribed for the record keeping purpose and it is important to abide by the rules that are engraved under the rules. These rules are compiled into a separate regulations that was came into force in the year 2017 with the name “Money Laundering, Terrorist Financing and Transfer of Fund” of 2017. The regulation has been stated the rule that a person should keep a record for at least ten years. He can delete the data after the completion of the proposed period. It is a common rule regarding the money launderers that they have invested into the companies and the provisions where they have invested are of low risk category (Bello, 2017).

The reason behind investing into the categories is that it make their money untraceable. If there is any disclosure provision regarding the same, there will be a little scope for the companies to instigate the offenders regarding the investment. The records of a company depict the past transactions and it is an indication towards their morality. However, there is a need to regulate the procedure in a systematic way and for achieving the purpose, it becomes necessary to evaluate certain provisions of the regulatory Acts.

In the provinces of Ireland, certain report has been made and kept in the archives. Anti-money laundering concept was taken in various financial sectors including the banking and the insurance sector. The Irish government had felt the necessity for implementing certain acts to provide the institution’s security and take an initiative to keep the record properly for any subsequent event. The necessity for the development of the report keeping strategies can lead the government into a systematic way regarding the implementation of the monetary policies. It is the utmost duty of the government to secure the interest of the common people and take effective steps to counter the effects of the money laundering process.

4.2.4. International approaches on money laundering:

There is a common question regarding the money laundering provision that whether this is an international crime or not. The effects of the crime not only implicate the respective countries background, but affect the global criteria too. Money laundering possesses serious threat to the global economy and there is a need to regulate certain rules regarding the same. Money launder can be taken place in certain circumstances. It can be arisen from the section of corruption, illegal trading, weapon dealing, and financial terrorism. There are certain cases that reflect the detrimental effects of money laundering. There is no territorial limit regarding the same.

In present condition, the crime of money laundering is spread over the whole world. There is a specific pattern regarding the commission of the crime, but the rate is depending on the economic criteria and the target is the macroeconomic zones. Certain international organisations such as the International Monetary Fund and the World Bank had taken certain initiatives regarding the prohibition of the crime. The safety measures that are adopted by these institutions are as follows:

  • The people should know about the negative impression on the economy by the institutions and an attempt should be taken to raise the consciousness among the common people.
  • Anti-money laundering is essential to counter the financial terrorism and in this case, it is important to follow up a specific methodology so that it can be possible to deal with the matters tactfully.
  • Unity among the countries is one of the necessities regarding the same and it is impossible to implement the anti-money laundering criteria without this. Technical support is needed for that purpose that will facilitate the provision regarding the anti-money laundering enactments.
  • One the most acceptable measures can be the establishment of certain institutions that can be promising in nature and that can regulate the terms of the policies in a systematic way. Financial Action Task Forces are concocted to achieve the purpose. The main purpose of the FATF is to promote relevant recommendation regarding the same and it will help to maintain the standard of the process regarding financial terrorism (Herlin-Karnell, & Ryder, 2016).
  • Internet can help to deliver certain promotional attribution regarding the same. The process, achievements and the targeting areas of FATF and other anti-money laundering processes can be outcast through the internet. Certain networks have been promoted in this regard. One of such network is the International Money Laundering Information Network. The governments of other nations can take necessary help and feedback from these websites and it will instigate them to tackle with these procedures effectively.
  • Money laundering is an organised crime. The United Nation has taken certain steps regarding the same. An institution set out certain programs to advertise awareness against the money laundering. The institution is known as the United Nations Office of Drugs and Crimes. It provides certain assistance regarding the confiscation proceedings against the illegal acts of the offenders according to the rules of United Nations.
  • INTERPOL is established for developing the status of the information and spread them with speedy approaches. It can be regarded as an investigator who looks into the financial disturbances.
  • There are certain financial intelligence units are there who looked after the development of consciousness regarding the subject matter.
  • Certain money laundering regulations are passed with an intention to strengthen the policies and spread the idea globally. Many Acts and directives have been passed regarding the said topic such as USA patriot Act, Third European Directive etc.

There are certain case laws that have reflected the provision regarding the same in case of money laundering. In India, there was a case accrued in the year 2008 that is known as the 2G Spectrum Scam. The allegation is made against the ruling party to issue false licence to many telecom companies with a cheap rate and that caused a loss of nearly $40bn US dollar. This scam affects the global economy and the effect was detrimental in nature (Zoppei, 2017).

Another case can be Madoff Investment Scandal, where a director of a firm was engaged into the money laundering scam and he had continued the process for a term of twenty years. World was witnessed a serious money laundering scam regarding the incident.

5. Conclusion:

Therefore, from the above named discussion, it can be stated that both the countries, Ireland and England has adopted certain steps regarding the money laundering activities to prevent the crime. Money laundering is one of the heinous crime that can affect the financial structure of the respective country as well as the international market as well. It has been seen in this case that the respected governments of the countries like Ireland and England have taken various points regarding the same and it has recommended the points to be treated globally so that the people could understand the detrimental effect of the crime positively.

There are certain measures have been discussed with an intention to provide the universal effect of the crime not only in respect to the related countries as the crime is not attracts the provision of any certain country and they are not limited within the territorial provision of any country. There are numerous cases that are took place all over the world. A comparative study has been made in this purpose. Both the governments of the countries have taken certain measures regarding the same and there were certain loopholes within the legislatives of the countries. Recommendations regarding the topic have been made by both the countries. The intention was same. Both the countries become able to reduce the rate of the crime by adopting certain policies as against the money-laundering act.


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