Money laundering and asset cloaking techniques
Purpose – The purpose of this paper is to explore the various typologies and methods used to cloak assets following the placement stage of money laundering.Design/methodology/approach – Techniques used to hide assets and cloak ownership, ranging from simple nominee arrangements through to complex financial transactions are explored.Findings – There are a myriad of methods available to money launderers to cloak their assets.Research limitations/implications – More work needs to be done on the issue of information gateways.Practical implications – Assets are cloaked to obfuscate the trail and make it difficult for law enforcement to “follow the money”. Understanding the methodologies used is the first step to understanding the problem.Originality/value – A number of cases from Canada, the USA and Australia were studied, as well as reference material advisors use for asset protection.
The significance of money laundering
Purpose – The purpose of this paper is to examine money laundering generally and the response of one jurisdiction, the Philippines, to international pressure for anti‐money laundering measures.Design/methodology/approach – Money laundering is examined and described. The source of international consensus around the problem is considered. The multilateral response, including the pressure placed on the Philippines as a formerly non‐compliant jurisdiction is examined. The initial measures of the Philippines were rejected. Finally the Philippine solutions that ultimately met with international approval are discussed: the establishment of a financial intelligence unit, the regulation of financial intermediaries and the provision of criminal and remedial measures are considered. Civil or non‐conviction based forfeiture as a remedial device is given particular attention. Finally the limited jurisprudence on topic is examined.Findings – The Republic of the Philippines has put forward anti‐money laundering provisio...
Observations of nearshore infragravity waves: Seaward and shoreward propagating components
[1] The variation of seaward and shoreward infragravity energy fluxes across the shoaling and surf zones of a gently sloping sandy beach is estimated from field observations and related to forcing by groups of sea and swell, dissipation, and shoreline reflection. Data from collocated pressure and velocity sensors deployed between 1 and 6 m water depth are combined, using the assumption of cross-shore propagation, to decompose the infragravity wave field into shoreward and seaward propagating components. Seaward of the surf zone, shoreward propagating infragravity waves are amplified by nonlinear interactions with groups of sea and swell, and the shoreward infragravity energy flux increases in the onshore direction. In the surf zone, nonlinear phase coupling between infragravity waves and groups of sea and swell decreases, as does the shoreward infragravity energy flux, consistent with the cessation of nonlinear forcing and the increased importance of infragravity wave dissipation. Seaward propagating infragravity waves are not phase coupled to incident wave groups, and their energy levels suggest strong infragravity wave reflection near the shoreline. The cross-shore variation of the seaward energy flux is weaker than that of the shoreward flux, resulting in cross-shore variation of the squared infragravity reflection coefficient (ratio of seaward to shoreward energy flux) between about 0.4 and 1.5.