Malakouti Khah, Z orcid.org/0000-0001-7804-9881 (2020) Financial Exclusion as a Consequence of Counter-Terrorism Financing. Journal of Financial Crime, 27 (2). pp. 663-682. ISSN 1359-0790
Abstract
Purpose
The purpose of this paper is to analyse the unintended consequences, financial exclusion, of counter-terrorism financing regulations in terms of their impact on financial inclusion and, consequently, the creation of an ineffective counter-terrorism financing framework. A further aim is to make recommendations to mitigate these unintended consequences.
Design/methodology/approach
This subject is examined by using the practices of a range of countries and organisations. The interdisciplinary approach of the paper is highlighted, which comprises criminal law, banking law, international law and human rights law.
Findings
Financial exclusion is a focal point that results in ineffective counter-terrorism measures which are caused mostly by the formal financial sector, in particular, the banking system. The financial exclusion also leads to counter-productive counter-terrorism financing through a low risk-appetite, de-risking, de-banking, financial exclusion and using unregulated or less-regulated and supervised financial systems.
Originality/value
No article comprehensively analyses financial exclusion as a consequence of counter-terrorism financing framework. The paper examines the process of counter-terrorism financing regulations, which leads to financial exclusion. In addition, the impact of financial exclusion on all relevant actors, such as individuals, correspondent banking relationships, money and value transfer services, charities and virtual currencies, is examined.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2020, Emerald Publishing Limited. This is an author produced version of a journal article published in Journal of Financial Crime. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Counter-terrorism financing, Financial exclusion, Financial culture, Human rights, Unintended consequences |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Education, Social Sciences and Law (Leeds) > School of Law (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 10 Oct 2019 10:29 |
Last Modified: | 18 Jul 2022 13:49 |
Status: | Published |
Publisher: | Emerald |
Identification Number: | 10.1108/JFC-09-2019-0121 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:151973 |