Money Laundering Research Papers

Money Laundering Research Papers-64
At the global level, the IMF estimated the extent of money laundering to be around 2% to 5% of global GDP.A country's rating on compliance with standards set by Financial Action Task Force (FATF) on AML/CFT, is often considered as a key measure of the country's AML/CFT regime.

In practice, it has been shown that business operations can be used as an excellent way to hide money laundering activities (Lemieux, Prates, 2011, pp. Business operations are suitable due to a large number of business activities enabling money and other forms of assets to enter regular flows.

Money which needs to be laundered can originate from criminal acts, informal (grey) economy, including seemingly regular money flows (e.g.

An unfavorable rating would mean that the businesses, including financial institutions, would face greater scrutiny, higher costs of doing business, delays and other time consuming including unnecessary barriers when doing business with overseas counterparts.

"Identifying Money Laundering in Business Operations as a Factor for Estimating Risk." International Journal of Innovation and Economic Development 3, no.3 (2017): 7-16.

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More on Emerald's approach is available in our Publication Ethics guidelines.Regardless of the differences between persons obliged to implement preventive measures, resulting in differences in the focus of their activities, the traditional definition of money laundering assumes three phases: placement, layering, and integration (Gilmore, 2004, pp. Common characteristics of the process include: the need to conceal the origin and true ownership of the proceeds, the need to maintain control of the proceeds, and the need to change the form of the proceeds in order to shrink the huge volumes of cash generated by the initial criminal activity (Weismann, 2014, pp. The modern money laundering definition is of a more flexible nature so, in addition to the above specified three stages of money laundering, it also includes modern trends such as: wire transfer and shell company activity; computer intrusion; money transmitters; identity theft; terrorist financing; alternative money remittance systems; Black Market Peso, Hawala, non-financial professionals (with the emphasis on lawyers, notaries, accountants); market for gold and other precious metals; use of travellers checks to disguise identities etc. The “Butterfly Diagram” considers a causal link between money laundering and legal business activities through the integration of illegally acquired money into legal economic flows and points to the complex nature of the integration phase implementation modalities.The importance of implementing money laundering and prevention measures of terrorism financing in the framework of the accounting profession, which has its roots in international legislation laying foundations of the risk-based approach system, is particularly emphasized.The term “money” has a broader meaning than just cash and it is synonymous with a specific property value which can be in either tangible or intangible form (De Goede, 2008, pp. In addition to cash, it also implies different forms of assets which have value and can be exchanged for money (land, buildings, inventory, securities, etc.) so it can be concluded that money is synonymous with assets bearing a certain material value.If the term money is approached as a value equivalent of an asset, the term money laundering may be expanded to cover the meaning of “asset laundering”. It gives me a great pleasure to deliver my address at the opening ceremony of this conference on Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT).I would like to congratulate the National Banking Institute as well as other concerned International Agencies for organizing such an important program on a topical issue. As is well known, the impact of money laundering and terrorism financing to the financial institutions and financial system has serious implications to the overall financial system, which jeopardizes socio-economic development for the May Hen ABI/INFORM Complete/ ABI/INFORM Global/ ABI/INFORM Professional Advanced/ ABI/INFORM Professional Standard/ Academic Research Library/ Banking Information Source (Pro Quest), Business Source Alumni Edition/ Business Source Complete/ Business Source Complete Government Edition/ Business Source Corporate/ Business Source Corporate Select Edition/ Business Source Corporate Plus/ Business Source Elite/ Business Source Premier(EBSCO), Cabell's Directory of Publishing Opportunities in Economics and Finance, Criminal Justice Abstracts/ Criminal Justice Abstracts with Full Text(EBSCO), Discovery(Pro Quest), Lexis Nexis, OCLC - Electronic Collections Online, Professional ABI/INFORM Complete/ Professional PRo Quest Central/ Pro Quest Criminal Justice/ Pro Quest Pharma Collection/ Research Library (Pro Quest), Read Cube Discover, Scopus, TOC Premier (EBSCO), v Lex, Web of Science Emerging Sources Citation Index, Westlaw ANVUR, Australian Business Deans Council (ABDC) Quality Journal List, Australian Research Council (ERA Journal List), BFI (Denmark), Polish Scholarly Bibliography (PBN), The Publication Forum (Finland).For the latest information on Emerald's Accounting and Finance titles, follow us on Twitter at: Acc Fin or visit the Emerald Accounting, Finance & Economics e Journals Collection page.However, reality speaks in favor of the theory that these are financial activities connected to illegal financial schemes, including fraud, tax evasion, drug sales, white slave trade, corruption, but also terrorist financing.Terrorism is a term closely related to money laundering and it represents the most direct threat to national and international safety.


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