Money Laundering Research Papers

Money Laundering Research Papers-12
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.

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When considering counterterrorist activities, it is possible to talk about antiterrorism and counterterrorism, with a dividing line between these two terms being very faint (Bilandžić, 2014, pp. Even though in advanced societies money laundering as a criminal act is undoubted of an economic character (Savona, 2004, pp.

3), this process is often misunderstood by anti-fraud professionals, criminal investigators, tax auditors and corporate compliance professionals who are focused on different aspects of these actions, often-times missing the larger picture due to an incomplete understanding of the scope of money laundering scheme (Turner, 2011, pp. With regard to various aspects of this complex process application, money laundering can be defined in different ways, depending on one’s approach to the subject, namely from criminal aspects, accounting aspects and other aspects of the financial sector. In order to analyze money laundering risks in legal business activities, this paper will pay special attention to the scope of money and assets definition as well as their variability.

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 country.

The need to take serious steps in the prevention of money laundering stems from the fact that the value of transactions performed with the goal of money laundering amounts to 2-5% of the World’s GDP.

This percentage covers two types of risks: one prudential, and the other macroeconomic as inexplicable changes in money demand, greater prudential risks to bank soundness, contamination effects on legal financial transactions, and greater volatility of international capital flow and exchange rates due to unanticipated cross-border asset transfers (Esoimeme, 2015, pp. When discussing money in the context of money laundering or terrorism financing, one should keep in mind that its role is often assumed by other tangible and intangible assets.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”.Also, the “Butterfly Diagram” includes certain forms of legal and tax misuse which enable legalizing the specified activities.The business reality is exceptionally dynamic and needs of money launderers keep growing, this is why there is an increase in types and numbers of business transactions that can be used for money laundering or terrorism financing, resulting in the need to keep modifying the presented “Butterfly Diagram”.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 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.Abstract: Money laundering and terrorist financing can be performed in many ways, regular business operations being among them.Business activities go through a large number of business changes, which offers numerous options for money or assets to enter the company via seemingly legal business transactions, enabling money or assets to remain in regular business flows once money laundering is completed.


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