Money Laundering Research Papers

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agricultural products trade, card trade, etc.), and especially tax evasion (Mitsilegas, 2003, pp. Such business operations often imply tax evasion (Unger, 2013, pp.

659), and the money acquired this way seeks ways to enter regular money flows and continue to circulate in the flows. Tax evasion and money laundering are connected with business operations in off-shore zones.

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.

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.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.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”.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.Cash flow cycles are presented in form of an algorithm as connections between irregularly and regularly acquired assets in the process of money laundering through business operations, as well as re-entry from regular flows into alternative cash flows.The “Butterfly Diagram”, presenting groups of business changes enabling entry of larger amounts of money and assets owned by a company in order to be laundered or their exit with the effect or tax evasion or terrorism financing, evolved from the algorithm.This journal is a member of and subscribes to the principles of the Committee on Publication Ethics.More on Emerald's approach is available in our Publication Ethics guidelines.


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