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- Publisher
- Emerald Publishing
- Copyright
- Copyright © Emerald Group Publishing Limited
- ISSN
- 1368-5201
- DOI
- 10.1108/eb027263
- Publisher site
- See Article on Publisher Site
Abstract
Over the past decade concern has been raised by much of the international community about the integrity and stability of the financial system, given the amount of money being laundered to convert the profits of illegal activities into financial assets which appear to have a legitimate origin. This money includes not only the gains from the sale of illegal drugs but also the profits from organised crime and tax evasion. Annual estimates of laundered funds range from US300bn to as much as US1.000bn, which the International Monetary Fund estimates is 25 per cent of global gross domestic product. The bulk of these funds are derived from the nearly US400bn a year generated from the illegal drugs trade. The magnitude and seriousness of money laundering motivated the General Assembly of the United Nations in 1988 to adopt a universal pledge to put a halt to this activity.
Journal
Journal of Money Laundering Control – Emerald Publishing
Published: Mar 1, 2000