Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Twelve methods of money laundering

Twelve methods of money laundering PurposeThis paper aims to discuss how feasible it is for intelligent criminals to circumvent existing anti-money laundering mechanisms.Design/methodology/approachBased upon ten informal interviews with money launderers and their advisers; 18 formal, semi-standardized expert interviews with selected anti-money laundering specialists; and a quantitative survey of 181 compliance officers, 12 effective methods to launder money have been developed.FindingsIt has been found that gold, jewellery, raw diamonds, antiquities, art, real estate projects, consulting firms, mergers and acquisitions, banks in Dubai, deposit boxes, private cash deals and currency exchange offices continue to be extraordinarily suitable tools for money laundering.Originality/valueThe identification of gaps in anti-money laundering mechanisms is meant to provide both compliance officers and legislators with valuable insights. While the existing literature focuses on estimating the volume of money laundered in certain geographical areas and on the improvement of anti-money laundering mechanisms, this paper describes how money launderers proceed to avoid getting caught. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Loading next page...
 
/lp/emerald-publishing/twelve-methods-of-money-laundering-MSjmm3tjDN

References (10)

Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1368-5201
DOI
10.1108/JMLC-05-2016-0018
Publisher site
See Article on Publisher Site

Abstract

PurposeThis paper aims to discuss how feasible it is for intelligent criminals to circumvent existing anti-money laundering mechanisms.Design/methodology/approachBased upon ten informal interviews with money launderers and their advisers; 18 formal, semi-standardized expert interviews with selected anti-money laundering specialists; and a quantitative survey of 181 compliance officers, 12 effective methods to launder money have been developed.FindingsIt has been found that gold, jewellery, raw diamonds, antiquities, art, real estate projects, consulting firms, mergers and acquisitions, banks in Dubai, deposit boxes, private cash deals and currency exchange offices continue to be extraordinarily suitable tools for money laundering.Originality/valueThe identification of gaps in anti-money laundering mechanisms is meant to provide both compliance officers and legislators with valuable insights. While the existing literature focuses on estimating the volume of money laundered in certain geographical areas and on the improvement of anti-money laundering mechanisms, this paper describes how money launderers proceed to avoid getting caught.

Journal

Journal of Money Laundering ControlEmerald Publishing

Published: May 2, 2017

There are no references for this article.