Money obtained by criminal means is said to be “laundered” when it is channeled through the legitimate financial system
Money obtained by criminal means is said to be “laundered” when it is channeled through the legitimate financial system
Money obtained by criminal means is said to be “laundered” when it is channeled through the legitimate financial system in such a way as to prevent it being traced back to criminal activity. Compare money laundering via the financial system (i.e., banks) and money laundering via other systems, including trade, informal agencies (hawala), and cyberspace. What are, from the perspective of a money launderer, opportunities and risks of each specific system? Also, as financial reporting requirements have become more stringently enforced, and with the development of required Suspicious Transaction Reporting (“STR”), what methods criminals often utilize to launder their illicit funds?
Assigned readings:
- Weld, J.B. (2011). Current International Money Laundering Trends and Anti-Money Laundering Co-Operation Measures
- Current International Money Laundering Trends and Anti-Money Laundering Co-Operation Measures – Alternative Formats
- . Resource Material Series No. 83. UNAFEI Fuchu, Japan.
- FATF (2014). Virtual Currencies: Key Definitions and Potential AML/CTF Risks
- Virtual Currencies: Key Definitions and Potential AML/CTF Risks – Alternative Formats
- . Paris: Financial Action Task Force.
- Gilmore, W. (2014). Chapter 20 “Money Laundering”
- Chapter 20 “Money Laundering” – Alternative Formats
- (pp. 331-346). In N. Boister and R.J. Currie (eds.), Routledge Handbook of Transnational Criminal Law. London: Routledge.
- Passas, N. (2005). Informal Value Transfer Systems, Terrorism and Money Laundering. Report to the National Institute of Justice.
Additional readings:
- Passas, N. (2005). Informal Value Transfer Systems, Terrorism and Money Laundering. Report to the National Institute of Justice.
- Informal Value Transfer Systems, Terrorism and Money Laundering. Report to the National Institute of Justice. – Alternative Formats
- Passas, N. (2016). Hearing on “Trading with the Enemy: Trade-Based Money Laundering is the Growth Industry in Terror Finance” Before the House Financial Services Committee Task Force to Investigate Terrorism Financing.
- Hearing on “Trading with the Enemy: Trade-Based Money Laundering is the Growth Industry in Terror Finance” Before the House Financial Services Committee Task Force to Investigate Terrorism Financing. – Alternative Formats
- Simser, J. (2013). Money laundering: Emerging Threats and Trends.
- Money laundering: Emerging Threats and Trends. – Alternative Formats
- Journal of Money Laundering Control, 16(1): 41-54.
- Hardouin, P. (2009). Banks Governance and Public-Private Partnership in Preventing and Confronting Organized Crime, Corruption and Terrorism Financing
- Banks Governance and Public-Private Partnership in Preventing and Confronting Organized Crime, Corruption and Terrorism Financing – Alternative Formats
- , Journal of Financial Crime, 16(3): 199-209.
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