scholarly journals Money Laundering: An Overview

2012 ◽  
Vol 1 (2) ◽  
pp. 120-127
Author(s):  
Deepa Joshi ◽  
Ashutosh Vyas ◽  
Ms. Megha Joshi
Keyword(s):  
Political Parties ◽  
Money Laundering ◽  
Tax Evasion ◽  
Financial Institution ◽  
Criminal Activity ◽  
Root Cause ◽  
Classification Code ◽  
Proceeds Of Crime ◽  
Recent Activity ◽  
Financial Transactions

Money laundering is generally regarded as the practice of engaging in financial transactions to conceal the identity, source, and/or destination of illegally gained money by which the proceeds of crime are converted into assets which appear to have a legitimate origin. In other words, Money Laundering refers to the conversion or "Laundering" of money which is illegally obtained, so as to make it appear to originate from a legitimate source. The recent activity in money laundering in India is through political parties’ corporate companies and share market. Bank fraud is a serious financial crime that involves the unlawful obtainment of funds from a bank or other financial institution. Money is the root cause of many evils like corruption, black marketing, smuggling, drug trafficking, tax evasion, and the buck does not stop here. While carrying out the Know your Client (KYC) norms, special care has to be exercised to ensure that the contracts are not anonymous or under fictitious names. Money is the prime reason for engaging in almost any type of criminal activity .Money laundering is the method by which criminals disguise the illegal origins of their wealth. GEL Classification Code: E49; E50; P44

Blockchain Technology and General Issue of Tax Evasion via Bitcoin

2021 ◽  
pp. 92-108
Author(s):  
Güneş Çetin Gerger
Keyword(s):  
Supply Chain ◽  
Money Laundering ◽  
Tax Evasion ◽  
Market Value ◽  
Financial Fraud ◽  
Terrorist Financing ◽  
Blockchain Technology ◽  
The World ◽  
Financial Transactions ◽  
Digital Assets

Cryptocurrencies often also serve money laundering activities, terrorist financing, tax evasion, and other illegitimate activities with a market value of more than 7 billion euros across the globe, though the total amount is hardly measurable. Indeed, the blockchain technology involves many virtual currencies, including bitcoin, to conduct various financial transactions related practices throughout the world economies. Besides, other blockchain applications are making positive contributions to a wide array of other industries including healthcare, supply chain, manufacturing, etc. This technology which constitutes the backbone of digital assets transactions currencies is characterized by anonymity, privacy, security, and speed. In this sense, for tax administration authorities, detection of financial fraud and regulations with respect to taxation of virtual transactions pose newer emerging challenges. This chapter aims to examine the blockchain technology, cryptocurrencies, especially bitcoin, and look into regulations by world governments to combat tax evasion and illegal transactions.

scholarly journals Tindak Pidana Kejahatan Pencucian Uang (Money Laundering) dalam Pandangan KUHP dan Hukum Pidana Islam

2019 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Ali Geno
Keyword(s):  
Money Laundering ◽  
Financial System ◽  
Second Step ◽  
Financial Assets ◽  
Legitimate Business ◽  
Three Stages ◽  
Proceeds Of Crime ◽  
Financial Transactions ◽  
As If

<p>Money Laundering is an attempt to hide or disguise the origin of money or assets resulting from a criminal act through various financial transactions so that the money or assets appear as if they came from legal activities. There are three stages taken to " purification" the proceeds of crime in laundring money. First, the money generated from a crime activity is changed into a form that does not or does not arouse suspicion through placement in the financial system in various ways (placement). The second step is to conduct financial transactions that are complex, layered and anonymous with the aim of separating the proceeds of crime from various sources so that it is difficult to trace the origin of the fund which in other words hides or disguises the origin of the proceeds of crime (layering). The last step is the stage where the actor re-enters funds that have escaped their origins into Assets that appear legitimate both to be enjoyed directly, invested in various forms of material and financial assets, used to finance legitimate business activities or to refinance activities criminal act (integration).</p>

scholarly journals RAHASIA BANK BAGIAN DARI PROSES MONEY LAUNDRY

2021 ◽  
Vol 5 (2) ◽  
pp. 38
Author(s):  
M. Endriyo Susilo ◽  
Wagiman Wagiman
Keyword(s):  
Money Laundering ◽  
Reporting System ◽  
Financial Institution ◽  
Literature Study ◽  
The Public ◽  
Flow Of Funds ◽  
Bank Secrecy ◽  
Financial Transactions ◽  
Analytical Approaches

The crime of money laundering is very detrimental to the public at large, because the crime will also be followed by other crimes, corruption, terrorism and drugs. The purpose of this research is to discuss the extent to which the Bank is involved in the money laundering process, so the researcher takes the theme Bank Secrets as part of the money laundering process. The method used is literature study with descriptive, exploratory, and analytical approaches. It can be concluded that, Bank Secrecy is everything related to information regarding depositors and deposits where the principle of bank secrecy aims to protect customers. Bank is a financial institution that runs its business based on the trust of its customers so that banks are required to be able to maintain the confidentiality of all data and information related to their customers, including information on financial transactions carried out by their customers. It is recommended that the bank should apply the Know Your Customer “Know Your Customer principle” properly accompanied by an adequate reporting system. If there is a suspicious flow of funds, it can work with related parties (PPATK, KPK and the Police) so that money laundering can be prevented as early as possible.

Tunisia's presidential candidates will need allies

2019 ◽  
Keyword(s):  
Political Parties ◽  
Money Laundering ◽  
Tax Evasion ◽  
Content Type ◽  
Presidential Candidates ◽  
Election Results ◽  
Independent Candidates ◽  
Opposition Parties

Significance Two independent candidates will contest the second round: Kais Saied, a constitutional lawyer, who garnered 18.4% of the vote and Nabil Karoui, a media mogul currently imprisoned on money laundering and tax evasion charges, with 15.6%. The election results are a rebuke to the main political parties that have dominated politics over recent years but failed to improve the economy. Not only did the candidates of the three main parties (Islamist-inspired Ennahda, and secularist Nidaa Tounes and Tahya Tounes) fail to reach the second round, long-standing opposition parties also failed to attract disillusioned voters. Impacts Both candidates will support Tunisia’s democratic achievements, even if they themselves are no revolutionaries. Saied has no party connections and could find himself isolated if elected. Karoui can count on some Nidaa Tounes support. Either president would be constrained in the likely event of an unfriendly parliament.

Tax evasion and the Proceeds of Crime Act 2002

Legal Studies ◽  
2005 ◽  
Vol 25 (3) ◽  
pp. 353-373 ◽  
Author(s):  
Peter Alldridge ◽  
Ann Mumford
Keyword(s):  
Criminal Justice ◽  
Money Laundering ◽  
Tax Evasion ◽  
Labour Party ◽  
Eu Directive ◽  
Proceeds Of Crime

Pursuit of the proceeds of crime has always been central to the criminal justice agenda of Tony Blair‧s Labour Party. In response to Blair‧s moral imperatives and to wider global forces, legislation has been put in place that targets, in various ways, the proceeds of crime. These efforts reached at least a temporary culmination in the Proceeds of Crime Act 2002. The mechanisms directed against property are backed by widespread reporting obligations, set out in the Money Laundering Regulations 2003, implementing the Amending EU Directive. The increased rate of seizures and growing rate of confiscation under the Proceeds of Crime Act 2002 and a number of decided cases under the Act are evidence of the courts ‘doing their bit’. A large industry is now in place for the delivery of the legal and other services the need for which was generated by the Proceeds of Crime Act 2002.

scholarly journals Multicriteria methods for identifying patterns in the analysis of the flow of “dangerous financial documents”

2018 ◽  
Vol 210 ◽  
pp. 04010
Author(s):  
Andrzej Ameljańczyk ◽  
Maciej Kiedrowicz
Keyword(s):  
Mathematical Models ◽  
Money Laundering ◽  
Final Stage ◽  
Criminal Activity ◽  
Disease Classification ◽  
Financial Crimes ◽  
Multicriteria Methods ◽  
Financial Flow ◽  
Financial Transactions ◽  
Degree Of Similarity

The article outlines a concept of applying the methodology for identifying patterns used for detecting documents suggesting the execution of some criminal financial transactions. The analogies of diagnostic processes for disease classification in medicine were used in the method. The idea of the described method consists in defining model patterns of financial documents, suggesting criminal activity in the form of the financial flow and developing mathematical models of actual financial documents which shall be used for the comparisons with the patterns at a later stage of the process. The next step is to develop similarity indicators of documents to appropriate patterns, to define and develop a multicriteria detection area for the documents and to develop a method for dividing the set of monitored documents into similar document classes. The final stage is the development of multicriteria rankings that allow to organize the set of transaction documents according to the degree of similarity to the relevant patterns and to determine the optimal cut-off threshold in the ranking of documents intended for a more detailed analysis. The described method may be used in counteracting financial crimes, and in particular in combating money laundering.

scholarly journals Disrupting Fintech: Key Factors for Adopting Bitcoin

2019 ◽  
Vol 9 (2) ◽  
pp. 33 ◽  
Author(s):  
Ahmed Zouhair ◽  
Noah Kasraie
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Strong Relationship ◽  
User Anonymity ◽  
Innovative Technology ◽  
Key Factors ◽  
Main Motivation ◽  
Academic Literature ◽  
Illegal Activities ◽  
Financial Transactions

Bitcoin is one of the original cryptocurrencies. It was introduced by an anonymous author who goes by the pseudonym of Satoshi Nakamoto (Nakamoto, n.d.). His genius proposal was based on the premise of user anonymity and decentralization (Barber, Boyen, Shi, Uzun, 2012). Bitcoin started out as a payment system among a small group of enthused users and was then mass-adopted. Most users employ it for legal activities such as investments and purchases, while some use it for illegal activities, products, and services like gambling, money laundering, tax evasion, kidnap ransoms, drugs, and prostitution (Kristoufek, 2015). In regard to reasons for using Bitcoin, studies have shown that the majority of Bitcoin owners view it as an investment rather than a currency for purchases or other financial transactions (Henry, Huynh, & Nicholls, 2018; Glaser, Zimmermann, Haferkorn, Weber & Siering, 2014). The purpose of this study was to determine what attracts and motivates consumers to own Bitcoin cryptocurrency and to fill a gap in the academic literature. The findings indicate that there is a strong relationship between owning Bitcoin and a desire for financial profit. This study concludes that the main motivation is of course profit which was driven by both finances and innovative technology led Bitcoin users to mining and installing Bitcoin clients, and then investing and trading afterwards.

scholarly journals The meaning of money laundering in business life and prevention of it

2014 ◽  
Vol 8 (2) ◽  
pp. 106-108
Author(s):  
Anikó Türkössy
Keyword(s):  
Money Laundering ◽  
Drug Trafficking ◽  
Tax Evasion ◽  
Financial Services ◽  
Task Force ◽  
Criminal Activity ◽  
Political Life ◽  
Sudden Increase ◽  
Select Committee ◽  
The World

Money laundering is the process whereby the proceeds of crime are transformed into ostensibly legitimate money or other assets. The actuality of the subject derives from the Select Committee on the Evaluation of Anti Money Laundering Measures aided by the Financial Action Task Force. Money obtained from certain crimes, such as extortion, drug trafficking, illegal gambling and tax evasion trough off shore companies as "dirty". The reason of the Committee program is to give aides to those countries which wore not FATF members as money laundering is the most profit yielding business on the world with it’s 2800 milliard USD turnover. This organization controls Hungary by supervising the law and overall actions giving a so called Progress Report about the achievements. In aspect of criminal affairs Money laundering includes all activities which achieve to transform the origin of funds coming from criminal activity as well as tax evasion activity into a legalized form. Money laundering as a phenomenon became a global problem in the second half of the 20th century parallel to sudden increase of drug trafficking. In the past few decades money laundering and the chain of criminal activities as underlying offences got into the scope of the leading economic states. Those activities of money laundering maximally exploit the free movement of capital and financial services. In both the economy and political life there is a need for having laws and regulations against money laundering which rigorously regulate the different financial, bank supervisory activities. According to estimations in the nineties three hundred billion dollars were circulating annually across the world in order to be laundered. Nowadays this figure is well over thousand billion dollars.

scholarly journals INTERDEPENDENCE OF FINTECH INNOVATIONS, FINANCIAL, CYBERNETIC CRIMES AND LEGALIZATION OF CRIMINAL INCOME MEDIATED BY FINANCE INSTITUTIONS

2021 ◽  
Vol 2021 (1) ◽  
Author(s):  
O. Kuzmenko ◽  
T. Dotsenko ◽  
S. Mynenko ◽  
E. Shramko
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Service Providers ◽  
Criminal Activity ◽  
Third Party ◽  
Security Measures ◽  
Current Trends ◽  
Financial Infrastructure ◽  
Financial Transactions ◽  
The Impact

Current trends in Ukrainian society, the decline of economic development and, on the other hand, digitalization, development of financial services and innovation lead to a review and rethinking of the causes and consequences of criminal activity in the financial and economic sphere. FinTech innovations provide the latest tools to protect financial transactions, and, as the range of services expands, provide more targets for cybercriminals. The goals of cybercriminals, in turn, are often financial in nature, as the goals of criminals, for example, are not only to obtain confidential information, but also to use it for their own benefit or to meet the needs of a third party. Funds obtained illegally should be legalized for their quiet further use. All these processes to some extent depend on the available financial infrastructure - the existing financial organizations-service providers. The purpose of this study is to determine the relationship between FinTech innovation, financial crime, cybercrime and money laundering by building an economic and mathematical model, taking into account the functioning of financial institutions as major intermediaries in the financial services market. The method of structural modeling of interrelations between processes was chosen as the basic for research. Missed values ​​were predicted using a simple mean, the results were generated by analysis, synthesis, comparison and logical generalization. STATISTICA statistical software was used for simulation. The study found that the development of FinTech will lead to a reduction in financial offenses. If the number of cybercrimes and the number of crimes for money laundering increase, so will the number of financial crimes, but the impact of money laundering is stronger. The growth of fintech innovation will lead to an increase in cybercrime. With formalized linkages between these processes, law enforcement and government regulators will be able to better plan and manage the development of fintech innovation, risk-based digitalisation of the economy, and additional security measures.

scholarly journals Money laundering as a form of economic criminality – The case of the Republic of Kosovo

2019 ◽  
Vol 12 (3) ◽  
pp. 1860-1866
Author(s):  
Orhan Maxhun Ceku ◽  
Sheqir Kutllovci ◽  
Ardian Emini ◽  
Petrit Nimani
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Criminal Activity ◽  
Human Beings ◽  
Negative Effects ◽  
Criminal Offense ◽  
Transit Country ◽  
The Republic ◽  
International Instruments ◽  
International Conventions

Economic criminality is a criminal activity that violates the economic and property values of the state, harms the public budget, and causes losses to economic entities, harms society in general. Combating and preventing this criminal activity that takes on transnational crime dimensions requires repressive legislation and international cooperation of sovereign states. Republic of Kosovo is assessed as a country that has largely expressed the phenomenon of economic criminality, in particular, money laundering, corruption, tax evasion, trafficking in human beings and as a transit country of drug trafficking.This paper addresses the legislation that prevents and fights the criminal offense of money laundering in the Republic of Kosovo. The paper also includes international instruments that regulate the fight against money laundering. The negative effects of the criminal offense of money laundering appear to be more pronounced in small countries and with non-consolidated democracies such as Kosovo. Kosovo's legislation has been continuously adapted to the conditions and circumstances by taking the pattern of EU legislation and international conventions of the UN system.

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