Source of definition	Definition of money laundering	Count	Exemplary studies
Definition of Jordan’s Central Bank Instruction No. 10 (2001)	Hiding, disguising, using, owning or providing false information about the source of illegal funds	1
United Nations’ definition	A process which incorporates three phases: placement, layering and integration	26	, , , , , , , , , (2018), , , , , (2018), , , (2012), , (2018), , , , , ,
Criminal Justice Act 1990 (UK)	Hiding or transferring proceeds of drug trafficking became a crime	1
European Union (IFFs)	Financial activities are hidden from sight ranging from tax evasion and money laundering to illegal capital flight	8	, , , , (2018), , ,
FATF	Processing illegal profits originating from various types of activities such as drug trafficking	4	, , ,
Russian Criminal Code and the Federal Law on Combatting Money Laundering	Laundering of proceeds of crime	1
Vienna Convention	A criminal act	2	,
USA Patriot Act	Process that enables concealing the origin, nature, control or ownership of illegal funds	1	(2010)
Foreign Corrupt Practices Act, USA	Corrupt corporate practices	1	)
Australian Transaction Reports and Analysis Centre (AUSTRAC)	Concealing and integrating illicit funds into the legitimate economy, e.g. through real estate purchases	1
Proceeds of Crime Act 2002 (POCA), UK	An unlawful activity, use of illegal money	1

Causes of money laundering

Individual	Country	Global
• Ethics • Third-party assistance from professionals within the field of law, accounting, and finance • Unintentional assistance of launderers • Power (elite, financial and nonfinancial advisors)	• Lack of resources and political will to mitigate money laundering • Organized crime • Corruption and other crimes such as tax evasion • Weak AML structures and supervision • Nonfinancial sector • National interests • Sociocultural elements • Power (government bureaucrats)	• Globalization • Crypto currencies • International mobility of capital • Offshore financial centers • Lack of transparency and information exchange • Informal transnational networks • Power (MNCs, transnational groups of regulators)

Theories and related concepts used

Discipline category	Theory and related concepts used	Count	Authors
1. Normative standards	AML Directives, FATF guidelines, Federal Corrupt Practices Act, Narcotics Drugs and Psychotropic Substances Act, OECD Convention, UN Convention against Corruption, US Department of Homeland Security’s missions	22	, , , , , , , , , , , , , , , , ,
2. Business and economics	Agency theory	2	, )
	Corporate responsibility theory	2	,
	Business ethics	2	, (2011)
	Institutional theory	2	,
	Knowledge-capital model	2	, (2012)
	Network theory	1
	Resource-dependency	1	)
	Theory of multinational corporation	1	(2012)
	Beggar-thy-neighbor policy	1	(2010 )
	Game theory	1
	New interdependence approach	1	)
3. Law and governance	Regulation theory	1	(2018)
	Regulatory state	1
	Policy diffusion	1
	Plausible folk theories	1
	Routine-activity theory	1	)
4. Regional development	State transformation approach	3	, (2018),
	Dimensions of global flows	1
	Urban theory	1	)
	Market/security fundamentalism	1
5. Information technology	Machine learning	2	,
	Information security	1	(2008)
	Semi-Markov Decision Process	1	(2017)
	System theory	1
	Decision support systems	1
6. Others	Grounded theory	1
	Metaphors	1

Future agenda for research and practice

Future research questions	Proposed by
1. How are illicit financial flows defined and how can they be estimated?	,
2. What kind of corporate entities and arrangements are used in the management of illicit funds?	(2018)
3. What are the key actors and what is their role in evolution or spread of money laundering?
4. What are key concealment and layering practices of money launderers?	,
5. How and to what extant do financial and nonfinancial sectors detect money laundering?	,
6. How does the sociopolitical climate facilitate international money laundering?	,
7. How does offshore finance generate unfair taxation in e-commerce and enable money laundering?
8. How does legislation challenge detecting international money laundering and why?
9. How does the war on terror affect shadow economies and the spread of money laundering across countries and institutions?
10. How do professional third-parties enable complex money laundering?
11. How does money laundering in home and host countries influence outward Foreign direct investments in different countries?	, (2012)
12. How are cryptocurrencies used in money laundering and how does this affect the global society?	(2019)
13. How do export controls affect money laundering?	(2018)
14. Why do significant outflows of illicit capital take place and what does this mean to local economies?	, (2012)
15. What are the costs and advantages of global AML frameworks?	,
16. How should global regulatory standards for money laundering be promoted and implemented?	,
17. How can the effectiveness of international AML be improved with economic incentives?	(2010)
18. How do microlevel mechanisms lead to participation in AML?
19. How could technology and artificial intelligence be used and developed to detect and prevent suspicious transactions?	,
20. How can MNCs detect or prevent money laundering?	, )
21. How to intervene with the misuse of power facilitating distortion in institutions which enables money laundering?

Overview of published research on money laundering

Author (s)	Context of study	Contribution	Theory or concepts employed	Key findings/insights				Identified future research areas
				Concept	Causes	Consequences	Controls
	Jordan	Conceptual	Jordanian laws, international treaties	Extension of other crimes such as tax evasion and drug offences. criminalized as a different crime nowadays	Other crimes	Security-based	Jordanian Anti-Money Laundering Law of 2007: cooperation of local and foreign authorities	–
	Bangladesh	Conceptual	FATF recommendations 2012, international conventions, domestic anti-money laundering initiatives	Process in which dirty money is placed, layered and integrated into the financial system	Corruption, lack of resources and political will to combat money laundering	Economic	Anti-money laundering frameworks, education and training, abolishing domestic tax amnesties, supervision	Focus on improving domestic circumstances before implementing international anti-money laundering frameworks
	UK	Conceptual	Anti-money laundering laws, FATF recommendations, international conventions, criminal laws	Any dealing with property/possession that is produced by crime	Globalization	Economic, political	Criminalizing money laundering, not considering money laundering as an extension to other crimes, universal frameworks regarding international capital movements, financial sector supervision, international cooperation	Assessment of the benefits and costs of global anti-money laundering regimes
)	OECD countries and Turkey	Empirical, quantitative	Knowledge-capital model	–	Globalization and the level of corruption, money laundering and tax evasion in home and host countries	Economic, social, political	Greater transparency and targeted policies	Investigating developing or other countries, their degree of corruption, money laundering, tax haven similarities and outward Foreign direct investments
	USA and Mexico borders	Empirical, qualitative	US Department of Homeland Security’s missions	–	Busy ports of entry, busy entry times and supply chain vulnerabilities enabling illegal trade	Security-based, economic, social	Visibility and harmonization of standards in terms of security procedures within industry stakeholders	–
	Global	Empirical, qualitative	Machine learning algorithms	–	Advancements in technology, financial products and, e.g. online strategies for trading	The rise in criminality (security-based)	Machine learning can help in detecting and tracking suspicious money laundering transactions	How technology should be used and how algorithms should be developed to detect suspicious transactions?
	Bombay, India	Empirical, qualitative	Narcotics Drugs and Psychotropic Substances (NDPS) Act	Money can be laundered by utilizing and smuggling luxury goods (gold, diamonds)	Organized crime, political patronage and corruption, globalization	Economic, social, political	Democracy and transparency, regulation	Multidisciplinary research about organized crime within its social and political context
(2018 )	Banking	Conceptual	Machine learning and artificial intelligence	–	–	–	Provides an overview of methods related to machine learning and AI algorithms to detect suspicious money laundering transactions	Techniques were lacking to detect some important money laundering transactions. Future developers should overcome such deficiencies
)	Global	Conceptual	United Nations Convention against Corruption, FATF recommendations	Concealing the origin of illicit funds through financial institutions and transactions	Weak anti-money laundering structures	Economic, security-based	Criminalization, international cooperation/frameworks and legal assistance	Assessment of the benefits and costs of global anti-money laundering regimes
	Latin America (Global)	Empirical, qualitative	UN Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, FATF recommendations, US State Department’s International Narcotics Control Strategy Report	Hiding illicit origin of criminal funds	Insufficient financial regulation, supervision and compliance, internet	Political, economic, social	Anti-money laundering policies for offshore financial centers	Statistical modeling of the relationships between offshore financial centers. Further research on offshore and onshore tensions and their influence on taxation and e-commerce
	Global	Conceptual	–	Money that has illicit origins is moved through illicit channels or is used for illegal purposes	Insufficient institutions, corruption and low capacity to detect money laundering	Economic, social	Global initiatives for counteracting, better domestic compliance, AML within the financial sector, international information exchange	Uncovering data with better quality, validating estimates and utilizing methods from areas such as informal economy to estimate illicit financial flows
)	Central Asia	Conceptual	Global anti-corruption regimes	–	Informal transnational networks	Economic, political	Transparency, distancing public and private interests, supervision of offshore vehicles and destination havens	Investigating the role of IB actors and public and financial sector actors in money laundering
	Russia	Conceptual	Russian law on money laundering, FATF recommendations	Transactions related to property/funds obtained by criminal means to make the funds, their source and purpose seem legitimate	Globalization, the weak banking system in Russia, insufficient regulatory compliance	Economic, political instability	Regulation, supervision and reporting by financial institutions, establishing financial intelligence units	–
	International banking	Empirical, qualitative	System theory (structural coupling)	Process of disguising proceeds of crime. This process is defined as its form of crime	–	Economic	System theory serves as a path toward the improvement of money laundering detection	How to effectively apply structural coupling of computer/human profiling in detecting money laundering
	Global	Conceptual	Game theory	Process in which criminally obtained funds are converted into seemingly legal ones	Globalization, weak national regulation	Economic, political	Global economic regulation and its coordination, international cooperation	Empirical studies should investigate mechanisms of regulatory convergence
	Brazil	Conceptual	Brazilian legal frameworks (and international conventions)	-	Globalization, lack of internationally coordinated action	Political, economic	International treaties, conventions and cooperation, international exchange of information	–
	EU	Report	4th and 5th AML Directive	–	Anonymity in transactions, identification (including beneficial ownership), gaps in supervision and information exchange, technology, Fintech, lack of resources	–	Transparency, limiting virtual currencies’ anonymity, cooperation, central bank account databases, supervising transactions from high-risk countries	Regulatory and nonregulatory measures in Member States, assessing money laundering and terrorist financing risks, recommendations for supervisory authorities
	Professional money laundering	Report	FATF	Laundering is not limited to only proceeds of crime	Third parties (who receive a commission)	–	–	Continue to investigate professional money laundering
	German nonfinancial sector	Empirical, qualitative	Grounded theory	Transnational issue and a business procedure of organized crime	Compliance gaps, nonfinancial sector	Economic	More thorough and standardized approach toward anti-money laundering within the nonfinancial sector, international cooperation between regulative authorities, supervision, risk analysis, training	Testing and developing more hypotheses based on the ones introduced by the authors related to the level of AML in the nonfinancial sector
	Banking	Conceptual	IT decision support systems	–	–	–	Study proposes AML conceptual model that is based on IT	IT experts should focus on advanced architecture which can provide intelligent, and flexible solution to control money laundering in banking
	Global	Conceptual	Business and legal ethics	Using financial vehicles to hide criminal origins of funds and funding illicit purposes	Globalization, national interests and their impact on law and ethics	Political, economic	International coordination and enforcement and transparency	–
	USA and Nigeria	Empirical, mixed-methods	Foreign Corrupt Practices Act (FCPA)	–	Cultural context	Socioeconomic	Socioeconomic impacts of FCPA on world and US firms FCPA is beneficial for honest US MNCs in a way that it reduces unfair competition among other US MNCs	Investigating various aspects of socioeconomic and political impacts of FCPA on global trade.
(2010)	Global	Conceptual	Beggar-thy-neighbor policy	Process of disguising the origin of illicit funds for consuming	Globalization, tolerance of some countries toward money laundering	Social, economic, security-based, political	Financial transparency, legalistic approach, political approach, economic approach	Investigating countries that invite capital by guaranteeing secrecy. Studying the economics of money laundering empirically
	Global	Conceptual	Routine activity theory	Process in which illicit origin of funds is concealed and transformed into “clean money”	Globalization, mobility of international capital, motivation for the crime, insufficient supervision and compliance	Economic, political, social (decreasing trust)	International cooperation of public, private and nonprofit institutions	Investigating the role of informal institutions in controlling transnational white-collar crime
	Global	Conceptual	Plausible folk theories	–	Ignorance in governance, weak criminal laws, insufficient penalties, lacking supervision, corruption and lack of controls	Economic, social, political	Global governance, criminal law, regulation, combining varying national interests into a mutual one through plausible folk theories	–
	Global	Conceptual	New Interdependence Approach and State Transformation Approach	A process in which illegally earned funds are made to look legal and can be hence used	Globalization, weak regulation and international mobility of capital	Economic, social and political	Domestic regulation, international recommendations (such as FATF’s), financial transparency	–
	Global	Conceptual	State transformation	Disguising criminal origins of funds to use them openly	Weak implementation of domestic anti-money laundering mechanisms	Economic, political, social	Improving local governance and implementation of compliance rules (state transformation)	Investigating the impact of local socio-political forces on implementation of global governance regimes
(2018)	Global	Conceptual	State transformation	Recycling criminal proceeds within the financial system	Lacking anti-money laundering mechanisms in some countries, institutional weakness as a result of power relations	Economic, political, social	Security governance	Applying the proposed security governance approach in action
(2017)	Banking	Empirical, quantitative	Semi–Markov decision process	–	–	–	An IT-based AML model is proposed and tested. This model helps to allocate AML resources efficiently to detect the suspicious transactions report sent from banks and other financial institutions	The model is more effective compared to other traditional models that are based on the greedy resource allocation algorithms
	Liechtenstein	Empirical, mixed-methods	Metaphors	The process used by international criminals	Globalization, lack of transparency and international tax competition, under-regulated financial sectors	Political, reputational, economic	Implementation of anti-money laundering regulation, international cooperation	–
	Global	Conceptual	Global AML regulations and standards	A task of converting illegally obtained funds into legal and usable funds	Global AML regulations comprise voluntary best practice standards. However, they cannot be highly adopted by organizations under certain conditions	Economic, policy-based	Conclusive rules	How can global AML regulations be adopted in different contexts?
(2019)	Crypto-monetary system	Conceptual	–	–	Globalization, internet and information technologies, lack of supervision, high volume of money transfers and difficulties in tracing funds	Ethical, political, social, economic	–	Investigating the scale of use of the Bitcoin system and its expenses on society
	Canada	Conceptual	Urban theory	Concealing illicit funds into the legitimate economy	Globalization, deregulation of private institutions and lack of supervision resources in public agencies	Political, economic	Implementing regulation, increasing monitoring, transparency, reporting and auditing capacity	Investigating resistance toward urban politics, which aims at promoting growth and development via de-regulation
	UK	Conceptual	Transnational corporate bribery	Concealing funds originating from illicit actions and using them	Sociocultural elements, institutional vulnerabilities, lack of supervision	Social, economic, political	Recognizing beneficial owners, global harmonization of anti-money laundering efforts and controls	Empirical evaluation of prevention strategies
(2018)	International business (the UK and The Netherlands)	Empirical, qualitative	–	Concealing funds generated for/from illicit activities and converting them to look “legal”	Misuse of organizational structures and entities, globalization, anonymity, third party assistance in illicit finances	Economic, political, social	Increasing transparency (public registers) supervision and intervention with unethical third-party accountants and lawyers	Further empirical research into corporate financial crimes
)	Global, private banking	Empirical, mixed-methods	Corporate responsibility, the Wolfsberg initiative, resource-dependency, institutional theory	Illicit process of converting proceeds of crime into seemingly legal funds	Insufficient managerial supervision of risky customers in banks, insufficient information about beneficial owners	Economic, social, political	Bank policies, due diligence, know your customer principles, monitoring, training, risk-based approach, multistakeholder agreements, blacklisting	Investigating microlevel mechanisms that guide firm behavior in international multistakeholder arenas
	Kyrgystan	Empirical, qualitative	–	–	Accessibility to global financial institutions, availability of offshore markets, corruption at the state level, weak state	Economic, political	A strong state, democracy, proper domestic institutions and financial regulation, official foreign relations	–
	English football club Birmingham City FC	Conceptual	Appadurai’s five dimensions of global flows	–	Globalization, economic transnationalism, international investments, foreign ownership, offshoring and misusing business structures	Economic, social	Understanding the development and complexity of the global economy	Further empirical qualitative research and interviews in terms of investigating globalization in sports and foreign ownership of football clubs
	Global	Conceptual	Anti-money laundering regulatory tools	Process of transferring criminal proceeds into the financial system	Globalization, development of information technology and financial infrastructure, offshore financial centers	Economic, social	Transparency, enhanced due diligence in banks, goodwill of internal management systems, harmonization of anti-money laundering practices between countries	–
	International banking	Conceptual	Agency theory	One form of financial crime	Employees in financial institutions may facilitate laundering, assistance from the government	Economic (illicit trade), social	AML compliance of organizations should be embedded into a proactive CSR approach. Organizations should not solely rely on international regulations to improve their money laundering detection and reporting capabilities	How should organizations change internal reporting and whistleblowing approaches to support AML compliance?
)	Global, internal audit function	Conceptual	Agency theory	Linked to international organized crime	Globalization, gaps in banks’ anti-money laundering procedures and risk assessment, lack of appropriate governance and auditing	Social, technological	Regional audit committees, removing internal stakeholder dilemmas and focusing on AML in all units in banks, risk assessment and controls within financial institutions’ internal audit	Considering the role of internal audit function within globalized banking services
	Illegal logging	Conceptual	OECD Convention on Bribery, legislation against money laundering, financial sector regulation, the Convention on International Trade in Endangered Species and Forest Certification, etc	Processing proceeds of crime to hide their illegal origins	Globalization, pervasive corruption	Economic, social, environmental	National legislation, awareness of criminal activities, compliance within banks, lawyers, and accountants	Investigating global resource consumption and distribution
(2012)	Transition economies	Empirical, quantitative	Theory of multinational corporation, knowledge-capital model	Funds that are earned from or used for illegal activity or transferred across borders illegally	Globalization, possibilities for international capital movements and offshoring, the existence of “money laundering center” countries, use of shell companies, weak regulatory systems, lacking transparency/corruption	Economic, political	Compliance, regulatory frameworks, international cooperation, democracy, transparency, political stability	Analyzing illicit capital flows of nontransition economies, investigating characteristics that lead to significant illicit capital outflows in different countries
(2011)	French investment bank	Empirical, qualitative ethnography	Contradiction; managerial ethics	–	–	Social and strategic	–	How should investment managers deal with ethical dilemmas (such as ensuring AML compliance and, at the same time, serving the suspicious investors involved in money laundering)?
	Afghanistan	Empirical, qualitative	Institutional approach	Process of moving funds to hide their origin and relation to illegal activities	Globalization, shortcomings in formal institutions, corruption, lack of supervision in informal financial institutions	Economic, political	Hawala regulations, increased transparency	–
(2018)	Iran	Conceptual	Regulation theory	Hiding origin of illegal profits in the aim to use these funds (placement, layering, integration)	Globalization, use of offshore financial centers	Economic, political, social	Export compliance programs, avoiding cooperation with sanctioned or blacklisted entities, international regulation	How do export control systems influence international entrepreneurship?
	Global	Conceptual	FATF recommendations, sanctions and international standards	Placement of illegally obtained funds into the financial system, circulating them and investing them	Globalization, internet vulnerabilities and anonymity, virtual currencies	Economic, political, reputational, security-based	International cooperation in supervision, increasing understanding of new technologies, more effective sanctions and freezing of funds	–
	Developing states	Empirical, mixed-methods	Policy diffusion “sameness amid diversity”	Concealing the origin of illegal funds gained by committing the crime	Globalization, development of international trade and finance	Political, social, economic	Learning between countries and adopting regulation and due diligence practices which have proven to be effective in other countries, international coordination	How to measure money laundering?
	Global	Conceptual	The regulatory state, international AML initiatives	Converting illicit funds into another asset to hide the criminal origin and true ownership and to make the funds seem legal	Financial secrecy, liberal and international capital markets	Political, economic, territorial, social	International anti-money laundering cooperation, domestic criminalization of money laundering, territorial regulation, monitoring and reporting by financial intermediaries	What are the benefits of AML policies from the global aspect?
	International banking	Conceptual	Information technology	Use of illegally obtained funds in seemingly legitimate ways	–	Economic, security-based	Technology provides solutions to combat money laundering concealed through charities	How could technology platforms (such as advanced mathematical modeling, automation, real-time data aggregation and voice analytics) help to track money laundering?
(2008)	e-governance and e-finance	Empirical, quantitative	Information security/fingerprint identification	–	–	–	Study enhances algorithm related to finger-code based approach for the prevention of money laundering	–
	Global	Report	FATF recommendations	Process of hiding the origin of funds to make them seem legitimate	Lacking AML mechanisms and resources	Economic, social	Tracing, freezing, confiscating and returning assets. Developing international cooperation and standards	How to succeed in asset recovery (governments and nongovernmental actors)?
	–	Overview	Vienna Convention	Concealing or assisting to conceal the origin of illegal funds or property to avoid legal consequences	–	Economic	–	–
	Italy and Russia	Empirical, quantitative	Network theory	Process of hiding illegally obtained funds	Globalization, using international alliances, networking with locals	Political, security-based, economic	National policies for anti-money laundering (fighting money laundering abroad does not necessarily prevent criminals from operating in their original territory), increased transparency	What kind of laws make it difficult to detect international money laundering and why?
	The Middle East and North Africa	Conceptual	Market fundamentalism, national security fundamentalism	Transforming funds with illicit origins into seemingly legit money	Globalization, the profitability of crime, heavy-handed regulation, selective enforcement, quasi-criminalization of unofficial transfer networks and charities, which drives transactions underground, anonymity	Economic, political, security-based, social	Transparency, good governance, democracy, finding, freezing, and forfeiting criminal funds	How does the war on terror affect shadow economies and the frequency of financial crime?
	Global (USA)	Conceptual	Multilateral counter measures	The criminal process of making illicit funds seem to originate from legitimate business operations	Expansion of international financial system, corruption, unregulated banking systems in countries that do not comply with international standards, globalization, new banking technologies, anonymity, economic citizenship programs, online gambling services, offshore regimes	Economic, diplomatic, strategic, social	Regulation and supervision by financial-service providers, transparency, information exchange between authorities, international cooperation	–
	Global	Conceptual	Corporate social responsibility	Concealing the illicit origin of dirty money and layering the funds through the financial system to make them seem legal	Political instability, weak institutions, and insufficient legal compliance	Economic, political, social	Governmental institutions, business ethics, stakeholder activism, definition and adoption of anti-corruption norms within businesses, external reporting by businesses about their experiences to help share information and develop successful practices, collective actions within stakeholders and industries	–

Publications included in our systematic review are indicated with an asterisk.

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Acknowledgements

The authors gratefully acknowledge the grant support from the Foundation for Economic Education, Finland; Employee Foundation, Finland; Säästöpankki’s Foundation, Finland; TOP-foundation, Finland and Paulo’s Foundation, Finland. The authors thank Professor Niina Nummela and Adjunct Professor Peter Zettinig for their helpful and insightful comments on earlier versions of this manuscript.

Corresponding author

About the authors.

Emilia A. Isolauri, MSc, is a Doctoral Researcher of International Business at the Turku School of Economics at the University of Turku, Finland. Her major research interests focus on social problems and business ethics through phenomena such as money laundering and white-collar crime.

Dr Irfan Ameer is working as a Lecturer in International Business at the University of Plymouth, UK. He is also associated with the University of Turku, Finland as a Post Doctoral Researcher in the Department of Marketing and International Business. His areas of interest include CSR, sustainability, and governance-related issues in marketing and international business.

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Money Laundering Prevention: Deterring, Detecting, and Resolving Financial Fraud by Jonathan E. Turner

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That money laundering is illegal has done nothing to curb its spread. The evolution of global standards is helping the financial world catch up with the trading world. Because of regional accords, such as the North American Free Trade Agreement (NAFTA), emerging markets, such as India and China, and especially the creation of the World Wide Web, the world is smaller and money laundering has now become an occupation, not just a footnote in the compliance manual. Estimates of the size and pace of money laundering vary, but all agree that the advent of new digital currencies will position the financial sector for a significant change in method and approach to controlling money laundering. Learning methods and technology have expanded through banks and other businesses, permitting regulators and law enforcement to reduce and prevent the laundering of illegal funds. Nevertheless, just around the corner, money laundering can adapt to leap past the established control processes as banking services via electronic networks and other technologies evolve.

Historically, combating money laundering has been a cat-and-mouse game. From required paper records to the dawn of the cashless era, and with the regulators increasing requirements steadily, money launderers respond with more inventive schemes and abuses of technology. With the Patriot Act, the focus shifted from the prosecution of narcotics traffickers to the suppression of terror financing. Since both use the same ...

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International Money Laundering Essay

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Introduction

Human trafficking, money laundering detection system, international cooperation, globalization, principal organizations, operation supersonic.

The article entitled “International Money Laundering” written by Alani M. Mundie outlines the problem of financing various illicit activities on the global level. Mundie emphasizes the critical importance of money laundering operations in the human trafficking business that has become increasingly lucrative over recent years. The immense amount of human trafficking profits is integrated into the global financial system. Thus, money laundering has a profound impact on the state of the global economy, as well as on the economy of the U.S.

Mundi cites an article from Al Jazeera covering the issue of the child sex trade in Cambodia. Numerous reported examples of this type of illegal business demonstrate that to human traffickers people truly represent the direct source of immense profit. It might be called slavery of the twenty-first century, as the numbers reported by the International Labor Organization indicate 2.45 million of exploited people, yielding approximately 39 billion dollars per year.

However, such an amount cannot enter the financial system undetected. Thus, human traffickers employ an array of money laundering methods: cash couriers, transaction structuring, wire remittance, and false identities. The author of the article emphasizes how important it is for the government to gain a deeper understanding of the human trafficking system to prevent money-laundering schemes.

A money-laundering scheme usually comprises three steps: placement, layering, and integration. Financial institutions abroad are chosen as the primary locations, with suitable back secrecy regulations and a sufficiently stable economic system. Due to the secrecy and efficiency of money laundering operations, it is rather difficult to determine the exact amount in question.

While identifying the primary source of illicit financial operations can potentially lead to uncovering a great number of crimes, it is a rather difficult task. There are many opinions on what are the most efficient tracing techniques: tracing the geographical location, analysis of the connections in financial records, and the importance of regional trends. Certain experts claim that the combination of these approaches might yield the most significant results. For instance, human trafficking in both North and South America is closely tied to casinos, wire transfer services, and import/export companies that help perform their schemes and remain undetected.

However, the author of the article points out that certain trends that have recently emerged on the global market significantly hinder the process of tracing and detection of money laundering schemes. It is increasingly common for the black market to use the US dollar for the transactions, technological progress provides endless possibilities of instant transfer of funds on a global scale and an increasing number of financial locations that help money launderers maintain the clandestine nature of their operations. Mundie points out that even though after the events of 9/11 the security protocols were improved and global anti-money laundering efforts were strengthened, the problem is far from being solved.

In 2003, the United Nations Convention against Transnational Organized Crime developed the first global legal method of human trafficking prevention: Protocol to Prevent, Suppress, and Punish Trafficking in Persons. A uniformity of human trafficking crimes was established to improve international cooperation. The Protocol specified the characteristics of human trafficking crimes, including the notion of exploitation.

The 2010 report of the U.S. Department of State read that in 2009, the number of adults and minors engaged in forced labor and prostitution amounted to 12.3 million people, with sexual exploitation being the primary goal of human trafficking operations. Among other activities of trafficked workers are domestic servitude, manufacturing, janitorial services, hotel services, club dancing, etc. Mundie explains that the increasingly globalized economy is the cause of an increase in illegal movements from poorer to wealthier countries, with the U.S. being the main destination.

Approximately fifty thousand people are estimated to be trafficked into the U.S. each year, mainly children and women for domestic labor, agriculture, and sexual exploitation. Trafficked workers are brought mainly from countries such as Thailand, Mexico, Philippines, Haiti, India, Guatemala, and the Dominican Republic. Moreover, this type of crime can occur on a domestic level as well. In 2010, the efforts of the U.S. system of human trafficking prevention were recognized as meeting the necessary standards.

The most important institutions in the money laundering detection and prevention are the Financial Action Task Force (FATF), Interpol, and the United Nations Office on Drugs and Crime. Established in 1989, the FATF is an inter-governmental institution. Its goal is to develop national and international Anti-Money Laundering (AML) guidelines, to promote the legislative reform in AML and anti-terrorism policies. The FATF developed a compilation of recommendations of universal character, helping policymakers around the world detect and prevent money laundering, as well as other illicit financial operations.

United Nations Office on Drugs and Crime, formed in 1997, pursues the policy of fighting international crime on the level of global cooperation. Its purpose is to assist the governments of over 150 countries in dealing with difficulties brought about by illicit activities such as human trafficking, drug, and arms trafficking, and to upgrade their knowledge on the evolution of criminal schemes, e.g. cybercrime. The organization holds 54 offices around the world.

The steps undertaken by the UNODC to help resolve the global problem of money laundering and terrorism financing include AML measures implementation, financial activity monitoring, member nations’ responses analysis, raising public awareness, and coordinating various initiatives. The program developed to prevent human trafficking is known as the Framework for Action.

Interpol comprises 190 member states. Uniformity of information management is the principal asset of this international police organization. Its technology allows all members to access a universal database to screen the immigration network to detect suspicious activities. The possibility of instant sharing of information among the country members facilitates the process of crime detection.

Operation Supersonic was initiated after the kidnapping of a child in Mexico. Due to international cooperation, a large-scale human trafficking system was revealed, wherein young girls over 18 were brought to New York and forced to engage in prostitution. The traffickers not only subjected the victims to sexual exploitation but also violent treatment, physical abuse, and abortions. The lead defendants were sentenced to 50 years of imprisonment for sex trafficking.

As a result, 25 victims were rescued. Due to the efficient cooperation between the U.S. and Mexico, the financial details of the scheme were revealed. The discovered money transfer receipt amounted to two hundred thousand U.S. dollars from 1998 to 2004. It was also suspected that these illicit activities could have begun even several years earlier.

Money laundering is a key issue in the detection and prevention of financial crimes, human trafficking, and terrorism. The substantial scope of the problem is caused by advanced technology, globalization, and proliferation of bank secrecy havens. International organizations have developed uniformed instruments to join the efforts in fighting criminal activities.

Due to the global scale of cooperation, the developed programs yield significant results. By adopting uninformed legislation and developing databases and efficient data sharing systems, international organizations facilitate the process of detection and prevention of money laundering and human trafficking crimes. Although there is yet much to be done to detect and deter the mentioned criminal activities, the existing system of cooperation provides a solid foundation for further improvement.

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Indian Economy

Make Your Note

• Money Laundering
• 28 Aug 2019
• GS Paper - 3
• Challenges to Internal Security Through Communication Networks

Why in news?

The Asia-Pacific Group (APG) on Money Laundering, a regional affiliate of the Financial Action Task Force (FATF) , has placed Pakistan in the "Enhanced Expedited Follow Up List (Blacklist)" for its failure to meet its standards.

What is Money Laundering?

• Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.   
• According to the IMF, global Money Laundering is estimated between 2 to 5% of World GDP.

How Money Laundering works?

• Placement puts the "dirty money" into the legitimate financial system.
• Layering conceals the source of the money through a series of transactions and bookkeeping tricks.
• In the case of integration, the now-laundered money is withdrawn from the legitimate account to be used for criminal activities.

• Structuring also called as Smurfing
• Bulk Cash Smuggling
• Cash intensive Businesses
• Trade based Laundering
• Shell companies
• Round tripping
• Black salaries
• Tax amnesties
• Transaction laundering

Impacts of Money Laundering

• Undermines legitimacy of private sector
• Undermines integrity of financial markets
• Loss of control of economic policy
• Economic distortion and instability
• Loss of revenue
• Security threats to privatisation efforts
• Volatility in exchange rates and interest rates due to unanticipated transfers of funds
• Rise of economic prices
• Affects trade and international capital flows
• Increased criminality
• Decreases human development
• Misallocation of resources
• Affects trust of local citizens in their domestic financial institutions
• Declines the moral and social position of the society by exposing it to activities such as drug trafficking, smuggling, corruption and other criminal activities
• Initiates political distrust and instability
• Criminalisation of politics

Steps Taken by Government of India to Prevent Money Laundering

• Criminal Law Amendment Ordinance (XXXVIII of 1944): It covers proceeds of only certain crimes such corruption, breach of trust and cheating and not all the crimes under the Indian Penal Code.
• The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976: It covers penalty of illegally acquired properties of smugglers and foreign exchange manipulators and for matters connected therewith and incidental thereto.
• Narcotic Drugs and Psychotropic Substances Act, 1985: It provides for the penalty of property derived from, or used in illegal traffic in narcotic drugs.
• It forms the core of the legal framework put in place by India to combat Money Laundering.
• The provisions of this act are applicable to all financial institutions, banks(Including RBI), mutual funds, insurance companies, and their financial intermediaries.
• Adds the concept of ‘reporting entity’ which would include a banking company, financial institution, intermediary etc.
• PMLA, 2002 levied a fine up to Rs 5 lakh, but the amendment act has removed this upper limit.
• It has provided for provisional attachment and confiscation of property of any person involved in such activities.
• Financial Intelligence Unit-IND: It is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.
• It is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India.
• One of the main functions of ED is to Investigate offences of money laundering under the provisions of Prevention of Money Laundering Act, 2002(PMLA).
• It can take actions like confiscation of property if the same is determined to be proceeds of crime derived from a Scheduled Offence under PMLA, and to prosecute the persons involved in the offence of money laundering.
• India is a full-fledged member of the FATF and follows the guidelines of the same.

Global efforts to combat Money Laundering

• The Vienna Convention: It creates an obligation for signatory states to criminalize the laundering of money from drug trafficking.
• The 1990 Council of Europe Convention: It establishes a common criminal policy on Money Laundering.
• G-10’s Basel Committee statement of principles: It issued a “statement of principles” with which the international banks of member states are expected to comply.
• The International Organization of Securities Commissions (IOSCO): It encourages its members to take necessary steps to combat Money Laundering in securities and futures markets.
• 24 OECD countries
• The Gulf Cooperation Council
• The European Commission
• It monitores members’ progress in applying measures to counter Money Laundering.
• The famous Forty Recommendations are given by FATF.
• IMF: It has pressed its 189 member countries to comply with international standards to thwart terrorist financing.
• The United Nations office on Drugs and Crime: It proactively tries to identify and stop Money Laundering.

Way Forward

The evolving threats of money laundering supported by the emerging technologies need to be addressed with the equally advanced Anti-Money Laundering mechanisms like big data and artificial intelligence. Both international and domestic stakeholders need to come together by strengthening data sharing mechanisms amongst them to effectively eliminate the problem of money laundering.

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Free An Introduction to Money Laundering: "The Hunter" Case Study Solution | Assignment Help

Harvard Case - An Introduction to Money Laundering: "The Hunter"

"An Introduction to Money Laundering: "The Hunter"" Harvard business case study is written by Eugene Soltes, Guilhem Ros, Grace Liu. It deals with the challenges in the field of Business Ethics. The case study is 11 page(s) long and it was first published on : Sep 3, 2020

At Fern Fort University, we recommend a comprehensive approach to combat money laundering and promote ethical business practices. This involves implementing a robust anti-money laundering (AML) program, fostering a culture of ethical leadership, and engaging in proactive stakeholder communication to build trust and transparency.

2. Background

This case study focuses on the fictional character, ?The Hunter,? who is a successful entrepreneur operating in the online gaming industry. The Hunter?s business, ?The Game,? has experienced rapid growth, attracting a large customer base and generating significant revenue. However, The Hunter?s success is marred by suspicions of money laundering, raising concerns about the company?s ethical practices and potential legal repercussions.

The main protagonists are The Hunter, the founder and CEO of The Game, and his close confidante, ?The Shadow,? who serves as the company?s financial advisor. The case study highlights the complexities of navigating ethical dilemmas in the face of rapid business growth and the potential for financial gain.

3. Analysis of the Case Study

This case study can be analyzed through the lens of corporate social responsibility (CSR) , business ethics , and stakeholder theory . The Hunter?s actions raise questions about his commitment to ethical business practices and his understanding of the legal and social consequences of money laundering.

Ethical Leadership: The Hunter?s lack of transparency and willingness to engage in potentially illegal activities demonstrate a failure of ethical leadership. He prioritizes personal gain over the long-term sustainability and reputation of his company.

Stakeholder Theory: The Hunter?s actions negatively impact multiple stakeholders, including:

• Customers: They may be unknowingly contributing to illegal activities.
• Employees: They may face reputational damage and legal consequences.
• Investors: They may lose their investments if the company is investigated and penalized.
• The Wider Community: Money laundering can contribute to organized crime and undermine the integrity of financial markets.

Corporate Governance: The Hunter?s lack of a robust internal control system and reliance on ?The Shadow? for financial advice highlight weaknesses in corporate governance. A strong governance framework would have mitigated the risk of money laundering by implementing clear policies, procedures, and oversight mechanisms.

4. Recommendations

Implement a Robust AML Program: The Game should immediately implement a comprehensive AML program that includes:

• Risk Assessment: Identify and assess money laundering risks specific to the online gaming industry.
• Customer Due Diligence (CDD): Conduct thorough due diligence on all customers, including Know Your Customer (KYC) procedures.
• Transaction Monitoring: Implement systems to monitor transactions for suspicious patterns and activities.
• Internal Controls: Establish clear policies and procedures for handling financial transactions and reporting suspicious activities.
• Employee Training: Provide regular training to employees on AML regulations and best practices.
• Independent Audit: Conduct periodic audits to assess the effectiveness of the AML program.

Foster a Culture of Ethical Leadership: The Hunter needs to demonstrate ethical leadership by:

• Adopting a Code of Conduct: Develop a clear code of conduct that outlines ethical principles and expectations for all employees.
• Promoting Transparency: Be transparent about the company?s financial practices and operations.
• Encouraging Whistleblowing: Establish a safe and confidential channel for employees to report suspected misconduct.
• Prioritizing Long-Term Sustainability: Focus on building a sustainable business model that prioritizes ethical practices and long-term value creation.

Engage in Proactive Stakeholder Communication: The Game should proactively communicate with stakeholders to:

• Build Trust: Explain the company?s commitment to ethical practices and compliance with relevant regulations.
• Address Concerns: Respond to concerns and questions from stakeholders in a timely and transparent manner.
• Enhance Transparency: Provide regular updates on the company?s AML program and its effectiveness.

5. Basis of Recommendations

These recommendations are based on the following principles:

• Corporate Social Responsibility: The Game has a responsibility to operate ethically and contribute positively to society.
• Business Ethics: All business activities should be conducted with integrity and respect for the law.
• Stakeholder Theory: The company has a responsibility to consider the interests of all stakeholders, including customers, employees, investors, and the wider community.
• Regulatory Compliance: The Game must comply with all applicable laws and regulations, including those related to anti-money laundering.

These recommendations are consistent with the company?s mission to provide entertainment and gaming experiences. They also address the concerns of external customers and internal clients, competitors, and the wider community.

6. Conclusion

The Hunter?s actions have put The Game at significant risk of legal and reputational damage. By implementing a robust AML program, fostering a culture of ethical leadership, and engaging in proactive stakeholder communication, The Game can mitigate these risks and build a sustainable and ethical business.

7. Discussion

Alternatives:

• Ignoring the issue: This would be highly risky and could lead to severe consequences.
• Minimizing the issue: This would not address the underlying problems and could lead to further legal and reputational damage.
• Legal penalties: The Game could face significant fines and penalties if found guilty of money laundering.
• Reputational damage: The company?s reputation could be severely damaged, leading to loss of customers, investors, and employees.
• Loss of business: The Game could lose its license to operate if found to be engaging in illegal activities.

Key Assumptions:

• The Hunter is willing to change his behavior and prioritize ethical practices.
• The Game has the resources to implement a comprehensive AML program.
• Stakeholders are willing to engage in open and honest dialogue with the company.

8. Next Steps

• Immediate Action: The Game should immediately implement a risk assessment and develop a plan for implementing a comprehensive AML program.
• Short-Term Goals: Within the next 3 months, the company should establish a code of conduct, train employees on AML regulations, and begin implementing customer due diligence procedures.
• Long-Term Goals: Within the next 6 months, the Game should have a fully operational AML program, a dedicated compliance department, and a transparent communication strategy for stakeholders.

By taking these steps, The Game can transform from a company with a questionable past into a leader in ethical business practices. This will not only protect the company from legal and reputational risks but also enhance its long-term sustainability and create a positive impact on society.

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Case Description

Money laundering schemes disguise the criminal origins of an estimated 2% to 5% of the world's gross domestic product. Money laundering not only enables criminals to escape detection, but may also be used to finance further criminal operations including terrorism. This case introduces readers to money laundering and anti-money laundering (AML) techniques.

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Referrences & Bibliography for Harvard Business Ethics Case Study Analysis & Solution

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