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Money Laundering: Case Studies and Countermeasures

Author

Listed:
  • Iulia Oana Florea
Abstract
Money laundering is the procedure by which a significant amount of unlawfully gained money, resulted from illegal activities such as drug smuggling and drug trafficking, arms dealing, human trafficking, corruption or other crimes, are transformed into lawful assets resulted from legal activities. If done successfully, money laundering gives its authors the possibility to use the money resulted from illegal activities and give the impression to be derived from legal activities. Money laundering plays a crucial part, as it drives away the diligence of the law-enforcement institutions from the significant volume of income resulted in a short amount of time, from criminal activities. This paper aims to outline different money laundering techniques and issue suitable countermeasures resulting in a more powerful and competent fight against this phenomenon. The methodology used for this paper is made of case studies, relevant to the current topic, retrieved from the web as sources of information. The value of this paper is outlining different money laundering techniques used by the criminal groups, and in the end, issuing recommendations towards actions to be taken in the fight against money laundering by law enforcement and financial institutions.

Suggested Citation

  • Iulia Oana Florea, 2019. "Money Laundering: Case Studies and Countermeasures," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 22(73), pages 39-50, September.
    • Handle: RePEc:rej:journl:v:22:y:2019:i:73:p:39-50
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    More about this item

    Keywords

    money laundering; illegal transactions; crime; fraud;
    All these keywords.

    JEL classification:

    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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