MONEY LAUNDERING AND WAYS OF DEALING WITH IT

Georgios Kontogeorgis

Abstract


Money laundering is a tactic used by money launderers in order to legalise money they have acquired illegally. Laundering is a global phenomenon, and its impact is extremely important for the well-being of a country and its citizens. The methodology of the research is a literature review. More specifically, articles from international scientific journals, studies from international organizations and reputable websites are studied. The importance of the issue lies in the fact that illegal activities account for a significant proportion of the world's GDP. Most of this money comes from illicit activities such as drugs, terrorist financing, trafficking in women and smuggling, the results of which have a significant impact on the societies of states. The main conclusions of the article are that money laundering is an area that affects tax revenues and, by extension, the well-being of citizens. For this purpose, there are international organizations that deal with money laundering practices and ways to combat them. The ways of money laundering are many and should be carefully studied by the supervisory authorities in order to deal with them. International cooperation at the state level, the specialization of personnel, staff training with a particular emphasis on new technologies, the criminalization of duty breaches, and the obligation of financial institutions to provide information are among the most effective tools in combating money laundering.

 

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Keywords


money laundering, corruption, ways of laundering, tax evasion

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References


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DOI: http://dx.doi.org/10.46827/ejpss.v8i2.1916

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