MONEY LAUNDERING – THE CONSEQUENCE OF THE FINANCIAL GLOBALIZATION

Carmen Boghean
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Carmen Boghean: „Ştefan cel Mare” University of Suceava

Theoretical and Applied Economics, 2007, vol. 6(511)(supplement)(vol2), issue 6(511)(supplement)(vol2), 251-256

Abstract: Money laundering is a method of disguising the origin of unlawfully obtained capital; accordingly, the initial definition was phenomenological: “Money laundering is the process by which one conceals the existence of an illegal source, or illegal application of income, and disguises that income to make it appear legitimate”. As an organized form of financial management money laundering is not new. In Palermo back in 1957 the Mafia bosses Luciano, Sindona and Lansky agreed on transport routes for heroin, financing methods and money laundering techniques. Clearly, attempts had been made before then to disguise the proceeds of crime in the past, but it did not become a professional activity until then.

Keywords: money laundering; financial institutions; globalize world; financial techniques. (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:6(511)(supplement)(vol2):y:2007:i:6(511)(supplement)(vol2):p:251-256

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