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TECHNIQUES TO SIMULATE THE LEGAL ORIGIN AND TO DISGUISE THE ILLICIT ORIGIN OF MONEY

Gruia Petrisor
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Gruia Petrisor: Valahia University, TargoviÅŸte, Romania

Internal Auditing and Risk Management, 2018, vol. 50s, issue 4, 86-96

Abstract: Today, money laundering techniques are much more varied and more numerous, ranging from the use of bank accounts of individuals or companies to life insurance contracts, luxury goods purchases or “maneuvers†on the capital market or on the real estate market. The authorities’ efforts to diminish the criminal phenomenon, by enforcing legal provisions, including those on money laundering, forced offenders to find new ways to shelter the law. That’s why money laundering techniques are in constant motion and they do not know limits (perhaps only the imagination of offenders) and criminals are constantly trying to find new ways of washing. The goal is to identify the vulnerable segments of the financial system to generate fast, anonymous and efficient flows, extremely difficult to track. In the past, banks were the launderette’s favorite institutions, but lately the situation has begun to change. The banking system has become increasingly supervised and pursued by the supervisory authority involved in the fight against money laundering, and the professional training of bank officials with responsibilities in the application of WBT / CFT legislation has increased considerably. Under these circumstances, offenders are trying to take advantage of the weak link in the chain of the global regulated financial system and law enforcement bodies by moving transactions, communications or assets to the least regulated jurisdiction with the most corrupt authorities law enforcement, with the highest degree of banking or professional secrecy, with the most ineffective seizure system, or the most inefficient banking supervision system.

Keywords: Regulation and Business Law; business economics; Financial Markets and Institutions (search for similar items in EconPapers)
JEL-codes: K23 M21 N24 (search for similar items in EconPapers)
Date: 2018
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