Impact of globalization on money laundering

Robert Claudiu Hellvig and Constantin Adrian Blanaru
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Robert Claudiu Hellvig: Valahia University of Targoviste
Constantin Adrian Blanaru: Independent Researcher

SEA - Practical Application of Science, 2023, issue 32, 91-95

Abstract: This article addresses the complex relationship between money laundering and globalization. The way that global economy facilitated money laundering activities, the challenges of cross-border transactions and review the measures put in place to fight against this illicit practice are analyzed and examined. Money laundering is a complex and pervasive issue that poses a significant threat to the global economy and financial systems. It involves the process of transforming the proceeds of criminal activities into legitimate funds, allowing criminals to act with impunity enjoying the profits of their illicit activities. In the context of globalization, money laundering became even more difficult to fight due to growing of cross-border movement of funds, expansion of international trade and multiplication of offshore financial centers and the growth of digital currencies.

Keywords: money laundering; banking; globalization (search for similar items in EconPapers)
JEL-codes: F60 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:cmj:seapas:y:2023:i:32:p:91-95

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