How useful are anti-money-laundering efforts in combating bribery?

Fabian Maximilian Johannes Teichmann

Journal of Money Laundering Control, 2020, vol. 23, issue 2, 309-314

Abstract: Purpose - The purpose of this paper is to discuss the role of anti-money-laundering mechanisms in combating bribery. In particular, it shows how parties receiving bribes can circumvent the mechanisms currently in place to launder the money they receive for their services. Design/methodology/approach - Through analysis of 25 formal expert interviews with prevention experts and 25 informal expert interviews with money launderers from Europe, concrete ways of laundering bribes were found. Consequently, it is suggested that alternative mechanisms are necessary to successfully fight corruption. Findings - A combination of more severe punishments and anti-bribery incentives could help to eliminate corruption. Research limitations/implications - This study’s findings are limited to the perspectives of 50 interviewees. Hence, a study with a larger sample conducted in different countries or at a different time could yield different results. Practical implications - By identifying gaps in existing anti-money-laundering mechanisms, this paper aims to provide compliance officers and legislators with valuable insights into why the current prevention schemes are ineffective and how corruption could be more effectively tackled. Originality/value - The findings demonstrate that current anti-money-laundering mechanisms are unhelpful in fighting bribery. Hence, alternative anti-bribery mechanisms are needed.

Keywords: Money laundering; Compliance; Bribery; Corruption (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-03-2018-0025

DOI: 10.1108/JMLC-03-2018-0025

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