Money laundering – the gold method

Fabian Maximilian Johannes Teichmann and Marie-Christin Falker

Journal of Money Laundering Control, 2020, vol. 26, issue 3, 509-522

Abstract: Purpose - The purpose of this paper is to demonstrate how illicit funds are laundered by using the gold method in German-speaking European countries. Design/methodology/approach - To identify approaches to money laundering via gold, 60 semi-standardized interviews with money launderers and compliance officers were conducted. Further, a quantitative survey of 200 compliance officers was administered. Findings - The gold trade in European German-speaking countries remains extraordinarily suitable for money laundering. In particular, it may be used for placement and layering. Research limitations/implications - The implications are based on the statements of 60 interviewees, including both money launderers and compliance officers. Thus, the derived results are limited to the perspectives of these 60 persons. Practical implications - Based on this study’s findings, gaps in the existing anti-money laundering measures are identified. Documenting these inconsistencies should provide compliance officers, law enforcement agencies and legislators with valuable insights into the minds of money launderers. Originality/value - As this study explores the perspectives of both compliance officers and money launderers, it provides a broad overview of the issues. Most existing literature fails to observe money laundering from the launderers’ perspective, focusing instead on methods to prevent money laundering. Effective prevention requires profound knowledge of how criminals operate. Only by adopting criminals’ perspective can compliance officers effectively spot money-laundering methods.

Keywords: Money laundering; Compliance; Gold (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-07-2019-0060

DOI: 10.1108/JMLC-07-2019-0060

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