Real estate money laundering in Austria, Germany, Liechtenstein and Switzerland

Fabian Maximilian Johannes Teichmann

Journal of Money Laundering Control, 2018, vol. 21, issue 3, 370-375

Abstract: Purpose - The purpose of this paper is to illustrate how criminals launder money in the real estate business in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach - A qualitative content analysis of 58 semi-standardized expert interviews with both criminals and prevention experts and a quantitative survey of 184 compliance officers led to the identification of concrete techniques of money laundering in the real estate sector. Findings - Real estate companies in German-speaking countries in Europe continue to be extraordinarily suitable for money laundering. In particular, they can be used for placement, layering and integration, combined with violations of the tax code. Most importantly, however, they are the vehicles for one of the very few profitable methods of laundering money. Research limitations/implications - As the qualitative findings are based on semi-standardized interviews, these are limited to the 58 interviewees’ perspectives. Practical implications - The identification of gaps in existing anti-money laundering mechanisms is meant to provide compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate. Originality/value - While the existing literature focuses on organizations fighting money laundering and on the improvement of anti-money laundering measures, this paper describes how money launderers operate to avoid getting caught. Both prevention and criminal perspectives are taken into account.

Keywords: Money laundering; Real estate; Compliance (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-09-2017-0043

DOI: 10.1108/JMLC-09-2017-0043

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