OFF-SHORE BANKS AS A CHANNEL OF LAUNDERING OF CRIMINAL REVENUES AND TERRORISM FINANCING

ОФФШОРНЫЕ БАНКИ КАК КАНАЛ ОТМЫВАНИЯ ПРЕСТУПНЫХ ДОХОДОВ И ФИНАНСИРОВАНИЯ ТЕРРОРИЗМА

Galali Rizgar J. Aziz (Галали Р. Дж. Азиз)
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Galali Rizgar J. Aziz (Галали Р. Дж. Азиз): Southern Federal University

State and Municipal Management Scholar Notes, 2019, vol. 1, 263-269

Abstract: The article deals with theoretical and applied issues covering the effects of the digitalization of the world economy on the banking system, manifested, in particular, in expanding the scope of money laundering of illegally obtained income and used to finance terrorism. As shown in the article, the growth of e-banking contributes to the formation of global cash flows obtained by illegal means. For this reason, the fight against money laundering is identified by the governments of most countries of the world, international organizations and the world financial community as the third global world problem included in the structure of the system of measures to combat crime. Many governments have come together to develop a system of measures to combat money laundering, to counteract the attempts of criminal communities to undermine financial secrecy by increasing the transparency of monetary transactions. The article on the basis of a comparative analysis of standard practices of money laundering, obtained by criminal means, revealed the features and marks of using such a channel as offshore banks. Based on the analysis of criminal terrorism financing practices, it was concluded that the private sector, banks and other commercial financial organizations should take more responsibility to eliminate the practice of encouraging crime and terrorism, undermining financial stability in the world.

Keywords: offshore banks; money laundering; financing of terrorism; tax "harbors"; tags of suspicious transactions; cash flows; bank secrecy; global world problems; financial organizations (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:rnp:smmscn:s19140

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