A PRIMER ON MONEY LAUNDERING: THE DARK SIDE OF CAPITAL ACCOUNT LIBERALIZATION

Ira Sohn

No 1060, International Trade and Finance Association Conference Papers from International Trade and Finance Association

Abstract: As a result of rapid technological advances, widespread regulatory change and continuing globalization of the world economy over the last twenty years, we have witnessed a resumption in the growth in living standards in most countries from their stalled levels in the 1970s. Unfortunately, these changes have also spawned a new growth industry, increased financial crime that has been referred to as "the dark side of capital mobility". This paper begins with an overview of financial crime - conventionally defined as money laundering, tax evasion, and a relatively new component, financing terrorism. The paper presents some very rough estimates of the magnitude of financial crime, as well as its relative position with respect to GDP, investment and aid flows. After describing some of the principal actors in this new "field", the paper provides a short review of the major national and international initiatives in place and those planned to arrest the growth of financial crime in the next decade. This paper was presented at the 12th international conference in Bangkok, Thailand, May 2002.

Date: 2002-05-29
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Persistent link: https://EconPapers.repec.org/RePEc:bep:itfapp:1060

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