Commercial banks in criminal money laundering schemes
Journal Title: Науковий журнал "Економічний вісник Донбасу" - Year 2018, Vol 4, Issue 54
Abstract
In today's world, globalization provides an opportunity for economic agents to carry out free cross-border movement of financial resources, and through the banking system, without any particular obstacles and in search of a favorable location for high returns. This, however, is a potential opportunity and the money obtained from criminal activity to obtain legal origin through established money laundering schemes implemented through commercial banks. The purpose of this study is to outline the role of commercial banks as a money laundering mechanism by presenting their inherent characteristics within the scope of the Special Money Laundering Act (LMML) and to assess their importance as a permanent monitoring and control of compliance with the applicable standards against the above crimes.
Authors and Affiliations
T. Dimitrova
Keywords
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