The United Kingdom's (UK) property markets are thought to be a common destination for corrupt and criminal assets and money laundering, with investment often through offshore shell companies. Following the Russian invasion of Ukraine in 2022, we study the impact of the introduction of a policy...

Excessive financial secrecy facilitates illicit financial flows, which constitute a major developmental challenge for low-income economies and cause significant tax revenue losses for governments around the world. In this paper we estimate the semi-elasticity of cross-border financial assets to...

Money laundering is the process of hiding or disguising the unlawful origin of property and hiding or disguising the true nature, origin, source, location, disposal, ownership or title of property. In other words, money laundering means "laundering" dirty money until it becomes clean. Corrupt...

The Financial Action Task Force (FATF) requires national governments to demonstrate an understanding of the money laundering risks in the country. Such an understanding is the foundation for effective control of money laundering under the risk-based approach the FATF calls for. The authors...

The goal of this study is to analyze the impact of corporate governance (CG) principles on perceptions of anti-money-laundering effectiveness (AMLE) based on data obtained from financial institutions that are and are not included in the Borsa İstanbul (BIST) Corporate Governance Index (CGI)....

This paper aims to assess the effect of corporate governance mechanisms, including board members' and audit committee members' characteristics, particularly their independence, expertise in terms of finance and industry and efforts on the level of fraud and money laundering (ML) in financial...

We exploit proprietary information on severed correspondent banking relationships - due to the stricter enforcement of financial crime regulation - to assess how payment disruptions impede cross-border trade. Using firm-level export data from emerging Europe, we show that when local respondent...

This paper is a systematic attempt to establish the effect of anti-money laundering (AML) systems on FDI flows across the globe. Complex and related hypotheses are tested using data from 2012 to 2018 across 165 economies across different continents, income levels, and regulatory environments....

The study econometrically analysed anti-money laundering regulations and banking sector stability in Africa. A panel data on 51 African countries over the period of 2012 to 2019 were used. Secondary data were sourced from the World Bank’s indicators, the IMF, the Basel Institute on Governance...

When the British Columbia government announced in 2018 that it would implement a publicly accessible registry of beneficial ownership of land, hopes were high that the registry would effectivelycombat the province’s money laundering problem. However, in the ensuing months, the BC government...

This study focuses on one form of IFF, namely corruption and the resultant money laundering. The central aim is to describe and analyse the symbiotic relationship between corruption and money laundering and how they mutually reinforce an IFF ecosystem inclined towards draining resources needed...

As elsewhere, the COVID-19 pandemic has led to tragic loss of life and triggered a major economic downturn in Indonesia. The authorities have responded with a bold and comprehensive policy package that has successfully maintained economic and financial stability. With the recovery underway, they...

Early and decisive measures successfully prevented an outbreak of COVID-19 in Nauru, and as of January 2022 there have been no COVID-19 cases on the island. Strong pandemic policy measures supported the economy, which continued to expand in FY20 and FY21. Nauru's remoteness and size constrain...

The National Bank of the Republic of North Macedonia (NBRNM) is implementing advanced transparency practices. The long-standing commitment to transparency noted by a number of stakeholders and forcefully re-affirmed in the recent period is well anchored in the law, and it has been designated by...

The Financial Action Task Force (FATF) requires national governments to demonstrate an understanding of the money laundering risks in the country. Such an understanding is the foundation for effective control of money laundering under the risk-based approach the FATF calls for. The authors...

In recent years, money laundering in the property market has come under scrutiny across the world, attracting significant attention from governments, regulators, policy-makers, NGOs, academics and others. However, there remain gaps in knowledge, which is particularly important given practical...

The aim of the paper is to analyze the role of real estate market as dirty money laundering channel for organized crime in Italy. We contribute to the economic literature on house price determinants, providing an agent based model to simulate the price determinants in Italian provincial capital....

This paper analyses Vietnam's compliance with international anti-money laundering standards. It describes Vietnam’s risk factors for money laundering and contrasts its high risk with its low rate of money laundering prosecutions, a contrast which suggests problems in the anti-money laundering...

This paper aims to assess the effect of corporate governance mechanisms, including board members’ and audit committee members’ characteristics, particularly their independence, expertise in terms of finance and industry and efforts on the level of fraud and money laundering (ML) in financial...

The COVID-19 (coronavirus) crisis was a reminder, if any were needed, that criminal creativity thrives in times of chaos, exploiting people's fears. Unsafe face masks, counterfeit drugs, and suspect medical equipment flooded the market, touted as miracle cures against the coronavirus by...

This article shows the explanation of legal measure in confiscation related money laundering between the Anti-Money Laundering Act 1999 (AMLA 1999) of Thailand and the Money Laundering Control Act 1986 (MLCA 1986) of the United States to answer the research question that the confiscation under...

In a series of recent, high-profile cases, the DOJ has successfully pursued criminal charges against foreign officials in American courts. But instead of charging these officials with accepting corrupt payments, the DOJ has prosecuted them for exploiting the U.S. financial system to launder...

This study analyzes the impact of a newly emerging type of anti-money laundering regulation that obligates cryptocurrency exchanges to report suspicious transactions to financial authorities. We build a theoretical model for the reporting decision structure of a private bank or cryptocurrency...

Border closures and other pandemic containment measures have kept Vanuatu free from COVID-19. However, they have dealt a heavy blow to economic activity as tourism has come to a virtual halt. On top of the pandemic, Tropical Cyclone Harold and a volcanic eruption in Tanna Island caused extensive...

Austria entered the crisis from a strong position. Prudent policies prior to the pandemic provided significant policy space. Several lockdowns helped contain the virus but significantly impaired the economy. Real GDP contracted by 6.3 percent in 2020 and declined further in early 2021. The 2021...

With a demonstrated resilience to the crisis and the recovery gaining strength, macroeconomic policies should aim at preserving stability and complementing structural reforms that address long-standing challenges. A medium-term plan to rebuild buffers, support potential growth, and target...