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Criminal Justice Resources :

Money Laundering

Web Sites | Articles and Publications | Selected Books

"The International Monetary Fund estimates that the amount of money laundering occurring on a yearly basis could range between 2 and 5 percent of the world's gross domestic product--or somewhere between $600 billion and $1.5 trillion. Estimates come from a variety of sources based upon both macroeconomic theories and on microeconomic approaches. The U.S. Department of the Treasury has suggested that $600 billion represents a conservative estimate of the amount of money laundered each year, and some U.S. law makers believe that, not only does the amount lie somewhere between $500 billion and $1 trillion, but that half is being laundered through U.S. banks. Due to the clandestine nature of laundering activity, governments and concerned organizations cannot accurately quantify the amount of money laundered each year. Some estimates suggest that the amount of money laundered each year is approximately $2.8 trillion, an amount more than four times greater than the figure generally accepted." Source: "Money Laundering", FBI Law Enforcement Bulletin v.70 no.5 (May 2001): p.1-9

Web Sites

Asia-Pacific Group on Money Laundering
The purpose of the Asia/Pacific Group on Money Laundering (APG) is to facilitate the adoption, implementation and enforcement of internationally accepted anti-money laundering standards in particular the Forty Recommendations of the Financial Action Task Force on Money Laundering (FATF). This includes assisting jurisdictions in the region to enact laws criminalising the laundering of the proceeds of crime and dealing also with mutual legal assistance, confiscation, forfeiture and extradition. It also includes the provision of guidance in setting up systems for reporting and investigating suspicious transactions and helping in the establishment of financial intelligence units. The APG recognizes that regional and country factors would need to be taken into account in the implementation of anti-money laundering measures and provides for peer review by means of a mutual evaluation process.
(Last checked 03/20/13)

Billy's Money Laundering Home Page
Courtesy of Billy Steel from the United Kingdom.
(Last checked 03/20/13)

Financial Crimes Enforcement Network (FinEN)
The mission of the Financial Crimes Enforcement Network is to support law enforcement investigative efforts and foster interagency and global cooperation against domestic and international financial crimes; and to provide U.S. policy makers with strategic analyses of domestic and worldwide money-laundering developments, trends and patterns. FinCEN works towards those ends through information collection, analysis, and sharing, technological assistance, and innovative and cost-effective implementation of Treasury authorities. The web page includes an overview of the agency's strategy for fighting international organized crime and a timeline of U.S. anti-money-laundering programs instituted since the passage of the Bank Secrecy Act in 1970. Provides a summary of law enforcement issues raised by "cyberpayments" -- "systems which facilitate the transfer of financial value (i.e. digital currency, e-money).
(Last checked 03/20/13)

Financial Scandals
Roy Davies, a librarian at University of Exeter, United Kingdom, has put together an impressive collection of links relating to financial scandals. The links are divided into Classic Financial Scandals, Political Corruption, Organized Crime (Mafia and Yakuza), Money Laundering, and Regulatory Organizations. Recent scandals such as BCCI, Barings, Sumitomo and Bre-X are covered. Source: Scout Report for Business and Economics, February 26, 1998.
(Last checked 03/20/13)

International Compliance Association
The ICA is a non-profit making professional organisation dedicated to the furtherance of best compliance and anti money laundering practice in the financial services sector. The ICA seeks to transcend national boundaries by educating and supporting compliance and anti money laundering professionals globally, through the provision of internationally recognised qualifications, member information exchange and training.
(last checked 03/20/13)

International Money Laundering Information Network (IMoLIN)
IMoLIN has been developed with the cooperation of the world’s leading anti-money laundering organizations and the website includes a database on legislation and regulation throughout the world, an electronic library, a calendar of events in the anti-money laundering field, and a news forum. Certain aspects of IMoLIN are secured and therefore not available for public use.
(Last checked 03/20/13)

Money Laundering Compliance Website
This web page from the United Kingdom offers information on conferences, seminars, and training sessions; book reviews; links; articles; and conference papers.
(Last checked 03/20/13)

Money Laundering Information Site
Money laundering is a growth industry. Find out who's washing what from an authoritative source, Alert Global Media. Contents include the only complete version of the Bank Secrecy Act recordkeeping and reporting regulations on the web, including the new Currency Transaction Reporting Exemption Rules, plus the latest Congressional laundering proposed regulations for "money services businesses," and more, free at the Alert resource library.
Access to premium services requires paid subscription.
(Last checked 03/20/13)

Online Articles and Publications

Combating Money Laundering: Opportunities Exist to Improve the National Strategy
Money laundering is a serious crime, with hundreds of billions of dollars laundered annually. Congress passed the Money Laundering and Financial Crimes Strategy Act of 1998 to better coordinate the efforts of law enforcement agencies and financial regulators in combating money laundering. This act required the issuance of an annual National Money Laundering Strategy for 5 years, ending with the issuance of the 2003 strategy. To help with deliberations on reauthorization, GAO determined (1) agency perspectives on the benefit of the strategy and factors that affected its development and implementation, (2) whether the strategy has served as a useful mechanism for guiding the coordination of federal law enforcement agencies' efforts, (3) the role of the strategy in influencing the activities of federal financial regulators, and (4) whether the strategy has reflected key critical components. GAO-03-813. September 26, 2003.
(Last checked 03/20/13)

International Narcotics Control Strategy Report, 1998
This report by the U.S. Department of State contains a a global assessment of money laundering and other financial crimes; a review of actions taken and a listing of continuing concerns; a prescription for future action; and, subchapters on about 200 nations and territories, including comparative rankings in terms of their efforts to control/prevent money laundering. The latter include the annual priority rankings, which for 1997 contain a number of upgrades, reflecting our heightened concern about the flow of illicit money through a financial system and/or a government's failure to take the steps needed to remedy these problems.
(Last checked 03/20/13)

Money Laundering: A Framework for Understanding U.S. Efforts Overseas
Select GAO Reports, Find GAO Reports, and then type in GGD-96-105 in report number search box.
Money laundering is a global problem that needs to be fought collectively by the international community. This report provides a framework for understanding U.S. efforts oversees to combat international money laundering. GAO describes (1) the approaches used by the United States and European countries to combat money laundering through regulation of financial institutions, (2) U.S. bank regulators' oversight of money-laundering controls at overseas branches of U.S. banks, (3) U.S. law enforcement agencies' efforts to coordinate their overseas anti-money-laundering activities among themselves and with law enforcement agencies in these European countries, and (4) U.S. participation in international agreements to combat money laundering abroad. GGD-96-105, May 24, 1996, 65 pages.
(Last checked 03/20/13)

Money Laundering and Related Topics Bibliography
Courtesy of the International Money Laundering Information Network.
(Last checked 03/20/13)

Money Laundering Bibliography
Works best with Mozilla Firefox.
Anti-Corruption Ring Online, March 25, 2002. Still available thanks to the Internet Archive.
(Last checked 03/20/13)

Money Laundering: Extent of Money Laundering Through Credit Cards is Unknown
The U.S. General Accounting Office (GAO) recently explored whether money launderers were using illicit funds already placed in bank accounts to pay off credit card bills. GAO Rpt-02-670.
(Last checked 03/20/13)

Money Laundering: Research and Analysis
Courtesy of the International Money Laundering Information Network.
(Last checked 03/20/13)

Money Laundering: State Efforts To Fight It Are Increasing But More Federal Help Is Needed
Type GGD-93-1 in the keyword or report number search box.
GGD-93-1, October 1992, 50pp.
(Last checked 03/20/13)

Money Laundering: The U.S. Government Is Responding to the Problem
Type NSIAD-91-130 in the keyword or report number search box.
NSIAD-91-130, May 1991, 68pp.
(Last checked 03/20/13)

Selected Books

The Basic Principles of Money Laundering
Article by Andre Bossard appearing in Crime & Justice International, March 1999 Volume 15, Number 26. Available in the MSU Main Library Stacks.

The Laundrymen: Inside Money Laundering, The World's Third Largest-Business
A book by Jeffrey Robinson, Arcade Publishing, 1996 available in the MSU Main Library under the call number HV6768 .R63 1996.

The Money Launderers : Lessons from the Drug Wars -- How Billions of Illegal Dollars are Washed through Banks and Business
An excellent study of money laundering schemes by Robert E. Powis, Probus Publishing Co., 1992 available in the MSU Main Library under the call number HV6769 .P68 1992.

The Secret Money Market: Inside the Dark World of Tax Evasion, Financial Fraud, Insider Trding, Money Laundering, and Capital Flight.
An account of the hidden financial world and an economic analysis of the source of illegal capital by Ingo Walter, Harper & Row, 1990 available in the MSU Business Library under the call number HG3891 .W35 1990.

More books on Money Laundering Available in the MSU Libraries


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