Literature review on Money Laundering PDF
Added on 2021-06-17
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Running head: LITERATURE REVIEW ON MONEY LAUNDERINGLITERATURE REVIEW ON MONEY LAUNDERINGName of the studentName of the UniversityAuthor note
1 LITERATURE REVIEW ON MONEY LAUNDERINGBrief summaryThe essay intends to give a literature review on the topic of Money laundering. Theterm money laundering came into use sometimes around the beginning of 20th Century(Gilmour 2016). In order to legalize some operations which is someway indicates the illicitactivities of income, the term was used. The main purpose was to let them entry in theeconomy. Thus, inspection, surveillance, control were forced to implement so that theillegitimate laundering from the illicit income can be prevented (Unger and Den 2012). Overthe years paradigm of money laundering has been changed and many researchers have beencarried out in this regard (Aluko and Bagheri 2012). The first research Kumar (2012) sheds light on the concept of money laundering andits significance. Beside this it also studies the overall impact of money laundering. Accordingto the paper, money laundering has been marked as the process through which a large amountof money is derived from some illegal means of activities like drug trafficking or some otherserious nature of crime like terrorist activity. It has been stated in the study that moneylaundering has a significant impact on both the economy as well as the political condition of acountry. The study therefore suggested this activity needs to be curbed on a serious note. Aspart of the suggestive measure of the study, countries across the globe should collaboratewith each other in order to take adequate measures. Common findings across the articlesThe two articles can be mentioned that have shed light on the most important pointthat the impact of the money laundering. According to Kumar (2012) and Aluko and Bagheri(2012), money laundering has a gross impact on economy and the political condition of acountry. The study highlights the corruption of money laundering in relation the new virtual
2 LITERATURE REVIEW ON MONEY LAUNDERINGcurrency. The nexus between money laundering and the crimes is something that demandsimmediate attention intern atonally. The study reflects on the fact the developing countriesare mostly affected by the money laundering. Both of the studies have produced evidencesalso in this regard. Meanwhile the two other studies that have been reviewed have researched on the roleof technology and the tools of money laundering. The study Moser, Bohme and Breuker(2013), performed a close inquiry in the money laundering tools in the ecosystem of Bitcoin.Similarly, the study Bryans (2014) focuses on the technological advancement regardingmoney laundering and technology. The study sheds light on the matter that as technologicaladvancement grows in a rapid speed, criminals are wrongly using the improvement oftechnology in the field of money laundering. As per the study, meticulous criminals useadvanced technologies in order to hide them from the crime yet gain large profit by hackingvirtual banking and money transferring system. The recently launched virtual currencyBitcoin and the c rime related to has come on news. The Bitcoin issue has become a major tothe rules and regulation of virtual money transferring system (Ali, Clarke and McCorry2015). It has been seen that the surveillance cell often fail to regulate the transfer of Bitcoinwhich allows people to exchange the value without the providing the information of the useridentity. The new virtual currency made an ease for the criminals to perform such illicitactivities more (Samantha Maitland Irwin, Raymond and Liu 2012). The research Bryans2014 also draws attention on the criminal activities that have been triggered by the newvirtual currency Bitcoin. Like the other paper, this study has also brought the issue of identityof the users which the criminals are wrongly using the improvement of technology in thefield of money laundering.
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