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Money Laundering - A Newly Emerging Topic on the International Agenda

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  • Unger Brigitte

    (Utrecht University School of Economics, The Netherlands)

Abstract

Money laundering - bringing illicit proceeds from drugs, fraud and other crime, back into the legal economy - has become an issue of international concern only in the last twenty years. Since 9/11 it has figured as a prominent issue of national and international safety on the agenda of international organizations such as the Financial Action Task Force, the IMF, the United Nations, the Bank of International Settlement, and the European Union. Since then, the need to know more about the volume of laundering and laundering techniques, about the behavior of launderers, the effects of laundering on crime and on the economy, and the potential for successful anti-money laundering policy, has dramatically increased. So far, the academic field of the economics of crime has not devoted much attention to financial crime. And the economics of finance has not dealt with criminal behavior The first three papers presented in this issue will show three very different ways of making use of economics to estimate money laundering. The last three papers show how the law and economics literature especially can be used to analyze the role of anti-money laundering policy.

Suggested Citation

  • Unger Brigitte, 2009. "Money Laundering - A Newly Emerging Topic on the International Agenda," Review of Law & Economics, De Gruyter, vol. 5(2), pages 807-819, December.
    • Handle: RePEc:bpj:rlecon:v:5:y:2009:i:2:n:1
    DOI: 10.2202/1555-5879.1417
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    References listed on IDEAS

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    1. Maria de Boyrie & Simon Pak & John Zdanowicz, 2005. "The impact of Switzerland's money laundering law on capital flows through abnormal pricing in international trade," Applied Financial Economics, Taylor & Francis Journals, vol. 15(4), pages 217-230.
    2. Friedrich Schneider & Ursula Windischbauer, 2008. "Money laundering: some facts," European Journal of Law and Economics, Springer, vol. 26(3), pages 387-404, December.
    3. Ferwerda Joras, 2009. "The Economics of Crime and Money Laundering: Does Anti-Money Laundering Policy Reduce Crime?," Review of Law & Economics, De Gruyter, vol. 5(2), pages 903-929, December.
    4. Amedeo Argentiero & Michele Bagella & Francesco Busato, 2008. "Money laundering in a two-sector model: using theory for measurement," European Journal of Law and Economics, Springer, vol. 26(3), pages 341-359, December.
    5. Brigitte Unger, 2007. "The Scale and Impacts of Money Laundering," Books, Edward Elgar Publishing, number 12690.
    6. Dalla Pellegrina Lucia & Masciandaro Donato, 2009. "The Risk-Based Approach in the New European Anti-Money Laundering Legislation: A Law and Economics View," Review of Law & Economics, De Gruyter, vol. 5(2), pages 931-952, December.
    7. Friedrich Schneider & Friedrich Schneider, 2008. "Shadow Economies and Corruption all over the World: What do we Really Know?," Chapters, in: Michael Pickhardt & Edward Shinnick (ed.), The Shadow Economy, Corruption and Governance, chapter 7, pages 122-187, Edward Elgar Publishing.
    8. Walker John & Unger Brigitte, 2009. "Measuring Global Money Laundering: "The Walker Gravity Model"," Review of Law & Economics, De Gruyter, vol. 5(2), pages 821-853, December.
    9. Mr. Vito Tanzi, 1996. "Money Laundering and the International Financial System," IMF Working Papers 1996/055, International Monetary Fund.
    10. Lindsay M. Tedds & David E. A. Giles, 2000. "Modelling the Underground Economies in Canada and New Zealand: A Comparative Analysis," Econometrics Working Papers 0003, Department of Economics, University of Victoria.
    11. Bagella Michele & Busato Francesco & Argentiero Amedeo, 2009. "Money Laundering in a Microfounded Dynamic Model: Simulations for the U.S. and the EU-15 Economies," Review of Law & Economics, De Gruyter, vol. 5(2), pages 879-902, December.
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    Cited by:

    1. Loayza, Norman & Villa, Edgar & Misas, Martha, 2019. "Illicit activity and money laundering from an economic growth perspective: A model and an application to Colombia," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 442-487.
    2. Ahmed, Shamima & Alshater, Muneer M. & Ammari, Anis El & Hammami, Helmi, 2022. "Artificial intelligence and machine learning in finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 61(C).
    3. Guerino Ardizzi & Carmelo Petraglia & Massimiliano Piacenza & Friedrich Schneider & Gilberto Turati, 2014. "Money Laundering as a Crime in the Financial Sector: A New Approach to Quantitative Assessment, with an Application to Italy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(8), pages 1555-1590, December.
    4. Raffaella Barone & Roy Cerqueti & Anna Quaranta, 2012. "Illegal finance and usurers behaviour," European Journal of Law and Economics, Springer, vol. 34(2), pages 265-277, October.
    5. Raffaella Barone & Donato Masciandaro, 2011. "Organized crime, money laundering and legal economy: theory and simulations," European Journal of Law and Economics, Springer, vol. 32(1), pages 115-142, August.
    6. Friedrich Schneider & Raul Caruso, 2011. "The (Hidden) Financial Flows of Terrorist and Transnational Crime Organizations: A Literature Review and Some Preliminary Empirical Results," Economics of Security Working Paper Series 52, DIW Berlin, German Institute for Economic Research.
    7. Tomas Williams & Pablo Slutzky & Mauricio Villamizar-Villegas, 2019. "Drug Money and Bank Lending: The Unintended Consequences of Anti-Money Laundering Policies," Working Papers 2019-5, The George Washington University, Institute for International Economic Policy, revised May 2020.

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