IDEAS home Printed from https://ideas.repec.org/a/kap/ejlwec/v26y2008i3p387-404.html
   My bibliography  Save this article

Money laundering: some facts

Author

Abstract

The term "Money Laundering" originates from the US describing the Mafia's attempt to "launder" illegal money via cash-intensive washing salons, which where controlled by company acquisitions or business formations. Estimated two to five per cent of the global gross domestic product stems from illicit sources. A great deal of the money derives from drug-dealing, with a total revenue of 810 Billion USD in 2003. In 2005 the Austrian Police secured drugs worth 49266800 Euro (drug seizures in terms of street prices), in total 25.892 persons were charged for violation of the Austrian Narcotics Act. Most of all illegal transactions are processed by cash since there is the smallest risk to leave one's mark; nevertheless there exists an obvious tendency to misuse the internet in order to undertake illicit transactions in form of Online- Banking, Cyber money and Electronic Purse.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Friedrich Schneider & Ursula Windischbauer, 2008. "Money laundering: some facts," European Journal of Law and Economics, Springer, vol. 26(3), pages 387-404, December.
    • Handle: RePEc:kap:ejlwec:v:26:y:2008:i:3:p:387-404
    DOI: 10.1007/s10657-008-9070-x
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10657-008-9070-x
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10657-008-9070-x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Ms. Esther C Suss & Mr. Oral Williams & Mr. Chandima Mendis, 2002. "Caribbean offshore Financial Centers: Past, Present, and Possibilities for the Future," IMF Working Papers 2002/088, International Monetary Fund.
    2. Peter J. Quirk, 1996. "Macroeconomic Implications of Money Laundering," IMF Working Papers 1996/066, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Friedrich Schneider, 2008. "Money laundering and financial means of organised crime: some preliminary empirical findings," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 10(3), pages 309-330.
    2. Friedrich Schneider, 2010. "Turnover of organized crime and money laundering: some preliminary empirical findings," Public Choice, Springer, vol. 144(3), pages 473-486, September.
    3. 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.
    4. 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.
    5. 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.
    6. Yallwe, Hagos Alem & Buscemi, Antonino, 2011. "Money laundry and financial development," MPRA Paper 32219, University Library of Munich, Germany.
    7. Enste, Dominik & Schneider, Friedrich, 1998. "Increasing Shadow Economies all over the World - Fiction or Reality?," IZA Discussion Papers 26, Institute of Labor Economics (IZA).
    8. Ms. Concha Verdugo Yepes, 2011. "Compliance with the AM+L4776L/CFT International Standard: Lessons from a Cross-Country Analysis," IMF Working Papers 2011/177, International Monetary Fund.
    9. Friedrich Schneider, 2000. "Illegal activities, but still values added ones (?): size, causes, and measurement of the shadow economies all over the world," Economics working papers 2000-10, Department of Economics, Johannes Kepler University Linz, Austria.
    10. Jordan, Ava & McLean, Sheldon, 2017. "An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 42726, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    11. Hearn, Bruce, 2022. "The Determinants of Foreign Multinational Enterprise Firms' Board Governance in Caribbean Offshore Island Economies," Journal of International Management, Elsevier, vol. 28(4).
    12. Ahmed Zoromé, 2007. "Concept of Offshore Financial Centers: In Search of an Operational Definition," IMF Working Papers 2007/087, International Monetary Fund.
    13. Schneider, Friedrich, 2004. "The Size of the Shadow Economies of 145 Countries all over the World: First Results over the Period 1999 to 2003," IZA Discussion Papers 1431, Institute of Labor Economics (IZA).
    14. Friedrich Schneider & Dominik Enste, 1999. "Shadow Economies Around the World - Size, Causes, and Consequences," CESifo Working Paper Series 196, CESifo.
    15. Raffaella Barone & Domenico Delle Side & Donato Masciandaro, 2018. "Drug trafficking, money laundering and the business cycle: Does secular stagnation include crime?," Metroeconomica, Wiley Blackwell, vol. 69(2), pages 409-426, May.
    16. Michael Brei, 2013. "Offshore financial centers in the Caribbean: An overview," EconomiX Working Papers 2013-40, University of Paris Nanterre, EconomiX.
    17. Sharon C. Cobb, 2009. "Redefining “Offshore” in Latin America," Growth and Change, Wiley Blackwell, vol. 40(2), pages 332-356, June.
    18. repec:wbk:wbpubs:7460 is not listed on IDEAS
    19. Arielle Joseph & Bernhard Troester, 2013. "Can the Mauritian Miracle continue? - The role of financial and ICT services as prospective growth drivers," Competence Centre on Money, Trade, Finance and Development 1301, Hochschule fuer Technik und Wirtschaft, Berlin.
    20. Hearn, Bruce & Oxelheim, Lars & Randøy, Trond, 2021. "The Impact of Founders on Information Asymmetry vis-à-vis Outside Investors: Evidence from Caribbean Offshore Tax Havens," Working Paper Series 1419, Research Institute of Industrial Economics.
    21. Friedrich Schneider, 2005. "Shadow Economies of 145 Countries all over the World: What Do We Really Know?," CREMA Working Paper Series 2005-13, Center for Research in Economics, Management and the Arts (CREMA).

    More about this item

    Keywords

    Money laundering; Quantification; Estimation; K40;
    All these keywords.

    JEL classification:

    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:ejlwec:v:26:y:2008:i:3:p:387-404. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.