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Money Laundering: Some Facts

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  • Friedrich Schneider
  • Ursula Windischbauer

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.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.354165.de/diw_econsec0025.pdf
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Bibliographic Info

Paper provided by DIW Berlin, German Institute for Economic Research in its series Economics of Security Working Paper Series with number 25.

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Length: 21 p.
Date of creation: 2010
Date of revision:
Handle: RePEc:diw:diweos:diweos25

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  1. Esther C. Suss & Oral Williams & Chandima Mendis, 2002. "Caribbean offshore Financial Centers," IMF Working Papers, International Monetary Fund 02/88, International Monetary Fund.
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Cited by:
  1. Raffaella Barone & Donato Masciandaro, 2011. "Organized crime, money laundering and legal economy: theory and simulations," European Journal of Law and Economics, Springer, Springer, vol. 32(1), pages 115-142, August.
  2. Guerino Ardizzi & Carmelo Petraglia & Massimiliano Piacenza & Friedrich Schneider & Gilberto Turati, 2013. "Money Laundering as a Financial Sector Crime. A New Approach to Measurement, with an Application to Italy," Working papers, Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino 018, Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
  3. Pickhardt, Michael & Sardà Pons, Jordi, 2010. "The size of the underground economy in Germany: A correction of the record and new evidence from the Modified-Cash-deposit-Ratio approach," Working Papers, Universitat Rovira i Virgili, Department of Economics 2072/148479, Universitat Rovira i Virgili, Department of Economics.
  4. 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, DIW Berlin, German Institute for Economic Research 52, DIW Berlin, German Institute for Economic Research.
  5. Schneider, Friedrich, 2010. "The (Hidden) Financial Flows of Terrorist and Organized Crime Organizations: A Literature Review and Some Preliminary Empirical Results," IZA Discussion Papers 4860, Institute for the Study of Labor (IZA).
  6. Friedrich Schneider, 2011. "The Financial Flows of the Transnational Crime: Some Preliminary Empirical Results," Economics of Security Working Paper Series, DIW Berlin, German Institute for Economic Research 53, DIW Berlin, German Institute for Economic Research.
  7. Perez, M. Fabricio & Brada, Josef C. & Drabek, Zdenek, 2012. "Illicit money flows as motives for FDI," Journal of Comparative Economics, Elsevier, Elsevier, vol. 40(1), pages 108-126.

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