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Appropriate Measures to Use Money Laundering Prevention as an Antidote to Tax Evasion

Author

Listed:
  • Patricia Torres Serpel

    (TOSEIBA Consulting)

  • Amir Shachmurove

    (The University of Pennsylvania)

Abstract

Money laundering, which is closely linked with tax evasion and informal trade, is facilitated by the poorly regulated financial institutions of "mafia nations". These nations make billions of dollars by laundering money and giving safe haven to drug dealers and corrupt politicians, allowing them to transfer money globally. Money laundering prevention policies require financial institutions to periodically update their customer's personal information. Furthermore, they attemp to match tax and transaction reports collected from banks and non-banks around the world to detect tax evasion. This research explains how efficient policies for preventing money laundering can help reduce tax evasion.

Suggested Citation

  • Patricia Torres Serpel & Amir Shachmurove, 2005. "Appropriate Measures to Use Money Laundering Prevention as an Antidote to Tax Evasion," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 10(2), pages 57-75, Summer.
  • Handle: RePEc:pep:journl:v:10:y:2005:i:2:p:57-75
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    References listed on IDEAS

    as
    1. Rajeev K. Goel & Michael A. Nelson, 2005. "Economic Freedom Versus Political Freedom: Cross-Country Influences On Corruption ," Australian Economic Papers, Wiley Blackwell, vol. 44(2), pages 121-133, June.
    2. Slemrod, Joel, 1998. "On Voluntary Compliance, Voluntary Taxes, and Social Capital," National Tax Journal, National Tax Association, vol. 51(n. 3), pages 485-91, September.
    3. Jay Pil Choi & Marcel Thum, 2005. "Corruption And The Shadow Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 817-836, August.
    4. Slemrod, Joel, 1998. "On Voluntary Compliance, Voluntary Taxes, and Social Capital," National Tax Journal, National Tax Association;National Tax Journal, vol. 51(3), pages 485-491, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Money Laundering; Tax Evasion;

    JEL classification:

    • K14 - Law and Economics - - Basic Areas of Law - - - Criminal Law
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law

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