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Money Laundering: A Literature Review

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  • Patrick Olasehinde Daniels

    (Internal Control Departments)

Abstract

Money laundering has become a global problem; it is necessary to understand how it happens and how to combat it. This paper reviews recent money laundering cases worldwide, in view of recent reviews of money laundering legislation. From the review, the study found that the ways that fraudsters hide money include transporting it to another country, buying a company through which funds can be channeled, buying valuables that are easy to carry, transferring money by wire transfer, and using underground banking. A good understanding of these tricks plays an essential role in the fight against money laundering. They help us provide adequate systems of isolation or control to combat money laundering and prevent its harmful effects on human life. The study recommends that all stakeholders should actively participate in reporting such acts. This will ensure that the necessary action is taken before the money is made on a scale that cannot be recovered.

Suggested Citation

  • Patrick Olasehinde Daniels, 2021. "Money Laundering: A Literature Review," Multidisciplinary Journal of Management Sciences, Association of Forensic Accounting Researchers (AFAR), vol. 3(2), pages 69-85.
    • Handle: RePEc:ris:amjoms:0041
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    References listed on IDEAS

    as
    1. Bannier, Christina E. & Hirsch, Christian W., 2010. "The economic function of credit rating agencies - What does the watchlist tell us?," Journal of Banking & Finance, Elsevier, vol. 34(12), pages 3037-3049, December.
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