EVOLUTION OF BANKING SECTOR MONEY LAUNDERING REGULATIONS IN EUROPEAN UNION FROM 2010 TO 2019
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The introduction
In modern scientific literature, it is believed that money laundering is
the global issue that has a negative influence on the international financial
system. According to Chong and Lopez‐De‐Silanes (2015), money laundering is not a new phenomenon and was an international problem for recent decades. Through all this time the forms and the ways of the money laundering changed, however, the key principle of money laundering remains the same: the criminals need to transform the dirty money from the illegal activities into the “legal” money that they can use. After this transformation the laundered money
penetrate the market and the financial system, making them almost impossible
to be detected as the money with the illegal origin. As it was mentioned by Schneider and Windischbauer (2008), the term «Money Laundering» takes its roots in the USA, where Mafia used to transform the money from the criminal activities to the legal one through the washing saloons. They also mention, that the term «Money Laundering» was first introduced to the public in 1973, when the Watergate Scandal happened. The United Nations Convention on Drugs, as
well as the European Union Anti-Money Laundering Directive (AMLD), used
this term in their official documents. The most widespread origins of the dirty money are the drug dealing and the organized crime, which may include the gun trade, slavery, prostitution, and other activities that go against the legal framework.
To understand the danger that the money laundering can possess to the world, we need to refer to Campbell (2018) that argues that the United Nations
Office on Drugs and Crime declares the statistic, according to which from 2 to
5 per cent of the global GDP is laundered. In 2018 this sum of money would be from $800 billion to $2 trillion. This amount of money may be compatible with the GDP of such states as Canada or the Russian Federation.
There is a huge amount of the threats, that is caused by money laundering. Among the immediate threats, there are threats to the states’ political stability, as the possibility to fight the crime in the money-laundering
4
schemes is extremely low. According to Ardizzi et al (2014), the main reason for modern money laundering is not the drug trafficking, that was the prior
reason in the end of the 20th century, but the tax evasion. Such actions may
lead to the loss of reliance in the state's banking sector.
Kemal (2014) argues that the corruption and the amount of the money laundered are directly correlated with each other, that leads us to the conclusion that the appropriate regulation by the government is needed to limit the money laundering in the state, and the international cooperation is crucial in some situations. With the reference to Sharman and Chaikin (2009) Kemal (2014)
states that corruption appears as the instrument that criminals use to smooth the
regulations and instruments that the system uses to prevent money laundering. Such a problem appears in the developing states, where the confiscation of the assets and the financial intelligence may perform as the elements of the control, but in the corrupted states they seem to be just the simple models that exist in order to show the international community that the regulations exist in the state. From this point of view, we may see that the corrupted government of one state
may cause the dramatic problems for the other states as the economies are
extremely interconnected nowadays and it is in the interests of the international society to regulate the money laundering processes together with the common sets of regulations and restrictions. Kemal (2014) mentions that in 2003 there was the opinion that the reasons for the money laundering are "tax evasion, corruption, theft, and insurance frauds, which results in an increase in tax rate and interest rate for those who pay them". However, Aldridge (2008) has the
concept of the money laundering that contradicts with the previous opinions.
He states that the so-called dirty money only appears from the illegal activities inside the state. Alldridge claims, that the dirty money appears outside the state, and then they move to the state and penetrate the economy. In the era of globalization, it is difficult to monitor the movement of the laundered money and a lot of criminals succeed in transferring the illegal money from their home to the other jurisdictions, where they use this dirty money in their interests.
5
The reasons for the recent failures of the European Union AML policies can be divided into two parts. Firstly, the conduction of the money laundering
regulation in the financial sector of the European Union is a complex task, that
needs the cooperation not only between the Member States but among the whole international community. However, despite the recent success in this field, the difference in the development between states makes the task of minimizing the money laundering almost impossible to achieve. Secondly, the new approach of the European Union to prevent the appearance of the new methods of the money laundering is urgent and poorly developed.
Taking everything into consideration, I argue that the analysis the
evolution of the AML in the European Union, with highlighting the strengths and the weaknesses of their approach, would be beneficial not only for the overall understanding of the common global trends in the field of AML but also would appear as the crucial element in the creation of the counter-measures to the money laundering, that we may call, with no doubt, one of the main problems in the global financial sector.
The research question is «Are the anti-money laundering regulations in the banking sector of the European Union becoming more restraining and what determined the tightening of the anti-money laundering policies in the European Union in the 2010-2019 period??». The hypothesis of this research claims that the implementation of the European Union anti-money laundering regulations led to the optimisation of the inter-state cooperation, creation of new methods of monitoring and control and higher transparency in the banking
sector, however, it was not enough to prevent the largest money laundering
scandals in the European history due to deliberate banking policies to escape at least part of the EU regulation and the lack of the international coordination.
Table of Contents
The Introduction 3
Literature Review 6
Methodology 15
1. Trends in Money Laundering Regulations of EU in 2010 18
1.1 Theoretical Approach on the Global Regulation 18
1.2 The description of the FATF 2004 40 Recommendations 19
1.3 The implementation of the European Union 3rd AMLD of 2005 26
1.4 The key outcomes 32
2. The money laundering scandals and their outcomes between 2010 33
and 2019
2.1 The main focus of FATF 2012 40 Recommendations 33
2.2 The changes between the 3rd and the 4th Directives 35
2.3 The trend in the money laundering regulation of EU in 2012- 38
2019 period
2.4 The influence of the Russian and Azerbaijani Laundromats 39
2.5 The echo of the Danske Bank Scandal 41
2.6 “The Panama Papers” case 42
2.7 The consequences of the money laundering scandals 43
2.8 The key outcomes 44
3. Trends in Money Laundering Regulations of EU in 2019 45
3.1 The changes between the 4th and the 5th Directives 45
3.2 The trends mentioned in the EU reports in 2019 46
3.3 The key outcomes 52
Conclusion 53
Reference List 55
Reference List
Alldridge, P. (2008), “Money laundering and globalization”, Journal of
Law and Society, Vol. 35 No. 4, pp. 437-463.
Alstadsæter, A., Johannesen, N., & Zucman, G. (2018). Who owns the wealth in tax havens? Macro evidence and implications for global inequality. Journal of Public Economics, 162, 89-100.
Ardizzi, G., Petraglia, C., Piacenza, M., Schneider, F., & Turati, G. (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, 46(8), 1555-1590. Retrieved February 20, 2020,
from www.jstor.org/stable/24499160
Basel Institute on Governance. (2019). Basel AML Index [Dataset].
Retrieved from https://www.baselgovernance.org/sites/default/files/amlData/public_basel_am l_index_rankings_2012-2018_0_0.xls
Bjerregaard, E., & Kirchmaier, T. (2019). The Danske Bank Money
Laundering Scandal: A Case Study. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3446636
Bonner, R. (2001, March 3). Citibank Admits to Lapses in Dealings With Offshore Shell Banks. Retrieved April 29, 2020, from https://www.nytimes.com/2001/03/03/business/citibank-admits-to-lapses-in-dealings-with-offshore-shell-banks.html
Browder, B., & European Parliament. (2019). Analysis of Russian
Money Laundering in the EU. Retrieved from https://www.europarl.europa.eu/cmsdata/161071/2019%2001%2029%20-%20Bill%20Browder%20-%20EU%20Parliament%20Presentation.pdf
Bruun and Hjejle. (2018). Report on the Non-Resident Portfolio at Danske Bank’s Estonian branch (Vols. 1 - 1). N.p.: Author.
Campbell, L. (2018). Dirty cash (money talks): 4AMLD and the money laundering regulations 2017. Criminal law review., 2018(2), 102-122.
56
Chong, A., & Lopez‐De‐Silanes, F. (2015). Money laundering and its regulation. Economics & Politics, 27(1), 78-79.
Crijns, D. (2019, April 24). The Azerbaijani laundromat: a new money laundering machine in a familiar guise. Retrieved April 30, 2020, from https://www.amlc.eu/the-azerbaijani-laundromat-a-new-money-laundering-machine-in-a-familiar-guise/
European Comission (n.d.). Anti-money laundering and counter
terrorist financing. Retrieved April 20, 2020, from https://ec.europa.eu/info/business-economy-euro/banking-and-
finance/financial-supervision-and-risk-management/anti-money-laundering-
and-counter-terrorist-financing_en
European Commission. (2019a). Report from the Commission to the European Parliament and the Council on the assessment of the risk of money laundering and terrorist financing affecting the internal market and relating to
cross-border activities. Retrieved April 29, 2020 from https://op.europa.eu/en/publication-detail/-/publication/0b2ecb04-aef4-11e9-
9d01-01aa75ed71a1/language-en
European Commission. (2019b). Report assessing the framework for Financial Intelligence Units' (FIUs) cooperation with third countries and obstacles and opportunities to enhance cooperation between Financial Intelligence Units within the EU. Retrieved April 29, 2020 from https://op.europa.eu/en/publication-detail/-/publication/0927d773-aef4-11e9-9d01-01aa75ed71a1/language-en/format-PDF/source-106460207
European Commission. (2019c). Report from the Commission to the
European Parliament and the Council on the interconnection of national centralised automated mechanisms (central registries or central electronic data retrieval systems) of the Member States on bank account. Retrieved April
29, 2020 from https://op.europa.eu/en/publication-detail/-/publication/0927d773-aef4-11e9-9d01-01aa75ed71a1/language-en/format-PDF/source-106460207
57
European Commission. (2019d). Report assessing recent alleged money-laundering cases involving EU credit institutions. Retrieved April 29,
2020 from
https://ec.europa.eu/info/sites/info/files/report_assessing_recent_alleged_mon ey-laundering_cases_involving_eu_credit_institutions.pdf
Foley, S., Karlsen, J. R., & Putniņš, T. J. (2019). Sex, drugs, and bitcoin: How much illegal activity is financed through cryptocurrencies?. The Review of Financial Studies, 32(5), 1798-1853.
Fitzgibbon, W. (2019, August 21). Panama Papers FAQ: All You Need
to Know About The 2016... Retrieved April 29, 2020, from
https://www.icij.org/investigations/panama-papers/panama-papers-faq-all-you-need-to-know-about-the-2016-investigation/
Garside, J. (2017). Panama Paper: Mossack Fonseca founders arrested over bribery scandal. The Guardian. February, 10.
Hansen, P. (2012). Making Sense of Financial Crisis and Scandal: A Danish Bank Failure in the First Era of Finance Capitalism. Enterprise &
Society, 13(3), 672-706. Retrieved February 20, 2020, from
www.jstor.org/stable/23702520
Hülsse, R., & Kerwer, D. (2007). Global standards in action: insights from anti-money laundering regulation. Organization, 14(5), 625-642.
Jakobi, A. (2015). Global networks against crime: Using the Financial Action Task Force as a model? International Journal, 70(3), 391-407. Retrieved February 20, 2020, from www.jstor.org/stable/24709439
Kemal, M. U. (2014). Anti-money laundering regulations and its
effectiveness. Journal of Money Laundering Control.
Levi, M., & Reuter, P. (2006). Money laundering. Crime and Justice, 34(1), 289-375.
Mitsilegas, V., & Vavoula, N. (2016). The Evolving EU Anti-Money Laundering Regime: Challenges for Fundamental Rights and the Rule of Law. Maastricht journal of European and comparative law, 23(2), 264-293.
58
O’Donovan, J., Wagner, H. F., & Zeume, S. (2019). The value of offshore secrets: evidence from the panama papers. The Review of Financial
Studies, 32(11), 4117-4155.
Santoso, T., Chandra, R., Sinaga, A., Muhajir, M., & Mardiah, S. (2011). A guide to investigation and indictment using an integrated approach to law enforcement (pp. 27-62, Rep.). Center for International Forestry
Research. Retrieved February 20, 2020, from www.jstor.org/stable/resrep02129.8
Schneider, F., & Windischbauer, U. (2008). Money laundering: some
facts. European Journal of Law and Economics, 26(3), 387-404.
Sharman, J. C., & Chaikin, D. (2009). Corruption and anti-money laundering systems: putting a luxury good to work. Governance: An International Journal of Policy, Administration, and Institutions (Vol. 22, pp. 27-45).
Tavares, C., Thomas, G., & Roudaut, M. (2010). Money laundering in Europe. Report of work carried out by Eurostat and DG Home Affairs, pp. 1-7
The Power Players. (2019, August 8). Retrieved April 29, 2020, from
https://www.icij.org/investigations/panama-papers/the-power-players/ Turksen, U. (2014). Implications of anti-money laundering law for
accountancy in the European Union–a comparative study. In Fighting Financial Crime in the Global Economic Crisis (pp. 89-123). Routledge.
OCCRP. (2017a, March 20). The Russian Laundromat Exposed. Retrieved April 30, 2020, from https://www.occrp.org/ru/laundromat/the-russian-laundromat-exposed/
OCCRP. (2017b, September 4). The Azerbaijani Laundromat.
Retrieved April 30, 2020, from https://www.occrp.org/en/azerbaijanilaundromat/
Takáts, E. (2011). A Theory of "Crying Wolf": The Economics of Money Laundering Enforcement. Journal of Law, Economics, & Organization,
59
27(1), 32-78. Retrieved February 20, 2020, from
www.jstor.org/stable/41261712
The European Parliament and the Council. (2018). DIRECTIVE (EU)
2018/843 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU.
The European Parliament and the Council. (2015). DIRECTIVE (EU) 2015/849 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of
20 May 2015 on the prevention of the use of the financial system for the
purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC.
The European Parliament and the Council. (2005). DIRECTIVE 2005/60/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 26 October 2005 on the prevention of the use of the financial system for the
purpose of money laundering and terrorist financing.
The Financial Action Task Force. (2012). International Standards on
Combating Money Laundering and the Financing of Terrorism & Proliferation. The FATF Recommendations
The Financial Action Task Force. (2003). FATF 40 Recommendations Trautman, L. J. (2016). Following the money: lessons from the Panama
Papers: part 1: tip of the iceberg. Penn St. L. Rev., 121, 807.
Truman, E. M., & Reuter, P. (2004). Chasing Dirty Money: The Fight
Against Anti-Money Laundering. Peterson Institute Press: All Books.
Vollot, P., & Völcker, H. (2018). Russian Laundromat (pp. 1-8). N.p.: Deutsche Bank Financial Crime Investigations. Retrieved from https://www.scribd.com/document/406585239/Deutsche-Bank
60
Wilson-Chapman, A., Cucho, A., & Fitzgibbon, W. (2019, April 3).
What happened after the Panama Papers? Retrieved April 29, 2020, from
https://www.icij.org/investigations/panama-papers/what-happened-after-the-
panama-papers/
World Bank, World Development Indicators. (2018). GDP (current
US$) [Data file]. Retrieved from
https://data.worldbank.org/indicator/NY.GDP.MKTP.CD
The introduction
In modern scientific literature, it is believed that money laundering is
the global issue that has a negative influence on the international financial
system. According to Chong and Lopez‐De‐Silanes (2015), money laundering is not a new phenomenon and was an international problem for recent decades. Through all this time the forms and the ways of the money laundering changed, however, the key principle of money laundering remains the same: the criminals need to transform the dirty money from the illegal activities into the “legal” money that they can use. After this transformation the laundered money
penetrate the market and the financial system, making them almost impossible
to be detected as the money with the illegal origin. As it was mentioned by Schneider and Windischbauer (2008), the term «Money Laundering» takes its roots in the USA, where Mafia used to transform the money from the criminal activities to the legal one through the washing saloons. They also mention, that the term «Money Laundering» was first introduced to the public in 1973, when the Watergate Scandal happened. The United Nations Convention on Drugs, as
well as the European Union Anti-Money Laundering Directive (AMLD), used
this term in their official documents. The most widespread origins of the dirty money are the drug dealing and the organized crime, which may include the gun trade, slavery, prostitution, and other activities that go against the legal framework.
To understand the danger that the money laundering can possess to the world, we need to refer to Campbell (2018) that argues that the United Nations
Office on Drugs and Crime declares the statistic, according to which from 2 to
5 per cent of the global GDP is laundered. In 2018 this sum of money would be from $800 billion to $2 trillion. This amount of money may be compatible with the GDP of such states as Canada or the Russian Federation.
There is a huge amount of the threats, that is caused by money laundering. Among the immediate threats, there are threats to the states’ political stability, as the possibility to fight the crime in the money-laundering
4
schemes is extremely low. According to Ardizzi et al (2014), the main reason for modern money laundering is not the drug trafficking, that was the prior
reason in the end of the 20th century, but the tax evasion. Such actions may
lead to the loss of reliance in the state's banking sector.
Kemal (2014) argues that the corruption and the amount of the money laundered are directly correlated with each other, that leads us to the conclusion that the appropriate regulation by the government is needed to limit the money laundering in the state, and the international cooperation is crucial in some situations. With the reference to Sharman and Chaikin (2009) Kemal (2014)
states that corruption appears as the instrument that criminals use to smooth the
regulations and instruments that the system uses to prevent money laundering. Such a problem appears in the developing states, where the confiscation of the assets and the financial intelligence may perform as the elements of the control, but in the corrupted states they seem to be just the simple models that exist in order to show the international community that the regulations exist in the state. From this point of view, we may see that the corrupted government of one state
may cause the dramatic problems for the other states as the economies are
extremely interconnected nowadays and it is in the interests of the international society to regulate the money laundering processes together with the common sets of regulations and restrictions. Kemal (2014) mentions that in 2003 there was the opinion that the reasons for the money laundering are "tax evasion, corruption, theft, and insurance frauds, which results in an increase in tax rate and interest rate for those who pay them". However, Aldridge (2008) has the
concept of the money laundering that contradicts with the previous opinions.
He states that the so-called dirty money only appears from the illegal activities inside the state. Alldridge claims, that the dirty money appears outside the state, and then they move to the state and penetrate the economy. In the era of globalization, it is difficult to monitor the movement of the laundered money and a lot of criminals succeed in transferring the illegal money from their home to the other jurisdictions, where they use this dirty money in their interests.
5
The reasons for the recent failures of the European Union AML policies can be divided into two parts. Firstly, the conduction of the money laundering
regulation in the financial sector of the European Union is a complex task, that
needs the cooperation not only between the Member States but among the whole international community. However, despite the recent success in this field, the difference in the development between states makes the task of minimizing the money laundering almost impossible to achieve. Secondly, the new approach of the European Union to prevent the appearance of the new methods of the money laundering is urgent and poorly developed.
Taking everything into consideration, I argue that the analysis the
evolution of the AML in the European Union, with highlighting the strengths and the weaknesses of their approach, would be beneficial not only for the overall understanding of the common global trends in the field of AML but also would appear as the crucial element in the creation of the counter-measures to the money laundering, that we may call, with no doubt, one of the main problems in the global financial sector.
The research question is «Are the anti-money laundering regulations in the banking sector of the European Union becoming more restraining and what determined the tightening of the anti-money laundering policies in the European Union in the 2010-2019 period??». The hypothesis of this research claims that the implementation of the European Union anti-money laundering regulations led to the optimisation of the inter-state cooperation, creation of new methods of monitoring and control and higher transparency in the banking
sector, however, it was not enough to prevent the largest money laundering
scandals in the European history due to deliberate banking policies to escape at least part of the EU regulation and the lack of the international coordination.
Table of Contents
The Introduction 3
Literature Review 6
Methodology 15
1. Trends in Money Laundering Regulations of EU in 2010 18
1.1 Theoretical Approach on the Global Regulation 18
1.2 The description of the FATF 2004 40 Recommendations 19
1.3 The implementation of the European Union 3rd AMLD of 2005 26
1.4 The key outcomes 32
2. The money laundering scandals and their outcomes between 2010 33
and 2019
2.1 The main focus of FATF 2012 40 Recommendations 33
2.2 The changes between the 3rd and the 4th Directives 35
2.3 The trend in the money laundering regulation of EU in 2012- 38
2019 period
2.4 The influence of the Russian and Azerbaijani Laundromats 39
2.5 The echo of the Danske Bank Scandal 41
2.6 “The Panama Papers” case 42
2.7 The consequences of the money laundering scandals 43
2.8 The key outcomes 44
3. Trends in Money Laundering Regulations of EU in 2019 45
3.1 The changes between the 4th and the 5th Directives 45
3.2 The trends mentioned in the EU reports in 2019 46
3.3 The key outcomes 52
Conclusion 53
Reference List 55
Reference List
Alldridge, P. (2008), “Money laundering and globalization”, Journal of
Law and Society, Vol. 35 No. 4, pp. 437-463.
Alstadsæter, A., Johannesen, N., & Zucman, G. (2018). Who owns the wealth in tax havens? Macro evidence and implications for global inequality. Journal of Public Economics, 162, 89-100.
Ardizzi, G., Petraglia, C., Piacenza, M., Schneider, F., & Turati, G. (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, 46(8), 1555-1590. Retrieved February 20, 2020,
from www.jstor.org/stable/24499160
Basel Institute on Governance. (2019). Basel AML Index [Dataset].
Retrieved from https://www.baselgovernance.org/sites/default/files/amlData/public_basel_am l_index_rankings_2012-2018_0_0.xls
Bjerregaard, E., & Kirchmaier, T. (2019). The Danske Bank Money
Laundering Scandal: A Case Study. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3446636
Bonner, R. (2001, March 3). Citibank Admits to Lapses in Dealings With Offshore Shell Banks. Retrieved April 29, 2020, from https://www.nytimes.com/2001/03/03/business/citibank-admits-to-lapses-in-dealings-with-offshore-shell-banks.html
Browder, B., & European Parliament. (2019). Analysis of Russian
Money Laundering in the EU. Retrieved from https://www.europarl.europa.eu/cmsdata/161071/2019%2001%2029%20-%20Bill%20Browder%20-%20EU%20Parliament%20Presentation.pdf
Bruun and Hjejle. (2018). Report on the Non-Resident Portfolio at Danske Bank’s Estonian branch (Vols. 1 - 1). N.p.: Author.
Campbell, L. (2018). Dirty cash (money talks): 4AMLD and the money laundering regulations 2017. Criminal law review., 2018(2), 102-122.
56
Chong, A., & Lopez‐De‐Silanes, F. (2015). Money laundering and its regulation. Economics & Politics, 27(1), 78-79.
Crijns, D. (2019, April 24). The Azerbaijani laundromat: a new money laundering machine in a familiar guise. Retrieved April 30, 2020, from https://www.amlc.eu/the-azerbaijani-laundromat-a-new-money-laundering-machine-in-a-familiar-guise/
European Comission (n.d.). Anti-money laundering and counter
terrorist financing. Retrieved April 20, 2020, from https://ec.europa.eu/info/business-economy-euro/banking-and-
finance/financial-supervision-and-risk-management/anti-money-laundering-
and-counter-terrorist-financing_en
European Commission. (2019a). Report from the Commission to the European Parliament and the Council on the assessment of the risk of money laundering and terrorist financing affecting the internal market and relating to
cross-border activities. Retrieved April 29, 2020 from https://op.europa.eu/en/publication-detail/-/publication/0b2ecb04-aef4-11e9-
9d01-01aa75ed71a1/language-en
European Commission. (2019b). Report assessing the framework for Financial Intelligence Units' (FIUs) cooperation with third countries and obstacles and opportunities to enhance cooperation between Financial Intelligence Units within the EU. Retrieved April 29, 2020 from https://op.europa.eu/en/publication-detail/-/publication/0927d773-aef4-11e9-9d01-01aa75ed71a1/language-en/format-PDF/source-106460207
European Commission. (2019c). Report from the Commission to the
European Parliament and the Council on the interconnection of national centralised automated mechanisms (central registries or central electronic data retrieval systems) of the Member States on bank account. Retrieved April
29, 2020 from https://op.europa.eu/en/publication-detail/-/publication/0927d773-aef4-11e9-9d01-01aa75ed71a1/language-en/format-PDF/source-106460207
57
European Commission. (2019d). Report assessing recent alleged money-laundering cases involving EU credit institutions. Retrieved April 29,
2020 from
https://ec.europa.eu/info/sites/info/files/report_assessing_recent_alleged_mon ey-laundering_cases_involving_eu_credit_institutions.pdf
Foley, S., Karlsen, J. R., & Putniņš, T. J. (2019). Sex, drugs, and bitcoin: How much illegal activity is financed through cryptocurrencies?. The Review of Financial Studies, 32(5), 1798-1853.
Fitzgibbon, W. (2019, August 21). Panama Papers FAQ: All You Need
to Know About The 2016... Retrieved April 29, 2020, from
https://www.icij.org/investigations/panama-papers/panama-papers-faq-all-you-need-to-know-about-the-2016-investigation/
Garside, J. (2017). Panama Paper: Mossack Fonseca founders arrested over bribery scandal. The Guardian. February, 10.
Hansen, P. (2012). Making Sense of Financial Crisis and Scandal: A Danish Bank Failure in the First Era of Finance Capitalism. Enterprise &
Society, 13(3), 672-706. Retrieved February 20, 2020, from
www.jstor.org/stable/23702520
Hülsse, R., & Kerwer, D. (2007). Global standards in action: insights from anti-money laundering regulation. Organization, 14(5), 625-642.
Jakobi, A. (2015). Global networks against crime: Using the Financial Action Task Force as a model? International Journal, 70(3), 391-407. Retrieved February 20, 2020, from www.jstor.org/stable/24709439
Kemal, M. U. (2014). Anti-money laundering regulations and its
effectiveness. Journal of Money Laundering Control.
Levi, M., & Reuter, P. (2006). Money laundering. Crime and Justice, 34(1), 289-375.
Mitsilegas, V., & Vavoula, N. (2016). The Evolving EU Anti-Money Laundering Regime: Challenges for Fundamental Rights and the Rule of Law. Maastricht journal of European and comparative law, 23(2), 264-293.
58
O’Donovan, J., Wagner, H. F., & Zeume, S. (2019). The value of offshore secrets: evidence from the panama papers. The Review of Financial
Studies, 32(11), 4117-4155.
Santoso, T., Chandra, R., Sinaga, A., Muhajir, M., & Mardiah, S. (2011). A guide to investigation and indictment using an integrated approach to law enforcement (pp. 27-62, Rep.). Center for International Forestry
Research. Retrieved February 20, 2020, from www.jstor.org/stable/resrep02129.8
Schneider, F., & Windischbauer, U. (2008). Money laundering: some
facts. European Journal of Law and Economics, 26(3), 387-404.
Sharman, J. C., & Chaikin, D. (2009). Corruption and anti-money laundering systems: putting a luxury good to work. Governance: An International Journal of Policy, Administration, and Institutions (Vol. 22, pp. 27-45).
Tavares, C., Thomas, G., & Roudaut, M. (2010). Money laundering in Europe. Report of work carried out by Eurostat and DG Home Affairs, pp. 1-7
The Power Players. (2019, August 8). Retrieved April 29, 2020, from
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