NCJ Number
194830
Journal
Journal of Financial Crime Volume: 9 Issue: 3 Dated: February 2002 Pages: 239-243
Date Published
February 2002
Length
5 pages
Annotation
This paper outlines some of the lessons about money laundering learned by the British Serious Fraud Office (SFO), which is responsible for investigating and prosecuting major fraud, including many examples of money laundering.
Abstract
The SFO advises that money laundering is prevalent where there are corrupt, negligent, or unaccountable governments. Further, the way money is laundered is the same whether the proceeds of the crime arise from fraud, political corruption, drug dealing, or terrorism. Also, countries with favorable tax regimes will attract dirty money. Money laundering will occur as well where financial institutions that receive dirty money pay only lip service to the law, regulations, or good practice. Money laundering can only occur where there are sophisticated professionals, such as lawyers, accountants, and banks who are willing to be actively engaged in criminal acts or simply ignore what is clearly illegal. The subcultures of professionals that may unknowingly become involved in money laundering -- such as accountants and auditors, real estate agents, legal advisers, precious metals dealers, transporters of funds, and casino operators -- must be cultivated to reject money laundering and regard it as unacceptable to receive money from dubious sources. Professionals must be trained and prepared to look long and hard at dubious transactions before accepting the money. 1 reference