Article
Illicit Finance and Money Laundering Trends in Eurasia.docx
Journal of Money Laundering Control
(2019)
Abstract
This paper reviews recent examples of sophisticated money laundering operations involving financial institutions in Eurasia – including Russia and Moldova – and the resulting flow of licit and illicit capital from that part of the world to the UK, the US, and other Western countries. Relying on materials from publicly-available sources, it uses several case studies to illustrate various money laundering methods with a view toward identifying common elements and aspects of the schemes that might be considered new or innovative. In particular, the paper examines the roles that lax anti-money laundering (AML) compliance by financial institutions and the use of shell corporations designed to conceal the beneficial ownership of the companies and their assets have played in virtually all of the money laundering schemes. The paper then discusses the risks that these emerging money laundering methods pose to Western countries and their financial institutions and the approaches that governments might take to minimize those risks and to raise the barriers to the laundering of illicit funds within their jurisdictions.
Keywords
- money laundering,
- Russia,
- Russian Laundromat,
- Eurasia,
- Mirror Trading,
- Moldova,
- Prevezon
Disciplines
- Law and
- Criminal Law
Publication Date
May 7, 2019
DOI
https://doi.org/10.1108/JMLC-01-2018-0003
Citation Information
Cassella, “Illicit Finance and Money Laundering Trends in Eurasia,” J. Money Laundering Control, 22:2, pp. 388-399 (2019). https://doi.org/10.1108/JMLC-01-2018-0003 (paper presented at the Cambridge International Symposium on Economic Crime, Cambridge University, September 2017);