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Money laundering and asset cloaking techniques

Jeffrey Simser (Civil Remedies for Illicit Activities Office, Ministry of the Attorney General, Toronto, Canada)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 4 January 2008

1787

Abstract

Purpose

The purpose of this paper is to explore the various typologies and methods used to cloak assets following the placement stage of money laundering.

Design/methodology/approach

Techniques used to hide assets and cloak ownership, ranging from simple nominee arrangements through to complex financial transactions are explored.

Findings

There are a myriad of methods available to money launderers to cloak their assets.

Research limitations/implications

More work needs to be done on the issue of information gateways.

Practical implications

Assets are cloaked to obfuscate the trail and make it difficult for law enforcement to “follow the money”. Understanding the methodologies used is the first step to understanding the problem.

Originality/value

A number of cases from Canada, the USA and Australia were studied, as well as reference material advisors use for asset protection.

Keywords

Citation

Simser, J. (2008), "Money laundering and asset cloaking techniques", Journal of Money Laundering Control, Vol. 11 No. 1, pp. 15-24. https://doi.org/10.1108/13685200810844460

Publisher

:

Emerald Group Publishing Limited

Copyright © 2008, Emerald Group Publishing Limited

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