Money Laundering and Tax Evasion – The Assisting of the Banking Sector

The Handbook of Business and Corruption

ISBN: 978-1-78635-446-4, eISBN: 978-1-78635-445-7

Publication date: 29 August 2017

Abstract

The principal issue that will be considered in this chapter is how the banking sector facilitates the crimes of money laundering and tax evasion. This will entail asking a series of related questions. Does the assistance of the banking sector in financial crime involve a small number of wayward employees at the periphery of banking? Or are multinational financial institutions willing participants in the systemic evasion of global antifinancial crime standards? In exploring these questions, the theory and practice of money laundering will be explored by focusing on the three stages of the money laundering cycle. The global anti-money laundering standards that apply to the banking sector, and the role of bank secrecy in promoting tax evasion, will be examined through a series of case studies. It will be argued that there is strong empirical evidence that the banking sector is a systemic offender facilitating financial crimes, despite the enactment of international and national antifinancial crime standards and criminal prosecutions of financial institutions.

Keywords

Citation

Chaikin, D. (2017), "Money Laundering and Tax Evasion – The Assisting of the Banking Sector", Aßländer, M. and Hudson, S. (Ed.) The Handbook of Business and Corruption, Emerald Publishing Limited, pp. 237-254. https://doi.org/10.1108/978-1-78635-445-720161012

Download as .RIS

Publisher

:

Emerald Publishing Limited

Copyright © 2017 Emerald Publishing Limited

Please note you might not have access to this content

You may be able to access this content by login via Shibboleth, Open Athens or with your Emerald account.
If you would like to contact us about accessing this content, click the button and fill out the form.