Money laundering through deposit boxes

Abstract

Purpose

The purpose of this paper is to exemplify how money launderers in European German-speaking countries use deposit boxes to place incriminated funds.

Design/methodology/approach

During a qualitative content analysis of 60 semi-standardized expert interviews with both criminals and prevention experts and a quantitative survey of 200 compliance officers, concrete money laundering techniques using deposit boxes were identified.

Findings

Deposit boxes may be used to place incriminated funds or prepare for their subsequent placement. Thus, the method is highly suitable to the demands of small-scale money laundering.

Research limitations/implications

The study’s qualitative findings are limited to the perspectives of the 60 interview partners. The interviews were conducted in a semi-standardized fashion.

Practical implications

The present paper aims at identifying gaps in existing anti-money laundering mechanisms to provide compliance officers, law enforcement agencies and legislators with worthwhile insights into the minds of criminals.

Originality/value

The present paper illustrates how money launderers operate to avoid detection, capturing the perspective of the launderer. Thus, the reader is granted access to highly valuable information that is supposed to facilitate the introduction of new anti-money laundering measures. Moreover, it shows how compliance officers view the issue and what they consider to be important to the successful implementation of compliance mechanisms. Moreover, the officers’ statements will exhibit which methods they do and do not engage with on a daily basis.

Citation

Teichmann, F.M.J. and Falker, M.-C. (2020), "Money laundering through deposit boxes", Journal of Money Laundering Control, Vol. 23 No. 4, pp. 805-818. https://doi.org/10.1108/JMLC-07-2019-0058