Money Laundering: The Role of Legislation in Developing Economies

Abstract

The 1988 United Nations Convention Against Illicit Trafficking in Narcotic Drugs and Psychotropic Substances (‘the 1988 Convention’) has sharpened the focus on tracking down and seizing ‘dirty money’ generated by drug‐related criminal activities. It was the expectation of the architects of the 1988 Convention that by making it more difficult for criminals to have access to ill‐gotten wealth they will be less motivated to engage in such activities. While it is difficult to quantify, it is estimated that the annual turnover of the illicit drug industry reaches a staggering US$500bn.

Citation

Jayasuriya, D.C. (1998), "Money Laundering: The Role of Legislation in Developing Economies", Journal of Money Laundering Control, Vol. 1 No. 3, pp. 216-219. https://doi.org/10.1108/eb027143