The Battle against Money Laundering: An Examination of US Law, International Cooperative Efforts and Corporate Governance Issues

Abstract

Money laundering, the process by which the proceeds derived from criminal activity are disguised or concealed, is a problem of international dimensions. US law enforcement officials estimate that between $100bn and $300bn in US currency is laundered each year. Some observers estimate the global range to be between $200bn and $500bn each year, making money laundering the world's third largest business behind foreign exchange and the oil industry. The International Monetary Fund provides an even higher estimate, determining in 1999 that the aggregate size of global money laundering could be between 2 and 5 per cent of the world's gross domestic product, translating into $590bn to $1.5trn annually.

Citation

Anne Summe, K. (2000), "The Battle against Money Laundering: An Examination of US Law, International Cooperative Efforts and Corporate Governance Issues", Journal of Money Laundering Control, Vol. 3 No. 3, pp. 236-244. https://doi.org/10.1108/eb027235