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The purpose of this study is to provide a timely synthesis of the empirical literature focusing on the economic consequences of money laundering, as this topic has been gaining momentum among policymakers and academic researchers due to its adverse effects.

Empirical studies are collected by consulting accounting and finance journals in diverse digital sources (e.g. Science Direct, Blackwell, Taylor and Francis, Springer, Sage and Emerald). Key words used to identify relevant papers include “money laundering” and “anti-money laundering regulations,” with specific focus on the economic consequences. Our search strategy includes 24 published papers over the period of 2018–2023.

Findings show that most studies represent cross-country investigations; the main topics investigated focus on accounting field (e.g. audit fees, real and accrual earnings management), tax evasion, financial stability, sustainability, economic indicators (inflation, economic growth, foreign direct investment) and financial inclusion; and the economic consequences of money laundering have been also examined within banking industry (e.g. banking profitability, banking stability). Reported findings of reviewed studies suggest that money laundering has diverse adverse impacts at the country level (e.g. increased tax evasion, higher inflation rate, less sustainability and foreign direct investments), at the firm level (e.g. increased audit risk and aggressive real and accrual earnings management) and within banking industry through negative impact of money laundering on bank’s loan portfolio quality, stability and profitability.

With respect to policymakers, strengthening anti-money laundering regulations may play a critical role in reducing money laundering activities. Furthermore, financial institutions should implement specific rules dealing with anti-money regulations to ensure adequate compliance and disclosure. Finally, policymakers should be aware about the importance of digital transformation to combat money laundering activities since it facilitates the detection of financial crimes due to their traceability.

The summary of the empirical literature focusing on the economic consequence of money laundering represents a historical record and an introduction for accounting researchers. It also urges them to further explore the economic implications of anti-money laundering disclosure within banking industry.

The objectives of this study are to analyse the present Malaysian law regarding money laundering, to identify advantages and disadvantages of the current anti-money laundering law, to analyse its impact on the public sector and the private sector and to make recommendations on any improvements that should be made.

This study will use a qualitative method where the literature review method applies to collect primary and secondary data regarding anti-money laundering laws. Data has been collected from the various provisions of laws and text reading, such as books, articles, journals, law cases and thesis regarding anti-money laundering laws and those analysed with the content analysis method and the critical analysis method.

This study found that Malaysia has one law regarding anti-money laundering and they have control over individual and corporate entities in Malaysia.

This study found that Malaysia has one law regarding anti-money laundering and they have control over individual and corporate entities in Malaysia.

The aim of the present study is to shed light on the role of legal practitioners, namely, lawyers and notaries, in the fight against money laundering: Are they considered as facilitators or obstacles against money laundering? How does the global and the EU legal framework deal with the legal professionals?

The research follows a deductive approach attempting to respond to questions such as: How do the lawyers’ and notaries’ societies react in front of the anti-money laundering measures that concern them and why? What are the discrepancies between the lawyers’ professional secrecy and the obligations that EU anti-money laundering legislation assigns them?

This study disclosures the response of the European union and international legal and regulatory framework as well as the reflexes of the international and European legal professionals’ associations to this danger. It also demonstrates the reaction of lawyers against European union anti-money laundering legislation, to the point that it limits not only the confidentiality principle but also the position of the European judicial systems to the contradiction between this principle and the lawyers’ obligation to report their suspicions to the authorities.

To fulfil the study goals, it was necessary to overcome some obstacles, like the limitation of existing sources. Indeed, transnational empirical research considering the professionals who facilitate money laundering is narrow. Besides, policymakers and academics only recently expressed more interest in money laundering and its facilitators.

This paper fulfils an identified need to study the legal professionals’ role not only in money laundering practices but also in anti-money laundering policies.

Purpose: In this study, an attempt has been made to examine the compliance unit’s role in mediating the electronic government’s role in money laundering. E-government is clarified as the application of Information technology to encourage access and transfer of all aspects of government amenities and operations that impact transparency and accountability for the benefit of the people, trades, workforces and other stakeholders. The current study aims to assess whether the e-government can lessen or counterbalance the risks related to money laundering in the country and the mediating role of the compliance unit in reducing money laundering.

Methodology: This study practices structural modelling to assess the direct linkage between e-government and anti-money laundering and the indirect path between e-government and anti-money laundering that passes through the compliance unit as a mediator.

Findings: The findings prove that the compliance unit fully mediates the relationship between E-government and anti-money laundering. The direct path shows an insignificant relationship between e-government and money laundering, but this association becomes significant when the compliance unit is brought as a mediator.

Originality: This study directs that e-government runs on a sustainable ICT platform to improve transparency and accountability of all aspects of government facilities and actions for sustainable economic goals and help to diminish money laundering by enhancing transparency and accountability of government administration.

Purpose: This chapter aims to evaluate the impact of money laundering and terrorism financing on the Indian economy and to study the effectiveness of prevention of money laundering acts and terrorist financing as per the guidance of the financial protection task force.

Need for the study: Developing countries like India have been more vulnerable to terrorism and financial scams over the last four decades. Despite the establishment of regulating bodies and anti-money laundering acts, this problem continued to be a national threat. Therefore, examining the impact of money laundering and terrorism finance on the Indian economy is necessary.

Methodology: This study is based on secondary data gathered from the web portals of government agencies and international organisations dealing with money laundering and terror funding. Newspapers, journals, and annual reports are reviewed to identify the modus operandi of money laundering operators and their impact on the economy.

Findings: Money laundering and terrorism financing significantly threaten the Indian economy and national security. Despite different anti-money laundering laws and multiple regulating authorities, the system has pitfalls that allow economic fraud and money transactions for terrorist activities. There is a need for cyber security, and integrated enforcement agencies to combat money laundering at national and international levels.

Practical implications: This study would be helpful for academicians and policymakers to understand the nexus of money laundering and terrorism financing and its impacts on the Indian economy.

Customer due diligence measures that are employed in the United Kingdom (UK) to detect and combat money laundering are discussed. The UK adopted a progressive regulatory and enforcement framework to combat money laundering which relies, inter alia, on the use of customer due diligence measures to regulate and curb the occurrence of money laundering activities in its financial institutions and financial markets. However, other regulatory measures that could have contributed to the effective combating money laundering in the UK will not be explored in detail since the article is focused on the reliance and use of customer due diligence measures to curb money laundering activities. Accordingly, the strength, flaws and weaknesses of the UK anti-money laundering regulatory and enforcement framework are examined. Lastly, possible recommendations to address such flaws and weaknesses are provided.

The paper discusses customer due diligence measures that are used in the UK to detect and combat money laundering.

It is hoped that policymakers and other relevant persons will use the recommendations provided in the paper to enhance the curbing of money laundering in the UK.

The paper does not provide empirical research.

The study is useful to all policymakers, lawyers, law students and regulatory bodies in the UK.

The study seeks to curb money laundering in the UK society globally.

The study is original research on the use of customer due diligence measures to detect and combat money laundering in the UK.

The purpose of this paper is to examine the effectiveness of the antimoney laundering measures in the Kingdom of Saudi Arabia in response to its commitments to the Financial Action Task Force and treaties in combatting money laundering.

To explore the effectiveness of the Saudi antimoney laundering measures, this research’s data have been obtained by a qualitative approach that uses a combination of primary and secondary resources. It relies on analyzing Anti-Money Laundering Law (AML) and the process of money laundering detection in Saudi Arabia in relation to three cases from Saudi courts supported by journal articles, academic books and reliable websites.

This study concludes that the Saudi AML has been efficient and effective in the battle against money laundering. This study finds that there is close coordination and collaboration between financial institutions, banks and governmental agencies in Saudi Arabia to combat this phenomenon. This study also concludes that the AML is compatible with other criminal laws such as the Anti-Bribery Law, the Anti Trafficking in Person Law and the Anti-Drug Trafficking Law.

This paper relies mainly on publicly available information regarding the detection of money laundering schemes and the confiscation of proceeds of crime in the Kingdom of Saudi Arabia as a main source of information. There data available on the money laundering cases in the Saudi prosecution and criminal courts were limited due to the lack of public disclosure of such cases because of their sensitivity. This was made up for by using reliable sources in which some cases were reported.

This paper underlines the efficient aspects of the current AML that contribute to reduction of money laundering in Saudi Arabia. This paper emphasizes on the importance of the structure of collaboration between regulatory, financial and law officers to implement the rule of law and achieve justice.

Banditry and terrorism constitute serious security risks in Nigeria. This follows the fact that Nigeria is rated as one of the leading states in the world that is plagued by terrorism. Terrorists and bandits usually embark on predicate crimes such as kidnapping, smuggling, narcotics trade, and similar trades to finance their terrorist enterprises in Nigeria. The funds realized by criminals from nefarious sources such as sales of narcotics and ransom from kidnapping are usually laundered to make their criminal enterprises self-sustaining. Thus, all “dirty” money is laundered so as not to attract the attention of law enforcement agents. The funds realized through receipt of ransom from kidnapping, smuggling or funds from sponsors are laundered through channels such as bureau de change, which are difficult to monitor by the Nigerian authorities due, in part, to flaws and loopholes in the current anti-money laundering and anti-terrorist laws. This paper aims to adopt a doctrinal and qualitative desktop research methodology. In this regard, the current anti-money laundering and anti-terrorist laws are discussed to explore possible measures that could be adopted to remedy the flaws and loopholes in such laws and combat money laundering and financing of terrorism in Nigeria.

The article analyses the regulation and combating of money laundering and terrorist financing activities in Nigeria. In this regard, a doctrinal and qualitative research method is used to explore the flaws in the Nigerian anti-money laundering laws so as to recommend possible remedies in respect thereof.

It is hoped that policymakers and other relevant persons will use the recommendations provided in this article to enhance the curbing of money laundering and terrorist financing activities in Nigeria.

The article is not based on empirical research.

This study is important and vital to all policymakers, lawyers, law students and regulatory bodies in Nigeria and other countries globally.

The study seeks to curb money laundering and terrorist financing activities in Nigeria.

The study is based on original research which is focused on the regulation and combating of money laundering and terrorist financing activities in Nigeria.

This study aims to investigate the behavior of investigating officers in performance of their official duties of conducting inquiries and investigations of money laundering cases and their views about real problems and issues encountered during such investigations.

In total, 15 interviews were conducted with Inland Revenue Service (IRS) investigating officers and money laundering experts, whose responses were subjected to qualitative content analysis. Observation method was also used by the researcher during the whole process of investigation in multiple cases of money laundering investigations. Rationale for conducting qualitative study is to acquire original information from respondents which may not have been possible through a closed-ended questionnaire.

Findings of the study reveal that change in the behavior of investigating officers may result in better performance by way of conducting money laundering investigations in an effective and efficient manner. And the behavior of investigating officers may be changed by addressing the problems and issues encountered by them while at work and conducting anti money laundering investigations, better performance of investigating officers may result in better performance of investigating agency which may portray better image of the government in combating against terrorism financing and money laundering.

Findings of the study are limited to the perspectives of 15 interviewees. For this reason, it is probable that a study with a larger sample conducted in other offices of IRS Intelligence as well as other investigating agencies could have provided different or more concrete results.

Evidently, the addressal of such issues may invariably enhance the effective enforcement of money laundering activities by way of improving the performance of investigating officers in performance of their duties relating to money laundering investigations. It also provides legislators and money laundering investigating agencies with valuable insight into the whole process of money laundering investigations and challenges encountered by investigating officers. By enhanced understanding the specific problems of investigations, the enabling authorities should be able to more effectively combat both money laundering and terrorism financing.

This is the first study, to the best of the author’s knowledge, which tries to explain the behavior of investigating officer toward their work and their perceived understanding of the problems being faced while conducting investigations in money laundering.

This paper explores the historical aspects of customer due diligence and related anti-money laundering measures in South Africa. Customer due diligence measures are usually employed to ensure that financial institutions know their customers well by assessing them against the possible risks they might pose such as fraud, money laundering, Ponzi schemes and terrorist financing. Accordingly, customer due diligence measures enable banks and other financial institutions to assess their customers before they conclude any transactions with them. Customer due diligence measures that are utilised in South Africa include identification and verification of customer identity, keeping records of transactions concluded between customers and financial institutions, ongoing monitoring of customer account activities, reporting unusual and suspicious transactions and risk assessment programmes. The Financial Intelligence Centre Act 38 of 2001 (FICA) as amended by the Financial Intelligence Centre Amendment Act 1 of 2017 (Amendment Act) is the primary statute that provides for the adoption and use of customer due diligence measures to detect and combat money laundering in South Africa. Prior to the enactment of the FICA, several other statutes were enacted in a bid to prohibit money laundering in South Africa. Against this background, the article provides a historical overview analysis of these statutes to, inter alia, explore their adequacy and examine whether they consistently complied with the Financial Action Task Force Recommendations on the regulation of money laundering.

The paper provides an overview analysis of the historical aspects of the regulation and use of customer due diligence to combat money laundering in South Africa. In this regard, a qualitative research method as well as the doctrinal research method are used.

It is hoped that policymakers and other relevant persons will adopt the recommendations provided in the paper to enhance the curbing of money laundering in South Africa.

The paper does not provide empirical research.

The paper is useful to all policymakers, lawyers, law students and regulatory bodies, especially, in South Africa.

The paper advocates for the use of customer due diligence measures to curb money laundering in the South African financial markets and financial institutions.

The paper is original research on the South African anti-money laundering regime and the use of customer due diligence measures to curb money laundering in South Africa.