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This study aims to estimate the amount of money laundering (ML) with multiple proxy approaches and measure the effects of ML on various indicators of the economic and financial sectors. Theoretical justifications are recruited from the parasite theory of organised crime.

A quantitative research methodology was used on a balanced panel data set to test the study’s hypothesis through generalised method of moment (GMM). The study sample consisted of 77 countries, and the data was collected for 15 years (2005–2019).

A study has found that 1.23% of global gross domestic product is laundered yearly, and there is no noticeable decline in ML activities. Further study has also found that ML has devastating effects on countries, government revenue, foreign investment, economic development, political and peace conditions, bank liquidity, interest rate volatility and exchange rate volatility. The study has not witnessed the negative consequence of ML on countries’ inflation rates.

Estimates of the study guide policymakers about the volume of resources fleeing and helps them to decide the level of response needed. Further findings help them prioritise the response system according to the area most affected.

This study is an original contribution by the authors and has studied the effects of ML by computing the amount of ML by four different proxies.

This research aimed to find out both direct and mediating relationships between the fear of COVID-19 (FC) and the usage of digital financial services (UDFS) via mediator financial anxiety (FA). It also attempted to ascertain the moderated effect of education of small and medium-sized enterprise (SME) owners (ESO), i.e. business degree holders (BDH) vs nonbusiness degree holders (NBDH), in the relationship between FC and the UDFS.

This research employed a simple random sampling technique. In total, 387 complete responses were collected from Pakistani SMEs. The complete analysis was performed using Statistical Package for the Social Sciences (SPSS) 23, AMOS 24, Process Marco 4.1, and Interaction 1.7.

According to the findings, FC leads to UDFS and FA mediates this relationship. Additionally, the findings show that the ESO between FC and UDFS was moderated. However, conditional analysis shows that BDH-SME owners strengthened the moderated relationship between FC and UDFS compared to NBDH-SME owners, who did not show any relationship.

Policymakers might use the study's findings to promote business education, which has been recognized as essential for making sound financial decisions. Finally, because the study is cross-sectional, the authors are unable to draw definitive generalizations.

The key novelty of this research work lies in the inclusion of FA as a mediator and the education of SME owners as a moderator in understanding the relationship between FC and the UDFS. This study illuminated the positive aspects of the COVID-19 epidemic based on the theory of emotional finance, risk avoidance theory and theories of emotion.