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The need to take serious steps in the prevention of money laundering stems from the fact that the value of transactions performed with the goal of money laundering amounts to 2-5% of the World’s GDP.This percentage covers two types of risks: one prudential, and the other macroeconomic as inexplicable changes in money demand, greater prudential risks to bank soundness, contamination effects on legal financial transactions, and greater volatility of international capital flow and exchange rates due to unanticipated cross-border asset transfers (Esoimeme, 2015, pp. When discussing money in the context of money laundering or terrorism financing, one should keep in mind that its role is often assumed by other tangible and intangible assets.
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is the only quarterly, peer-reviewed journal designed to provide detailed analysis and insight on the latest issues in the law, regulation and control of money laundering and related matters.
The journal's authors include not only leading scholars, but those directly involved at policy and operational levels in fighting money laundering.
On the other hand, the opposite scenario, in which there is interest in money to be transferred from regular flows to alternative flows, including terrorism financing, is also common.
This paper will discuss legal business operations as a framework for money laundering and terrorist financing.
Also, the “Butterfly Diagram” includes certain forms of legal and tax misuse which enable legalizing the specified activities.
The business reality is exceptionally dynamic and needs of money launderers keep growing, this is why there is an increase in types and numbers of business transactions that can be used for money laundering or terrorism financing, resulting in the need to keep modifying the presented “Butterfly Diagram”.
At the global level, the IMF estimated the extent of money laundering to be around 2% to 5% of global GDP.
A country's rating on compliance with standards set by Financial Action Task Force (FATF) on AML/CFT, is often considered as a key measure of the country's AML/CFT regime.