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The fight against money laundering

  • Crime Prevention
  • Published:
Intereconomics

Abstract

During the past few years a new consciousness has emerged with regard to the question of money laundering, and new laws and mechanisms to combat it have been developed. The Financial Action Task Force on Money Laundering was established at the 15th World Economic Summit in Paris in July 1989. What activities have been developed so far by this and other international initiatives? What further steps must be taken?

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  1. Of interest in this context is the example “mafia” in M. Pieth and O. Freiburghaus: Die Bedeutung des organisierten Verbrechens in der Schweiz; Bericht im Auftrag des Bundesamtes für Justiz, October 1993.

  2. Cf. The Banker, London, April 1990, p. 8. Fundamentally sceptical towards these estimates i.a.: P. C. van Duyne: Geldwäscherei, Umfangschätzung in Nebelschwaden, Den Haag 1993.

  3. cf. E. U. Savona and M. A. Defeo: Money Trails: International Money Laundering, Trends and Prevention/Control Policies; Report Prepared for the International Conference on Preventing and Controlling Money Laundering and the Use of the Proceeds of Crime: a Global Approach, Courmayeur, Italy, 18–20 June 1994.

  4. According to Vetere, an integrated approach to the control of organised crime is therefore his department’s most pressing aim, and for this reason close cooperation is maintained with the UNCDCP; money laundering is the “life blood of organised crime”; in: UNO-Woche, Vol. 10, No. 4, 23. February 1994, p. 5.

  5. Cf. E. U. Savona and M. A. Defeo, op. cit. Money Trails: International Money Laundering, Trends and Prevention/Control Policies; Report Prepared for the International Conference on Preventing and Controlling Money Laundering and the Use of the Proceeds of Crime: a Global Approach, Courmayer, Italy, 18–20 June 1994.

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  1. Cesterreichische Nationalbank, Vienna, Austria

    Johannes Dumbacher

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  1. Johannes Dumbacher
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The views expressed in this paper are the personal views of the author and should not be attributed to the Oesterreichische Nationalbank.

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Dumbacher, J. The fight against money laundering. Intereconomics 30, 177–186 (1995). https://doi.org/10.1007/BF02928089

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  • DOI: https://doi.org/10.1007/BF02928089

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