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| Author: | Patel, H. |
| Title: | Dirty Money |
| Journal: | Accountancy
2003 : JUL, VOL. 131:1319, p. 64-65 |
| Index terms: | MONEY MONETARY SYSTEM CRIME |
| Language: | eng |
| Abstract: | As the authorities hunt for Saddam's millions, the author looks at how money is laundered and how accountants should stop it. Money laundering is today a truly global problem, affecting banks and other financial institutions in every country, with the western banking system particularly targeted by criminal or terrorist gangs. The first stage of money laundering - placement in which "dirty money" is first entered into "the system" - is more likely to happen in emerging markets or in other regimes where the banking regulations are not so tight or are being developed. But the next two stages - layering and integration - are as likely to take place in London as they are in Bogota or Grand Cayman. |
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