The correlation of money laundering and fraud from a practical perspective
Aside from crimes of violence, the main objective behind almost all crimes is to generate profits for the individual or group that carries out such crimes.
The tremendous amounts of illicit profits generated encourage the criminals involved to discover innovative methods of controlling their ill-gotten funds without jeopardising their underlying activity or identity. They do this by disguising the sources of the funds, changing their form or moving them to a place where they are less likely to attract attention.
The United Nations Office on Drugs and Crime (UNODC) reported that criminal proceeds amounted to an estimate of 3.6% of the global GDP in 2009, with around 2.7% (or USD 1.6 trillion) laundered throughout that year . Although it is impossible to calculate with certainty the amount of money that is globally laundered every year due to the illegal nature of the whole process, other studies have estimated that the overall value of criminal proceeds being laundered each year amounts to USD 3 trillion…
If you are registered and logged in to the site, click on the link below to read the rest of the Al Tamimi & Company briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Al Tamimi & Company
Briefings from Al Tamimi & Company
Corruption has a detrimental effect on any economy. It creates unfair advantages, anti-competitive practices and a generally unfavorable business environment.
The Libya Herald reported on 16 April 2013 that ‘the IMF confirmed its forecasts on Libya of 20.2 per cent GDP growth in real terms for 2013’.