Money Laundering and Its Reflection on Global Development

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Author(s): Nika Chitadze (International Black Sea University, Georgia)
Copyright: 2024
Pages: 23
Source title: Economic and Societal Impact of Organized Crime: Policy and Law Enforcement Interventions
Source Author(s)/Editor(s): Alicia Danielsson (University of Bolton, UK & Hume Institute for Postgraduate Studies, Switzerland)
DOI: 10.4018/979-8-3693-0327-6.ch003

Keywords: Business Science Reference / Criminal Science & Corrections / Government and Law / Security & Forensics

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Abstract

Money laundering — the legalization of cash or other forms of property obtained through illegal means, that is, their transfer from the shadow, informal economy to the formal economy, in order to make it possible to use these funds openly (publicly). In the process of money laundering, the true source of income is concealed by replacing real transactions with formal ones, e.g. By falsifying verification documents, using documents of third parties, etc. In the conditions of economic globalization, offshore zones are often used for money laundering, these are the so-called countries. With a tax haven, where the confidentiality of the beneficiaries is ensured in the banking systems.

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Money Laundering and Its Reflection on Global Development

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