OPPORTUNITIES FOR IMPROVEMENT ACTIVITIES PREVENTION OF MONEY LAUNDERING ON A GLOBAL LEVEL

Abstract

Money laundering is the activity of individuals or firms to conceal the traces of the real source of illegally obtained money. A lot of different techniques are used for money laundering. For such purposes launderers predominantly used, the financial sector, especially banks. The nonbank institutions are rarely used. According to the IMF, the world's yearly launders between 500 and 1,500 billion USD, while the other estimates says that these amounts are quite larger. Although there are no precise annually data on the amount of money laundered, the estimates indicate that this is a widespread activity, but also extremely complex problem in the world. Nowadays, money laundering has an impact not only on the individual countries in which these activities take place, but is also affected by the economic, political, security and social structure of all countries of the world. Every nation has developed different systems for preventing money laundering. The main reason for those different systems is the existence of specificity in terms of legal, economic and business systems of each country. Some of the ways that the state protect against money laundering are: repressive / preventive part of system, clients identification and tracking, cash transactions notification, suspicious transaction reports, and the financial-intelligence. At the global level, there are numerous international documents which are basic standards to combat money laundering, and terrorism financing. Some international institutions dealing with issues of money laundering and terrorist financing are: The United Nations (UN), European Union (EU), Financial Action Task Force (FATF), Committee of Experts on Terrorism (CODEXTER), The Egmont Group, International Association for Insurance Supervisors (IAIS), International Money Laundering Information Network (IMoLIN), etc. The main objective of the present work is the analysis of previous measures and activities aimed at the prevention of money laundering, implemented both at national and global levels, as well as consider the possibility of their improvement in the future.