PROBLEMS FACED BY IT SECTOR IN SERBIA IN COMBATING MONEY LAUNDERING

Dragan Djurdjević, Miroslav D Stevanović

Abstract


Nations seek to prevent concealment of incomes and evasion of taxes, in order to collect the funds for public purposes, and to prevent the domination on the basis of illicit money flow of uncontrolled interests. Information technologies (IT) advance the methods of evasion, corruption and illicit money transfers, and also open new areas of application of IT in suppression and combat against legalization of illegal incomes and their use for socially unacceptable purposes. Today, tax evasion, corruption and money laundering are also a global problem. The International Monetary Fund (IMF) estimated in 2005 that around 1.6% of the total amount globally operated by the banks and financial services sector is laundered. How large that sum could be, indicate the data that in 2013 the global financial assets flow amounted to around 225 billion US dollars. Hence, the endeavors to define the policies against money laundering (AML) on international level, and the leading role of international bodies, Financial Action Task Force (FATF) and United Nations Office on Drugs and Crime (UNODC). The global financial flow exceeds by more than threefold the value of the global gross product (GDP). In light of that fact, it is essential to establish a method of tracking the flows of money, in the circumstances in which it is not a reflection of the markets of goods and services. In such global financial environment, Serbia is faced with consequent problems. According to the Global Financial Integrity (2013) estimate of the cumulative illicit flow in the period 2002 - 2011, with US$49.367 billion dollars, it is the fourth exporter of illicit capital in Europe, and fifteenth in the World. The intention of this paper is to indicate the problems facing users and developers of IT in AML. On one side they stem from the state of international economic relations, and on the other from bureaucratic limitations of forensic accounting.

Keywords


IT Sector, money laundering, tax evasion, corruption, concealment, conversion, transfer, integration, Bitcoin, virtual schemes, forensic accounting

Full Text:

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