The Observed Effects of Money Laundering for Jamaica - Caribbean ...

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Ali (1998) highlighted the risks factors within the Caribbean that makes it an ideal destination to launder money. He looked at the geographical location and the offshore financial centres. This contributed to the pervasiveness of money laundering in the Caribbean. II 12
MONEY LAUNDERING IN THE CARIBBEAN: IS IT A GROWING PHENOMENON? • FACTORS THAT CONTRIBUTE TO THE PERVASIVENESS OF MONEY LAUNDERING IN THE CARIBBEAN The goal of criminal act is to generate a profit from the group or the individual that carries out the act. Therefore money launderers have to find the most efficient and less hassle way to launder there monies whilst generating a profit. In recent times the Caribbean has been described as an appropriate destination to launder dirty money due to its minimal law enforcement for laundering money and also its relatively stable financial system. UN GENERAL ASSEMBLY noted “riding on the wave of globalisation, organized crime syndicates and enterprising individuals are taking advantage of open borders, privatization, free trade zones, weak states, offshore banking centres, electronic transfers, cyber banking to launder millions in drug profits”. From these factors listed the Caribbean is affected by predominantly all the factors. Even though money laundering can occur anywhere in the world money launderers choose destinations which have two key factors (1) 13
Page 1 and 2: The Observed Effects of Money Laund
Page 3 and 4: The objectives of this paper are to
Page 5 and 6: through an outside party to conceal
Page 7 and 8: larger elements that are easier to
Page 9 and 10: There is a vast amount of literatur
Page 11: speak of is the impact of money lau
Page 15 and 16: In the Caribbean the low risks of d
Page 17 and 18: existence of offshore banks and tax
Page 19 and 20: to be used by launderers by Peter L
Page 21 and 22: launderers purchasing the lottery w
Page 23 and 24: productivity and therefore which wi
Page 25 and 26: EMPIRICAL The effects of money laun
Page 27 and 28: the skills necessary for increased
Page 29 and 30: the tau statistic. This test is don
Page 31 and 32: The above results of the p-value ar
Page 33 and 34: R-squared 0.413033 Mean dependent v
Page 35 and 36: financial institutions will be defr
Page 37 and 38: • DEMAND FOR MONEY 37
Page 39 and 40: The relationship between money laun
Page 41 and 42: R-squared 0.779530 Mean dependent v
Page 43 and 44: Jamaica. The results obtained are c
Page 45 and 46: The goal of this study is to give a
Page 47 and 48: Recently the Jamaican Government ha
Page 49 and 50: money laundering which is not deeme
Page 51 and 52: Bartlett, B.L. (2002). “The Negat
Page 53: Unger, B., Seigal, M., Ferwerd, J.,

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