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

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I LITERATURE REVIEW AN OVERVIEW OF EXISTING DEFINATIONS OF MONEY LAUNDERING There are varied definitions of money laundering. One of the definitions that is widely used is by the Financial Action Tasks Force who defines money laundering as “the processing of criminal proceeds to disguise there illegal origin”. The FATF further highlighted that importance of this process to criminals as it allows them to enjoy there criminally gained funds. Though the FATF has provided a definition of money laundering this definition, from my perspective this is an ambiguous definition of money laundering. However the International Monetary Fund further defines Money Laundering “transferring illegally obtained money or investments 4
through an outside party to conceal the true origin”. This definition gives a better idea to the concept of money laundering. The definition of money laundering is further extended by the Australian Transaction Reports and Analysis Centre as “the process by which illicit source of moneys are introduced into an economy and used for legitimate purposes. AUSTRAC further stated that “illicit source moneys” implies that only moneys which are proceeds of crime can be laundered. AUSTRAC further stated that money that money laundering can therefore be applied to the proceeds of any crime as long as income accrues to the offender and some laundering takes place. AUSTRAC also pointed out that the concept of money laundering can only be applied to the money that in invested to be liquidated at a later time and not the part that is used for current expenditure. However this body also highlighted that the term money laundering has a “grey spot”. This grey spot in the definition is the funds that have a legitimate source can be made illegitimate by persons subjecting their funds to unlawful tax evasion. This definition is further extended by Takáts (2007) who included terrorism financing which is the transfer of legal funds for illegal purposes, other definitions failed to include this upcoming trend in money laundering. 5
Page 1 and 2: The Observed Effects of Money Laund
Page 3: The objectives of this paper are to
Page 7 and 8: larger elements that are easier to
Page 9 and 10: There is a vast amount of literatur
Page 11 and 12: speak of is the impact of money lau
Page 13 and 14: MONEY LAUNDERING IN THE CARIBBEAN:
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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