Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/119391
Authors: 
Haigner, Stefan
Schneider, Friedrich
Wakolbinger, Florian
Year of Publication: 
2012
Series/Report no.: 
Economics of Security Working Paper 65
Abstract: 
Policy programs on anti-money laundering and combating the financing of terrorism (AML/CFT) have largely called for preventive measures like keeping record of financial transactions and reporting suspicious ones. In this survey study, we analyze the extent of global money laundering and terrorist financing and discuss the preventive policies and their evaluations. Moreover, we investigate whether more effective tax information exchange would bolster AML/CFT policies in that it reduced tax evasion, thus the volume of transnational financial flows (i.e. to and from offshore financial centres) and thus in turn cover given to money laundering and terrorist financing. We conclude that such a strategy can reduce financial flows, yet due to a "weakest link problem" even a few countries not participating can greatly undo what others have achieved.
Subjects: 
money laundering
terrorist financing
tax information exchange
JEL: 
K42
H26
H56
Document Type: 
Working Paper

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