International money laundering: A comprehensive review and general theory of corruption
Pacleb, Calvin Lee
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Economic crime harmfully affects financial markets, and as such, researchers have studied its various forms, causes, and consequences. This thesis focuses on international money laundering, one of the most destructive and widespread crimes. Generally, the essay reviews the elements of money laundering and presents a theory of corruption. Specifically, it discusses the techniques and methods used to launder money, economic impact, countermeasures, and a theory establishing corruption as the primary facilitator of international money laundering. To date, no attempt has been made to establish this link. By studying corruption's role in international money laundering, better methods may be devised to control and limit the laundering of funds, which may be of interest to policy makers and law enforcement officials. To support this theory, a comparison is made between Non-Cooperative Countries and Territories (NCCT) and those countries believed to have corrupt public officials. Data, employed in this study, includes the Corruption Perception Index (CPI), developing country rankings, and Governance Research Indicator Country Snapshot (GRICS). Once compared, the results provide overwhelming evidence that corrupt public officials assist in the illegal act of money laundering. Public officials do this by providing criminals an environment where they are less likely to get caught.