Financial intelligence (monitoring) as an effective way in the field of combating money laundering (original) (raw)

Journal of Money Laundering Control, 2021

Abstract

Purpose The purpose of the article is to analyze the notion of “financial intelligence (monitoring)” in the system of combating money laundering and compare foreign financial intelligence units. Money laundering poses a systemic risk to the financial and economic spheres, as well as to the national security of all countries. Financial monitoring should be pointed out while analyzing the issue of overcoming and preventing money laundering. It serves as one of the most sovereign remedies in the system of counteracting money laundering to minimize and effectively combat organized criminality and money laundering. The high level of development of the shadow economy, corruption, ineffectiveness of regulatory and legal support, as well as duplication of functions of individual authorities have become prerequisites for the financial monitoring system formation. Design/methodology/approach The theoretical and legal principles of financial monitoring in the system of counteraction to money l...

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