Money laundering through deposit boxes

2020 ◽  
Vol 23 (4) ◽  
pp. 805-818
Author(s):  
Fabian Maximilian Johannes Teichmann ◽  
Marie-Christin Falker
Keyword(s):  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Daily Basis ◽  
Small Scale ◽  
Successful Implementation ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
German Speaking ◽  
Practical Implications

Purpose The purpose of this paper is to exemplify how money launderers in European German-speaking countries use deposit boxes to place incriminated funds. Design/methodology/approach During a qualitative content analysis of 60 semi-standardized expert interviews with both criminals and prevention experts and a quantitative survey of 200 compliance officers, concrete money laundering techniques using deposit boxes were identified. Findings Deposit boxes may be used to place incriminated funds or prepare for their subsequent placement. Thus, the method is highly suitable to the demands of small-scale money laundering. Research limitations/implications The study’s qualitative findings are limited to the perspectives of the 60 interview partners. The interviews were conducted in a semi-standardized fashion. Practical implications The present paper aims at identifying gaps in existing anti-money laundering mechanisms to provide compliance officers, law enforcement agencies and legislators with worthwhile insights into the minds of criminals. Originality/value The present paper illustrates how money launderers operate to avoid detection, capturing the perspective of the launderer. Thus, the reader is granted access to highly valuable information that is supposed to facilitate the introduction of new anti-money laundering measures. Moreover, it shows how compliance officers view the issue and what they consider to be important to the successful implementation of compliance mechanisms. Moreover, the officers’ statements will exhibit which methods they do and do not engage with on a daily basis.

Money laundering through raw diamonds

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann ◽  
Marie-Christin Falker
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
German Speaking ◽  
Three Stages ◽  
Practical Implications ◽  
Combat Money Laundering

Purpose This paper aims to illustrate how illegally obtained funds are laundered through raw diamonds in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach To identify specific money laundering techniques involving raw diamonds, this study used a qualitative content analysis of data collected from 60 semi-standardized interviews with both criminals and prevention experts and a quantitative survey of 200 compliance officers. Findings Raw diamonds are extraordinarily suitable for money laundering in European German-speaking countries. In particular, they may be used in all three stages of the laundering process, namely, placement, layering and integration. Research limitations/implications Because the qualitative findings are based on semi-standardized interviews, their insights are limited to the perspectives of the 60 interviewees. Practical implications Identifying gaps in existing anti-money laundering mechanisms should provide compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate. Originality/value While prior studies focus on the methods used by organizations to combat money laundering and how to improve anti-money laundering measures, this paper investigates how money launderers operate to avoid detection, thereby illustrating authentic experiences. Its findings provide valuable insights into the minds of money launderers and combines criminal perspective with that of prevention experts.

Money laundering through consulting companies

2020 ◽  
Vol 28 (3) ◽  
pp. 485-500 ◽  
Author(s):  
Fabian Maximilian Teichmann ◽  
Marie-Christin Falker
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
German Speaking ◽  
Practical Implications ◽  
Combat Money Laundering ◽  
Consulting Companies

Purpose The purpose of this paper is to illustrate how illegally obtained funds are laundered by employment of consulting companies in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach A qualitative content analysis of 28 semi-standardized expert interviews with both criminals and prevention experts, and a quantitative survey of 200 compliance officers led to the identification of concrete money-laundering techniques involving the employment of consulting companies. Findings Consulting companies continue to be used for money laundering in European German-speaking countries, especially in the layering and integration stages of the money laundering process, during which the origins of funds are concealed, and the money is integrated into the legal economy. Research limitations/implications Qualitative findings from the analysis of semi-standardized interviews are limited to the 28 interviewees’ perspectives. Practical implications Identification of gaps in existing anti-money-laundering mechanisms provides compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate. Originality/value The existing literature focuses on organizations that combat money laundering and the improvement of anti-money-laundering measures. This paper outlines how money launderers avoid detection. Both preventative and criminal perspectives are considered.

Real estate money laundering in Austria, Germany, Liechtenstein and Switzerland

2018 ◽  
Vol 21 (3) ◽  
pp. 370-375 ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Real Estate ◽  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Compliance Officers ◽  
German Speaking

Purpose The purpose of this paper is to illustrate how criminals launder money in the real estate business in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach A qualitative content analysis of 58 semi-standardized expert interviews with both criminals and prevention experts and a quantitative survey of 184 compliance officers led to the identification of concrete techniques of money laundering in the real estate sector. Findings Real estate companies in German-speaking countries in Europe continue to be extraordinarily suitable for money laundering. In particular, they can be used for placement, layering and integration, combined with violations of the tax code. Most importantly, however, they are the vehicles for one of the very few profitable methods of laundering money. Research limitations/implications As the qualitative findings are based on semi-standardized interviews, these are limited to the 58 interviewees’ perspectives. Practical implications The identification of gaps in existing anti-money laundering mechanisms is meant to provide compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate. Originality/value While the existing literature focuses on organizations fighting money laundering and on the improvement of anti-money laundering measures, this paper describes how money launderers operate to avoid getting caught. Both prevention and criminal perspectives are taken into account.

Money laundering – the gold method

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann ◽  
Marie-Christin Falker
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Law Enforcement Agencies ◽  
Effective Prevention ◽  
Content Type ◽  
Profound Knowledge ◽  
Compliance Officers ◽  
German Speaking ◽  
Practical Implications ◽  
Broad Overview

Purpose The purpose of this paper is to demonstrate how illicit funds are laundered by using the gold method in German-speaking European countries. Design/methodology/approach To identify approaches to money laundering via gold, 60 semi-standardized interviews with money launderers and compliance officers were conducted. Further, a quantitative survey of 200 compliance officers was administered. Findings The gold trade in European German-speaking countries remains extraordinarily suitable for money laundering. In particular, it may be used for placement and layering. Research limitations/implications The implications are based on the statements of 60 interviewees, including both money launderers and compliance officers. Thus, the derived results are limited to the perspectives of these 60 persons. Practical implications Based on this study’s findings, gaps in the existing anti-money laundering measures are identified. Documenting these inconsistencies should provide compliance officers, law enforcement agencies and legislators with valuable insights into the minds of money launderers. Originality/value As this study explores the perspectives of both compliance officers and money launderers, it provides a broad overview of the issues. Most existing literature fails to observe money laundering from the launderers’ perspective, focusing instead on methods to prevent money laundering. Effective prevention requires profound knowledge of how criminals operate. Only by adopting criminals’ perspective can compliance officers effectively spot money-laundering methods.

Money laundering through banks in Dubai

2020 ◽  
Vol 28 (3) ◽  
pp. 337-352
Author(s):  
Fabian Maximilian Teichmann ◽  
Marie-Christin Falker
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Banking System ◽  
Structured Interviews ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
Practical Implications ◽  
Combat Money Laundering

Purpose The purpose of this paper is to illustrate how illegally obtained funds from Austria, Germany, Liechtenstein and Switzerland are laundered through the banking system in Dubai. Design/methodology/approach The study is conducted using a qualitative content analysis of 60 semi-structured expert interviews with both criminals and money laundering prevention experts, and a quantitative survey of 200 financial sector compliance officers. Findings Some banks in Dubai are highly suitable for all stages of the money laundering process. However, although certain banks have weak compliance mechanisms, others act in an exemplary manner. Research limitations/implications The qualitative findings are based on semi-structured interviews and are limited to the 60 interviewees’ perspectives. Practical implications Identification of gaps in anti-money laundering mechanisms provides compliance officers, law enforcement agencies and legislators with valuable insights into how money laundering criminals operate. Originality/value The existing literature focuses mainly on organizations and the methods they use to combat money laundering. This paper outlines how money launderers operate to avoid detection. Authentic experiences are illustrated. The reader is provided with valuable insights into the minds of money launderers. Both lawful and criminal perspectives are taken into account.

European antiquities trade: a refuge for money laundering and terrorism financing

2019 ◽  
Vol 22 (3) ◽  
pp. 410-416 ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Criminal Activity ◽  
Valuable Insight ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
Terrorism Financing ◽  
Financing Of Terrorism ◽  
Antiquities Trade

Purpose This paper aims to demonstrate how criminals launder money in the antiquities trade in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach A qualitative content analysis of 58 semi-structured expert interviews with both criminals and prevention experts and a quantitative survey of 184 compliance officers revealed the concrete techniques used to launder money in the European antiquities trade. Findings The antiquities market facilitates the placement, layering and integration of the transfer of assets to terrorist organizations. Most importantly, it is among the few profitable methods of laundering money. Research limitations/implications As the findings of the qualitative study are based on semi-standardized interviews, they are limited to the 58 interviewees’ perspectives. Practical implications The identification of concrete methods of money laundering and terrorism financing aims to provide compliance officers, law enforcement agencies and legislators with valuable insight into criminal activity. Originality/value While the existing literature focuses on organizations fighting money laundering and the financing of terrorism, this study instead describes how criminals avoid detection by taking into account prevention and criminal perspectives.

Money laundering in the jewellery business

2020 ◽  
Vol 23 (3) ◽  
pp. 691-697
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Geographical Area ◽  
Criminal Activity ◽  
White Collar ◽  
Valuable Insight ◽  
Structured Interviews ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers

Purpose This paper aims to illustrate how white-collar criminals launder money in the jewellery business. Design/methodology/approach Semi-structured interviews were conducted with 50 white-collar criminals and 50 compliance and prevention experts in Austria, Germany, Liechtenstein and Switzerland. Following the qualitative content analysis of their responses, a quantitative survey of 200 compliance officers was then conducted in the same geographical area. These two methods reveal the concrete techniques used by money launderers and the compliance industry’s (lack of) awareness. Findings The jewellery business is susceptible to laundering money. It facilitates both the placement and layering of incriminated assets. Research limitations/implications As the findings of the qualitative study are based on semi-standardised interviews, they are limited to the 100 interviewees’ perspectives. Practical implications The identification of concrete methods of money laundering provides valuable insight into criminal activity for compliance officers, law enforcement agencies and legislators. A more profound understanding of the methods used by criminals should foster more effective crime prevention. Originality/value While prior literature predominantly focusses on the organisations and mechanisms aimed at fighting money laundering, this paper considers how criminals avoid detection by exploring both prevention experts’ and criminals’ perspectives.

How effective are financial sanctions against individuals?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Qualitative Content Analysis ◽  
Content Type ◽  
Political Processes ◽  
Compliance Officers ◽  
Improve Compliance ◽  
Larger Sample ◽  
Practical Implications

Purpose The purpose of this paper is to discuss the role of money laundering methods in circumventing sanctions against individuals. In particular, it shows how politically exposed persons can circumvent sanctions through money laundering mechanisms. Design/methodology/approach A total of 70 expert interviews were conducted, comprising 35 formal interviews with prevention experts and 35 informal interviews with money launderers. By subjecting their responses to qualitative content analysis, concrete ways of circumventing sanctions are identified. Findings Financial sanctions against individuals are highly ineffective, as they can be easily circumvented. To successfully influence political processes, alternative mechanisms are necessary. Research limitations/implications This study’s findings are limited to the perspectives of 70 interviewees. Hence, it is possible that a study with a larger sample conducted in different countries or at a different time could have yielded different results. Practical implications Identifying the gaps in anti-money-laundering mechanisms should provide compliance officers and legislators with valuable insights into why the current prevention schemes are ineffective and how sanctions against individuals can be circumvented. The findings, thus, highlight the scope to improve compliance mechanisms and the need for other tools to influence political processes. Originality/value The current sanctions against individuals are found to be ineffective means of influencing politics, as they can be easily circumvented. Hence, alternative mechanisms and tools are needed.

Financial crimes in the real estate sector in Austria, Germany, Liechtenstein and Switzerland

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Real Estate ◽  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Financial Crimes ◽  
Compliance Officers

Purpose The purpose of this paper is to demonstrate how criminals commit financial crimes in the real estate business in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach A qualitative content analysis of 100 semi-standardized expert interviews with both criminals and prevention experts and a quantitative survey of 200 compliance officers led to the identification of specific money laundering techniques in the real estate sector. Findings Real estate companies in German-speaking countries in Europe continue to be extraordinarily suitable for money laundering and other financial crimes. In particular, they can be used for placement, layering and integration, as well as for violations of the tax code. Most importantly, however, they are vehicles for one of the very few profitable methods of laundering money. Research limitations/implications As the qualitative findings are based on semi-standardized interviews, they are limited to the perspectives of 100 interviewees. Practical implications The identification of gaps in existing anti-money laundering mechanisms is intended to provide compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate. Originality/value While the existing literature focuses on organizations combating money laundering and on improving anti-money laundering measures, this paper describes how money launderers operate to avoid getting caught. Both prevention and criminal perspectives are taken into account.

Current developments in money laundering and terrorism financing

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Quantitative Methods ◽  
Qualitative Content Analysis ◽  
Research Process ◽  
Content Type ◽  
Qualitative And Quantitative Methods ◽  
Compliance Officers ◽  
Terrorism Financing ◽  
Practical Implications

Purpose Whilst the existing literature focuses on developing prevention mechanisms for banks, this paper aims to demonstrate the ongoing feasibility of money laundering and financing terrorism undetected. This study thereby reveals that the current anti-money-laundering and anti-terrorism-financing mechanisms can easily be circumvented. Design/methodology/approach A three-stage research process was used, including both qualitative and quantitative methods. The empirical findings are based on a qualitative content analysis of 50 informal interviews with illegal financial services providers and 50 formal interviews with compliance experts and law enforcement officers. Findings During these interviews, specific methods of financing terrorism and limiting the risks of being prosecuted were discussed. Hence, specific methods of money laundering and terrorism financing have been analyzed. Research limitations/implications The findings thus convey only the perspectives of the 100 interviewees, such that generalizability is limited. Practical implications The practical implications include suggestions for financial regulators, financial institutions and compliance officers on how to more effectively combat money laundering and terrorism financing. Although the empirical findings are limited to Europe, the results could be applied globally. Originality/value This paper reveals new insights about criminals’ actions, which help to develop more effective compliance mechanisms.

Sign in / Sign up

Export Citation Format

Share Document