COMBATING MONEY LAUNDERING AND TERRORISM FINANCING

Viktoria KIRILENKO


Viktoria Kirilenko, Ph.D. (Law), Acting Director of the Department of Criminal Law Discipline, Institute of Service and Business (Branch), Don State Technical University (Shakhty, Russian Federation)


ABSTRACT

Combating money laundering and terrorism financing is considered to be the primary task of every state. Success in combating this kind of crime largely depends on international cooperation and coordination in this sphere, primarily in bringing the regulations of the corresponding legislation into harmony and drawing up unified regulatory acts that make it possible to punish persons acquiring super profit for financial activity that is detrimental to both state tax systems and property owners. Several international legal acts regulating the efforts to legalize money acquired illegally have been adopted to make this cooperation easier. These legal acts are called upon to eliminate the existing differences in the tightness and efficiency of financial control in various countries. The recommendations of the Financial Action Task Force (FATF), which is recognized as the international standard for combating money laundering and terrorism financing, are discussed. Viewing money legalization (laundering) as an international crime makes it possible to take a fresh look at the existing national system of regulations aimed at combating this crime, perceive the main ways countries can cooperate to fight this crime, and monitor the main trends in the development of criminal law in this sphere. The banking system needs to operate more efficiently; since it is there that money laundering can be exposed.

Keywords: money or property legalization (laundering), economic crimes, terrorism, terrorism financing, the FATF.


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