This paper is the first to analyse the three-way relationship among money laundering, anti-money-laundering efforts and corruption. On the one hand, if we assume that the goal of criminals involved in corruption is to minimize the probability of being detected, then corruption represents a...

On 30 September 2017, the United Kingdom implemented a powerful new investigative tool known as an “unexplained wealth order” in its Criminal Finances Act 2017. On 7-8 November 2017, London hosted the Fifth OECD Forum on Tax and Crime. Against this background, as well as other recent...

In the last two decades prolonged instances of corporate wrongdoing in Europe have been un-covered: from Siemens’ systemic bribery to HSBC and other major bank’s money laundering issues, Dieselgate, LIBOR price-rigging, and the recent Wirecard debacle. What has driven European firms to...

Proceeds from illicit activities percolate into the legal economy through several channels. We exploit international regulations targeting money laundering via the financial sector to identify the flows of “dirty money” into legitimate establishments: business-based money laundering...

This paper has four goals: First, the use of cash as a possible driving factor of the shadow economy is investigated. Second, the use of cash in crime, here especially in corruption, is also econometrically investigated. The influence is somewhat larger than on the shadow economy, but it is...

The United Kingdom's (UK) property markets are thought to be a common destination for corrupt and criminal assets and money laundering, with investment often through offshore shell companies. Following the Russian invasion of Ukraine in 2022, we study the impact of the introduction of a policy...