Abstract
The study determines most favorite destinations for money laundering preferred by wrong doers from 25 developing nations selected on the basis of highest illegal financial fund outflows from 2004 to 2014, a report published by Global Financial Integrity (GFI) in 2015. Firstly, it has been discussed that how money laundering activities are shackling the economic and financial stability in a country by distorting and damaging different sectors of economy as well as financial sector. Walker's Gravity Model has used to determine the most preferred destinations for money laundering. Research indicates that most developed and stable economies with lax controls are preferred by criminals. Robustness has been checked through triangulation method. It is recommended that uniform controls at global level are essential to eliminate havens and the need of international body which shall be responsible for policy making and enforcement of strong regulations is also highlighted.
Highlights
IntroductionMoney Laundering: A toxin fuel to crime which only attracts harm
Money Laundering: A toxin fuel to crime which only attracts harmDistancing the illegal proceeds from the source which results in the acquisition of such wealth is as difficult and risky for criminals, corrupt officials, politicians and other wrong doers as those criminal activities themselves
It has been discussed that how money laundering activities are shackling the economic and financial stability in a country by distorting and damaging different sectors of economy as well as financial sector
Summary
Money Laundering: A toxin fuel to crime which only attracts harm. Distancing the illegal proceeds from the source which results in the acquisition of such wealth is as difficult and risky for criminals, corrupt officials, politicians and other wrong doers as those criminal activities themselves. The process which transforms the illegal money into the proceeds which portrait them legal is better. Crime and Misconduct Commission (2005) suggests that money laundering is an integral part of criminal activities like drug trafficking, white collar crimes, bribery and corruption and this is the reason a huge amount of illegal funds laundered by criminals through different channels. Successful money laundering operations promote crimes, as criminal elements can rip the fruit of their ill doings
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