WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 15, 2018
Selected Economic and Legal Aspects of the Fight against Money Laundering – Impact on Enterprises and Public Administration
Author:
Abstract: This paper evaluates the benefits and the costs of anti-money laundering in the Czech Republic from 2010 to 2016 and it analyses the effectiveness of the AML measures. The third Directive of the European Parliament and of the Council 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing set strict measures against money laundering and a wide range of obligations for reporting entities. These measures were criticized mainly by the financial institutions for their high costs and missing empirical evidence about their effectiveness. The thesis analyses the costs and the benefits of the anti-money laundering in the Czech Republic and it also analyses the impact of the implementation of the strict measures pursuant to the directive according to the selected indicators. By combining theoretical findings with a data analysis I reached a conclusion that the fight against money laundering had become more effective after the implementation of the strict measures.
Search Articles
Keywords: money laundering, fight against money laundering (anti-money laundering), cost-benefit analysis, European directive, financial institutions
Pages: 445-451
WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 15, 2018, Art. #44