The Effects of Money Laundering (ML) on Growth: Application to the Gulf Countries

the strategic goal of this paper is to study the effects of the prevention policies against money laundering on growth in the gulf countries (Saudi Arabia, Kuwait, Qatar, Bahrain, UAE and Oman) from 1980 to 2014. Thus, the logistic regression (logit model) had given three fundamental results. The first had shown that the main policies in matter of fight against money laundering (anti money laundering law AMLL, suspicious transaction reporting STR, the criminalizing of terrorist financing CTF) have had positive effects on the increasing of probabilities to realize more growth. The second is that the said policies have had positive effects on the increasing of the degree of openness of the whole sample. The third is that the variable (proximity) had a positive and significant effect on anti-money laundering policies

An Econometric Approach on Money Laundering and Its Impact on Economic Growth (A Study of Pakistan)

Money laundering is not the issue of today, as it is coming from the early days in many ways and the evil to society as it effects not only those peoples which are related to this evil as well as it also hits the noble peoples of the society by not paying the legal levies that increases the prices of products in the market. Research is carried out to check the impact of money laundering on the economy of Pakistan in an econometric way along with the other control variables (inflation, unemployment, remittances, number of crimes, total investment, and corruption). Money laundering is measured with informal economy and economic growth is measured with GDP. Annual data from 2000 to 2019 is employed for the purpose of analysis and suitable statistical tools are applied to derive the results. Through these test short run and long run effects are derived also. For analysis of the data, secondary data of two recent decades are used which is collected from the different sources i.e. economic surveys, published papers, and World Bank database etc. At the end it is concluded that money laundering has negative effect on the economy of Pakistan along with other variables

Lavagem de dinheiro e consequências económicas da transição para uma sociedade sem dinheiro

One of the biggest revolutions we are witnessing is in the field of financial transactions, where efforts are being made to bring payments to a completely electronic way. There are many benefits expected from this step, but few are the evidence reported, especially as regards the repercussions on Money Laundering and Economic Growth. In this work, I want to investigate a relationship between the increase in electronic money at the expense of paper money with the trend of money laundering with subsequent overall analysis in economic growth. To compensate for the limited amount of data that can be obtained for a different number of countries, and analysis composed of several different analyzes will be carried out, examining the effects of electronic money on some of the components of money laundering. This ensures the validity of the analysis. It will be seen that the results found will confirm some previous assumptions but will open the way to new issues since if in some ways electronic money is at a disadvantage of money laundering, in other ways, there are new opportunities that open up also for potential criminals.Uma das maiores mudanças que se verifica nos nossos dias é na área das transações financeiras, onde estão a ser feitos esforços para que os pagamentos em dinheiro sejam substituídos completamente por pagamentos através de meios eletrónicos. Há muitos benefícios esperados para essa etapa, mas poucas são as evidências relatadas, principalmente no que diz respeito às repercussões sobre a lavagem de dinheiro e o crescimento económico. Neste trabalho, tem-se como objetivo investigar a relação entre o aumento do dinheiro eletrónico em detrimento da moeda fiduciária e a tendência de lavagem de dinheiro com uma análise geral subsequente do crescimento económico. Para compensar a quantidade limitada de dados que podem ser obtidos para um número diferente de países, será realizada uma análise composta por várias análises diferentes, examinando os efeitos da moeda eletrónica em alguns dos componentes da lavagem de dinheiro, garantindo, assim, a validade da análise. Os resultados obtidos confirmam algumas premissas anteriores, mas abrem caminho para novas questões, pois, se de alguma maneira, o dinheiro eletrónico está em desvantagem na lavagem de dinheiro, de outra forma, há novas oportunidades que também se abrem para potenciais criminosos.Mestrado em Economi

An analysis of the Effectiveness of Anti-Money Laundering and Counter Terrorist Funding Legislation and its Administration in the UAE

This doctoral thesis develops a methodology to assess the effectiveness of anti money laundering and counter-­‐financing of terror efforts in the United Arab Emirates by applying five “markers of success” (as determined by AML/CFT professionals) to the UAE’s AML/CFT framework. The markers are Robust Regulatory Framework; AML Legislation Enforcement; AML Legislation Awareness; Private Sector Commitment and Cooperation; and Transparency. The analysis chapters attempts to measure these criteria using a variety of sources, including UAE laws of 2002 and 2004 and their amendments and replacements of 2014; various regulatory documents and policies enacted by the UAE Central Bank and other UAE bodies; expert opinion when available; and other materials from both official bodies and the country’s media. The findings show generally uneven progress and sometimes-­‐inconclusive results. During this period, the UAE, driven by external pressure coupled with internal self-­‐interest, established an AML/CFT regime. As part of its AML/CFT framework, the UAE also created an outreach program via official bodies, and there is some evidence of its effectiveness in encouraging private sector compliance. However, measuring enforcement is problematic given the lack of hard and publicly available statistical data for much of this period. Efforts made to encourage a culture of transparency and accountability have run up against limited availability and accessibility of data. Accordingly, the UAE remains perceived as a largely non-­‐transparent jurisdiction when it comes to financial crimes. Recent (2016) legislative developments underscore the UAE’s effort to change this, as it is due for a new FATF evaluation in 2019