Online ISSN 2286-0266
Print ISSN 1223-0685
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Œconomica by SOREC
 
Akad AL-KASAWNIH
Academia de Studii Economice din Bucureşti
Based on the readings of an extensive documentary base, it turned out that money-laundering activities can amount up to 5% or more of a country’s GDP. For these reasons, this phenomenon has become a real concern both for international organizations or national public authorities and for the business community or civil society. There is a deep debate at these times about the effects of open borders, trade liberalization, free flow of capital and privatization on world jobs and wages and the prosperity of nation-states. Experts have identified several vehicles used to capture the dynamics, nature and complexity of this kaleidoscope of economic and non-economic processes and phenomena, the depth with which their various facets were captured differing from case to case. In this paper a general insight about the money-laundering process is given. The practices as well as the institutions that are more vulnerable to perforation are considered. Later, a general thorough view is taken on the new Anti-Money-Laundering Law (AML), the Financial Action Task Force (FATF) practices and updates. Special attention is given to the relatively new, more effective risk-based approach in anti-money-laundering practices. This law is better equipped to deliver the resources in the more risk sectors, industries or countries. The paper explores some particularities of the cross-border commercial and financial flows in the EU area. The risks and the effects those flows have were also seen in relation with the last macro and micro economic and social turbulences.

ŒCONOMICA no. 3-4/2020
Keywords: assimilation, globalization, layering, hidden economy, money-laundering
JEL: A13, C12, C43, C55, E47
Money-Laundering Practices, Estimation, Regulation, and Commercial and Financial Cross-Border Flows