DOI: https://doi.org/10.18371/fcaptp.v1i32.200865

MONEY LAUNDERING: MACROECONOMIC ASSESSMENT METHODS AND CURRENT TREND IN UKRAINE

O. Y. Korystin, I. P. Mihus, N. P. Svyrydiuk, Ya. O. Likhovitskyy, О. M. Mitina

Abstract


The paper examines the scientists’ approaches to the evaluation of money laundering. Attention is drawn to the macroeconomic results of such an analysis. The research on the scope of money laundering and its impact on the country’s economy is reviewed. Relevant literature and selected techniques have been highlighted and are widely available in the world. The focus is on discussing the macroeconomic implications of money laundering and on finding methods for evaluating the various scales and conclusions reached by various scholars on the scope and flows of money laundering.

An authors’ approach to the analysis of the phenomenon of money laundering is proposed based on the study of the links between the level of money laundering with the level of vulnerability of economic sectors and the spread of other negative socio-economic phenomena. Using unique empirical data obtained as a result of an expert survey in the field of money laundering, conducted a statistical analysis and test of the statistical hypothesis regarding the presence of interconnections and to determine the essential dependence of money laundering level on the selected indicators’ subgroups of macroeconomic nature for analysis based on Pearson and Kendall’s Taw correlation coefficients.

The conclusions on the correlation between the level of money laundering in Ukraine and macroeconomic processes in Ukraine are substantiated: shadowing of economic relations, optimization of tax burden at the initiative of business entities and «prosperity» of money laundering due to strong corruption ties in this sphere.

The grounds for determining the priorities of further state policy in the sphere of anti-money laundering have been formed, for the national financial monitoring of relevant benchmarks of increased risk of financial transactions in specific sectors of the economy and possible further methodological use of sectoral analysis (with wider coverage of the national economic sectors) money laundering risks.


Keywords


correlation analysis; link strength; macroeconomic methods; money laundering; shadow economy; statistical linking

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References


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Kalyayev, A., Efimov, G., Motornyy, V., Dzianyy R., & Akimova, L. (2019, April 10—11). Global Security Governance: Conceptual Approaches and Practical Imperatives. International Business Information Management Conference (33rd IBIMA). (pp. 4484—4495). Granada, Spain.

Akimova, L. М., Akimov, O. О., & Liakhovich, О. O. (2017). State regulation of foreign economic activity. Scientific bulletin of Polissia, 4 (12), 1, 98—103.

Yakymchuk, A. Y., Akimova, L. M., & Simchuk, Т. О. (2017). Appled project approach in the national economy: practical aspects. Scientific bulletin of Polissia, 4 (12), 2, 170—177.

Yakymchuk, A. Y., Valyukh, A. M., & Akimova, L. M. (2017). Regional innovation economy: aspects of economic development. Scientific bulletin of Polissia, 3 (11), 1, 170—177.

Harafonova, О. I., Zhosan, G. V., & Akimova, L. M. (2017). The substantiation of the strategy of social responsibility of the enterprise with the aim of providing efficiency of its activities. Marketing and Management of Innovations, 3, 267—279.


GOST Style Citations


Hendriyetty N. Macroeconomics of money laundering: effects and measurements / N. Hendriyetty, B. S. Grewal // Journal of Financial Crime. — 2017. — Vol. 24. — Is. 1. — P. 65—81.

Quirk P. J. Money laundering: muddying the macroeconomy / P. J. Quirk // Finance and Development. — 1997. — Vol. 34. — Р. 7—9.

Buehn A. Shadow economies and corruption all over the world: revised estimates for 120 countries / A. Buehn, F. Schneider // Economics: The Open-Access, Open-Assessment E-Journal. — 2007. — Vol. 1. — Р. 9.

Schneider F. Money laundering: some facts / F. Schneider, U. Windischbauer // European Journal of Law and Economics. — 2008. — Vol. 26. — № 3. — P. 387—404.

Blum J. A. Financial havens, banking secrecy and money-laundering / J. A. Blum, M. Levi, R. T. Naylor, P. Williams // Criminal Justice Matters. — 1999. — Vol. 36. — №. 1. — Р. 22—23.

El Qorchi M. Informal funds transfer systems: an analysis of the informal Hawala system / M. El Qorchi, S. M. Maimbo,
J. F. Wilson // International Monetary Fund // IMF Occasional Papers. —2003. — Vol. 222.

Lippert O. The Underground Economy: Global Evidence of its Size and Impact / O. Lippert, M. Walker ; The Fraser Institute. — Vancouver, 1997.

Stel A., Van. The effect of entrepreneurial activity on national economic growth / A. Van Stel, M. Carree, R. Thurik // Small Business Economics. — 2005. — Vol. 24. — № 3. — Р. 311—321.

Schneider F. Hiding in the shadows: the growth of the underground economy / F. Schneider, D. Enste // Economic Issues. International Monetary Fund. — 2002. — № 30.

Thoumi F. E. Illicit capital flows and money laundering in Colombia. Draining Development? Controlling Flows of Illicit Funds from Developing Countries / F. E. Thoumi, M. Anzola ; P. Reuter (Ed.) ; The World Bank. — Washington, DC., 2012.

Informe de Evaluación Mutua Anti Lavado de Activos y contra el Financiamiento del Terrorismo (3ra Ronda) [Electronic resource] / GAFISUD. FATF. — Colombia : Grupo de Acción Financiera de Sudamérica, 2008. — Available at : www.fatf-gafi.org/topics/mutualevaluations/documents/mutualevaluationofcolombia.html.

Korystin O. Yе. The Phenomenology of Money Laundering in Ukraine / O. Yе. Korystin, V. А. Nekrasov, V. O. Krivolapchuk, N. P. Sviridyuk // Фінансово-кредитна діяльність: проблеми теорії та практики. — 2019. — Вип. 2 (29). — С. 374—382.

Camdessus M. Money laundering: the importance of international countermeasures / M. Camdessus // Plenary Meeting of the Financial Action Task Force on Money Laundering. — Paris, 1998.

Money Laundering in Australia 2011 : Australian Transaction Reports and Analysis Centre [Electronic resource] // AUSTRAC. — Sydney, 2011. — Available at : www.austrac.gov.au/money_laundering_in_ australia_2011.html.

Walker J. How Big is Global Money Laundering? / J. Walker // Journal of Money Laundering Control. — 1999. — Vol. 3. —
№ 1. — Р. 25—37.

Masciandaro D. Worldwide anti-money laundering regulation: estimating costs and benefits / D. Masciandaro, R. Barone // Global Business and Economics Review. — 2008. — Vol. 10. — Іs. 3. — Р. 243—264.

Levi M. Money laundering / M. Levi, P. Reuter // Crime and Justice. — 2006. — Vol. 34. — № 1. — Р. 289—375.

Reuter P. Chasing Dirty Money: The Fight against Money Laundering / P. Reuter, E. M. Truman / Institute for International Economics. — Washington, DC., 2004.

Schneider F. Shadow economies and corruption all over the world: what do we really know? / F. Schneider // Working Paper. — 2006. — № 0167.

Busato F. Money laundering in a two-sector model: using theory for measurement / F Busato, A. Argentiero, M. Bagella // European Journal of Law and Economics. — 2008. — Vol. 26. — № 3. — Р. 341—359.

Mishchuk H. Prospects of Assessing the Impact of External Student Migration on Restoring the Country’s Intellectual Potential (Case Study of Ukraine) / H. Mishchuk, I. Roshchyk, J. Sułkowska, S. Vojtovič // Economics & Sociology. — 2019. — № 12 (3). —Р. 209—219.

Mishchuk H. Income inequality and its consequences within the framework of social justice / H. Mishchuk, N. Samoliuk,
Y. Bilan, D. Streimikiene // Problemy Ekorozwoju. — 2018. — Vol. 13 (2) — Р. 131—138.

Mishchuk H. Shadow incomes and real inequality within the framework of leadership and social change / H. Mishchuk,
H. Yurchyk, Y. Bilan // Springer International Publishing AG. — 2018.

Bilan Y. Impact of Income Distribution on Social and Economic Well-Being of the State / Y. Bilan, H. Mishchuk, N. Samoliuk, H. Yurchyk // Sustainability. — 2020. — № 12. — Р. 429. https://doi.org/10.3390/su12010429.

Liubkina O. Financial Instruments of Stimulating Innovative Activities of Enterprises and Their Improvements / O. Liubkina,
 T. Murovana, A. Magomedova, E. Siskos, L. Akimova // Marketing and Management of Innovations. — 2019. — № 4. —
 Р. 336—352. http://doi.org/10.21272/mmi.2019.4-26.

Kalyayev A. Global Security Governance: Conceptual Approaches and Practical Imperatives / A. Kalyayev, G. Efimov,
V. Motornyy, R. Dzianyy, L. Akimova // International Business Information Management Conference (33rd IBIMA). — Granada, Spain. — 2019. — April 10—11. — P. 4484—4495.

Akimova L. М. State regulation of foreign economic activity / L. М. Akimova, O. О. Akimov, О. O. Liakhovich // Scientific bulletin of Polissia. — 2017. — № 4 (12). — P. 1. — Р. 98—103.

Yakymchuk A. Y. Appled project approach in the national economy: practical aspects / A. Y. Yakymchuk, L. M. Akimova,
 Т. О. Simchuk // Scientific bulletin of Polissia. — 2017. — № 4 (12). — P. 2. — Р. 170—177.

Yakymchuk A. Y. Regional innovation economy: aspects of economic development / A. Y. Yakymchuk, A. M. Valyukh,
L. M. Akimova // Scientific bulletin of Polissia. — 2017. — № 3 (11). — P. 1. — Р. 170—177.

Harafonova О. I. The substantiation of the strategy of social responsibility of the enterprise with the aim of providing efficiency of its activities / О. I. Harafonova, G. V. Zhosan, L. M. Akimova // Marketing and Management of Innovations. — 2017. — № 3. — Р. 267—279.





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ISSN (print) 2306-4994, ISSN (on-line) 2310-8770