Money laundering, in its almost 90-year-long history, has attracted the attention of the scientific, professional, but also the general public. Throughout the entire period, the manifestations of this criminal phenomenon, its typology, etiological factors, etc., have changed, but the essence has remained the same: the transformation of illegally acquired money into legal financial flows. Emerging markets are particularly burdened, which is the subject of this paper: identifying, monitoring and proving the process of money laundering with the aim to reduce it in developing countries. In addition, what can be observed in these markets is that money laundering operations are mainly related to those activities where most of the payments are made in cash. Their specificity, that is, the basic motive for execution, is not just a profit, but the aspiration to introduce “dirty” money into legal flows. The aim of this paper is to use the method of description to explain and describe scientifically the money laundering process and to combat this phenomenon with a focus on the characteristics of the money laundering process. In addition, the paper describes the models and weaknesses of this process, while at the same time it respects the standards and specifics of business operations in emerging markets. The result of the paper is that it provides an overview of money laundering in the 21st century in small and open economies, including proposals to prevent and combat this negative phenomenon.
Money laundering has a direct impact, among other things, on the economic development of a country. The aim of this research is to determine the correlation between money laundering and economic development expressed through GDP, as well as between financial market development (FDI) and the Human Development Index (HDI). The results of the research show that there was a significant relationship between the observed variables, i.e. that there is a relation of the Anti-Money Laundering Index (AMLI) on GDP, financial market development and the HDI. Namely, given that medium-strong links between the observed variables have been established, it can be claimed that there is reason to believe that "copying the behaviour" of a certain country in the fight against money laundering can further develop the financial market, influence human development or an increase in GDP per capita. In particular, a decrease in the AMLI was expected to increase the FDI (R2 = 0.2601). A decrease in the AMLI was expected to increase the HDI (R2 = 0.5747). In that way, financial institutions are directly affected, which negatively relates to economic and political stability.
In this paper we are presenting scopeand restrictions on the use of cryptocurrencies in internationalbusiness, banking and in financial marketsThe subject of this research is to analyzeutilization of cryptocurrencies in the internationalbusiness. The goals of the research are to provide tothe researchers and to practitioners and to the scientificand professional public, an overview of currentresearch on blockchain technology in the economyand to determine the impact of the wider use of cryptocurrenciesin international business and their impacton the future of financial markets..The researchwas realized by the method description, literatureanalysis and conducted research. The selected examplesare presenting the possibility of earning, buyingand storing cryptocurrencies, paying with cryptomoneyand invest in them. In the paper we aresearching for an answer to the question “What arethe advantages and disadvantages of using cryptocurrenciesin international payment and what is the securityof using cryptocurrencies in the future?” In theanswer, this paper will present in what direction theuse of crypts will develop in the future. Results arepresenting the blockchain technology, though backgroundtechnology, which would not be known thatcryptocurrencies did not gain popularity, has a brightperspective. Conclusion presents that as long as thetransaction costs are lower than the cost of paymenttransactions, the rational behavior of legal and naturalpersons requires that they should encourage the useof cryptocurrencies among themselves in order to reducethe costs of the transactions when paying and toovercome the existence of an intermediary.
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