How dirty money gets clean

Economics

Money laundering is a phenomenon used to conceal the source of income from criminal activity. Despite the fact that it can bring liquidity to a country's economy in the short run, money laundering harms the country's economy in the long run and undermines the integrity of the financial system and the rule of law. Preventing this phenomenon would improve the political-legal environment and would be an added value to the business climate in our country. The paper focuses on the challenges faced by legal reporting subjects (mainly banks) and free non-financial professions in the framework of the implementation of the legal and regulatory framework for money laundering prevention. The focus is on the necessary recommendations for legal and regulatory changes that will lead to a relaxation of both the operational activity of financial and non-financial entities and the improvement of the efficiency of efforts to increase the functioning of money laundering prevention in our country. By analyzing issues that concern legal entities and those responsible for developing laws such as the indetification of multi-tier corporate benefiting owners, the complexity of the offshore bank secret, the link between money laundering and fiscal evasion, the legal reporting duties to the same as for both financial and non-financial institutions.

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