White collar crime : money laundering and its legal implications

Abstract

The offence of money laundering ensues through a series of steps, namely, the placement, layering and the integration of funds and authors has often been described as “a bridge for criminals who seek to turn proceeds from illegal activities into seemingly legitimate enterprises and provided”. The term ‘white collar individuals’ refers to individuals who mainly work in administrative, managerial, and executive functions, and who are often seen to be skilled and educated personnel. It is often argued that these individuals, due to their knowledge and experience, are at times used to help launder money, through trust accounts, funds, tax avoidance schemes, amongst other various ways and means. This study aims to look at the present legalisation, regulations issued by competent authorities in Malta and abroad, as well as various literatures, in order to understand the legal implications of this crime, specifically when consummated by white collar individuals. A number of cases have also been analysed in order to obtain a better understanding of the legal implications of the crime of money laundering, and to comprehend how both local as well as foreign courts, view this crime when completed by white collar individuals. The measures being adopted, and the penalties being issued by both local and foreign courts, also continue elucidate the legal implications of this crime being studied. Finally, this study seeks to point out a number of measures which can be adopted by local and foreign courts, by our legislators as well as competent authorities in Malta, as well as abroad, in order to continue fighting the crime of money laundering, by white collar individuals.