The Role Of Financial Intermediaries In Elite Money Laundering Practices:

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Otusanya, O.J.
Ajibolade, S.O.
Omolehinwa, E.O.
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Purpose - One of the most pervasive economic crimes in the world today is money laundering. It has been estimated that some $2 to $3.6 trillion of hot money is laundered through the financial market each year. Such huge amounts of money cannot be successfully laundered without the involvement of financial intermediaries (such as bankers and lawyers) who used their expertise to conceal and obscure illegal activity]. However, broader accounts of the role of financial intermediaries in corrupt practices are relatively scarce. The purpose of this paper is to examine some predatory activities of financial intermediaries in facilitating money laundering practices in Nigeria. Design/methodology/approach - The paper locates the role of financial intermediaries within the sociological theory of profession to argue that these professionals facilitate money laundering despite their professional and ethical claims. The paper uses publicly available evidence to illuminate the role played by financial intermediaries in elite money laundering.
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Money Laundering , Financial Intermediaries
Otusanya,O.J. (2012) The Role Of Financial Intermediaries In Elite Money Laundering Practices: Evidence from Nigeria. Journal of Money Laundering Control, Vol. 15, (1), p. 58 - 84.