Abstract

http://ssrn.com/abstract=1091011
 


 



Understanding and Preventing Money Laundering


Elizabeth V. Mulig


University of South Florida at St. Petersburg

Murphy Smith


Murray State University - College of Business

2004

Internal Auditing, 19(5): 22-25, September-October 2004

Abstract:     
The abilities and skills of internal auditors suit them well for the war against money laundering. Forensic accounting skills, as well as audit expertise, are needed to help in combating this crime. The development of internal policies, procedures, and controls to prevent money laundering fits within the accountant's abilities and expertise. Money laundering can be defined as a process in which illegally obtained money (e.g. from drug trafficking, terrorist activity or other serious crimes) is given an appearance of having originated from a legitimate source. Although the basic goals of money laundering are no different today than from decades ago, money laundering is now taking place in a high-tech global environment. This article provides background and recent developments in efforts to combat money laundering.

Number of Pages in PDF File: 12

Keywords: money laundering, forensic accounting, corporate governance

JEL Classification: M40

Accepted Paper Series





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Date posted: February 21, 2008 ; Last revised: May 6, 2014

Suggested Citation

Mulig, Elizabeth V. and Smith, Murphy, Understanding and Preventing Money Laundering (2004). Internal Auditing, 19(5): 22-25, September-October 2004. Available at SSRN: http://ssrn.com/abstract=1091011

Contact Information

Elizabeth V. Mulig
University of South Florida at St. Petersburg ( email )
140 Seventh Avenue South
Saint Petersburg, FL 33701-5016
United States
Murphy Smith (Contact Author)
Murray State University - College of Business ( email )
109 Business Building
Murray, KY 42071-3314
United States
270-809-4181 (Phone)
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