Information Management and Business Review (ISSN 2220-3796)

Vol. 16, No. 3, pp. 282-291, Sep 2024

Money Laundering: A Review of Literature and Future Research

Rozaiha Ab Majid*1,3, Mohd Mohit Rahamad2, Nor Aishah Mohd Ali1,3, Sit Aisyah Basri1,3
1Faculty of Accountancy, Universiti Teknologi Mara Melaka, Melaka, Malaysia
2National University of Malaysia, Malaysia
3Money Laundering Research Group, Universiti Teknologi MARA Melaka, Malaysia

*[email protected], [email protected]
Corresponding Author: Rozaiha Ab Majid

Abstract: Money laundering is one of the financial crimes that has become a major concern in most countries
worldwide. The rising number of reported instances of money laundering could be driven by several reasons.
With this growth, there is a growing academic interest in money laundering research; therefore, opportunities
should be created for interested academics to evaluate the evolution of research in this field. This study was
intended to evaluate published studies in this field from the origin of the idea of money laundering to the
present to identify major trends or issues in money laundering research and to propose a research agenda for
the future. A qualitative research design was adopted using a content analysis approach. It was found that most
of the research focuses more on the relationship of money laundering with other offenses and the detection
methods but lacking in the understanding of money laundering and the rules and regulations related to money
laundering. This study is intended to be useful to current and future scholars in the field of financial crimes
who are interested in the evolution of the literature and in identifying areas for future research.

Keywords: Money Laundering, Tax haven, Detection Method

1. Introduction

Academics, practitioners, and other stakeholders have acknowledged money laundering as one of the financial
crimes that has become a major concern in the majority of countries throughout the world. Money laundering
is frequently regarded as an exotic activity, whose name suggests some kind of sinister financial crime. It is,
however, one of the most popular financial activities associated with illegal financial schemes, such as fraud,
corruption, and terrorism financing. Money laundering is widely believed to have originated during the reign
of Al Capone, who, although the most notorious criminal of his day, was only convicted of basic tax evasion
(Bridges, 1997). This prompts the creation of laws against money laundering that concentrate on the source,
accounting, and distribution of monies.

Money laundering is a serious crime that involves using financial transactions to hide the source and ownership
of money that has been obtained illegally. Money laundering has many effects on society and the global
economy. Firstly, by enabling criminals to conceal their unlawful funds in legitimate financial institutions,
money laundering compromises the integrity of the financial system (Simser, 2020; Tran & De Koker, 2019).
This might cause people to lose faith in banks and the economy as a whole. Secondly, money laundering gives
criminals the tools to fund other illicit activities including terrorism, human trafficking, and drug trafficking
(Whisker & Lokanan, 2019). It may also make it possible for dishonest authorities to steal public funds and
utilize them for their benefit. Thirdly, money laundering can hinder economic growth by diverting funds from
legal enterprises and placing them in the hands of criminals. This may result in less investment, slower
economic expansion, and more poverty. Finally, money laundering can be used to destabilize democratic
institutions and influence political systems. This might lead to a weakening of the rule of law, increasing
corruption, and political instability (Paradise, 1998).

Ultimately, money laundering has a wide-ranging effect and has the potential to negatively affect society and
the global economy. Therefore, initiatives must be taken to combat this crime through strong legal frameworks
and effective international cooperation.

Due to the great impact of money laundering on every aspect of our lives, the issues surrounding money
laundering need to be comprehended thoroughly. However, the lack of such studies hinders our awareness of
the existing conditions, difficulties, and future direction of money laundering. Consequently, the main purpose
of this study is to review the development of money laundering. To investigate this new development, a

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research literature survey on money laundering was carried out. The paper includes a chronological overview
of the literature (Neely 2016) on the topic of money laundering and its connected domains. The review is drawn
from a broad analysis of the spectrum of money-related literature without limits as to a particular time range
or limited journal list.

2. Methodology

For this research, a qualitative research design was adopted using a content analysis approach. Since the main
objective of this paper is to look at how money laundering has changed over time, the following steps were
taken. The first step was to select a group of journals likely to contain a study on money laundering and financial
crime, with the search limited to journal articles. This investigation relied heavily on the library and other
academic archives. The second step was to find articles on primary topics related to money laundering. The
paper's current emphasis is on English-language articles that discuss money laundering from theoretical or
practical angles. Using the keywords "money laundering" and "financial crime," a bibliographic search was
done to carry out this identification.

Each article was then carefully read and analyzed to make sure that it did indeed discuss money laundering
entirely or in part. Thus, even though money laundering was not specifically mentioned in the title, keywords,
or abstract, the articles related to money laundering were then selected. The analysis of the money laundering
development focuses primarily on the number of articles, research themes, research methodologies, and
research instruments as well as the research context.

3. Results and Discussion

Number of articles
The search resulted in the discovery of a total of 54 papers, which were distributed among 29 different journals.
The most recent paper to be added to the database was published in 2023, while the earliest one in the dataset
was published in 2001. Out of these 54 articles, six papers are conceptual, and their authors conducted library
archiving. The remaining part of the paper (48) is devoted to empirical studies, which collected data from a
wide variety of sources including surveys, interviews, court cases, and mutual investigation reports.

Table 1 offers a graphical representation illustrating the distribution of research articles over three distinct
periods: 1968-2002, 2003-2012, and 2013-2023. Each period is broken down to show the total number of
articles published, alongside data detailing the geographical origin of each article. The table highlights a
significant trend: there has been a marked increase in the number of research articles on money laundering in
the most recent period (2013-2023). This sharp rise contrasts with the more modest numbers seen in the
earlier periods, indicating a growing scholarly interest and focus on the topic. The data suggests a heightened
awareness and investigation into money laundering issues over time, particularly in the last decade.

In conclusion, researchers from the United States exhibit a notable interest in the topic of money laundering.
Although no articles were published on this subject during the earliest period (1968-2002), there is a
significant increase in the number of publications from the United States in both the second period (2003-
2012) and the most recent period (2013-2023). Over the entire span from 1968 to 2023, a total of ten articles
originating from the United States stand out as the highest number of publications from any single country.
Notably, seven of these ten articles were published in the final period (2013-2023), underscoring the United
States' leading position in this field of research during this recent decade. This trend indicates a growing
emphasis and expertise in money laundering research within the U.S. academic community, particularly in
recent years.

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Table 1: Number of money laundering articles in the period 1986-2023

Period 1986-2002 2003-2012 2013-2023 Total
No of article 1 12 41 54
Australia 3 3
Bahrain 1 1
Belgium 1 1 2
China 2 1 3
Colombia 1 1
Estonia 1 1
Ethiopia 1 1
Germany 1 1
Greece 1 1
Guatemala 1 1
India 1 1
Italy 5 5
Geographical
Kazakhstan 1 1
Origin
Malaysia 2 1 3
Netherland 1 1
Pakistan 1 1
Poland 1 1
Russia 3 3
Singapore 2 2
Somalia 1 1
Spain 3 3
Sweden 1 1
Ukraine 1 1
United Kingdom 1 1 3 5
United States of America 3 7 10

In the final period (2013-2023), there is a clear trend indicating that researchers from a wide range of countries
have increasingly recognized the importance of money laundering as a critical issue. This growing awareness
reflects a broader understanding of the substantial impact money laundering has on societies globally.
Researchers from various nations have begun to address the complexities of this issue, highlighting its far-
reaching consequences and the need for comprehensive research and solutions.

The rise in international scholarly interest suggests that money laundering is now seen as a pressing concern
that extends beyond national borders, affecting economies, financial systems, and social structures worldwide.
This shift underscores a collective acknowledgment of the need for global cooperation and deeper investigation
into the mechanisms and repercussions of money laundering. As a result, the final period is marked by a
significant increase in the volume and diversity of research dedicated to unraveling and mitigating the effects
of money laundering.

Results by themes
This article breaks the period down into three sections to analyze the progression of money laundering: 1986–
2002, 2003–2012, and 2013–2023. There are a total of 54 articles, 17 of which are concerned with matters
about rules and regulations. Other themes include the interrelationship between money laundering and other
offenses or crimes, as well as detection methods for money laundering as can be seen in Table 1. On the other
hand, the concentration of the research theme is graphically represented in Table 2. It would appear that the
issue of money laundering detection methods has become the topic that the vast majority of researchers are
most interested in studying.

According to the information presented in Table 2, the second period (2003-2013) broadened the topics by
having a greater number of researchers investigate the laws and regulations about money laundering, as well
as the connections between money laundering and other crimes, such as fraud, tax evasion, corruption, and
terrorism. Compared to the first period, which consisted of a single study by Alldridge (2001), the increase in

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the number of articles indicates a growing interest in the topic of money laundering. Both Rhodes and
Palastrand (2004) and Kwok (2008) focused their attention on the understanding of money laundering and its
legislation in the United Kingdom and Hong Kong, respectively. In the meantime, researchers, such as Dolar
and Shughart (2011) and Betron, (2012) discussed the level of compliance that professional service providers
such as financial institutions have with enforced anti-money laundering provisions. On the other hand, Picard
and Pieretti (2011) discuss the effects of force policies on offshore financial centers as well as their capability
to enforce the compliance of such centers with anti-money laundering regulations. In their research, the
authors focus on the ability of pressure policies to affect compliance.

On a different theme, several researchers who study the practice of money laundering have offered their
thoughts on the interconnections that exist between money laundering and other types of illegal activity. The
market peso Exchange is the specific example that Jurith (2003) uses to elaborate on how money laundering is
intimately associated with terrorism and drug dealing in Colombia. In the meantime, from the Malaysian
perspective, the connection between the flow of money laundering and terrorist financing within its borders
has always been the continuous focus of broad and sustained efforts of combating strategies and these efforts
have been ongoing for quite some time (Shanmugam & Thanasegaran, 2008). It was discovered that there is a
connection between the activities of money laundering and the establishment of tax havens (Schwarz, 2011),
as well as the practice of illegally accepting deposits (Muhammaddun Mohamed & Ahmad, 2012).

During this period, there was a notable increase in interest concerning the methods employed to detect money
laundering. Ngai et al. (2011) observed that while data mining techniques have been extensively applied to
detect insurance fraud, there remains a significant gap in research regarding their application to other forms
of financial crime. Specifically, there is a dearth of studies focusing on mortgage fraud, money laundering, and
fraud in commodities and securities. This gap highlights an opportunity for further investigation into how data
mining could be adapted and optimized to identify and combat these other types of financial misconduct.
Addressing this gap could enhance the effectiveness of fraud detection systems across a broader range of
financial activities and improve overall regulatory and enforcement strategies. These methods might offer
primary answers to the challenges that are inherent in the classification and detection of fraudulent data. Larik
and Haider (2011) introduced a hybrid anomaly detection method that utilizes clustering to construct
customers' usual behavior and statistical approaches to identify transactions that deviate from the matching
group behavior. Christou et al. (2011) offer an innovative hybrid approach for identifying fraud in the rapidly
expanding area of lotteries and online gambling.

In the final period (2013 to 2023), there was an increase of number of research conducted on all three themes.
Based on the review, most of the researchers focused on money laundering detection methods as their research
theme. These studies were undertaken by Dreżewski et al. (2015); Klimova (2016); Colladon and Remondi
(2017); Jayasree and Balan (2017); Badal-Valero et al. (2018); Norton (2018); Passas (2018); Eifrem (2019);
Demetis (2018); Ravenda et al. (2019); Singh and Best (2019); Turki, et al. (2020); Canhoto (2021);
Domashova and Makilina (2021); Eulaiwi (2021); Rocha-Salazar et al. (2022); Tertychnyi et al. (2022) and
Zhang et al. (2022) respectively.

Dreżewski et al. (2015) research focuses on criminal analysis, a big data processing system that processes data
from various sources that is useful to an investigator. The researchers subsequently suggested a piece of
software called the Money Laundering Detection System (MLDS). After successfully analyzing the central
database of a factoring company, primarily active in Italy, over 19 months, Colladon and Remondi (2017)
focused on the potential for the implementation of network analytic techniques to prevent money laundering.
In the UK, banks use the structural coupling concept as part of an expanded money laundering behavioral
profiling program to combat money laundering (Demetis, 2018). Badal-Valero et al. (2018) have also
highlighted the invention of a new money laundering detection tool that integrates data mining and supervising
machine learning tools. At the same time, new transaction management (TRM) proxies could be used by
authorities as warning signs of money laundering activities, according to a study conducted by Ravenda et al.
(2018) on a sample of 355 Italian Mafia-controlled businesses.

Singh and Best (2019) investigate the application of visualization techniques that show how link analysis may
be applied in spotting erroneous bank transactions may help in effectively identifying patterns of money

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laundering activities. Meanwhile, an empirical case study conducted by Turki et al. 2020) found that there was
a highly significant impact of implementing regulatory technology (RegTech) innovations in banks on the
effectiveness of money laundering prevention in Bahrain.

Numerous studies have focused on improving money laundering detection systems. Jayasree and Siva Balan
(2017) found that a bitmap index within a Bitmap Index-based Decision Tree is effective for efficiently
accessing large financial databases. Research by Canhoto (2020), Domashova and Mikhailina (2021),
Tertychnyi et al. (2022), and Zhang et al. (2022) explored the application of machine learning in developing
detection tools. Canhoto (2020) investigated the potential of reinforced machine learning for identifying
unusual financial activities and money laundering. Domashova and Mikhailina (2021) used machine learning
methods to pinpoint organizations at risk of money laundering, while Zhang et al. (2022) proposed a
methodology for creating a national anti-money laundering (AML) index based on Mutual Evaluation reports
and machine learning models. In their latest study, Tertychnyi et al. (2022) examined detection techniques for
an AML monitoring system designed to meet three key requirements: delivering accurate and non-redundant
alerts, providing timely notifications, and associating discussions and risk forecasts with each alert.

Some researchers have highlighted the significance of Suspicious Activity Reports (SARs). For instance, Norton
(2018) explored this legislation from the perspective of the evolving relationship between auditors and the
state, as well as the broader surveillance framework within which SARs are situated. Auditors are tasked with
submitting SARs into ELMER, an online database, but they often lack clear guidance on how to determine
suspicion. Klimova (2016) found that commercial banks frequently delay reporting suspicious transactions to
the monitoring system, making such information less effective for prosecuting illegal activities. In another
approach, Rocha-Salazar et al. (2022) utilized the characteristics of legal entities and self- and group
comparisons within dynamic social networks to identify transactions involving shell companies in financial
systems. Additionally, Eulaiwi et al. (2021) investigated whether the presence of Suspicious Matters Reports
(SMRs) and whistle-blower hotlines within financial organizations influences the relationship between tax
haven usage and the pricing of audit and non-audit services.

In a different terrain, Eifrem (2019) examined how graph technology can mine the truth from data and rapidly
identify potential areas of concern. Earlier on, Passas (2018) discovered that cash payment limitations (CPLs),
which were established to aid in the management of terrorism financing and money laundering, are nowhere
near a panacea that can solve all of these problems and cannot make any of them disappear. Yet, even when
each of these criminal issues is studied separately, there is no empirical link between CPLs and effective
measures. Didimo et al. (2019) introduced TeFNet as a new approach for the visual evaluation of temporal
networks in the fiscal domain, designed to differentiate tax evasion, fiscal fraud, and money laundering.

In this period, the researchers also focus on the relationships of money laundering with criminal activities.
Stack (2015) conferred the use of conversion centers by money laundering organizations to facilitate tax
evasion by the private sector and embezzlement by the state sector. This is supported by Ardizzi et al. (2018)
who used an econometric model in their study and found that financial deepening of Italian municipalities is
positively affected by the local intensity of criminal activity and money laundering. Some researchers study the
relationships between money laundering and drug trafficking activities, such as research conducted by
McCarthy-Jones et al. (2020), Devine et al. (2020), Caulkins and Reuter (2022) and Loayza et al. (2019).

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Table 2: Summary of previous studies by year and themes on money laundering

Years
Themes
1986-2002 2003-2012 2013-2023
Gobena (2021); Bartolozziet al. (2022);
General
Niyetullayev and Almond (2014)
Rhodes and Palastrand
Understanding
(2004); Kwok (2008)
Rules and Dolar and Shughart
Regulation Compliance Omar and Johari (2015); Poon (2021)
(2011); Betron (2012)
McCarthy et al. (2015); Balakina et al.
Effect Picard and Pieretti (2011) (2017); Verhage (2017); Tan (2018);
Gowin et al. (2021); Premti et al. (2021)

Stack (2015); Ardizzi et al. (2018);

Jurith (2003); Shanmugam Gikonyo (2018); Loayza et al. (2019);
and Thanasegaran (2008); Devine et al. (2020); McCarthy-Jones et
Relationship of Money Alldridge
Schwarz (2011); al. (2020); Fletcher et al. (2021);
laundering and other offences (2001)
Muhammaddun Mohamed Rusanov and Pudovochkin(2021), Shen
and Ahmad (2012); et al. (2021); Kemsley et al. (2022);
Caulkins and Reuter(2022)
Dreżewski et al. (2015);Klimova
(2016); Colladon and Remondi (2017);
Jayasree and Siva Balan (2017); Badal-
Valero et al. (2018); Demetis (2018);
Ngai, Hu, Wong, Chen & Norton (2018); Passas (2018); Didimo
Money laundering detection Sun (2011); Larik and et al. (2019); Eifrem (2019); Ravenda et
method Haider (2011); Christou al. (2019); Singh and Best (2019);
et.al. (2011) Turki et al. (2020); Canhoto (2021);
Domashova and Makilina (2021);
Eulaiwi (2021); Rocha-Salazar et al.
(2022); Tertychnyi et al. (2022); Zhang
et al. (2022)

Other researches relate money laundering with illicit proceeds from piracy ventures (Gikonyo, 2018), bitcoin
(Fletcher et al., 2021), terrorism financing (Rusanov and Pudovochkin, 2021), illegal cattle ranching and
deforestation activities (Devine et al., 2020), contraband smuggling (Shen et al., 2021) and also tax evasion
(Kemsley et al., 2022).

On the other hand, several researchers have concentrated on the regulatory and legislative aspects of
combating money laundering. Overall, these studies collectively underscore the importance of robust
regulatory frameworks, effective institutional oversight, and rigorous compliance mechanisms in the fight
against money laundering. Noteworthy studies in this area include those by Gobena (2021), Bartolozzi et al.
(2022), Omar and Johari (2015), Niyetullayev and Almond (2014), McCarthy et al. (2015), Balakina et al.
(2017), Verhage (2017), Tan (2018), Gowin et al. (2021), and Premti et al. (2021). Gobena (2021) attributes
the rise in money laundering in Ethiopia to the country's economic and political systems, arguing that the
growth of money laundering is deeply intertwined with these systemic factors. The research suggests that
systemic weaknesses and political instability create an environment where money laundering can thrive. In
contrast, Bartolozzi et al. (2022) emphasize the role of national Financial Intelligence Units (FIUs) in
strengthening anti-money laundering (AML) frameworks. They argue that the establishment of FIUs as central
authorities responsible for overseeing AML compliance and enforcement was anticipated to significantly
bolster deterrence strategies. This expectation is based on the premise that FIUs can enhance the effectiveness
of AML measures through improved coordination and information sharing. Omar and Johari (2015) focus on
the compliance of professional service providers with AML regulations, similar to the work of Dolar and Sugart
(2011). Their research explores how well these providers adhere to AML rules and the challenges they face in
maintaining compliance. This area of study highlights the importance of ensuring that professionals in the
financial and legal sectors follow AML regulations effectively to prevent money laundering.

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Niyetullayev and Almond (2014) examined Kazakhstan's approach to legalizing illicit money laundering,
particularly the role of amnesty. The study showed that the shadow economy in post-Soviet transition states
can make broad criminalization of money laundering self-defeating unless supplemented with "market-
constituting" policies. Meanwhile, Verhage (2017) observed that the global anti-money laundering system
impacts privacy and due process yet remains largely unexamined due to the difficulty in measuring its
preventative effects.

McCarthy et al. (2015) concluded that when the budget is set, less money should be allocated for financial
oversight and more money should go towards specialist police units to combat money laundering. Instead of
preventing money launderers from serving the market, current strategies that emphasize financial monitoring
merely boost the industry's profitability. Balakina et al. (2017) examined the stigma effect by analyzing cross-
border capital flows to verify the presence and direction of the impact of soft regulations advocated by
international organizations against banking secrecy, particularly concerning alleged tax havens and financial
centers. However, Singapore's anti-money laundering (AML) regulations have proven insufficient as a
deterrent against money laundering activities in financial institutions. This inadequacy is attributed to
regulators' excessive reliance on deterrence-based reasoning, the absence of an "enforcement pyramid," and
economic incentives that lead regulators to be lenient towards financial institutions (Tan, 2018). Subsequently,
Poon (2021) showed that the regulatory capacity of US sanctions has increased by delegating compliance and
enforcement responsibilities to Singaporean state authorities and advanced business services (ABS)
intermediaries. Additionally, two studies investigated the valuation impacts of anti-money laundering (AML)
enforcement actions. Gowin et al. (2021) analyzed the effects of AML enforcement and Office of Foreign Assets
Control (OFAC) economic sanction violations on U.S. financial institutions (FIs), while Premti et al. (2021)
focused on their impact on European banks.

4. Conclusion, Future Research and Limitations

In summary, previous research did not place a significant amount of emphasis on the topic of money
laundering. In later years, there was a rise in the amount of research conducted on the practice of money
laundering. Earlier studies consisted primarily of discussions on the laws and guidelines governing money
laundering. Subsequently, some researchers began to shift their focus to more expansive issues in money
laundering, such as the connections between money laundering and other types of crimes. In addition, research
on various methods of detection started to become the primary area of focus for many scholars.

In subsequent research, it may be possible to do a comparison examination of the detection methods utilized
by nations all over the world. In addition, a comparison analysis of the methods that various service providers
follow when reporting suspicious transactions to promote uniformity and effective preventative measures.
Research into the effects of having a high level of spiritual intelligence might also be a topic of interest to look
into.

The evaluation of studies that are offered here is not comprehensive; rather, it is only an initial attempt to
inspire more research in the field so that the topic of money laundering can remain at the center of attention.
The fact that just a small number of empirical research were used is one of the limitations of the study. Even
though there are certain limitations to this study, it nonetheless provides scholars working in the field and
beginner researchers with useful information and assistance in a practical setting by developing a research
agenda for further investigation. This study shows that most of the research focuses more on the relationship
of money laundering with other offenses and detection methods while lacking an understanding of the
intricacies of money laundering itself and the relevant rules and regulations. Therefore, future research should
delve deeper into the foundational aspects of money laundering, including the legal frameworks, regulatory
measures, and the practical challenges faced in enforcing these regulations. Addressing this gap will provide a
more comprehensive understanding of money laundering, aiding in the development of more effective
prevention and intervention strategies. In conclusion, this article is a great resource for individuals working in
the field of money laundering who are interested in gaining a deeper comprehension of the present scenario.

Acknowledgment: The authors would like to acknowledge Universiti Teknologi MARA Melaka for providing a
grant for this study. Grant reference No: 500-CM (PJI.RMU 5/7/2)

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