INTERNATIONAL MEASURES TO COUNTERACT THE LAUNDERING OF ILLEGAL INCOME OF THE FIFTH GENERATION – LEGAL CONDITIONS FOR STRENGTHENING THE SECURITY OF THE FINANCIAL MARKET
The article analyses the development of international agreements on the means of controlling financial activities, concluded to counteract the laundering of proceeds from crime and the financing of terrorism. The study was carried out by analytical methods based on domestic legislation, internationa...
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| Format: | Article |
| Language: | English |
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Publishing House of the State University of Management
2021-02-01
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| Series: | Вестник университета |
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| Online Access: | https://vestnik.guu.ru/jour/article/view/2636 |
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| author | I. V. Vashchekina A. N. Vashchekin |
| author_facet | I. V. Vashchekina A. N. Vashchekin |
| author_sort | I. V. Vashchekina |
| collection | DOAJ |
| description | The article analyses the development of international agreements on the means of controlling financial activities, concluded to counteract the laundering of proceeds from crime and the financing of terrorism. The study was carried out by analytical methods based on domestic legislation, international agreements and regulations. As a result of thirty years of work on organizing interaction in the developing three-level financial monitoring system, a whole set of measures has developed, the main development trend of which is to reduce information uncertainty. In this regard, the fifth generation of agreements on the limitation of potentially illegal activities in the financial sector, introduced in 2020, is acquiring special importance. The legal entities covered by the restrictive and control measures now include crypto exchange platforms, virtual wallet providers, as well as firms that provide currency exchange services. In a number of areas, information is automatically exchanged about ongoing transactions, as well as about their participants – clients of banks, insurance and brokerage companies, investment funds, in order to prevent aggressive tax planning and make it difficult to access unjustified tax breaks. The paper presents the economic and organizational results of the introduced legal measures. |
| format | Article |
| id | doaj-art-459bf71a74dd44fe9ef9b3dbda22a122 |
| institution | Kabale University |
| issn | 1816-4277 2686-8415 |
| language | English |
| publishDate | 2021-02-01 |
| publisher | Publishing House of the State University of Management |
| record_format | Article |
| series | Вестник университета |
| spelling | doaj-art-459bf71a74dd44fe9ef9b3dbda22a1222025-02-04T08:28:07ZengPublishing House of the State University of ManagementВестник университета1816-42772686-84152021-02-010112613310.26425/1816-4277-2021-1-126-1331952INTERNATIONAL MEASURES TO COUNTERACT THE LAUNDERING OF ILLEGAL INCOME OF THE FIFTH GENERATION – LEGAL CONDITIONS FOR STRENGTHENING THE SECURITY OF THE FINANCIAL MARKETI. V. Vashchekina0A. N. Vashchekin1Russian State University of JusticeRussian State University of JusticeThe article analyses the development of international agreements on the means of controlling financial activities, concluded to counteract the laundering of proceeds from crime and the financing of terrorism. The study was carried out by analytical methods based on domestic legislation, international agreements and regulations. As a result of thirty years of work on organizing interaction in the developing three-level financial monitoring system, a whole set of measures has developed, the main development trend of which is to reduce information uncertainty. In this regard, the fifth generation of agreements on the limitation of potentially illegal activities in the financial sector, introduced in 2020, is acquiring special importance. The legal entities covered by the restrictive and control measures now include crypto exchange platforms, virtual wallet providers, as well as firms that provide currency exchange services. In a number of areas, information is automatically exchanged about ongoing transactions, as well as about their participants – clients of banks, insurance and brokerage companies, investment funds, in order to prevent aggressive tax planning and make it difficult to access unjustified tax breaks. The paper presents the economic and organizational results of the introduced legal measures.https://vestnik.guu.ru/jour/article/view/2636digital technologiescountermeasurecryptocurrenciefinancial organizationsillegal money launderinginternational agreementpayment systemtax optimization |
| spellingShingle | I. V. Vashchekina A. N. Vashchekin INTERNATIONAL MEASURES TO COUNTERACT THE LAUNDERING OF ILLEGAL INCOME OF THE FIFTH GENERATION – LEGAL CONDITIONS FOR STRENGTHENING THE SECURITY OF THE FINANCIAL MARKET Вестник университета digital technologies countermeasure cryptocurrencie financial organizations illegal money laundering international agreement payment system tax optimization |
| title | INTERNATIONAL MEASURES TO COUNTERACT THE LAUNDERING OF ILLEGAL INCOME OF THE FIFTH GENERATION – LEGAL CONDITIONS FOR STRENGTHENING THE SECURITY OF THE FINANCIAL MARKET |
| title_full | INTERNATIONAL MEASURES TO COUNTERACT THE LAUNDERING OF ILLEGAL INCOME OF THE FIFTH GENERATION – LEGAL CONDITIONS FOR STRENGTHENING THE SECURITY OF THE FINANCIAL MARKET |
| title_fullStr | INTERNATIONAL MEASURES TO COUNTERACT THE LAUNDERING OF ILLEGAL INCOME OF THE FIFTH GENERATION – LEGAL CONDITIONS FOR STRENGTHENING THE SECURITY OF THE FINANCIAL MARKET |
| title_full_unstemmed | INTERNATIONAL MEASURES TO COUNTERACT THE LAUNDERING OF ILLEGAL INCOME OF THE FIFTH GENERATION – LEGAL CONDITIONS FOR STRENGTHENING THE SECURITY OF THE FINANCIAL MARKET |
| title_short | INTERNATIONAL MEASURES TO COUNTERACT THE LAUNDERING OF ILLEGAL INCOME OF THE FIFTH GENERATION – LEGAL CONDITIONS FOR STRENGTHENING THE SECURITY OF THE FINANCIAL MARKET |
| title_sort | international measures to counteract the laundering of illegal income of the fifth generation legal conditions for strengthening the security of the financial market |
| topic | digital technologies countermeasure cryptocurrencie financial organizations illegal money laundering international agreement payment system tax optimization |
| url | https://vestnik.guu.ru/jour/article/view/2636 |
| work_keys_str_mv | AT ivvashchekina internationalmeasurestocounteractthelaunderingofillegalincomeofthefifthgenerationlegalconditionsforstrengtheningthesecurityofthefinancialmarket AT anvashchekin internationalmeasurestocounteractthelaunderingofillegalincomeofthefifthgenerationlegalconditionsforstrengtheningthesecurityofthefinancialmarket |