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Money laundering and the shadow economy in Kazakhstan

Niyatullayev, N. and Almond, P. (2014) Money laundering and the shadow economy in Kazakhstan. Journal of Money Laundering Control, 17 (2). pp. 128-140. ISSN 1368-5201

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To link to this item DOI: 10.1108/JMLC-05-2013-0015

Abstract/Summary

Purpose The purpose of this paper is to assess and highlight the approach taken towards the legal control of illicit money laundering taken in the Republic of Kazakhstan, in particular, the role played by an amnesty on the legalisation of illicit funds. This is particularly important as a basis for a wider discussion about the proper limits of the “criminalising” approaches commonly taken in anti-money laundering regulations. Design/methodology/approach The discussion and evaluation in the paper is based upon a conceptual analysis of the money laundering regime in Kazakhstan, in particular, the legal framework and policies of implementation adopted. Findings The paper demonstrates that the problems that are posed by the shadow economy in post-Soviet transition societies can make the blanket criminalisation of money laundering a self-defeating approach, unless accompanied by measures which allow for the achievement of “market-constituting” effects. Research limitations/implications The paper draws on experience and practice in one jurisdiction only (Kazakhstan); it also limits its focus to one particular example of a money laundering amnesty policy. Both of these limitations, therefore, suggest avenues for further comparative research. Originality/value The paper’s conclusions about the interactions between the shadow economies of transitional societies and the global anti-money laundering agenda have wider application in assessments of international law in this area.

Item Type:Article
Refereed:Yes
Divisions:Faculty of Arts, Humanities and Social Science > School of Law
ID Code:37966
Uncontrolled Keywords:Money laundering, Shadow economy, Kazakhstan, Amnesty, Post-Soviet transition
Publisher:Emerald Insight

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