ZELJKO BJELAJAC of the University of Novi Sad states that the combination of over 100 tax havens worldwide, correspondent accounts that nullify the 'Know Your Customer (KYC)' principle and proliferation of new electronic payment systems have significantly enhanced the scale of money laundering operations by transnational organized crime.
In an analysis of contemporary money-laundering for the Research Institute for European and American Studies (RIEAS), "Contemporary Tendencies in Money Laundering Methods", he draws attention to the inherent risks of electronic payment systems such as lack of transparency, inadequate recording and alerting on suspicious transactions and hindered access to judicial authorities that have been identified by the expert Financial Agenda Task Force (FATF).
He highlights global co-operation including universal standards for prevention of money-laundering and funding of terrorism, implementation across all jurisdictions, establishment of supervisory and internal controls, specialized education and staff training methodologies, detection and prosecution to reduce the risks arising out of money-laundering.
In an analysis of contemporary money-laundering for the Research Institute for European and American Studies (RIEAS), "Contemporary Tendencies in Money Laundering Methods", he draws attention to the inherent risks of electronic payment systems such as lack of transparency, inadequate recording and alerting on suspicious transactions and hindered access to judicial authorities that have been identified by the expert Financial Agenda Task Force (FATF).
He highlights global co-operation including universal standards for prevention of money-laundering and funding of terrorism, implementation across all jurisdictions, establishment of supervisory and internal controls, specialized education and staff training methodologies, detection and prosecution to reduce the risks arising out of money-laundering.
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