THE ANTI-MONEY LAUNDERING INITIATIVES IN THE FOOTBALL SECTOR

Cindori, S.; Manola, A.
Abstract:
The strict preventive measures in the financial sector force money launderers to seek alternative channels for money laundering operations. Unique characteristics of the football sector and sport in general represent alternative means of money laundering than in the sectors traditionally exploited by money launderers. Likewise actions were noticed by some football and European authorities as a starting point of raising awareness of the money laundering risks and establishing implementation of the anti-money laundering measures in the football sector. The culmination of those initiatives was a comprehensive report made by the Financial Action Task Force that identifies the risks of money laundering in the structure, finance and culture of the football sector. Those risks are enhanced by the unique characteristics of the governance and financial structure of the football sector such as the complex networks of stakeholders and the substantial amount of money involved. Money launderers could take advantage of these vulnerabilities and apply money laundering methods that are traditionally used in the trade of goods and services in the context of the football sector.
SGEM Research areas:
Year:
2019
Type of Publication:
In Proceedings
Keywords:
money laundering; sport; football; risk; beneficial owner
Volume:
6
SGEM Book title:
6th SWS International Scientific Conference on Social Sciences ISCSS 2019
Book number:
1
SGEM Series:
SWS International Scientific Conference on Social Sciences - ISCSS
Pages:
197-204
SGEM supporters:
Bulgarian Acad Sci; Acad Sci Czech Republ; Latvian Acad Sci; Polish Acad Sci; Russian Acad Sci; Serbian Acad Sci & Arts; Slovak Acad Sci; Natl Acad Sci Ukraine; Natl Acad Sci Armenia; Sci Council Japan; World Acad Sci; European Acad Sci, Arts & Letters; Ac
Period:
26 August – 1 September, 2019
ISBN:
978-619-7408-91-1
ISSN:
2682-9959
Conference:
6th SWS International Scientific Conference on Social Sciences ISCSS 2019, 26 August - 1 September, 2019
DOI:
10.5593/SWS.ISCSS.2019.1/S02.028
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