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The Economic Consequences of Money Laundering under Martial Law
Hrabchuk I. L., Hrygorevska O. O.

Hrabchuk, Iryna L., and Hrygorevska, Olena O. (2022) “The Economic Consequences of Money Laundering under Martial Law.” Business Inform 9:102–107.
https://doi.org/10.32983/2222-4459-2022-9-102-107

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 339.92:336.74

Abstract:
The purpose of the article is to evaluate the consequences of money laundering and disclose their features under martial law. Taking into account the provisions of the Methodology for National Risk Assessment of Money Laundering and Financing of Terrorism in Ukraine, analyzing, systematizing and generalizing the works of scholars, the main consequences of money laundering are defined (deterioration of the stability of financial institutions and the financial system as a whole; deformation of consumption; artificial increase in prices; changes in exports, imports, exchange rates; impact on tax revenues and increasing the possibility of budget deficit; impact on economic growth rates of the country). Approaches to recognizing the positive effect of money laundering along with proposals that such operations can be carried out through developed countries were critically evaluated. Despite the examples of money laundering with the participation of large companies and financial institutions in Denmark, Belgium, Switzerland and the results of a study of the activities of Australian firms that received positive indicators as a result of money laundering obtained in the course of criminal activities or gambling, the inexpediency of legalizing money laundering through developed countries is substantiated. When solving the problem of money laundering, which has gone beyond the regions and has become global, the need to take into account the interests of different groups of countries and the fact that money laundering in developed countries does not eliminate sociopolitical consequences has been proved. As a result of the study, the peculiarities of the consequences of money laundering under martial law are revealed. It is shown that the introduction of martial law exacerbated a number of negative manifestations of money laundering, while the significance of a number of consequences is practically leveled due to the use of additional tools for the State-run regulation of the economy. Prospects for further research in this direction are the consideration of international practices in countering the money laundering and the financing of terrorism in crisis conditions.

Keywords: FATF, money laundering, financing of terrorism, martial law.

Tabl.: 1. Bibl.: 12.

Hrabchuk Iryna L. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Information Systems in Management and Accounting, Zhytomyr Polytechnic State University (103 Chudnivska Str., Zhytomyr, 10005, Ukraine)
Email: [email protected]
Hrygorevska Olena O. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Digitization and Business Consulting, Kyiv National University of Technologies and Design (2 Nemyrovycha-Danchenka Str., Kyiv, 01011, Ukraine)
Email: [email protected]

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