Analysis of Businesses at Risk of Money Laundering and Organized Crimes: Case Study of Chinatown in the U.S.

Henry Ogbeide*, Youngbee Dale*

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

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Abstract

This research examines the types of businesses used by organized criminals in Chinatown, and the evidence of financial crimes such as money laundering risk indicators displayed by these businesses. We examined 80 businesses in Chinatown in the U.S. advertised between January 2023 and April 2023. The data allowed for the identification of key businesses vulnerable to money laundering and organized criminals in Chinatown. According to the analysis, criminals may use certain types of businesses such as immigration consulting companies, employment agencies, financial services, and business leaders to hide their illicit activities and generate illicit proceeds. The results illustrate the weaknesses in the current anti-money laundering regulations surrounding regulated entities as well as the evolving methods that organized criminal networks are adopting to become high-profit enterprises that expand their operations in increasingly sophisticated ways. The present study contributes to earlier research exploring the money laundering techniques used by organized criminals in Chinatown and makes recommendations to strengthen the global fight against financial crimes.
Original languageEnglish
Title of host publicationCorruption, Bribery, and Money Laundering - Global Issues
EditorsKamil Hakan Dogan
Place of PublicationLondon
PublisherIntechOpen
Pages1-21
Number of pages21
DOIs
Publication statusE-pub ahead of print - 2 Apr 2024

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