Motivating a standardised approach to financial intelligence: a typological scoping review of money laundering methods and trends

Abstract

Abstract Objectives A comprehensive scoping review, followed by visual analyses of results, was conducted to understand the overall money laundering threat landscape. Methods A PRSIMA-ScR-compliant review of 105 money laundering ‘typologies and trends’ reports was conducted, coding different components of money laundering and addressing the often-inconsistent nature of typologies reporting. Results The review identified 16 typologies, over 200 value instruments, over 200 actors/entities and 2565 red-flag indicators relevant to money laundering. Results were visualised to identify aggregate trends, including the suspicious activities with which these actors/entities and value instruments are typically involved. Conclusion The review suggests that a more holistic and cross-typological approach to reporting money laundering-related financial intelligence can assist in fostering better data sharing and cooperation across jurisdictions. Implications are drawn for how ‘typologies’ can be reported and articulated across relevant stakeholders in a more standardised and effective manner to improve prevention measures.