Tax Evasion and Money Laundering — An Open and Shut Case?

Abstract

Recent debate has centred on the applicability of the money‐laundering legislation to the proceeds of domestic and foreign tax evasion. Banks and other financial institutions have also expressed concern at the practical implications if the proceeds of domestic and foreign tax evasion are covered by the money‐laundering legislation. The purpose of this paper is to address each of these issues and briefly to consider some recent developments.