Money laundering through consulting companies

The purpose of this paper is to illustrate how illegally obtained funds are laundered by employment of consulting companies in Austria, Germany, Liechtenstein and Switzerland.

A qualitative content analysis of 28 semi-standardized expert interviews with both criminals and prevention experts, and a quantitative survey of 200 compliance officers led to the identification of concrete money-laundering techniques involving the employment of consulting companies.

Consulting companies continue to be used for money laundering in European German-speaking countries, especially in the layering and integration stages of the money laundering process, during which the origins of funds are concealed, and the money is integrated into the legal economy.

Qualitative findings from the analysis of semi-standardized interviews are limited to the 28 interviewees’ perspectives.

Identification of gaps in existing anti-money-laundering mechanisms provides compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate.

The existing literature focuses on organizations that combat money laundering and the improvement of anti-money-laundering measures. This paper outlines how money launderers avoid detection. Both preventative and criminal perspectives are considered.