Money Laundering, Terrorist Financing And How
To Contrast Them: Data And Text Mining In
Business Intelligence Solutions
Author(s)
F. R. Federici
Abstract
The application of data and text mining technologies in business intelligence
solutions can give a great contribution to fighting money laundering and terrorist
financing. These crimes are multiform and so laws are important, but they can’t
be the only tool to contrast them. Money laundering is a well known offence, but
it abandons classic methods in favour of new schemes, thanks to informatics: so
called \“cyber-laundering”. Money laundering has assumed great relevance since
September 11th 2001, because it shows many links to terrorist financing. Data
and text mining can be useful in understanding links between people and
suspicious transactions in order to track real money laundering and terrorist
financing activities. There are American and European initiatives in which
data/text mining and business intelligence assume a strategic rule. However,
these applications have a critical aspect that involves privacy.
Keywords: money laundering, terrorist financing, data and text mining, business
intelligence.
1 Introduction
Money laundering offers a lot of competitive advantages and, in particular,
criminal organizations use \“cleaned” money in order to infiltrate themselves in
the vital points of the lawful economy in order to strengthen their base of power
and prestige. The recent evolution of IT technologies offers new opportunities to
people who want to launder goods: this is cyberlaundering. Money laundering
and financing of terrorism prosper also thanks to the complex financial systems
and to nations with weak, ineffective and corrupted structures that should fight
these two crimes (Schott [1]).
Keywords
money laundering, terrorist financing, data and text mining, business
intelligence.
Related Book
Other papers in this volume
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