Acta Universitatis Danubius. Juridica, Vol 3, No 1 (2007)

Abstract

The total of the sums involved in money laundering is huge and stands in the way of the economic development of many countries. The globalizing era has produced an explosion in the volume of illegitimate commercial and financial transactions. “Dirty money” is money that is illegally earned, illegally transferred or illegally utilized. If it breaks laws in its origin, movement or use, then it qualifies for the label. On the European level the coordination of efforts in the “dirty” money laundering was represented in the “Convention on money laundering, discovering, arrest and confiscation of discovered means received in a criminal way” adopted by the Council of Europe (Strasburg, 08.01.90; further – the Convention), and also in the directive approved by the Council of the EU as of February 14, 1991, No.91/308/CEE as for preventing use of finance system for money laundering. The directive of the EU assigned spread of the provisions concerning combating laundering not only on profits from drugs business and also on terrorism and other kinds of organized crime.