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Review

Mapping the Knowledge Landscape of Money Laundering for Terrorism Financing: A Bibliometric Analysis

School of Management Studies, National Forensic Sciences University, Gandhinagar 382007, Gujarat, India
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Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2024, 17(10), 428; https://doi.org/10.3390/jrfm17100428
Submission received: 10 August 2024 / Revised: 12 September 2024 / Accepted: 18 September 2024 / Published: 24 September 2024
(This article belongs to the Special Issue Fintech, Business, and Development)

Abstract

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This study employs a bibliometric analysis of emerging trends in money laundering for terrorism financing (ML/TF) to provide direction for future research. The authors used VOSviewer and analyzed 2577 published documents retrieved from the SCOPUS database using the PRISMA methodology. The findings reveal a growing research interest in understanding the complex interplay between money laundering and terrorism financing. This research emphasizes the significance of ML/TF for economic stability, as understanding terrorism financing mechanisms allows authorities to trace and block funds going to terrorist groups, which is crucial for national security. Critical insights for policymakers underscore the need for robust legislative frameworks, effective Financial Intelligence Units (FIUs), and international collaboration to combat these global threats. This analysis offers a foundation for future research, mapping the evolving knowledge landscape in ML/TF.

1. Introduction

A robust and transparent financial system contributes significantly to the global fight against money laundering for terrorist financing. Consequently, research into the vulnerabilities and countermeasures within the banking sector has been gaining the interest of researchers across the globe. Money laundering for the purpose of financing terrorism (ML/TF) poses a significant threat to global security and financial stability. Criminal enterprises and terrorist organizations take advantage of financial systems to obscure the origins of their money and fund their operations. Addressing ML/TF requires a comprehensive strategy that incorporates robust legislative measures, efficient Financial Intelligence Units (FIUs), and collaborative efforts on an international level.
With this background, this study aims to provide readers with a brief outline of the literature on money laundering for terrorism financing. It focuses on emerging trends, publication statuses, and leading authors, organizations, and countries contributing to this field of study.
Money laundering and terrorism financing are critical issues that intersect with global governance, democracy, and criminality. Various studies highlight the complexities of these issues across different regions and legal systems. For instance, international governance organizations like the Financial Action Task Force (FATF) play a pivotal role in setting anti-money laundering (AML) and counterterrorism financing (CTF) standards, urging member states to comply with international regulations (Kalokoh 2024). Despite the widespread adoption of these standards, many countries continue to face significant challenges in implementation. In Bosnia and Herzegovina, for example, money laundering is governed by criminal laws at multiple levels—state, entity, and district—indicating the complexity of managing compliance across different jurisdictions. While preventive measures are outlined in national laws, assessments reveal practical deficiencies in terms of enforcement and the adaptation of regulations to current laundering methods (Katica 2024). Similar challenges exist globally, where the effectiveness of regulatory frameworks varies, particularly in regions with high levels of criminality and political instability. Several scholars have explored the relationship between democratic governance and the ability to combat financial crimes. According to Nizzero (2023), International Relations theory offers insights into how global political dynamics affect the coordination of AML and CTF efforts. The research in this field emphasizes that international cooperation is essential for addressing transnational crime, yet the success of these efforts often depends on individual countries’ internal stability and governance structures. Criminologists contribute to this conversation by analyzing how criminal networks exploit legal loopholes and technological advancements. Hybrid threats, which blend traditional crime with cybercrime and terrorism, present emerging challenges to the financial system’s stability. Korauš et al. (2024) suggest that a more integrated approach is needed, combining criminological and international relations perspectives to effectively address these hybrid threats. Another emerging concern is the role of legal professionals in AML/CTF frameworks. The FATF mandates that lawyers, notaries, and similar professionals assess and mitigate money laundering and terrorism financing risks within their practices. However, these requirements have sparked debate, particularly regarding client confidentiality, with some arguing that these measures infringe on attorney–client privilege (Goldbarsht and Benson 2023). This tension between regulatory compliance and professional ethics continues to be a significant concern across jurisdictions. Additionally, digital financial tools such as crowdfunding have become attractive funding techniques for legitimate and illicit activities. Teichmann et al. (2022) warn that while crowdfunding can accelerate innovation and project funding, it is also a high-risk avenue in terms of money laundering, fraud, and terrorism financing. Indonesia’s efforts to strengthen its AML/CTF measures, particularly in light of its FATF membership, are an example of how countries adapt to these emerging risks. Ginting et al. (2024) note that while joining FATF has bolstered Indonesia’s global economic reputation, challenges like weak cash declaration rules and a limited supervisory capacity remain (Table 1).
This article investigates the interconnected issues of money laundering and terrorist financing (ML/TF), emphasizing the necessity of a comprehensive strategy that includes robust legislation, effective Financial Intelligence Units (FIUs), and international collaboration. By employing bibliometric analysis of the existing literature, it sheds light on the current research landscape, identifying key trends, authors, and organizations contributing to the field. This study aims to inform policymakers and law enforcement about the complex relationships between ML and TF, with the aim of ultimately enhancing strategies to disrupt criminal financial networks.
The bibliometric analysis uncovered important patterns in terms of the co-occurrence of keywords, authorship networks, and citation trends in the literature on money laundering and terrorist financing (ML/TF). This article highlights emerging research trends and influential contributors. This study will help researchers contribute to more effectively in the future in order to advance knowledge on the issue of money laundering and terrorist financing.

2. Materials and Methods

In the present study, the VOSviewer tool (van Eck and Waltman 2017) was employed to investigate the emerging trends related to money laundering for terrorist financing. VOSviewer version 1.6.20 (www.vosviewer.com) is a bibliometric software that utilizes a dataset of literature samples as its input, constructs a knowledge map, and generates visualization maps (Huang et al. 2022). Based on electronic bibliographic data, the visualization process can be performed using various analytical options, including co-authorship, co-occurrence, citation analysis, bibliographic coupling, and co-citation (Deveci 2023). Visualization methods serve as invaluable resources in research as they aid in comprehending intricate data and uncovering insights that may not be readily apparent through fundamental data analysis alone (Wagner Filho et al. 2018). Bibliometric methods, often referred to as bibliometric analysis, have become well-established scientific practices and are crucial in evaluating research, especially in scientific and applied disciplines. These methods are increasingly being employed to examine different facets of science and play a significant role in ranking institutions and universities globally. With a substantial body of research now available, it is feasible to use bibliometric analysis to study bibliometric methods themselves (Ellegaard and Wallin 2015).

2.1. Research Questions

  • What is the current status of publications on money laundering and terrorist financing?
  • What are the emerging trends in terms of publishing citations for money laundering for terrorist financing?
  • What are the leading authors, and which are the leading contributing organisations and countries, contributing to money laundering for terrorist financing?

2.2. Searching & Retrieving Data

SCOPUS, Web of Science, Google Scholar, etc., are some of the available databases that can be searched for the documents for the bibliometric analysis. The SCOPUS database provided us with more search results than the others (Moosa et al. 2021). The SCOPUS database has a large number and variety of publications. Further, in recent times, Scopus has earned a reputation as a comprehensive bibliographic data source, and it has proven to be reliable and, in some ways, even better than WoS. Due to this, this study used the SCOPUS database to search and retrieve the data for analysis.
The search was performed on 2 July 2024 using the keywords “Money Laundering” and “Terrorism Financing”, and also by adding OR Boolean searches—“FATF” and “Anti-money Laundering”—to yield a total of 4638 results. The preferred results were used in the systematic reviews (PRISMA) (Moosa et al. 2021) for the identification, screening, and selection of the final data for the analysis (Figure 1).
The data file containing the 2577 documents was exported from the SCOPUS database as a .csv file and a BibTex file. The data could then be used for visualization purposes. In the study, we used the VOSviewer tool for the analysis (van Eck and Waltman 2017). Biblioshiny (an R tool for comprehensive Science Mapping Analysis) was utilized for the analysis (Aria and Cuccurullo 2017). Biblioshiny contains the most extensive set of techniques and is suitable for practitioners through Bibliometrix, an R package version 4.4.1 (Moral-Muñoz et al. 2020).
TITLE (“Money Laundering” OR “Terrorism Financing” OR “FATF” OR “Anti-money Laundering” OR “Terrorist Financing” OR “Financial Intelligence Units” OR “Financial Intelligence Unit” OR “Financial Action Task Force” OR “Financing of terrorism” OR “Financial Intelligence” OR “Counter-terrorism Financing” OR “Anti-money Laundering” OR “counter Terrorism Financing” OR “Counterterrorism” OR “Counter terrorism”) AND (LIMIT-TO (SUBJAREA, “SOCI”) OR LIMIT-TO (SUBJAREA, “ECON”) OR LIMIT-TO (SUBJAREA, “BUSI”) OR LIMIT-TO (SUBJAREA, “MULT”)) AND (LIMIT-TO (DOCTYPE, “ar”) OR LIMIT-TO (DOCTYPE, “re”)) AND (LIMIT-TO (LANGUAGE, “English”)).
During the initial stage of the process, we obtained descriptive results. For this, electronic data files containing the descriptive values of 2577 documents from the search results in the Scopus database were stored in the computer. The files were then arranged in the Excel electronic file, and the descriptive results were obtained in the next stage; visualization approaches were analyzed to obtain the evaluative results (Deveci 2023). VOSviewer was used, giving us a platform with methods and features that could be used in the analysis and the visualization process. VOSviewer is a software tool for constructing and visualizing bibliometric networks (Pires and Rafael 2022; van Eck and Waltman 2017) and was used in this study to construct and view bibliometric maps. VOSviewer can display maps constructed using any suitable mapping technique, and the program can be applied not only to display maps, constructed using the VOS mapping technique, but also to display maps constructed using techniques such as multidimensional scaling (van Eck and Waltman 2009). VOSviewer runs on a large number of hardware and operating system platforms and can be started directly from the Internet (van Eck and Waltman 2009). VOSviewer is a bibliometric software that samples pieces of literature data as inputs, draws a knowledge map, and creates visualization maps (Huang et al. 2022). The visualization approaches based on the electronic bibliographic data can be carried out using different analysis options, such as co-authorship, co-occurrence, citation analysis, bibliographic coupling, and co-citation (Deveci 2023). Further, there are various analysis options, such as the author, organization, country, and source. Then, based on the analysis unit, the output is visualized using data mapping techniques such as network visualization, overlay visualization, and density visualization (Deveci 2023). The paper provides a comprehensive data analysis method, utilizing co-occurrence, co-authorship, and citation mapping approaches derived from bibliographic data.

2.3. Evaluative Parameters

The evaluative parameters include keyword co-occurrence, co-authorship, and citation analysis findings.
  • Keyword co-occurrence: This refers to the frequency with which two or more keywords appear together in a set of academic documents or publications. It helps to identify the relationships between concepts and topics in a research area by analyzing how often particular keywords are used together. The more frequently keywords co-occur, the stronger the connection between those research themes, revealing trends and key topics within the field.
  • Co-authorship: This analysis examines the collaboration patterns between authors, organizations, or countries based on the shared authorship of publications. By studying co-authorship networks, one can understand the structure of academic collaboration, identify influential researchers or institutions, and observe how knowledge is being exchanged and co-produced across different entities in a field.
  • Citation Analysis: This method evaluates the impact or influence of academic papers by examining how often they are cited by other researchers. Citation analysis can track the intellectual influence of specific papers, authors, or institutions. It helps in identifying key contributions to a field, highly cited works, and the flow of knowledge over time across different research areas.
The table below provides comprehensive details of the mapping and visualization approaches based on the bibliographic data under consideration.
Table 2 provides a detailed overview of the different types of analyses, units, counting methods, and limitations used in bibliometric evaluations, particularly focusing on co-occurrence, co-authorship, and citation mapping. Table 2 shows that for co-occurrence, the unit of analysis is author keywords, and fractional counting is employed based on the occurrences of keywords, with a threshold of five occurrences. In co-authorship analysis, authors, organizations, and countries are the units, with fractional counting measuring the total link strength. For citation analysis, documents, sources, authors, organizations, and countries are evaluated, focusing on citation counts or total link strength. In this context, weights such as the occurrences and total link strength determine the strength of connections in the network. Visualization types like network visualization (NV) are used to represent relationships between entities, providing insight into collaborative and citation networks across various levels of analysis.

3. Results

The bibliometric analysis, conducted on 2577 documents from the Scopus database, revealed significant trends in money laundering for terrorism financing (ML/TF). The co-occurrence keyword analysis highlighted “money laundering” as the most frequent term, followed by “terrorism”, “counterterrorism”, and “anti-money laundering”, underscoring the primary research focus. The citation analysis identified key contributions to the field, with the United Kingdom, the United States, and Australia emerging as the most cited countries, reflecting their prominence in ML/TF research. The top-cited journals include the “Journal of Money Laundering” and “Crime Law and Social Change”, which are critical in disseminating research findings in this domain.
Additionally, the co-authorship analysis revealed solid collaborative networks, particularly among researchers from the United Kingdom and the United States. This study also indicated that regulatory and compliance issues are gaining increased attention, especially in evolving financial systems. These findings underscore the importance of international cooperation and interdisciplinary research in combating ML/TF while highlighting areas where further investigation is required, particularly in the intersection between money laundering and terrorism financing.
The journals shown in Figure 2 were chosen based on their relevance to critical research areas surrounding money laundering, terrorism financing, and financial crimes. These journals focus on issues directly related to anti-money laundering efforts, counterterrorism financing, and the broader nexus of economic crime. The selection also reflects the increasing publication output of these journals over time, as demonstrated by the cumulative occurrences in the figure, indicating their growing prominence in academic and policy discussions on these crucial topics. This trend highlights the journals’ significant contributions to understanding vulnerabilities and countermeasures within the global financial system.
The bibliometric analysis shows that the United Kingdom, with a substantial total of 4317 citations, as illustrated in Figure 3, was the most cited country. This indicates that the UK holds a significant position in the realm of research. Together, the United States and Australia accounted for more than 4663 citations, with Australia showcasing notable productivity in Asia and highlighting its considerable research contributions in that area. Furthermore, the Netherlands and Switzerland are noted, with 775 and 589 citations, respectively. This provides a thorough summary of the five most cited countries.

3.1. Co-Occurrence Keyword Analysis

The network visualization results of 219 of 3788 keywords that meet the criteria in terms of author keyword co-occurrence, with at least 5 occurrences of a keyword (Deveci 2023), are given in Figure 4.
Out of the top 219 keywords, the top 10 keywords with the highest co-occurrence were money laundering (frequency of occurrence (FO) = 663), terrorism (FO = 273), counterterrorism (FO = 234), anti-money laundering (FO = 121), regulation (FO = 70), corruption (FO = 59), terrorist financing (FO = 58), compliance (FO = 48), security (FO = 39). Among these keywords, the 5 keywords with the highest total link strength were money laundering [total link strength (TLS) = 541], terrorism (TLS = 247), counterterrorism (TLS = 198), anti-money laundering (TLS = 98) and regulation (TLS = 69) (Deveci 2023).

3.2. Co-Authorship Analysis

The analysis of co-authorship among the authors yielded 1000 results, and Figure 5 displays the highest link strength for each of the 1000 authors’ co-authorship connections (Deveci 2023).
The top 10 authors with the highest total link strength of co-authorship were, respectively, Mohamed Norazida (TLS = 11), Falker Marie-Christen (TLS = 11), Omar Normah (TLS = 10), Unger Brigitte (TLS = 8), Salehi Mahdi (TLS = 8), Masciandaro Donato (TLS = 8), Kaunert Christian (TLS = 7), Ofoeda Isaac (TLS = 5) (Ofoeda et al. 2020), Kuzmenko Olha (TLS = 4), Akartuna Eray Arda (TLS = 4) and Aish Kinza (TLS = 4).
The analysis of organizations’ co-authorship produced 554 results. Figure 6 displays the highest total link strength for each of the 554 organizations’ co-authorship links.
The top 10 organizations with the highest total link strength of co-authorship were, respectively, Teichmann International (Schweiz) AG (TLS = 5); the Accounting Research Institute, University Technology Mara, Shah Alam (TLS = 5); the School of Law, University Utara (TLS = 3); the Faculty of Law, University Kebangsaan (TLS = 3); the Association of German Public Banks (TLS = 3); Bocconi University (TLS = 3); the University of Gujarat (TLS = 3); Prince Sultan University (TLS = 2); the Financial Intelligence Unit (TLS = 2); the University of Birmingham (TLS = 2); and the European University Institute (TLS = 2).
Countries were analyzed for co-authorship, yielding 140 results. Figure 7 displays the highest total link strength for each country’s co-authorship connections.
The top 10 countries with the highest total link strength of co-authorship were, respectively, the United Kingdom (TLS = 104), the United States (TLS = 77), Australia (TLS = 50), Netherlands (TLS = 28), Malaysia (TLS = 23), China (TLS = 16), Canada (TLS = 15), Indonesia (TLS = 14), Switzerland (TLS = 9), India (TLS = 8). The United Kingdom, with the highest total link strength, has the strongest connection with the United States and Australia.

3.3. Citation Analysis

The network visualization of the citation links, calculated for each of the 940 documents that meet the threshold value out of 1000 documents in the citation analysis results in terms of documents is given (Deveci 2023) in Figure 8.
The top 10 highly cited documents are as follows, with Abrahms (2008) leading the list with an impressive number of citations (NC = 293), followed by Heath-Kelly (NC = 281) (Heath-Kelly 2012), Tyler (NC = 251) (Tyler et al. 2010); McCulloch (NC = 226) (McCulloch and Pickering 2009), Bueno de Mesquita (NC = 219) (Bueno de Mesquita and Dickson 2007), Lum (NC = 201) (Lum et al. 2006), Levi (NC = 201) (Levi and Reuter 2006), Koschade (NC = 144) (Koschade 2007), Hoffman (NC = 135) (Hoffman and Shelby 2017), and Boer (NC = 133) (Boer et al. 2007). In addition, the top 10 documents with the highest citation link were, respectively, Abrahms (2008), Heath-Kelly (2012), Tyler et al. (2010), McCulloch and Pickering (2009), Bueno de Mesquita and Dickson (2007), Lum et al. (2006), Levi and Reuter (2006), Koschade (2007), Hoffman and Shelby (2017), and Boer et al. (2007). Moreover, the documents with the most citations were given in a reference list (Deveci 2023).
Total link strength is an essential metric in bibliometric analysis that measures the degree of connectivity between entities, such as sources, authors, organizations, and countries, within a research field. These evaluations are crucial for several reasons:
  • Total link strength according to sources: This evaluates the overall connections between different academic journals or sources. It indicates how frequently journals cite each other, helping to identify influential publications and core journals in a specific research domain. Understanding these relationships provides insights into the most important and central sources contributing to knowledge in the field.
  • Total link strength to authors: This assesses the citation connections between individual authors, showing which researchers are most interconnected based on their work. It helps to identify leading authors and their influence on the research community. A high total link strength can signify the authors who are central to the dissemination of ideas, collaborations, and the development of new knowledge in a particular area.
  • Total link strength to organizations: This measures how institutions or research organizations are connected through their published works and citations. It highlights the collaborative networks of institutions and can reveal the most influential research organizations. This analysis is essential for understanding the distribution of knowledge production and the key organizations driving research in specific fields.
  • Total link strength to countries: This evaluates the global influence of countries by examining how often papers from different countries cite one another. It reflects the international collaboration and the impact of research at a national level. Countries with a high total link strength are often key players in global research, contributing significantly to the development of knowledge and international research partnerships.

3.4. Total Link Strength According to Sources

A total of 760 sources (journal, congress, etc.) were assessed. The total link strength of the citation links of the 430 sources meeting the criteria from the 760 sources is given (Deveci 2023) in Figure 9.
The top five sources with the highest number of citations were, respectively, the Journal of Money Laundering (NC = 1169), Crime, Law and Social Change (NC = 170), the Journal of Financial Regulation and Compliance (NC = 153), Studies in Conflict and Terrorism (NC = 148), and Terrorism and Political Violence (NC = 100). Additionally, the top five sources with the highest total link strength of citation links were the Journal of Money Laundering; Crime, Law and Social Change; the Journal of Financial Regulation and Compliance; Studies in Conflict and Terrorism; and Terrorism and Political Violence.

3.5. Total Link Strength to Authors

As a result of the citation analysis, a total of 2000 authors were reached and the total link strength of citation links of the 1692 authors out of 2000 who met the criteria is given (Deveci 2023) in Figure 10.
The top 10 authors who have received the highest number of citations are as follows: Masciandaro Donato (NC = 349), Levi Michael (NC = 229), Teichmann Fabian Maximilian Johannes (NC = 196), Mohammed Norazida (NC = 180), Unger Brigitte (NC = 180), Salehi Mahdi (NC = 164), Ofoeda Isaac (NC = 144), Ferwerda Jonas (NC = 143), Kaunert Christian (NC = 139), and Naheem Mohammed Ahmad (NC = 129). Furthermore, the following is a list of the top 10 authors with the highest total link strength of citation links: Masciandaro Donato, Levi Michael, Teichmann Fabian Maximilian Johannes, Mohammed Norazida, Unger Brigitte, Salehi Mahdi, Ofoeda Isaac, Ferwerda Jonas, Kaunert Christian, and Naheem Mohammed Ahmad.
A total of 1500 organizations were identified through the organization citation analysis. Figure 11 presents the total link strength of citation links for 1477 organizations that met the specified criteria out of the total 1500 identified organizations.

3.6. Total Link Strength to Organizations

The top 10 organizations with the highest number of citations were, respectively, the Institute of Finance Management, Tanzania (NC = 222); Teichmann International Ag, St. Gallen, Switzerland (NC = 210); Teichmann International Schweiz, Switzerland (NC = 129); the Department of Economics and Administrative Sciences, Iran (NC = 122); the Department of Management and Administrative Sciences, Gujarat (NC = 84); the Department of Finance, Ghana (NC = 85); the Department of Accounting, Ghana (NC = 70); the Accounting Research Institute, Malaysia (NC = 58); Bocconi University, Italy (NC = 51); and Southwest Jiaotong University, China (NC = 48). In addition, the top ten organizations with the highest total link strength regarding citation links were identified as the Institute of Finance Management, Tanzania; Teichmann International Ag, St. Gallen, Switzerland; Teichmann International Schweiz, Switzerland; the Department of Economics and Administrative Sciences, Iran; the Department of Management and Administrative Sciences, Gujarat; the Department of Finance, Ghana; the Department of Accounting, Ghana; the Accounting Research Institute, Malaysia; Bocconi University, Italy; and Southwest Jiaotong University, China.

3.7. Total Link Strength to Countries

A total of 140 countries were identified via citation analysis by country. The total link strength of citation links of 108 countries meeting the criteria from 140 countries is given in Figure 12 (Deveci 2023).
The following list comprises the top 10 countries with the highest citation counts: the United Kingdom (NC = 1242), the United States (NC = 731), Australia (NC = 670), Italy (NC = 412), Malaysia (NC = 364), Pakistan (NC = 225), Canada (NC = 262), China (NC = 187), Iran (NC = 182), and New Zealand (NC = 120). Furthermore, the top 10 countries with the highest total link strength of citation links were the United Kingdom, the United States, Australia, Italy, Malaysia, Pakistan, Canada, China, Iran, and New Zealand.

4. Discussion

This bibliometric analysis of 2577 research articles retrieved from the Scopus database revealed several key findings regarding the research landscape on money laundering (ML) and terrorist financing (TF).

4.1. Focus Areas

  • Thematic analysis using the co-occurrence of keywords identified “money laundering” as the most frequent term, followed by “terrorism”, “counterterrorism”, “anti-money laundering”, and “regulation.” This highlights the primary focuses of understanding the nature of ML and developing strategies to combat it.
  • Citation analysis revealed that the most cited documents dealt with the broader themes of terrorism and counterterrorism, suggesting a potential gap in research specifically focused on the intersection of ML and TF.

4.2. Authorship and Collaboration:

  • The analysis of co-authorship revealed the top 10 authors and institutions with the highest total link strength (Deveci 2023). These data are valuable for identifying leading researchers and potential collaborators within the domain.
  • The nations with the highest total link strength among the top 10 include the United Kingdom, the United States, and Australia, reflecting a strong research emphasis in developed countries.

4.3. Sources and Citations

  • The “Journal of Money Laundering” emerged as the publication with the most citations, followed by “Crime, Law and Social Change” and the “Journal of Financial Regulation and Compliance.” These findings suggest that these journals serve as important platforms for sharing research on money laundering (ML) and terrorist financing (TF).
  • Among the top 10 most cited authors were Masciandaro Donato, Levi Michael, and Teichmann Fabian Maximilian Johannes. These scholars have notably advanced the field.
  • The results indicate that research on ML and TF is becoming more interdisciplinary, establishing links between financial crimes, terrorism studies, and regulatory frameworks. While prominent researchers and institutions have been identified, there remains a need for further investigation into the effectiveness of the prevailing strategies aimed at combating ML and TF activities.

4.4. Emerging Trends in Money Laundering for Terror Financing

4.4.1. Increased Focus on Network Analysis

The use of the co-occurrence analysis of keywords suggests a shift towards studying money laundering and terror financing as interconnected networks. This emphasizes the significance of comprehending the connections between actors, methods, and vulnerabilities within the more extensive financial system.

4.4.2. Evolving Techniques and Actors

The analysis suggests an increasing amount of research is focused on specific techniques, such as trade-based money laundering. Furthermore, delving into the co-authorship analysis could potentially uncover valuable information about the participation of non-state actors or individuals in terror financing endeavors.

4.4.3. Regulatory and Compliance Landscape

The increasing usage of keywords such as “regulation” and “compliance” indicates a rising curiosity among researchers regarding the effectiveness of current anti-money laundering/counterterrorist financing (AML/CTF) regulations. This corresponds with modifying regulatory frameworks to tackle new and evolving risks.

4.4.4. Technological Advancements and Vulnerabilities

The analysis does not directly address keywords associated with new technologies; however, it could be beneficial to investigate how cryptocurrencies, virtual assets, and online platforms are being misused for money laundering and terrorism financing.

4.4.5. Heightened Focus on Specific Areas

Although money laundering and terrorism financing remain central topics, the analysis reveals a growing focus on particular aspects of these issues. Terms such as “counterterrorism”, “regulation”, and “compliance” indicate a trend towards stronger measures to combat these activities.

4.4.6. Collaboration and Knowledge Exchange

The co-authorship analysis indicates active cooperation among researchers from various countries and institutions (e.g., universities, Financial Intelligence Units). This reflects a global initiative to comprehend and combat money laundering and terrorism financing. The involvement of leading countries such as the UK, the US, and Australia further underscores this international collaboration.

4.4.7. Key Sources and Researchers

The citation analysis identifies significant sources and influential researchers in this field. Journals like “The Journal of Money Laundering” and “Studies in Conflict and Terrorism” appear to be crucial platforms for research on this subject (Weinberg and Eubank 2008). Additionally, prominent researchers such as (Masciandaro 2013), (Levi and Reuter 2006), and (Teichmann and Falker 2020) are emerging as thought leaders in this area.

5. Conclusions

This bibliometric analysis offers an extensive summary of the research landscape sur-rounding money laundering and terrorist financing. This study has explored co-occurrence patterns, authorship dynamics, and citation networks, highlighting significant research themes, prominent scholars, and essential publications within the discipline.
The prominence of “money laundering” as a central keyword brings to light its continued significance as a research focus. However, the relatively lower frequency of terms directly linked to terrorist financing suggests a potential gap in research dedicated to this specific intersection. This shows the need for further exploration of the evolving relationship between these two criminal activities.
The analysis reveals a concentration of research in developed countries, particularly the United Kingdom, the United States, and Australia. To enhance the global perspective on ML and TF, future research should prioritize collaborations with scholars from diverse geographical contexts, especially regions known as financial crime hotspots.
This bibliometric analysis of 2577 documents on money laundering (ML) and terrorist financing (TF) highlights some of the well-established results from this research area and some findings that are new. The prominent focus on such key terms as ‘money laundering,’ ‘terrorism,’ and ‘anti-money laundering’ is in harmony with other scholars, who call upon nations to establish adequate measures to mitigate these concerns. It also supports previous studies, seeing the UK, the USA, and Australia as the three dominant countries in this area of study, which indicates the extent of these countries’ supplementary research output in this area. This study concludes that anti-financial crime measures and compliance culture are also supportive of the studies that have placed a premium on such aspects when dealing with the challenges of money laundering and terrorist finance. However, this study also brings out new findings, particularly concerning the emerging phenomenon of analyzing social networks. This perspective aimed to describe money laundering as well as terrorist financing together with their activities as networks, representing a departure from the challenges seen with the older barriers. This act of putting things into the right perspective depicts the systems being used that many prior studies may not have focused on sufficiently. The concern about the effectiveness of the anti-money laundering, anti-terrorism measures demonstrates that there is an appreciation of the threat posed by the evolution of financial landscapes, such as via crypto-currencies and online platforms—topics that have received limited exploration in earlier research. Overall, while this study aligns with foundational concepts in the literature, it introduces fresh perspectives on the complexities and interconnectedness of ML and TF. The findings underscore the necessity for interdisciplinary collaboration and continued research to address the evolving challenges in this critical area
To enhance the global perspective on ML and TF, future research should prioritize collaborations with scholars from diverse geographical contexts, especially regions known as financial crime hotspots.
Furthermore, this study identifies the need for deeper investigation into the effectiveness of existing anti-money laundering and counterterrorism-financing measures. The practical implications of research findings can be examined by policymakers and practitioners so that they can develop more robust strategies to combat these transnational crimes.

6. Future Scope of Research

Further research is needed on the use of cryptocurrencies in money laundering and terrorist financing. Additionally, more research is required on how machine learning can aid in identifying money laundering and terrorist financing. Future research should also explore the gaps in anti-money laundering and counterterrorism financing and how these policies can be implemented in vulnerable countries.

Author Contributions

The five authors, H.T., S.D., P.B., S.B.D., H.B. and S.O.J., contributed equally to all aspects of this article. Conceptualization, H.T., S.D., P.B., S.B.D., H.B. and S.O.J.; Methodology, H.T.; Software, S.D.; Validation, H.T., S.D. and P.B.; Formal analysis, S.D.; Investigation, S.D.; Resources, H.T., S.D., P.B., S.B.D., H.B. and S.O.J.; Data curation, S.D.; Writing—original draft preparation, S.D.; writing—review and editing, H.T. and P.B.; Visualization, S.D., H.T. and P.B.; Supervision, H.T., H.B. and S.O.J.; All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Conflicts of Interest

The authors declare no conflicts of interest.

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Figure 1. PRISMA is used for the selection of studies for the analysis. Source: Compiled by the author based on PRISMA guidelines.
Figure 1. PRISMA is used for the selection of studies for the analysis. Source: Compiled by the author based on PRISMA guidelines.
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Figure 2. Annual production over time. Source: compiled by the author using the SCOPUS database.
Figure 2. Annual production over time. Source: compiled by the author using the SCOPUS database.
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Figure 3. Most cited countries. Source: compiled by the author from the SCOPUS database.
Figure 3. Most cited countries. Source: compiled by the author from the SCOPUS database.
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Figure 4. The co-occurrence of keywords. Source: compiled by the author from the SCOPUS database.
Figure 4. The co-occurrence of keywords. Source: compiled by the author from the SCOPUS database.
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Figure 5. The total link strength of co-authorship links for authors. Source: compiled by the author from the SCOPUS database.
Figure 5. The total link strength of co-authorship links for authors. Source: compiled by the author from the SCOPUS database.
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Figure 6. The total link strength of co-authorship links for organizations. Source: compiled by the author from the SCOPUS database.
Figure 6. The total link strength of co-authorship links for organizations. Source: compiled by the author from the SCOPUS database.
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Figure 7. The total link strength of co-Authorship links for countries. Source: compiled by the author from the SCOPUS database.
Figure 7. The total link strength of co-Authorship links for countries. Source: compiled by the author from the SCOPUS database.
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Figure 8. Highest citations. Source: compiled by the author from the SCOPUS database.
Figure 8. Highest citations. Source: compiled by the author from the SCOPUS database.
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Figure 9. Top cited sources. Source: compiled by the author from the SCOPUS database.
Figure 9. Top cited sources. Source: compiled by the author from the SCOPUS database.
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Figure 10. Top cited authors. Source: compiled by the author from the SCOPUS database.
Figure 10. Top cited authors. Source: compiled by the author from the SCOPUS database.
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Figure 11. Top cited organizations. Source: compiled by the author from the SCOPUS database.
Figure 11. Top cited organizations. Source: compiled by the author from the SCOPUS database.
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Figure 12. Top cited countries. Source: compiled by the author from the SCOPUS database.
Figure 12. Top cited countries. Source: compiled by the author from the SCOPUS database.
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Table 1. Earlier bibliometric studies on money laundering and terrorism financing.
Table 1. Earlier bibliometric studies on money laundering and terrorism financing.
Sr. No.AuthorsTitleYear
1(Tiwari et al. 2024)“Trade-based money laundering: a systematic literature review”2024
2(Khelil et al. 2023)“The economic consequences of money laundering: a review of the empirical literature”2023
3(Ahuja et al. 2023)“Money Laundering: A Bibliometric Review of Three Decades from 1990 to 2021”2023
4(Saxena and Kumar 2023)“Bibliometric analysis of Journal of Money Laundering Control: emerging trends and a way forward”2023
5(Davidescu et al. 2023)“Mapping the Field. A Text Analysis of Money Laundering Research Publications”2023
6(Isolauri and Ameer 2022)“Money laundering as a transnational business phenomenon: a systematic review and future agenda”2022
7(Tiwari et al. 2020)“A review of money laundering literature: the state of research in key areas”2020
8(Al-Suwaidi and Nobanee 2020)“Anti-money laundering and anti-terrorism financing: a survey of the existing literature and a future research agenda”2020
9(Alsuwailem and Saudagar 2020)“Anti-money laundering systems: a systematic literature review.”2020
Source: Compiled by the author from SCOPUS.
Table 2. Types, Units, and Limitations of Analysis Considered in Evaluative Results.
Table 2. Types, Units, and Limitations of Analysis Considered in Evaluative Results.
Type of
Analysis
Unit of
Analysis
Counting MethodWeightsThresholdVisualization
Co-occurrenceAuthor keywordsFractional
counting
OccurrencesMNO of a keyword = 5NV
Co-authorshipAuthorsFractional
counting
Total link strengthMND of an author = 1, MNC of an author = 0NV
OrganizationsFractional
counting
Total link strengthMND of an organization = 1, MNC of an organization = 0NV
CountriesFractional
counting
Total link strengthMND of a country = 1, MNC of a country = 0NV
DocumentsIgnoredCitationsMNC of a document = 2NV
SourcesIgnoredTotal link strengthMND of a source = 1, MNC of a source = 1NV
CitationAuthorsIgnoredTotal link strengthMND of an author = 1, MNC of an author =1NV
OrganizationsIgnoredTotal link strengthMND of an organization = 1, MNC of an organization = 1NV
CountriesIgnoredTotal link strengthMND of a country = 1, MNC of a country = 1NV
Source: compiled by the author.
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MDPI and ACS Style

Thakkar, H.; Datta, S.; Bhadra, P.; Dabhade, S.B.; Barot, H.; Junare, S.O. Mapping the Knowledge Landscape of Money Laundering for Terrorism Financing: A Bibliometric Analysis. J. Risk Financial Manag. 2024, 17, 428. https://doi.org/10.3390/jrfm17100428

AMA Style

Thakkar H, Datta S, Bhadra P, Dabhade SB, Barot H, Junare SO. Mapping the Knowledge Landscape of Money Laundering for Terrorism Financing: A Bibliometric Analysis. Journal of Risk and Financial Management. 2024; 17(10):428. https://doi.org/10.3390/jrfm17100428

Chicago/Turabian Style

Thakkar, Himanshu, Saptarshi Datta, Priyam Bhadra, Siddharth Baburao Dabhade, Haresh Barot, and Shankar O. Junare. 2024. "Mapping the Knowledge Landscape of Money Laundering for Terrorism Financing: A Bibliometric Analysis" Journal of Risk and Financial Management 17, no. 10: 428. https://doi.org/10.3390/jrfm17100428

APA Style

Thakkar, H., Datta, S., Bhadra, P., Dabhade, S. B., Barot, H., & Junare, S. O. (2024). Mapping the Knowledge Landscape of Money Laundering for Terrorism Financing: A Bibliometric Analysis. Journal of Risk and Financial Management, 17(10), 428. https://doi.org/10.3390/jrfm17100428

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