The Crime Of Money Laundering - 1445 Words

1.0 Background of study Over a long period of time, corruption has been the focal point of every government, media and academics globally. Through money laundering, proceeds of crime can be disguised. Proceeds of crime can simply be put as money earned from profit-oriented crime. The methods used are many and highly complicated. Corruption is one of the organised crime which is said to be primarily associated with the laundering of proceeds through money laundering. Technological tools accord further chances for individuals to employ money laundering as a process of ‘cleaning up’ dirty money and obscure the trail leading back to the underlying crime. The crime of money laundering has been illustrated by many as the means of support for many crimes and is a main threat to the economic and social security of societies. These activities have become a global problem in the second half of the 20th century similar to the fiery increase of drug trade. The term has been extensively acknowledged and popularly being employed globally. Often, as it is known that the origins of criminal proceeds were from drug trafficking, many law enforcers have now expanded their application to offences such as human trafficking, cybercrime, illegal arms sales and smuggling. Many countries such as Malaysia, United Kingdom, Australia, United States of America and Switzerland have given due consideration over prevention of money laundering, especially in relation to corruption. In order to ‘clean’ theShow MoreRelatedForeign Corruption Offenses As Money Laundering Crimes1448 Words   |  6 Pagesthe singular s protection and guaranteeing that the individual comprehends what s going on with their own data. Ending our un-exhaustive list of civil liberty violations is Section 351 titled Inclusion of foreign corruption offenses as money laundering crimes. This deals specifically with financial institutions. It reads that â€Å" a financial institution or any director, officer, employee, or agent of any financial institution, voluntarily or pursuant to this section or any other authority, reportsRead More Money Laundering Essay1166 Words   |  5 PagesDepartment of Justice, money laundering is the process by which one conceals the existence, illegal source, or illegal application of income and then disguises that income to make it appear legitimate. Money laundering involves a three step process which includes placement, layering and integration (Albrecht et al, 2009). Placement is the first step and it includes the launderer opening up an account at a bank or some other type of financial business to make deposits with the illegal money. The placementRead MoreThe Mafias Money Laundering988 Words   |  4 PagesMoney Laundering The term money laundering is said to create from Mafia possession of Laundromats in the United States. Gangsters there were earning huge sums in cash from extortion, prostitution, gambling and bootleg liquor. They needed to demonstrate a legitimate source for these monies. ‘Money laundering is the process by which criminals try to conceal the true origion and ownership of the proceeds of their criminal activity, allowing them to maintain control over the proceeds and, in the endRead MoreMoney Laundering Essay1211 Words   |  5 PagesAccording to Hopton (2009), money laundering tends to allocate dirty money around the world on the basis of avoiding national controls and therefore tainted money tends to flow to countries with less stringent controls. Money laundering has a major affect on the businesses that were used for the crime. The integrity of the bank and their financial services are depended heavily on professionalism and ethical standards. A reputation of integrity is one of the most valuable assets of any financialRead MoreMoney Laundering Essay1059 Words   |  5 Pages â€Å"Money laundering†, is a term that is often used in association with illegal activities, especially in terms of terrorist actions. Many news reports in televisions and newspapers have used the term money laundering but still, the general public do not have enough knowledge of what money laundering is and the corresponding effects upon society. In line with this, there is also a need to further study the processes that are involved in money laundering in order to properly address the aforementionedRead MoreUnited States And Western European Countries1422 Words   |  6 Pagesif the truth was revealed that the establishments that they trust their moneys to are unintentionally doing business with banks that are involves in the laundering of money or providing terrorists with funding, or possibly involves in like activities themselves. In the last few decades there has been a rigorous struggle, directed by the United States and Western European countries, to limit the occurrence of money laundering and terrorist financing by urging states to implement vigorous controlsRead MoreShould Marijuana Be Legal?939 Words   |  4 PagesA spe cial interest group that manipulates the news about crime is the pharmaceutical industry. Marijuana in the United States, with the exception of a few states, is illegal and pharmaceutical corporations want to keep it that way. They influence the news and legislators by providing information on the effects of marijuana as well as give money to other corporations to keep prohibition of marijuana around. Even though marijuana could be used for medicinal purpose, self-cultivation of marijuana poseRead MoreBanking Law Project : Money Laundering1386 Words   |  6 Pages Banking Law Project MONEY LAUNDERING Submitted to : Rohit Kumar Dharua BA.LLB, Section â€Å"B† , 1383067 â€Æ' Contents INTRODUCTION 2 MONEY LAUNDERING IN INDIA 2 METHODS OF MONEY LAUNDERING 4 PUNISHMENT FOR MONEY LAUNDERING 5 STEPS TO PREVENT MONEY LAUNDERING 5 INTRODUCTION Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to haveRead MoreMoney Laundering Is One Of The Major Problems Being Faced By World Economy982 Words   |  4 PagesMoney laundering is one of the major problems being faced by world economy. A significant de-velopment has been observed in many of economic aspects, simultaneously the techniques of committing crimes of money laundering have been developed as well. Money laundering is one of the main hazardous crimes that can obliterate the financial and economic systems. The most sig-nificant sectors where money laundering takes place are banks. Here are previous studies for this problem as follows: The economistRead MoreFinancial Conduct Authority ( Oss / Ctf )1672 Words   |  7 PagesRegulation 20(2)(d) of the Money Laundering Regulations 2007, each firm within the regulated sector is required to appoint a Money Laundering Reporting Officer (MLRO) to advise senior management on any firm’s risk appetite in relation to money laundering and managing that risk effectively. The Financial Conduct Authority (FCA) Handbook of Rules, Senior Management Arrangements, Systems and Controls (SYSC) requires that the overall responsibility for anti-money laundering and counter-terrorism financing