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Money Laundering--the Process. MONEY LAUNDERING?THE PROCESS AND IT'S AFFECTS Money
laundering is a process that many people do not understand. ...
Anti money laundering. In today's ... criminal. Money laundering has become a worldwide
problem that has globally devastating effects. After ...
Financial Services European Money Laundering Directive. ... Part VII of the Proceeds
of Crime Act 2002 outlines legislation related to Money laundering Offences. ...
Current Issues In The Fight Again International Money Laundering. To combat
money laundering, the BIS issued a statement of principles ...
Money Laundering. ... I will then go on to explain the effects of money laundering and
the institutions/organisations that are at risk from these activities. ...
Submitted by brcraytor on April 4, 2005
Category: Miscellaneous
Words: 2747 | Pages: 11
Views: 248
Popularity Rank: 44,693
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Money laundering is the routing of illegal profits from bank to bank to disguise its existence. The illegal profits are usually made through activities such as drug trafficking, prostitution rings, illegal arms sales, and various other things. Unfortunately money laundering is a serious crime that is still prevalent in the United States and other countries. The Russian mafia, the Triad or Chinese mafia, and the Columbian drug cartel are just a few of the groups that partake in money laundering. No one knows exactly how much money is laundered yearly but it is estimated to be about $100 billion in the United States. The United States is not the only country affected by these numbers. The estimated amount of laundering is 2% - 5% of the world's GDP, between $600 billion and $1.5 trillion dollars annually. Although there are hundreds of ways in which to launder money, some are more lucrative than others. For example, the Black Market Peso exchange, gold, and digital cash are some of the more common ways to launder money. Making it harder to crack down on money laundering is the fact that many countries do not have money-laundering laws in place like the United States does. These other countries make it possible for this illegal activity to carry on, and are only hurting themselves because money laundering creates a direct negative effect on their economy. If these nations want to fight money laundering they will need to implement laws against it. Banks could be one of the most useful tools in stopping the laundering of money.
As mentioned earlier money laundering is the process of hiding profits from illegal criminal activities. The major goal of these criminal activities is to make as large of a profit as possible. The money laundering process is very important to these criminals because it allows them to enjoy their profits without revealing the source. When one of these activities generates large profits, the group involved must find a way to disguise...
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