Hi Need To Submit A 2750 Words Paper On The Topic Money Laundering Nbsp Nbsp Nbs

Hi, need to submit a 2750 words paper on the topic Money Laundering. &nbsp.&nbsp.&nbsp.&nbsp.&nbsp. The problem has mushroomed into prominence due to the high-profile public disclosure of prominent international personalities embroiled in money laundering scams (like Ferdinand Marcos {late Philippines President} and Raul Salinas {brother of Mexican President}),3 increasing incidents of frauds involving credit cards, e-money, and other elements, and most vitally due to the life support provided to organised crime and terrorist organizations, allowing terrorists like the one-and-only Osama Bin Laden to plan and carry out attacks with chilling consequences. the events of 9/11 and the Bali bombings have thrust money laundering into global limelight as never before.

Money laundering is defined as the “conduct/acts designed in whole or in part to conceal or disguise the nature, location, source, ownership or control of money (can be currency or equivalents, e.g. cheques, electronic transfers, etc.) to avoid a transaction reporting requirement under state or federal law or to disguise the fact that the money

was acquired by illegal means”.4 Money laundering is a crime as the money involved is obtained by fraudulent means like narcotics trafficking, extortion, bribery, smuggling, trafficking in women and prostitution, white slavery, tax evasions, fraud etc. on national and international levels. The illegal money is then ‘laundered’ and converted into legitimate money.

Money laundering is a problem because it is a source of corruption for government officials, financial institutions and their employees. it undermines legal capital. it contributes to volatile exchange rates. it makes money supply uncertain and beyond control. and it makes legal sections of a country’s economy impure and unscrupulous.

Money laundering involves 3 steps: physically dispose of the money (placement). make the money ‘vanish’ by moving it around to various entities in different places, thus camouflaging an audit path (layering). and re-introduce it into the prevailing current lines of commerce and investment as legal money (integration).

The 3 steps involve banking, non-banking, and&nbsp.non-financial businesses. Banking institutions are used to direct transactions through false name accounts, ‘payable through accounts’, cash deposits and withdrawals, bank drafts, cashier’s cheques, travelers’ cheques, telegraphic transfers, internet banking, etc..

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