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Money Laundering - Dissertation Example

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This paper “Money Laundering” will examine money laundering in China, Hong Kong, and Macau and the anti-money laundering measures that have been instituted by these respective Governments. It will then assess different models of crime and punishment…
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Money Laundering
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Download file to see previous pages The breakdown of the large amount of $22.5 billion takes place primarily through three specific channels, i.e, smuggling which accounts for a considerable portion of money and property that disappears, embezzlement of a bank and other funds derived from exports as well as tax evasion carried out by companies that are funded from foreign sources. Through these three channels, there is ample scope for money launderers to capitalize on the corruption of government and financial officials to ensure that some monies remain unaccounted and are diverted away into unauthorized pockets through the three different means outlined above. The breakdown of the large amount of $22.5 billion takes place primarily through three specific channels, i.e, smuggling which accounts for a considerable portion of money and property that disappears, embezzlement of the bank and other funds derived from exports as well as tax evasion carried out by companies that are funded from foreign sources. Through these three channels, there is ample scope for money launderers to capitalize on the corruption of government and financial officials to ensure that some monies remain unaccounted and are diverted away into unauthorized pockets through the three different means outlined above. In Hong Kong, there is a similar large magnitude in terms of money laundering activities, with a large part of illicit revenues being derived from the stashing away of funds drawn from narcotics trafficking within the large American market. According to the Financial Action Task Force in Hong Kong, narcotics trafficking is the single largest source of criminal proceeds, closely followed by different types of fraudulent activities, as well as smuggling, gambling and trafficking in human beings, all of which generate considerable amounts of illegal monies from such criminal activities(www.unafei.or.jp). In  Macau, money laundering is closely associated with casinos. The spate of terrorist activities that have followed the 9/11 incident has been funded by cash which is laundered through the casinos in Macau. While cash based casinos have traditionally been one of the best venues for money laundering, the conversion of most of the transactions on to the online medium has meant that such electronic transactions can be easily tracked, making it harder for money launderers to successfully carry out their nefarious activities (Hansen, 2007). ...Download file to see next pagesRead More
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