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Money Laundering and Terrorism Financing: Nature and Prevention - Research Paper Example

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Money Laundering is an evil which is increasingly being fought worldwide with the efforts having been heightened following the September 11, 2001 attack. This is because of the presumed association that money laundering has with terrorism activities. …
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Money Laundering and Terrorism Financing: Nature and Prevention
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"Money Laundering and Terrorism Financing: Nature and Prevention"

Download file to see previous pages Money laundering is thus a monster that fosters the success of many a criminal enterprises, and a practice which happens by virtue of normalizing criminal money by different methods/means Further, pundits have observed that money laundering and terrorist criminal activities are made intimately possible for the fact that they both bring about corruption, drug trafficking and smuggling. This paper seeks to address the issue of money laundering and terrorist financing. It examines what money laundering is all about, its historical development and its nature in the current globalized world. Further the paper highlights the relationship between money laundering and organized crime—paying attention to terrorism as an example. While the paper recognizes that there are many ways by which this vice can be curbed, it illuminates only on two ways in which terrorist financing in the context of money laundering can be minimized....
of the money’’ World Bank (2005) sees it as the ‘legitimization or washing of illegally obtained money to hide its true nature or source (typically the drug trade or terrorist activities)’’. Accordingly, money laundering in this sense is often executed by making the ill-gotten money go through mysterious ways and by means of legitimate business means and processes. This can occur by way of depositing the money in the bank, investing the money, or transferring the money from one location or person to another location/person. World Bank (2005) however contends that the best way to comprehend money laundering is to examine the examples or the forms which it takes. An example is redistribution of money that is got from drugs into small units, into many different accounts, which belong to different individuals Money laundering in the context of globalization: Overall View Money laundering has been more compounded and heightened with globalization. This according to Dicken (2007) is embeded in economic globalization which is mostly brought into being in two major ways. First is that there is momentous lessening of bottlenecks that had traditionally defined international trade, with the emergence of a lot more emphasis on the aspect of free flow of goods, free flow of services, and also free flow of capital and raw materials, which has predominantly been experienced since the Second World War. The second reason which Dicken (2007) advances has to do with technological advancement. These developments include advancement in communication methodologies such the internet, mobile phones (with reduction of call costs), information dispensation, and increased transport technologies and reliabilities in such with speed and convenience. The argument here is that these has ...Download file to see next pagesRead More
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