Nobody downloaded yet

Money Laundering - Term Paper Example

Comments (0) Cite this document
Summary
According to the Article 1 of the 1990 European Communities (EC) Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime (Council of Europe), the term money laundering is defined as…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.6% of users find it useful
Money Laundering
Read TextPreview

Extract of sample "Money Laundering"

Download file to see previous pages disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from serious crime. In simpler words, Hopton (1) defines money laundering as that process in which the criminals conceal the origins of their possessions and the ownership of their proceedings of criminal activities. Their whole objective behind doing so is to maintain control over their illegal possessions (income, wealth or property) by covering them unlawfully. Hence, we can understand money laundering as a process by which dirty money is shown as clean money. The money needs not to be intangible form. Instead, modern day money laundering includes all such transactions of relationships that involve any kind of tangible or intangible wealth or possession that has been gained through criminal activities. Literature Review Alldridge (437-463) studied the imperatives that the money laundering panic of 1990s generated with the arrival of globalization. He states in his research that, “If there is to be an attempt legally to regulate laundering, it (laundering) must be a relatively serious offence, and consequently the anticipated harm must be something other than complicity”, which means that money laundering should be considered as a serious threat at an international level thus uniting all nations to make combined efforts to stop it. This will help homogenize the criminal justice system worldwide. Shneider and Windischbauer (387-404) have quantified and estimated the volume of money laundering activities in their research. According to them, “The overall turnover in organized crime for example had a value of 800 billion USD in 2001 and increased to 1.700 billion USD in 2007.” These statistics show how great the turnover of money laundering in the modern world is. Article no. 22 of Pursuant to the Law on prevention of money laundering (Ministry of Finance) states how the law for the prevention of money laundering is to be implemented. According to it, the Law on Prevention of Money Laundering is to be implemented to make sure that money laundering does not take place at all. Article 2 of the Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector, also called as Anti-Money Laundering Act (AMLA), defines the financial intermediaries that are at vulnerable end in money laundering business (Federal Authorities of the Swiss Confederation). These include banks, fund managers, investment companies, insurance institutions, security dealers, casinos, and persons who carry out credit transactions and provide their services for payment transactions. Stages of Money Laundering There are three stages of money laundering. Placement The first stage of the washing cycle of money laundering is placement. Being a cash-intensive business, large cash is generated from illegal activities which is then placed in the economic structure or is smuggled out of the country, so that the location of acquisition of that cash can be covered (Levy 2-5). In this way, the authorities cannot figure out the location. The cash acquired is also converted into other forms like postal orders. Layering The first step in the layering phase is the concealment of the source of ownership of funds by way of creating such complicated layers of transactions that aim at impersonating the audit trail by providing ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Money Laundering Term Paper Example | Topics and Well Written Essays - 1750 words”, n.d.)
Retrieved from https://studentshare.org/law/1439572-money-laundering
(Money Laundering Term Paper Example | Topics and Well Written Essays - 1750 Words)
https://studentshare.org/law/1439572-money-laundering.
“Money Laundering Term Paper Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/law/1439572-money-laundering.
  • Cited: 1 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Money Laundering

Money laundering and corruptions

...? Money Laundering and Corruption Overview The mafia is thought to be the origin of the word money laundering. During the coinage of the term, gangsters in the USA were earning a lot of money from illegal sources that included gambling, prostitution, extortion, and bootleg liquor (Salinger, 2005, p. 78). These monies needed a way in which they were going to be presented as legitimate in order to avoid speculation from the government. The most common way that they made their money look legitimate was from the purchase of outwardly legitimate businesses that dealt in cash. The most common business thus was Laundromats. A famous gangster...
10 Pages(2500 words)Essay

Money Laundering and Corruption

...Money Laundering and Corruption Introduction Money laundering is the techniques by which criminals conceal sources of money through illegal means in order to avoid any suspicion from law enforcers. In every year, billions of money is laundered across the globe; thus, FATF (Financial Action Task Force on Money Laundering) is unable to produce a reliable estimate of money laundered (Chaikin and Sharman 2009, p.46). Despite the unclear estimate of money concealed, the research indicates that billion dollars are concealed each year, and these pose a critical policy concern by the federal. The government and various financial institutions have made significant efforts of preventing and detecting and fraud issues. This is when making... ...
11 Pages(2750 words)Essay

Combating Money Laundering

...? Combating Money Laundering of Thesis ment: Despite the many positive strides the United s has made in the fight against money laundering and other financial crimes, more still needs to be done in this regard by establishing more laws, regulations, and agencies to implement anti-money laundering interventions. Abstract Money laundering is one of the many financial crimes that bedevil today’s society, especially the financial institutions and systems, which have to cope with large volumes of illicit money and other valuables. Money laundering refers to...
4 Pages(1000 words)Research Paper

Money laundering

...?Write about the MONEY LAUNDERING and answer the following question: Concept forms effect role of banks in it role of the governments should it be introduced in educational courses? / can be stopped?? Introduction Money laundering (ML) is a method of hiding the origins and ownership of money earned though criminal activities. Thus, it involves “turning dirty money into clean money”, “washing drug money”, and “disguising criminal money”. The concept of money laundering has evolved over the years and hence money legitimately earned but not...
5 Pages(1250 words)Essay

Money Laundering

...? Money Laundering Money laundering refers to a variety of financial transactions done by criminals in which sources of finance and its proceeds are disguised by the parties involved. It poses a real threat to the financial system of the nation if not checked in time. Money laundering is the result of various illegal activities. For example, across the US-Mexico border the drug trafficking business and illegal cash transfers from the US to Mexico is estimated at somewhere between $19 and $29 each year. It is difficult and cumbersome to understand how and in what way this cash is collected and delivered. It can be said that...
8 Pages(2000 words)Research Paper

Money Laundering Regulations

...Finance and Investment Law: Money Laundering Regulations Section 29 November 2005 Finance and Investment Law:Money Laundering Regulations Money laundering is a crime of deceit and skill in order to hide funds obtained from criminal activity. Regulations have been developed to prevent money laundering and capture those involved in the process. These regulations are complex but so is the crime. Money laundering needs to be understood by all those involved in the financial system. Money laundering is defined as a process which a criminal engages in a...
12 Pages(3000 words)Essay

Money Laundering

...Money Laundering A thesis submitted to For the degree of Master of Law By Candi s 2009 FACULTY OF LAW Copyright Declaration I certify that, except where cited in the text, this work is the result of research carried out by the author of this study. _____________________________________________ Name and Signature of Author August 2009 This write - up is for a dissertation on Money Laundering. Biographical Sketch Acknowledgements Contents Chapter 1 – Introduction and Justification 1 1.1 The Aims and Objectives of the Dissertation 2 1.2 Overview: A Discussion about the Content of the Dissertation 3 1.3 An Overview of the Chapter Structure of the...
4 Pages(1000 words)Essay

Money Laundering and corruption

...MONEY LAUNDERING IN EUROPEAN COUNTRIES Previously Money Laundering was only limited to monetary transactions which were related to organized crime. But now the definition is further elaborated by the government officials and internal regulators. It means any financial or monetary transactions which breed or produce an asset as a result of illegal activity. This crime is committed by the drug dealers, Big business men, Politicians, Illegal sales of arms, smuggling, corrupt officials, Mafia and private individuals and even states. This whole concept is basically the conversion of black money into white moneyMoney...
4 Pages(1000 words)Essay

Money laundering in HongKong

...Number: Money Laundering in United s and Hong Kong Money laundering action alludes to a practice of changing the proceeds of criminality into apparently legitimate funds. The recognition and comprehension of money laundering has a tendency to presuppose substantive criminal inclusion connected with organized crime exercises if unrealistic presence of expert launderers. The coverage of the predicate offense of money laundering in many countries such as United States has been expanded to include all crimes, which seek to launder criminal proceeds. Money...
4 Pages(1000 words)Essay

Anti Money Laundering

...Anti Money Laundering Introduction Anti money laundering encompasses procedures, laws and regulations provided to impede the act of acquiring money through banned actions. I have learnt that those involved in money laundering activities hide their activities in a series of steps and procedures that make it be seen like money generated from illegal or unethical sources was earned legitimately. I think this is what has stimulated intensive research into money laundering activities. It has come to my knowledge that criminal activities funded by the money...
2 Pages(500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic Money Laundering for FREE!

Contact Us