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Risk management cycle and strategy of Money laundring in the US - Essay Example

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This paper will seek to discuss the risk management cycle and strategy of money laundering in the US by using the steps involved in ‘the risk management cycle’ such as risk identification; risk measurement; risk analysis;  decisions; implementation; monitoring; policies…
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Risk management cycle and strategy of Money laundring in the US
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Download file to see previous pages This research will begin with the statement that the issue of money laundering has been the center of debate for quite a long time. Criminals and other terrorist groups have continued to use money-laundering schemes to hide their intermittent sources of money obtained by fraudulent means. According to the Office of the Foreign Assets Control, the United States continues to lose large amounts of dollars through money laundering activities. The country is also facing imminent risk of ever-lasting criminal and terrorist threats since the rate of money laundering activities is still high. As of today, economists in association with financial analysts fear that the United States will face an unimaginable loss of foreign investors in the not too far future mainly because of money laundering risks. This is so because the presence of money laundering activities brings about significant risks, which tarnishes the safety and soundness of a country’s financial industry Typically, money laundering is simply the process in which an individual or a group conceals the source where they obtain money via illicit means. The ways in which fraudsters can launder money are several and they can vary in accordance with their sophistication. Every year, the government of the United States quotes the amounts of money that the country loses through money laundering activities. Given that most of the money obtained through fraudulent means goes to fund criminal and terrorist operations, it is agreed that the risks involved in money laundering expand to encompass the safety and security of the nation. As a result, the United States is likely to be sitting on a time bomb since anti-money laundering agents are moving at a slower pace, unlike fraudsters who are at the verge of compromising the face value of the United States’ financial sector. Recently, the International Monetary Fund’s report revealed that two to five percent of the world’s general economy is composed of laundered money. Nevertheless, the task force charged with the duty of combating money laundering business, commonly referred to as the FATF, communicated that it is not easy to provide an estimate of money obtained through laundering. ...Download file to see next pagesRead More
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