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Money Market Violations and the Money-Laundering Events - Assignment Example

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The paper discusses some of the major events pertaining to money market violations in the last few years. The money laundering issue, as well as illegal fund transfer methods, is detailed in the paper. Moreover, the recent JPMorgan financial debacle as well as the US Credit Rating Crisis is discussed…
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Money Market Violations and the Money-Laundering Events
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Download file to see previous pages According to a survey made by the International Monetary Fund in the year 1996, laundered money occupied 2 to 5 percent of the world economy (Molander et al, 1998).
FATF which stands for Financial Action Task Force on Money laundering is an intergovernmental body which has been formed to fight money laundering (Witherell, 2002). It believes that getting a reliable estimate on the magnitude of money laundered is quite difficult and hence it generally doesn’t publish any numbers regarding the money laundered amount. The same situation is prevalent among the academic commentators who are unable to give any estimate on money laundered amount. Even though the exact measurement of estimating the money laundered is difficult, there are still millions and millions of money laundered every year (International Monetary Fund, 2005). This has been a great concern for creating financial policy by the government. This has resulted in lots of international organizations and government to take efforts to counter money laundering, to deter money launderers. Prevention and detection of illegal transactions have been a primary priority of financial institutions and this is also emphasized by the government as well saves their company's reputation.
The anti-money laundering legislation according to the Proceeds of Crime Act 2002, would demand an explanation by the authorities for any illegal activity by the customers of the regulated sector (Ewerhart et al, 2007). The regulated sector would comprise of investment, money transmission, and banking.
UK has given wide importance in money laundering (FATF, 2004). Any involvement with any assets involved in the crime is treated to be money laundering offense. Any possession of the one's own assets involved in the case is also considered to be money laundering act of UK. The traditional meaning of the word money laundering would be a process which involves the source of the proceeds to be hidden or disguised and they are made to be appearing legal. ...Download file to see next pagesRead More
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