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Money Laundering - Essay Example

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Money laundering refers to the processes used for hiding and disguising the true origins and ownership of funds, mostly for avoiding criminal penalties, conviction, prosecution or confiscation of funds acquired illegally or intended to be used for unlawful or morally repugnant…
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Money Laundering
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"Money Laundering"

Download file to see previous pages Money represents the lifeblood of a criminal or a terrorist organisation and it is for this reason that most countries and global institutions have an interest in detecting and preventing money laundering2. Researchers suggest that the estimated aggregate funds processed by money laundering activities from around the world range from US$ 590 billion to US$ 1.5 trillion3. However, approaches to regulation, implementation and enforcement of anti-money laundering legislation differ despite a consensus for global cooperation and affect the anti-money laundering efforts as nations try to balance regulation, cost of enforcement and rights4 . The major financial centres from around the world have presented a need for greatest vigilance and effort directed towards prevention and prosecution of those involved in money laundering because global flows of dirty money are either generated in affluent economies or flow through these centres. Thus, it makes sense to try to examine the nature, emphasis and implementation of the anti-money laundering regulation and efforts in London and the UK within a broader regional and global context involving other major financial centres from around the world. It is with the previously mentioned objectives of interest to all those with an interest in the topic of discussion that this dissertation attempts to examine critically the prevailing anti-money laundering regime in the UK.
To try to examine the anti-money laundering approach in the United Kingdom from the perspectives of domestic concerns, rights, expenses incurred for enforcement and development of European and international law and regulation.
To present an examination of the processes for money laundering, their evolution and the manner in which the United Kingdom anti-money laundering regime acts to effectively prevent and deter money laundering.
To try to present suggestions for improvements in effectiveness of the anti-money laundering regime in the United Kingdom, ...Download file to see next pagesRead More
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