Black Money

Since the government cannot control the black market they can decrease exploitation and corruption by legalization. History shows that when “desperately wanted goods” are made illegal there was greater exploitation and corruption than there was if the good was legal.

In R v. Potisk (1973) The Police charged Potisk with larceny after he was given $2895.17 instead of $1233.23 by a bank teller when exchanging the USD currency and was found not guilty by the supreme court after the judge ruled that it is was not larceny and he was given the money although he was being dishonest. The law is effective in determining justice in this case because he didn't take the money without consent, he was being dishonest and was found not guilty because the judge and evidence proved he committed no econmoic offence. When it comes to white-collar crimes tax evasion is the most common of the three offences (Insider trading, tax evasion and computer crimes). These three offences have different sentences depending on the severeity of the crime but have a minimum of 8 years

Pauline Whyman’s short film Backseat is a film like no other and is yet another eye opening intriguing film in the new Indigenous Australian short film series A Bit of Black Business. It promises to intrigue you through the fantastic acting and the unique yet effective storyline that makes up the film.

There were many great books presented on, but the best choice for inclusion into the APLAC curriculum is “Dark Money” by Jane Mayer. While some books recommended for APLAC students are solely historical, this book has aspects of history and modern day. Also, this will be a very informative book to the students who will be voting in one or two years. “Dark Money” covers current politicians and helps teach politics to its readers.

With over one-third of the nation’s money being fake, it became a real issue. When there is fake money in the economy, it drains the value of the US dollar. It drains the value because, the more bills that are out there, the less value there is to the ones in people’s wallets, which tears apart the nation’s economy. ("U.S Secret Service in History," n.d.) Even today the US still takes counterfeiting very serious, a single charge of carry fraudulent money can add up to 250,000 dollars in fines, and possibly 20 years in prison (Followill, n.d). Fake money still affects us today, and should be taken very seriously.

Besides Keith Simmons, there were eleven individuals and a few companies linked to the Black Diamond Ponzi Scheme. According to an U.S. Commodity Futures Trading Commission complaint, Deanna Ray Salazar and her companies Life Plus Group, LLC and Black Diamond Holdings, LLC worked closely with Keith Simmons to make the Ponzi scheme expand (U.S.C.F.T.C, 2015). According to the United States Department of Justice, Federal Bureau of Investigation, Deanna Salazar is 55 year-old woman from Yucca Valley, California (FBI, 2013). Salazar is the owner and manager of the limited liability company Life Plus Group, LLC (“Life Plus”) established in Wyoming in 2007 (FBI, 2012).

There are several reasons for me choosing this particular area to research, the first is a strong interest in finance and my desire to work in this sector after graduation. Secondly, the potential volatility and substantive gains and losses associated with the property market, make for an interesting study area. Looking at the foreign investment dimension culminates both of the aforementioned contemporary aspects, with my aim to add knowledge and understanding to the world.

The $500 Euro note will be beneficial for Europe, but this part of the underground economy is not the biggest problem. Of the many criminal activities involved in the underground economy, the biggest influence are tax evaders. The Organization for Economic Cooperation and Development says that regulation is responsible, not tax collection. Numerous studies and other sources disagree. Mary H. Cooper, writing for

Tax fraud is the major problem in the country we live in today. Every second of the day you will find someone committing these illegal activities. This is affecting the economy. Think about the use of the taxes we pay are being use in the economy. In times of a fire or a robbery who do we call? That’s right, we call 911. Without taxes these wouldn’t be available for us. We can also think about the road and highway that get us to our destination in a flash, we have our taxes to thank for this. People will just still your identity and social security number just to commit t tax fraud on you. This can affect the community in many ways. First the economy will drop then businesses will stop making profit. Now this is bad for employer, because companies

As a consequence, the government have to enact more strict laws to avoid losing hundreds of billions dollars money of taxes. There are two primary ways to alter this problem including manufacturing small money and stop using cash, for it is a potential way to prevent from informing fake income. The most potential solution that the government can alter this situation is to force everyone to use credits or debits for all purchasing transactions. Take India as a typical example to illustrate this

The economic impact of organized crime is staggering. “… a look at the economic impact alone gives a glimpse of the importance of this issue. The

They also increase the drug trafficking and pay off corrupt officials by extortion or intimidation which helps them continue their operations. Although the FBI is unsure of how much impact there is, they estimate it to be around $1 trillion a year, globally.

Money laundering, as the name suggests, is the act of making unreported or money or income appear as if the money has been earned through legal acquisition. It could take just one transaction or several processes, depending on the amount and the origin of the money. In its simplest forms, people with huge sums of money earned by illegal means can walk up to a bank and deposit their money. However, this method easily raises suspicion in most countries. For example, the United States have implemented laws that made it more difficult to utilize banks for money laundering. Under the Bank Secrecy Act of 1970, banks are required to report any transaction that exceeds $10,000 to the government. Fishman (2006) also added that it “has been strengthened by subsequent legislation, making it a formidable tool for fighting money laundering and curbing the funding of terrorist activities” (p. 62). So a person can make a numerous bank deposits under $10,000 over a period of time, or a group of people can make different deposits to the same bank or different banks, also under $10,000 without raising any suspicion. There are nations throughout the world, particularly those with unstable government or economy, wherein they will take any amount of deposit, no questions asked. However, they also run the risk of their money being seized by the government and its corrupt officials.

In India, the term black money refers to the illegally procured income by the owner in the black market, such as drug trafficking, weapons trading, terrorism, goods supply to black market and lastly corruption which includes giving and taking bribes and illegal commissions, as this income is earned in the black market so evasion of custom duty, excise duty, corporation and income tax take place and it is used for fulfilment of personal needs and luxury. Black money is moved by the method called Hawala. Under this method, hawaladars take the money from the sender in country A and inform their correspondent in country B to hand over the amount to the recipient in country B

What do you mean by black money? Are you familiar with the biggest shelter of black Money in the world? How much money they reserve and from where it came? Black Money is also called as Illegal Money. Swiss bank is considered as one of the biggest shelters of black money in the whole world with the most amount of money coming from South Asian countries especially India. Indians tops the list with the largest amount of money stashed in the Swiss Bank. Despite numerous attempts at bringing back black money to India, conflicts and arguments were raised among members of different political parties but still attempts are made to make it a success.