Insurance Entities Assigned to Money Laundering

The globalization of crime has become a renowned problem for the law worldwide; as societies become more interconnected, an act in one country can have repercussions in another which is across another continent. This is primarily down to technological developments, as nowadays communication between countries is simple compared to decades ago. Alongside this transport is also a major problem, as it means that illegal activities can take place in more than one country as goods are transferred between the two, allowing the criminal world to reach all corners of the world.

card fraud. In reference to money Laundering we will the complex process of how criminals

The purpose behind this research paper is to analyze how transnational criminal organizations (TCOs) are able to exploit the land and sea borders of the United States in order to produce billions of dollars annually. There will be a background completed not on just one specific TCO but the ways that these organizations produce substantial amounts of money. The methods in which they conduct their operations utilizing border crossings or getting through sea ports, as well. Then, finally, an overview on how these TCOs exploit the vulnerabilities of the United States law enforcement agencies and the security personal that are in place to protect the citizens of America from the illicit activities of these TCOs.

In order to successfully launder money three processes are needed: placement, layering, and integration. In the first state, placement, the illegal proceeding are disengaged from direct association with the crime or criminal. In the second stage, layering, the money is used in some legal financial transaction in order to “camouflage” the cash. In the third stage, integration, the apparently legal money is available to the money launder (Kelly, Maghan and Joseph). For better understanding, the fig 1 gives a real life example on how money laundering is done.

Transitional organized crime has made its way to the international agenda recently. The United Nations High-level identified transitional organized crime as a threat the world should be concerned with. Organized crimes include

The approach has resulted in countless arrests and sentencing among other types of castigation against crime suspects, although it has provided no hope in curbing the rate of syndicate crimes. Nevertheless, a highly promising and effective alternative to policing involves enhancing awareness on syndicate crimes by emphasizing the main aspects of illegal entities, with exceptional focus on undermining the influence and affluence of illegal investors. This merging objective might be realized by vigilantly monitoring the leading upperworld entities that, when infiltrated, permits criminals to gain and apply ample affluence by espousing legal alternatives in disguise of proceeds and the illicit power (JRank, 2013).

46. This strategy by and large includes the utilization of genuine organizations with high money turnover, as fronts for lawbreakers to launder the returns of wrongdoing. The sorts of organizations utilized are by and large eateries, bars, correspondence focuses and different sorts of retail shops. The unregulated casual part likewise gives culprits the chance to procure little organizations, for example, second-hand auto dealerships, bars, eateries, gaming houses or land organizations, all of which give secrecy or chances to cover unlawful increases from their criminal birthplace.

This thrusts current law enforcement agencies into utter dilemma, thus allowing organized crime groups to become more flexible in their operations by getting rid of an orthodox
 hierarchical structure that the law enforcement agencies were familiar with in the past. Law
 enforcement agencies are failing to check the widespread operations of organized 
crime groups pivotally because adaptive and loosely structured small groups with 
global reach harm consumers, businesses, and government interests everyday (Bjelopera
 & Finklea, 2012). Further more, it must be acknowledged that technological and commercial innovations are
 aiding the transformation of the structure of organized crime groups and such 
developments have helped to reduce the national trade barriers, widen the transportation infrastructure and bolster the volumes of international business. Organized crime
 groups take advantage of all such factors and now they are staying ahead of the law
 enforcement agencies in a comfortable manner (Bjelopera & Finklea,

The fight against money laundering over the last two decades has become an increasingly important task. Although the idea of money laundering has historically been associated with the 1930s and gangsters such as Al Capone and Meyer Lansky, operating under the US Dry Regime, broad public use, the term acquired during the Watergate case investigation mid-70s . It is the law that defines money laundering as a crime that occurs in the 1980s. Since then, many initiatives have been developed and implemented to combat this criminal activity. When discussing the issue, one must take into account the most important economic change of the last few decades - the growing globalization of the world economy and especially the global capital market. Economies

My ambition is to become an investment manager in an investment bank. In order to reach my objective, I want to acquire the advanced knowledge necessary to manage, structure and monitor investment portfolios. Having a master degree in finance would be a great advantage to me towards my dreamed career. I wish to contribute the knowledge as an expert in the development of Malaysia in the field of finance. For Malaysia to prosper and progress, the financial factor is one of the

As argued by Eaton (2001), globalization is an enterprise management feature, which increases liberalization of international trade and international competition. Needless to say, nowadays most of senior managers tend to plan their companies to go worldwide. In the early 1970s, M&S expanded its international operation to purchase a 50 per cent shareholding of three Canadian companies for the first step. In November 1997 the company announced a 2,100 million GBP plan for global expansion which would be across Europe, the Far East and the Middle East (Bevan, 2002).

The Illegal Drug Use, Prostitution, and Money Laundering are the extremely broad public issues on illegal activities. Criminal organizations engage in the illegal activities as a trade work. The prevalence of illegal activities is widespread; it is a continuous commerce through illegal means run by illicit transnational and multinational organizations. These illegal activities are the serious issues faced by the governments worldwide, individually and collectively. Every concerned citizen in a certain community is aware of the fast-growing incidents of illegal drug consumption, prostitution, and money laundering. The fast-growing illegal activities

Fraud. Embezzlement. Money Laundering. Financial underreporting. Financial over reporting. Accounting malpractice. Costing the global business close to tens of billions of dollars is financial fraud. These accounting crimes are best described as incentives or conflicts of interest issues. [8] While on the one hand softer trade and economic policies are bridging the gaps between world economies, stricter laws and regulations are coming into existence to curb the increase in financial misdealing between companies across borders, on the other. With the proliferation of internet into daily lives, it has become easier for individuals to use technology in criminal ways for personal benefits. Considering these developments and the genius

Transnational crime is a growing problem. Transnational crime is defined as “self-perpetuating associations of individuals who operate transnational for the purpose of obtaining power, influence, monetary and/or commercial gains, wholly or in part by illegal means, while protecting their activities through a pattern of corruption and/ or violence, or while protecting their illegal activities through a transnational structure and the exploitation of transnational commerce or communication mechanisms.” (National Security Council, n.d.) . Transnational crimes are known under other names such as cross-national crime, global crime, international crime, and

List of abbreviations List of tables Acknowledgements Abstract 1. 2. 3. 4. 5. 6. 7. 8. Introduction Problem statement Objectives and hypothesis of the study Literature review Structure and performance of the financial sector in