Money Laundering

13123 WordsFeb 28, 201353 Pages
MONEY LAUNDERING IN THE BANKING SECTOR TABLE OF CONTENS 1. | MONEY LAUNDERING – the concept An organized crime Why it is done?? | 2. | Stages and Process Of Money Laundering | 3. | Vulnerability of the Financial System to Money Laundering | 4. | Banking Sector: Medium, Regulator And Cause | 5. | Private Banking And Money Laundering: | 6. | What Banks Should Do? | 7. | Indian Law For Prevention Of Money Laundering | 8. | Law Enforcement Authorities | 9. | Tax Havens And Money Laundering | 10. | Case Studies | 11. | Conclusion | 12. | References…show more content…
Another definition is "The conversion or transfer of property, knowing that such property is derived from serious crime, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in committing such an offence or offences to evade the legal consequences of his action, and the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from serious crime". (Article 1 of the 1990 European Communities (EC) Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime). The UN defines it as”Money laundering is a process which disguises illegal profits without compromising the criminals who wish to benefit from the proceeds. It is a dynamic three-stage process that requires: first, moving the funds from direct association with the crime; second, disguising the trail to foil pursuit; and third, making the money available to the criminal once again with the occupational and geographic origins hidden from view". United Nations Global Programme against Money Laundering. MONEY LAUNDERING - AN ORGANIZED CRIME: Money Laundering has a close nexus with organized crime. Money Launderers accumulate enormous profits through drug trafficking, international frauds, arms dealing etc. Cash transactions are predominantly
Open Document