The Crime Of Money Laundering

1445 WordsJan 19, 20166 Pages
1.0 Background of study Over a long period of time, corruption has been the focal point of every government, media and academics globally. Through money laundering, proceeds of crime can be disguised. Proceeds of crime can simply be put as money earned from profit-oriented crime. The methods used are many and highly complicated. Corruption is one of the organised crime which is said to be primarily associated with the laundering of proceeds through money laundering. Technological tools accord further chances for individuals to employ money laundering as a process of ‘cleaning up’ dirty money and obscure the trail leading back to the underlying crime. The crime of money laundering has been illustrated by many as the means of support for many crimes and is a main threat to the economic and social security of societies. These activities have become a global problem in the second half of the 20th century similar to the fiery increase of drug trade. The term has been extensively acknowledged and popularly being employed globally. Often, as it is known that the origins of criminal proceeds were from drug trafficking, many law enforcers have now expanded their application to offences such as human trafficking, cybercrime, illegal arms sales and smuggling. Many countries such as Malaysia, United Kingdom, Australia, United States of America and Switzerland have given due consideration over prevention of money laundering, especially in relation to corruption. In order to ‘clean’ the
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