Money laundering - Essay Example

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Furthermore, the ML does not have to involve physical exchange of money or currency. Modern concept therefore considers a transaction or formation of relationship to be a case of money laundering if it involves any form of property or benefit, tangible or intangible earned through criminal activity which includes tax evasion. ML does not necessarily require movement of criminal proceeds for being laundered. Thus, financial institutions especially banks can easily get involved in money laundering process when money earned in a legitimate activity and deposited into a bank account in another country by a person becomes a laundered money assumed as done with the connivance of the bank if he fails to declared the earnings in his tax return in the country in which it has been earned and the bank also fails to report it as s suspicious activity (Hopton 2009). The USA Office of the Comptroller of the Currency (OCC) has defined money laundering as “the criminal practice of filtering ill-gotten gains” or “dirty” currency through a sequence of dealings, so the currency is “cleaned” to appear as if earned by lawful conduct (McClean 2007). Criminals resort to money laundering to legitimise substantial portion of their ill-gotten wealth as otherwise they cannot put it to use. ...Show more

Summary

Write about the MONEY LAUNDERING and answer the following question: Concept / forms / effect / role of banks in it / role of the governments / should it be introduced in educational courses? / can be stopped? Introduction Money laundering (ML) is a method of hiding the origins and ownership of money earned though criminal activities…
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