Money Laundering : Global Problem Case Presentation as Part of Legal Aspects of Business , Mba
MONEY LAUNDERING : GLOBAL PROBLEM CASE PRESENTATION AS PART OF LEGAL ASPECTS OF BUSINESS , MBA
Money laundering is the process of concealing illicit sources of money or in simple language it is the process of washing dirty money (money earned through illegal activities) to make it appear to be legitimate. Now question arises that who launders the money? No doubt, it is always launder by criminals. And who helps the criminals to launders the money is also a money launder. Money laundering is the dynamic that enables criminal activity of all descriptions to grow and expand.
TABLE OF Contents INTRODUCTION 3 MECHANISM OF MONEY LAUNDERING: 3 METHODS OF MONEY LAUNDERING: 4 REGULATORY FRAMEWORK: 4 PREMBLE: 4 OBLIGATIONS UNDER PREVENTION OF MONEY LAUNDERING [PML] ACT 2002 5 LEGAL HIGHLIGHTS OF PML ACT 2002: 6 OBJECTIVE OF PML ACT 2002: 6 CURRENT ISSUE OF MONEY LAUNDERING BY INDIAN BANKS: 7 ANALYSIS: 7 REFERENCES: 8
INTRODUCTION
Money laundering is the process of concealing illicit sources of money or in simple language it is the process of washing dirty money (money earned through illegal activities) to make it appear to be legitimate. Now question arises that who launders the money? No doubt, it is always launder by criminals. And who helps the criminals to launders the money is also a money launder. Money laundering is the dynamic that enables criminal activity of all descriptions to grow and expand.
As per Cambridge Dictionary, definition of money laundering is
“The crime of moving money that has been obtained illegally through banks and other businesses to make it seem as if the money has been obtained legally.”
If we look at historical aspect of money laundering it is not a new concept. There are historical evidences that in China, merchants would hide their wealth from rulers (4000 BC). Many regulatory and governmental authorities quote estimates each year for the amount of money laundered, either worldwide or within
Money laundering is the process of concealing illicit sources of money or in simple language it is the process of washing dirty money (money earned through illegal activities) to make it appear to be legitimate. Now question arises that who launders the money? No doubt, it is always launder by criminals. And who helps the criminals to launders the money is also a money launder. Money laundering is the dynamic that enables criminal activity of all descriptions to grow and expand.
TABLE OF Contents INTRODUCTION 3 MECHANISM OF MONEY LAUNDERING: 3 METHODS OF MONEY LAUNDERING: 4 REGULATORY FRAMEWORK: 4 PREMBLE: 4 OBLIGATIONS UNDER PREVENTION OF MONEY LAUNDERING [PML] ACT 2002 5 LEGAL HIGHLIGHTS OF PML ACT 2002: 6 OBJECTIVE OF PML ACT 2002: 6 CURRENT ISSUE OF MONEY LAUNDERING BY INDIAN BANKS: 7 ANALYSIS: 7 REFERENCES: 8
INTRODUCTION
Money laundering is the process of concealing illicit sources of money or in simple language it is the process of washing dirty money (money earned through illegal activities) to make it appear to be legitimate. Now question arises that who launders the money? No doubt, it is always launder by criminals. And who helps the criminals to launders the money is also a money launder. Money laundering is the dynamic that enables criminal activity of all descriptions to grow and expand.
As per Cambridge Dictionary, definition of money laundering is
“The crime of moving money that has been obtained illegally through banks and other businesses to make it seem as if the money has been obtained legally.”
If we look at historical aspect of money laundering it is not a new concept. There are historical evidences that in China, merchants would hide their wealth from rulers (4000 BC). Many regulatory and governmental authorities quote estimates each year for the amount of money laundered, either worldwide or within
References: 1. Dirty Dealing, the untold truth about global money laundering: Peter Lilley 2. Money laundering, An insight into the dark world of financial frauds :BuhreLal 3. Capital Market : April 1-14 2013 4. PML Act 2002 5. Cambridge dictionary