Money laundering From Wikipedia‚ the free encyclopedia Jump to: navigation‚ search Money laundering is the process of concealing the source of large amounts of money that have been gained through illegitimate means. Money evidently gained through crime is "dirty" money‚ and money that has been "laundered" to appear as if it came from a legitimate source is "clean" money. Money can be laundered by many methods‚ which vary in complexity and sophistication. Different countries may or
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There are four basic functions of money: The first is as a medium of exchange. The second is as a unit of account. The third is as a store of value. The fourth is as liquidity. The most obvious function of money is as a medium of exchange. When you hand the waiter a five-dollar bill in exchange for your hamburger‚ you are using money as a medium of exchange. You might have a hard time paying for your hamburger with five dollars worth of apples‚ but if you did‚ the apples would serve as a
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SYSTEM SUPPORTING MONEY LAUNDERING & FRAUD DETECTION Nithun Ajeeth.K & Senathipathi.R Department of Banking Technology‚ Pondicherry University‚ India ABSTRACT Money laundering is the big problem which is getting even more complex than before. The designing the system for prevention of money laundering and fraud detection is a complex task since money launderers have kept pace with the changing times‚ becoming more technically adept than ever‚ making the existing systems more vulnerable to
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(Jack‚ Levi‚ Naylor and Phill). No money actual fund has to move in the transaction. The transfer process cannot be detected and the transfer can be done by Online-Banking‚ bond‚ Cyber money and Electronic Purse (Friedrich‚ 2007). Increase the risk of macroeconomic instability Money-laundering flows will cause macroeconomic instability in a country. Transaction fund in money laundering process are "underground" or in the informal sector of the economy. Illegal money transaction is not appearing in
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criminal justice July 2005 Underground Banking: Legitimate Remittance Network or Money Laundering System? Rob McCusker Underground banking‚ where money is transferred through informal rather than formal banking sectors‚ is a recognised method by which legitimate remittances from overseas workers are routinely transferred. However‚ underground banking has also long been regarded as a conduit for money laundering by criminal organisations and arguably by terrorist networks. It is important to achieve
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REPORT ON ANTI MONEY LAUNDERING BY CITIBANK OFFICIAL. PAGE | CONTENT | 3 | An overview of Citibank | 3;4 | Summary of the scandal | 5;4 | How did the scandal happen | 5;6 | Firm’s negligence and how the malpractise was hidden | 6;7 | Impact on customer and bank | 7;8 | Avoid repeat of such money laundering cases | 8 | The role of institutions | 9 | References | OVERVIEW Citibank‚ an international bank was founded in 1812 on June the 16th
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most powerful banks in the world‚ it ran into the number of legal and ethical issues that led to severe legal consequences. HSBC lacked adequate control processes in compliance and anti-money laundering. It was also involved in illegal cash transfers from criminals and terrorists and helped many customers launder money by opening thousand of accounts in Jersey. The deficiencies and negligent controls inside HSBC included an inability to properly monitor $15 billion in cash transactions between 2006
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The Mauritian Offshore sector Two Nobel Prize winners namely Mr. James Edward Meade CB‚ FBA winner of the 1977 Nobel Memorial Prize in Economic Sciences and Sir Vidiadhar Surajprasad Naipaul‚ winner of the 2001 the Nobel Prize for Literature but one verdict: “Mauritius post-independence in 1968 had little hope and awaited a bleak future.” History or rather Mauritius‚ proved the dire prognostications famously wrong. Indeed‚ we had it on the highest possible authority which stated
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Strategy of a Business The idea of business strategy pretty much for granted today. Every business has‚ or should have‚ a strategy. Large companies have departments devoted to planning strategy and hours‚ even days are spent in meetings discussing it. Business schools have departments dedicated to researching and teaching strategy‚ and few undergraduate or MBA students escape without taking at least one course covering it. Strategy‚ like love‚ is all around us. This poses an interesting question:
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3. MONEY Money is everything that serves as universally excepted medium of exchange or means of payment. Functions of money: Medium of exchange – enables people to exchange goods and services for other commodities Store of value – at home money loses value because of inflation so it is better to deposit financial assets with a bank. Money can also be stored in other forms – securities (cenné papiry)‚ shares‚ or bonds (dluhopisy‚ obligace). We can also invest in properties‚ lands‚ arts‚ jewelry
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