Money Laundering refers to the conversion or "Laundering" of money which is illegally obtained, so as to make it appear to originate from a legitimate source. Money Laundering is being employed by launderers worldwide to conceal criminal activity associated with it
If money laundering is prevalent in a country, it generates more crime and corruption. It also enhances the use of bribery in critical gateways to make money laundering efforts successful, such as:
• Employees and management of financial institutions,
• Lawyers and accountants,
• Legislatures,
• Enforcement agencies,
• Supervisory authorities,
• Police authorities,
• Prosecutors, and
• Courts
The initial concern over money laundering began with its early connection to illegal trafficking in narcotic drugs. The objective of drug traffickers was to convert typically small denominations of currency into legal bank accounts, financial instruments, or other assets. Today, ill-gotten gains are produced by a vast range of criminal activities—among them political corruption, illegal sales of weapons, and illicit trafficking in and exploitation of human beings. Regardless of the crime, money launderers resort to placement, layering, and integration in the process of turning illicit proceeds into apparently legal monies or goods.
Money Laundering seems to have past us long ago and stands as one of the gravest threats to the economies globally. With this blog i seek the support of all aware and vigilant members of the society to join me to spread a much required awareness on the subject and keep posting your views and thoughts on this blog
