cs executive professional Money Laundering act notes

Posted on 05-05-2016        By ADMIN

cs executive professional Money Laundering act notes Globalization has resulted - due to advancement in communication and Information technology - which has made the international system - more interactive, integrated, interrelated and interconnected. Even though this has resulted in a number of positive developments but it has also provided unlimited opportunities for criminals to expand their control, become more sophisticated in their operations and also intensify the level and pace of their transactions. Due to this development - criminal acts such as - fraud, counterfeiting ( fake currency ), competition and embezzlement have increased all over the world. As a result of this, large sums of illegal money is generated by criminals in India and other countries. Obviously, such illegal money - is not an encouraging sign for any Country. “ Meaning ” of Money Laundering “ Money Laundering ” - is the processing of criminal proceeds - to disguise its illegal origin. In other words, - “ money laundering - is the converting of tainted money into untainted money ”. Criminal activities such as - terrorism, illegal arms sale, financial crimes, smuggling, drug trafficking, embezzlement, bribery, computer fraud etc.- produce large profits for criminal gangs and groups. Such criminal groups convert this money into legal money - by disguising the sources - changing the form or moving the funds to other places, where they are less likely to attract attention. Hence, money laundering is intricately linked to various criminal activities. Therefore, it can be said that money laundering enables criminal activity to continue.

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