Money Laundering

Paper Summary:

The paper discusses the seriousness of money laundering. It confirms that global based financial markets make money laundering easy for financiers, and countries that enact account secrecy laws, are connected to countries with account reporting mandates, making it possible for a person to deposit "dirty" money anonymously in one country and have it transferred to another country. The paper, reports that money laundering is a commonly committed crime that wreaks havoc on the financial stability of a nation.

From the Paper:

"The International Monetary Fund states that money laundering, which drug traffickers use to bring proceeds gained through distribution or sale of controlled substances back into legitimate markets, or to hide support of terrorist organizations, amounts to between 2% and 5% of the world's Gross Domestic Product, (over $600 billion annually). Money laundering hides the true basis of funds gained through selling and distributing drugs and converts them into solid assets with apparently legitimate sources. However, laundering large amounts of small-denomination bills is conspicuous enough that it makes traffickers visible and liable to laws against such practices. "Tracking and intercepting this illegal flow of drug money is an important tool used to identify and dismantle international drug trafficking organizations."

Sample of Sources Used:

• Associated Press, The. (2007). 39 charged in international money laundering case. Associated Press, Baltimore. 20 Sep 2007.
• BJS. (2006). Federal justice statistics. Bureau of Justice Statistics, U.S. Department of Justice, Office of Justice Programs. 28 Dec 2006. Retrieved September 22, 2007 from http://www.ojp.usdoj.gov/bjs/fed.htm.
• DEA. (2007). Money Laundering. U.S. Drug Enforcement Administration. Retrieved September 20, 2007 from http://www.usdoj.gov/dea/programs/money.htm.
• FATF-GAFI. (2007). Money Laundering. Financial Action Task Force. Website created to counter the use of the financial system by criminals. Retrieved September 22, 2007 from http://www.oecd.org/document/29/0,3343,en_32250379_32235720_33659613_1_1_1_1,00.html.
• IRS. (2007). Statistical data - Money laundering enforcement. Internal Revenue Service. Retrieved September 22, 2007 from http://www.irs.gov/compliance/enforcement/article/0,,id=113002,00.html.

More papers on Money Laundering:

• Persuasive Essay # 133264 : "Money Laundering: What Is It and How Do We Fight It?"
• Analytical Essay # 136347 : "Money Laundering and Assets"
• Analytical Essay # 134815 : "The Facets of Money-Laundering"

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