Money laundering is a global issue that significantly threatens the
integrity of financial systems and economies worldwide. This paper
presents a theoretical description of money laundering and outlines
the structured activities involved in the process. Additionally, it
explores the electronic methods employed in money laundering,
highlighting the various functions carried out using electronic gadgets
and the internet. The author emphasizes the importance of
understanding the characteristics, reasons, and negative impacts of
money laundering on businesses and economies to gain a clear
perspective on the issue. Money laundering is a criminal act in most
countries, and economically developed nations have established
strong barriers against it. However, the practice persists, and the paper
examines how launderers circumvent these barriers and employ
innovative, illegal methods to convert their illicit money into
legitimate funds. The study found that money launderers employ
various techniques to evade detection and prosecution, including
layering, integration, and placement. Electronic money laundering is
also a growing concern, with online platforms, digital currencies, and
anonymous payment systems providing new avenues for launderers
to conceal their activities. This paper provides an overview of money
laundering and its detrimental effects on the global economy. It
underscores the need for continued efforts by governments, financial
institutions, and law enforcement agencies to combat this menace.
Additionally, it highlights the importance of vigilance and developing
innovative strategies to detect and prevent money laundering.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Money Laundering: A Three-Step Secret GameMd Arman
This paper describes, theoretically, what money laundering is and how it is done following some partnered
activities over time. This paper also looks for electronic money laundering and finds some related and predefined
functions which are completed using electronic gadgets and the Internet. A systematic literature review is
conducted by employing a meta-analysis approach. To give a clear view on money laundering, the author thinks
it is necessary to make it clear first about the characteristics of money laundering, the reasons behind it, and how
it negatively impacts the business and economy of a country. Money laundering is a crime in most nations, and
economically developed countries built a strong fortress against money launderers, but laundering is not stopped.
So, this paper tries to discover what and how the launderers launder and discover inventive ways to turn their
unlawful cash lawful, which the legal authority cannot detect. This paper shows the step-by-step procedures of
these globally illegal money-whitening activities, mostly theoretically
Money Laundering: A Three Step Secret GameMd Arman
This paper describes, theoretically, what money laundering is and how it is done following some
partnered activities over time. This paper also looks for electronic money laundering and found some
related and predefined functions which are completed using electronic gadgets and the Internet. To give
a clear view on money laundering, the author thinks that it is necessary to make it clear first about the
characteristics of money laundering, the reasons behind it, and how it creates negative impacts on the
business and economy of a country. In most nations, it is a crime and economically developed countries
built strong fortress against money launderers but laundering is not stopped. So, this paper tries to discover
out what and how the launderers launder and discover inventive ways to form their unlawful cash lawful
which the legal authority can not detect. This paper shows the step by step procedures of this globally
illegal money whitening activities mostly theoretically
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Money Laundering: A Three-Step Secret GameMd Arman
This paper describes, theoretically, what money laundering is and how it is done following some partnered
activities over time. This paper also looks for electronic money laundering and finds some related and predefined
functions which are completed using electronic gadgets and the Internet. A systematic literature review is
conducted by employing a meta-analysis approach. To give a clear view on money laundering, the author thinks
it is necessary to make it clear first about the characteristics of money laundering, the reasons behind it, and how
it negatively impacts the business and economy of a country. Money laundering is a crime in most nations, and
economically developed countries built a strong fortress against money launderers, but laundering is not stopped.
So, this paper tries to discover what and how the launderers launder and discover inventive ways to turn their
unlawful cash lawful, which the legal authority cannot detect. This paper shows the step-by-step procedures of
these globally illegal money-whitening activities, mostly theoretically
Money Laundering: A Three Step Secret GameMd Arman
This paper describes, theoretically, what money laundering is and how it is done following some
partnered activities over time. This paper also looks for electronic money laundering and found some
related and predefined functions which are completed using electronic gadgets and the Internet. To give
a clear view on money laundering, the author thinks that it is necessary to make it clear first about the
characteristics of money laundering, the reasons behind it, and how it creates negative impacts on the
business and economy of a country. In most nations, it is a crime and economically developed countries
built strong fortress against money launderers but laundering is not stopped. So, this paper tries to discover
out what and how the launderers launder and discover inventive ways to form their unlawful cash lawful
which the legal authority can not detect. This paper shows the step by step procedures of this globally
illegal money whitening activities mostly theoretically
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
THE LEGAL AND INSTITUTIONAL FRAMEWORKS FOR COMBATTING MONEY LAUNDERING IN CAM...AkashSharma618775
Money laundering usually involves a series of multiple transactions used to mask the source of financial
assets, so that these assets can be used without compromising criminals seeking to their use. Money laundering can
happen through various intermediaries; bank transfers, both by wire and check, are the most common channels
for illicit money transfers. Money Laundering has several devastating effects; it damages financial sector
institutions that are critical for economic growth, promoting crime and corruption that slow economic growth,
reducing efficiency in the real sector of the economy. Money laundering is a problem not only in the world’s major
financial markets and sea centers but also in emerging markets. Cameroon has criminalized money-laundering in
line with the United Nations Convention against Corruption which was signed on 10th October, 2003, and ratified
by the President of the Republic on 6th February, 2006. Cameroon follows an all-crimes approach to moneylaundering whereby all offences under the laws and regulations of Cameroon constitute predicate offences. In
order to effectively combat money laundering, institutions have equally being put in place to combat it.
Money Laundering The Juxtaposition of Laws for Comparative Analysisijtsrd
Money laundering is a problem that has become increasingly pervasive in recent times and a major concern for governments around the world. It is a process of concealing the proceeds of illegal activities as legitimate income. It is a serious crime that has implications for national security, economic stability, and financial integrity. Money laundering is a global problem, and countries have developed various legal frameworks to prevent, detect, and prosecute it. This research journal will provide a comparative analysis of money laundering laws in the United States, Saudi Arabia, and India. Further, this paper will also examine whether India needs to make changes to its money laundering laws. Siddesh Dasari "Money Laundering: The Juxtaposition of Laws for Comparative Analysis" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56291.pdf Paper URL: https://www.ijtsrd.com.com/humanities-and-the-arts/other/56291/money-laundering-the-juxtaposition-of-laws-for-comparative-analysis/siddesh-dasari
This literature review is organized in five sections. Firstly, we begin with general ideas and continue with the origin of the fraudulent. Secondly, we discuss the struggle of the phenomena, insisting on the available mechanisms. Finally, we’ll discuss the link between audit and fraud.
Money laundering is the process of transforming the proceeds of crime into ostensibly legitimate money or other assets. However, in a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. This is a process whereby the origin of funds generated by illegal means is concealed (drug trafficking, fraud, gun smuggling, corruption, etc.)
Audit Response to Money Laundering by Financial Institutions: An Economic Per...inventionjournals
This article focuses on the interplay between a corporation (its executives and managers) and auditors in the presence of an opportunity to launder funds. Auditor responsibilities to detect illegal acts are significantly different than their responsibilities to detect fraud. In addition the changing audit and business environment conspire to complicate the role of the auditor. The paper begins with a discussion of crime by organizations. This is followed by a review of auditor responsibilities to detect irregularities and illegal acts. Economic theory is then used to analyze auditor payoffs and incentives related to client money laundering activities. The paper concludes with recommendations for both practice and future research.
250 words agree or disagreeWeek 5 ForumMaiwand Khyber(Jul .docxvickeryr87
250 words agree or disagree
Week 5 Forum
Maiwand Khyber(Jul 31, 2019 1:01 PM) - Read by: 1
Reply
Organized crime refers to the crime conducted by local, national, or international groupings. These groups are highly centralized enterprises and are run by criminals who are engaged in illegal conduct for profit intention. They have an organized hierarchy, non-ideological motives, and are governed by rules and codes (Jones and Bartlett Learning, n.d.).
Three major types of organized crime include gang criminality, racketeering, and syndicate crime. Gang criminals are usually engaged in local offense like robbery, vehicle theft, kidnapping, ransom, and murder. They are hardened criminals who are dangerous to society. Racketeering is an activity in which the criminal gang is involved in extorting money from legitimate as well as illegitimate businesses by the use of intimidation. It consists in selling adulterated commodities, deceiving people, selling spurious drugs, and so forth. Racketeers usually don’t take away all profits and share it with the owners of businesses. In return, they want fixed money from the owners of illegal activities and allow prostitution, liquor selling, and gambling to continue unabated. Syndicate crime refers to the furnishing of unlawful goods and services by organized criminal groups, often known as mafia. Illegal products include liquor and drugs, while illicit services involve trafficking of girls, gambling, and so forth.
Several groups as The Cosa Nostra, The Russian mafia, The Mexican drug cartels, and The Asian Organized Crime Groups have been considered as criminal groups involved in the organized crime at national and transnational levels. International criminal groups operate under various structures with stable hierarchies and network. They try to influence government policies by using corrupt as well as legitimate methods (The United States Department of Justice, 2015).
With changing industrial contours, organized crime has also shifted from traditional ways to tech-savvy crimes (example: cybercrime). It has exploited technological advancements and communication strategies to expand cross-border. This high-tech realm has made many crimes an international threat rather than a local danger. Today, these crimes are conducted by nimble and loosely structured groups that have a global reach. Refined telephone networks have fostered rapid communication, thereby revolutionizing the illicit commerce (Bjelopera & Finklea, 2012).
While technology has facilitated the growth of organized crime, challenges posed by technological advancements in tracking and investigating organized crime need special mention. Investigation of cases has become difficult because of the sophisticated screening options as firewalls. In a drug investigation case that was carried out jointly by the United States and Colombian authorities, it was found that the presence of the firewall made it intricate for authorities to reach them.
Learner’s characteristics from an autonomous perspective: A cross-cultural re...Md Arman
The characteristics of L2 learners are different from each other both from the broad and narrow senses. Each learner is different from one another and shows a wide range of learning behaviors in formal and informal learning environments. This study summarizes the already-published literature based on the research in the USA, Australia, Bangladesh, Brazil, Germany, Japan, Malaysia, and Taiwan. Every individual research illustrated the varieties of characteristics of autonomous learners and, at the same time, there are some similarities in the behaviors of autonomous learners around the world. This paper tries to display the theoretical claims about the characteristics of autonomous learners and show the similarities and differences in the characteristics of L2 autonomous learners found in research around the world on L2 teaching and learning environments by answering the following research questions.
ChatGPT, a Product of AI, and its Influences in the Business WorldMd Arman
Specifically the study analyzes how ChatGPT AI is transforming business operations and
enhancing customer experience in customer service, e-commerce, healthcare, finance,
marketing, and developer business sectors. Using a comprehensive literature review
approach.The study explores the implications of ChatGPT AI for businesses, including its
potential to improve efficiency, reduce costs, and enhance competitiveness.
Additionally, ethical and legal considerations surrounding the use of ChatGPT AI in
business operations are evaluated, including issues related to data privacy, bias, and
transparency.The study provides insights into future directions for the application of
ChatGPT AI in business and the potential impact of this technology on various business
sectors. The objective is to provide a comprehensive review of the influence of ChatGPT
AI on businesses, its potential benefits, and challenges for businesses looking to adopt
this technology. Overall, this study highlights the importance of considering the benefits
and limitations of AI adoption in businesses, as well as the ethical and legal implications
of its use.
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THE LEGAL AND INSTITUTIONAL FRAMEWORKS FOR COMBATTING MONEY LAUNDERING IN CAM...AkashSharma618775
Money laundering usually involves a series of multiple transactions used to mask the source of financial
assets, so that these assets can be used without compromising criminals seeking to their use. Money laundering can
happen through various intermediaries; bank transfers, both by wire and check, are the most common channels
for illicit money transfers. Money Laundering has several devastating effects; it damages financial sector
institutions that are critical for economic growth, promoting crime and corruption that slow economic growth,
reducing efficiency in the real sector of the economy. Money laundering is a problem not only in the world’s major
financial markets and sea centers but also in emerging markets. Cameroon has criminalized money-laundering in
line with the United Nations Convention against Corruption which was signed on 10th October, 2003, and ratified
by the President of the Republic on 6th February, 2006. Cameroon follows an all-crimes approach to moneylaundering whereby all offences under the laws and regulations of Cameroon constitute predicate offences. In
order to effectively combat money laundering, institutions have equally being put in place to combat it.
Money Laundering The Juxtaposition of Laws for Comparative Analysisijtsrd
Money laundering is a problem that has become increasingly pervasive in recent times and a major concern for governments around the world. It is a process of concealing the proceeds of illegal activities as legitimate income. It is a serious crime that has implications for national security, economic stability, and financial integrity. Money laundering is a global problem, and countries have developed various legal frameworks to prevent, detect, and prosecute it. This research journal will provide a comparative analysis of money laundering laws in the United States, Saudi Arabia, and India. Further, this paper will also examine whether India needs to make changes to its money laundering laws. Siddesh Dasari "Money Laundering: The Juxtaposition of Laws for Comparative Analysis" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56291.pdf Paper URL: https://www.ijtsrd.com.com/humanities-and-the-arts/other/56291/money-laundering-the-juxtaposition-of-laws-for-comparative-analysis/siddesh-dasari
This literature review is organized in five sections. Firstly, we begin with general ideas and continue with the origin of the fraudulent. Secondly, we discuss the struggle of the phenomena, insisting on the available mechanisms. Finally, we’ll discuss the link between audit and fraud.
Money laundering is the process of transforming the proceeds of crime into ostensibly legitimate money or other assets. However, in a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. This is a process whereby the origin of funds generated by illegal means is concealed (drug trafficking, fraud, gun smuggling, corruption, etc.)
Audit Response to Money Laundering by Financial Institutions: An Economic Per...inventionjournals
This article focuses on the interplay between a corporation (its executives and managers) and auditors in the presence of an opportunity to launder funds. Auditor responsibilities to detect illegal acts are significantly different than their responsibilities to detect fraud. In addition the changing audit and business environment conspire to complicate the role of the auditor. The paper begins with a discussion of crime by organizations. This is followed by a review of auditor responsibilities to detect irregularities and illegal acts. Economic theory is then used to analyze auditor payoffs and incentives related to client money laundering activities. The paper concludes with recommendations for both practice and future research.
250 words agree or disagreeWeek 5 ForumMaiwand Khyber(Jul .docxvickeryr87
250 words agree or disagree
Week 5 Forum
Maiwand Khyber(Jul 31, 2019 1:01 PM) - Read by: 1
Reply
Organized crime refers to the crime conducted by local, national, or international groupings. These groups are highly centralized enterprises and are run by criminals who are engaged in illegal conduct for profit intention. They have an organized hierarchy, non-ideological motives, and are governed by rules and codes (Jones and Bartlett Learning, n.d.).
Three major types of organized crime include gang criminality, racketeering, and syndicate crime. Gang criminals are usually engaged in local offense like robbery, vehicle theft, kidnapping, ransom, and murder. They are hardened criminals who are dangerous to society. Racketeering is an activity in which the criminal gang is involved in extorting money from legitimate as well as illegitimate businesses by the use of intimidation. It consists in selling adulterated commodities, deceiving people, selling spurious drugs, and so forth. Racketeers usually don’t take away all profits and share it with the owners of businesses. In return, they want fixed money from the owners of illegal activities and allow prostitution, liquor selling, and gambling to continue unabated. Syndicate crime refers to the furnishing of unlawful goods and services by organized criminal groups, often known as mafia. Illegal products include liquor and drugs, while illicit services involve trafficking of girls, gambling, and so forth.
Several groups as The Cosa Nostra, The Russian mafia, The Mexican drug cartels, and The Asian Organized Crime Groups have been considered as criminal groups involved in the organized crime at national and transnational levels. International criminal groups operate under various structures with stable hierarchies and network. They try to influence government policies by using corrupt as well as legitimate methods (The United States Department of Justice, 2015).
With changing industrial contours, organized crime has also shifted from traditional ways to tech-savvy crimes (example: cybercrime). It has exploited technological advancements and communication strategies to expand cross-border. This high-tech realm has made many crimes an international threat rather than a local danger. Today, these crimes are conducted by nimble and loosely structured groups that have a global reach. Refined telephone networks have fostered rapid communication, thereby revolutionizing the illicit commerce (Bjelopera & Finklea, 2012).
While technology has facilitated the growth of organized crime, challenges posed by technological advancements in tracking and investigating organized crime need special mention. Investigation of cases has become difficult because of the sophisticated screening options as firewalls. In a drug investigation case that was carried out jointly by the United States and Colombian authorities, it was found that the presence of the firewall made it intricate for authorities to reach them.
Learner’s characteristics from an autonomous perspective: A cross-cultural re...Md Arman
The characteristics of L2 learners are different from each other both from the broad and narrow senses. Each learner is different from one another and shows a wide range of learning behaviors in formal and informal learning environments. This study summarizes the already-published literature based on the research in the USA, Australia, Bangladesh, Brazil, Germany, Japan, Malaysia, and Taiwan. Every individual research illustrated the varieties of characteristics of autonomous learners and, at the same time, there are some similarities in the behaviors of autonomous learners around the world. This paper tries to display the theoretical claims about the characteristics of autonomous learners and show the similarities and differences in the characteristics of L2 autonomous learners found in research around the world on L2 teaching and learning environments by answering the following research questions.
ChatGPT, a Product of AI, and its Influences in the Business WorldMd Arman
Specifically the study analyzes how ChatGPT AI is transforming business operations and
enhancing customer experience in customer service, e-commerce, healthcare, finance,
marketing, and developer business sectors. Using a comprehensive literature review
approach.The study explores the implications of ChatGPT AI for businesses, including its
potential to improve efficiency, reduce costs, and enhance competitiveness.
Additionally, ethical and legal considerations surrounding the use of ChatGPT AI in
business operations are evaluated, including issues related to data privacy, bias, and
transparency.The study provides insights into future directions for the application of
ChatGPT AI in business and the potential impact of this technology on various business
sectors. The objective is to provide a comprehensive review of the influence of ChatGPT
AI on businesses, its potential benefits, and challenges for businesses looking to adopt
this technology. Overall, this study highlights the importance of considering the benefits
and limitations of AI adoption in businesses, as well as the ethical and legal implications
of its use.
Exploring the Implication of ChatGPT AI for Business: Efficiency and ChallengesMd Arman
This empirical study aims to examine the impact of ChatGPT AI on
various business sectors, evaluating its benefits and challenges.
Specifically, the study analyzes how ChatGPT AI is transforming business
operations and enhancing customer experience in customer service, ecommerce, healthcare, finance, marketing, and developer business sectors.
Using a comprehensive literature review approach, this study draws on
relevant academic articles to identify and analyze the key applications of
AI in the business sector, the benefits realized, and the challenges faced in
adopting this technology.The study explores the implications of ChatGPT
AI for businesses, including its potential to improve efficiency, reduce
costs, and enhance competitiveness. Additionally, ethical and legal
considerations surrounding the use of ChatGPT AI in business operations
are evaluated, including issues related to data privacy, bias, and
transparency. The study provides insights into future directions for the
application of ChatGPT AI in business and the potential impact of this
technology on various business sectors. The objective is to provide a
comprehensive review of the impact of ChatGPT AI on businesses, its
potential benefits, and challenges for businesses looking to adopt this
technology. Overall, this study highlights the importance of considering
both the benefits and limitations of AI adoption in businesses, as well as
the ethical and legal implications of its use.
MONEY LAUNDERING: A THREE-STEP SECRET GAMEMd Arman
This paper describes, theoretically, what money laundering is and
how it is done following some partnered activities over time. This
paper also looks for electronic money laundering and finds related
and predefined functions completed using electronic gadgets and the
Internet. To give a clear view on money laundering, the author thinks
it is necessary to make it clear first about the characteristics of money
laundering, the reasons behind it, and how it negatively impacts the
business and economy of a country. Money laundering is a crime in
most nations, and economically developed countries built a strong
fortress against money launderers, but laundering is not stopped. So,
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technology used in the L2 classroom and digital materials for teaching and learning another language.
Outside Class Learning (OCL) in the Bangladeshi context is one of the constantly used buzzwords among
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questions to find out the data, and data were collected from forty graduate students of the class of 2014 of the
Department of English, University of Dhaka. All the volunteers participated spontaneously and they had been given
time as they required to submit the responses of questionnaire. This empirical study was purely unbiased in findings
with unexpected results and responses to open-ended questions about this unexplored way of study.
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The investors must invest a minimum of BDT 1,03,91,04,000. In our first year of the business, fifty crores (50%) Taka will be withdrawn and the rest in the second year. A total of 21 months are needed to reach the break-even point. FastFuel will make a profit of BDT 288488000 in the final quarter of the second year. From the third year, we will make BDT 900000000 per year because we will minimize the marketing cost to zero from the third year. All of our fixed cost was calculated in the first and second year which is already taken from the market.
In the first and second years, 609 people will work. From the third year, 909 people will work constantly for FastFuel both in the field and in the office. Six persons will play the leading position. Most of our human resources work on the ground. Some resources will work in our reservoirs around the clock and the necessary number of technical engineers will remain busy in the office tracking the vehicles and guiding the supervisors. They will trace the traffic situation in Dhaka and give suggestions to the supervisors so that they can avoid the traffic jam on the road to the delivery.
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
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BEHIND CLOSED DOORS: THE SECRET WORLD OF MONEY LAUNDERING
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JOSS:
Journal of Social Science
BEHIND CLOSED DOORS: THE SECRET WORLD OF MONEY
LAUNDERING
Md Arman1
, Ikhsan Nendi2
M.B.A. student, School of Business Administration, University of Asia Pacific Bangladesh,
Politeknik Siber Cerdika Internasional Indonesia
Email : rubelbdbhat@gmail.com, nendi@polteksci.ac.id
KEYWORDS
Money
Laundering,
Methods, Threat,
Nations, Economy
ARTICLE INFO
Accepted:
March 09 2023
Revised:
April 15 2023
Approved:
Mei 10 2023
ABSTRACT
Money laundering is a global issue that significantly threatens the
integrity of financial systems and economies worldwide. This paper
presents a theoretical description of money laundering and outlines
the structured activities involved in the process. Additionally, it
explores the electronic methods employed in money laundering,
highlighting the various functions carried out using electronic gadgets
and the internet. The author emphasizes the importance of
understanding the characteristics, reasons, and negative impacts of
money laundering on businesses and economies to gain a clear
perspective on the issue. Money laundering is a criminal act in most
countries, and economically developed nations have established
strong barriers against it. However, the practice persists, and the paper
examines how launderers circumvent these barriers and employ
innovative, illegal methods to convert their illicit money into
legitimate funds. The study found that money launderers employ
various techniques to evade detection and prosecution, including
layering, integration, and placement. Electronic money laundering is
also a growing concern, with online platforms, digital currencies, and
anonymous payment systems providing new avenues for launderers
to conceal their activities. This paper provides an overview of money
laundering and its detrimental effects on the global economy. It
underscores the need for continued efforts by governments, financial
institutions, and law enforcement agencies to combat this menace.
Additionally, it highlights the importance of vigilance and developing
innovative strategies to detect and prevent money laundering.
INTRODUCTION
The term "Money Laundering" comes from the United States and refers to the Mafia's
attempt to "launder" illegal money through cash-intensive washing salons controlled by
company acquisitions or business formations (Schneider & Windischbauer, 2008). Money
laundering happens outside of the typical range of economic data by definition. However, as
with other areas of illicit business activity, preliminaryestimates have been proposed to provide
some measures for the situation. Illicit sources are estimated to account for two to five per cent
of global GDP. According to 1996 data, the amount of money laundered varied between 590
billion and 1.5 trillion U.S. dollars. The lower amount is about similar to the value of the size
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of Spain's economic output. A large portion of the revenue comes from drug dealing,
prostitution, illegal arms sales, smuggling, or any organized crime. Tax fraud, market
manipulation, extortion, and cyber fraud schemes can also generate huge profits, creating an
incentive to "validate" illicit earnings through money laundering. Most unlawful transactions
are completed in cash since there is the least chance of leaving one's mark; nonetheless, there
is a clear trend to exploit the internet to conduct illegitimate transactions in the form of Online
Banking, Cyber Money, and Electronic Purses. A huge proportion of crimes aim to make
money for the individual or group who commits the act. Money laundering is the processing
of unlawful profits to conceal their illegal origin. This procedure is crucial since it allows the
launderers to earn without risking their source.
METHOD RESEARCH
Qualitative research was conducted using meta-data from past research literature and
scholarly articles. To identify previous research studies for inclusion in the meta-analysis, the
researcher searched several business-oriented databases using related keywords: money
laundering, process, anti-money laundering, etc. The researcher is well aware of the content
validity because it is one of the key concerns in meta-data analysis (Schriesheim et al., 1993).
The deductive approach generated the list of proposed items by reviewing the previous
literature (Aboul-Ela, 2014). The researcher also reviewed the reference lists of other
summaries to identify relevant articles missed in the computerized search.
Using these search procedures, the researcher randomly identified over 50 studies and
screened them to determine their relevance. The researcher excluded some studies which are
repeated in the topics. After evaluating the studies based on the inclusion criteria, 16 and 5
reports were selected. All studies included in the meta-analysis are appended in the reference
section.
RESULT AND DISCUSSION
Characteristics of Money Laundering
Money laundering refers to any monetary assets (cash and electronic bank transfers) or
their surrogates, along with quasi-assets such as transportable items and real estate, created
either directly or indirectly from illegal actions or designed for the implementation of such an
activity. The process is meant to launder illegal assets into lawful usage. The action is therefore
distinguished by a malicious intention to change, blend, move, redirect, and misrepresent the
real origin or characteristics of incriminated items intentionally and in a structured manner
(Schneider & Windischbauer, 2008).
(Korejo et al., 2022) mentioned that it might be split down to apply to three categories of
characteristics. First, assets obtained as a result of illegal activity related to a specific offence.
Second, the worth of the asset in question, and finally, assets comparable in worth maintained
inside the nation and taken or held just outside of the nation. In other words, money laundering
refers to the intentional creation of all financial and non-financial assets obtained either directly
or indirectly from any illegal behaviour; the former refers to cash or soft-electronic fund
transfer or their replacements, while the latter contains portable commodities and immovable
estates. Furthermore, such illegal activity is aimed at realizing an asset. Additionally, such
illegal activity is aimed at realizing an asset. As a result, acts are distinguished by an unlawful
purpose to meticulously transform, blend, hide, and mislead the true source or form of the items
engaged in the unlawful activity.
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As previously said, the resultant offences have been continuously extended to the crime
of money laundering; thus, it is essential to investigate this expanding worldwide legal
mechanism combatting money laundering.
Reason Behind Money Laundering
According to various estimates, the entire revenue of organized crime ranges from $500
billion to 2.1 trillion USD. Some estimate that the global value of money laundering ranges
from $400 billion to USD 2.85 trillion. Money laundering is considered necessary by
launderers because cash is used in practically all unlawful transactions since it puts no
transaction marks such as records or proof. Drug trafficking is vital, with a total income of
$500-1,000 billion USD, amounting to about 9% of global commerce (UNODC, 2009) The
illegal drug industry is massive in scope. The amount, assessed at market prices, exceeds the
G.D.P. of 88% of the world's nations. These enormous sales volumes and earnings from drug
trafficking must be laundered because one million USD in 20-dollar bills weigh around 55 kg;
the same amount in five-dollar bills weighs 220 kg (Schneider & Windischbauer, 2008).
According to (Blum et al., 1998), who also identified that self-employed farmers are
somehow responsible for money laundering, one of the ten essential rules of money laundering
is: the more the business structure of production and distribution of non-financial goods and
services is dominated by small and independent firms or self-employed individuals; the more
difficult the job of separating legal from illegal transactions.
(Hendriyetty & Grewal, 2017) mentioned that Self-employed individuals and small local
firms are not regulated in emerging economies and consequently operate unofficially; thus,
they are classified as part of the shadow economy. Money launderers utilize business
enterprises in the shadow economy as routes to disguise their illicit earnings in the early stages
of money laundering. (Blum et al., 1998) mentioned that underground operations are either
criminal or unofficial enterprises that engage in several stages with a legitimate business.
The shadow economy mostly comprises tiny, independent businesses or self-employed
people. They typically keep their enterprises small to escape the official inspection and the
need to register in the official sector. As a result, the number of tiny and independent businesses
will grow, which will be utilized by money launderers to conceal their unlawful operations and
give them a legal outlook. As a result, the larger the shadow economy, the more challenging it
is to discover money laundering since it is impossible to distinguish between legitimate and
criminal activities.
Even though small, self-employed or individual businesses typically run the shadow
economy, small businesses are an easy scapegoat for extortion by huge corporations that are
more competent at skirting the law by abusing small businesses. This informal sector serves as
a conduit for money laundering operations. Because it is challenging to do careful research on
operations in an economy with a larger level of interaction between documented and
undocumented, official and unofficial, and underground and above-board activities,
determining the origins of funds will become increasingly complex (Blum et al., 1998).
Furthermore, money laundering promotes the growth of the shadow economy. Because
utilizing legitimate means to shift funds is risky, particularly with the anti-money laundering
system in place, money launderers will shift their money to the informal economy. In the
underground economy, unconventional financial transactions and tangible cash transfers are
preferred (Hendriyetty & Grewal, 2017).
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Negative Impact of Money Laundering
On Business
The reputation of the financial services and banking industry is strongly reliant on the
notion that it operates within a system of high legal, professional, and moral codes. A business
institution's image for transparency is one of its most precious assets. Suppose money from
illegal activity is easily processed through a specific institution, either because its professionals
or managers have been bribed or because the organization turns a blind eye to the questionable
nature of these monies. In that case, the organization may be drawn into active collaboration
with criminals and become part of the illicit network. Indications of this collusion will harm
the views of other financial intermediaries, regulatory bodies, and regular customers (FATF).
On Economy
Launderers constantly search for new ways to launder their money. As established
financial centres or developed nations build strong anti-money laundering policies, economies
with expanding or emerging financial centres but insufficient regulations are especially
vulnerable. Money launderers will target variations of anti-money laundering policies among
countries by transforming their networks to different nations with financial systems that are
weak or ineffective defences. Many may claim that emerging economies cannot expect to be
overly demanding about the funding sources they receive. However, deferring consequences is
risky. The longer it is delayed, the more established and organized crime occurs. Foreign direct
investment is depressed whenever a nation's commercial and economic sectors are considered
under the influence and dominance of organized crime, just as when a private financial
institution's credibility is harmed (FATF).
Financial market imbalances put the international economy's stability at risk. Economic
problems are hence worsened if not caused. Furthermore, money laundering involves
penetrating legal, and economic systems and crowding cutthroat competition. Additionally, the
"dollarization" of the economy limits the budgetary and financial political reach of national
governments and banks, respectively. Aside from that, financially impoverished nations that
primarily provide financial services risk economic (and hence political) reliance. Measures to
fight money laundering boost the cost of legitimate activity and interfere with them in the
capital markets.
Steps Of Money Laundering
Money Laundering follows three steps.
Placement
The launderer inserts unlawful funds into the economic system at the first or placement
stage of money laundering. This might be accomplished by dividing large quantities of cash
into smaller sums deposited directly into a bank account or by obtaining a series of financial
instruments (cheques, money orders, etc.) that are subsequently collected and transferred into
banks in different areas. There is an elevated chance of being revealed at this point. The
placement stage is divided into two sub-sections as follows.
Primary deposit
This refers to the quick transfer of criminal income into a legal, economic system without
drawing the notice of governmental authorities. Limited quantities are undercut with
"structuring" and "smurfing" to escape detection, reporting responsibilities, and paperwork
requirements. Furthermore, funds are carefully divided into small quantities to allow payment
in multiple financial institutions below relevant recognition and disclosure limits. For example,
savings accounts of up to 15,000 euros are exempt from these requirements in Austria
(Schneider & Windischbauer, 2008).
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Another technique of placement includes exerting an effect on economic sector
institutions in terms of acquiring existing banks or establishing new banks in offshore nations
("company havens" or "bank havens"). Furthermore, coworker corruption is a regularly utilized
criminal tool to place incriminated funds: endeavours are made to socialize with bank personnel
to permit immediate penetration of funds without drawing the attention of regulatory agencies.
Depositing cash into bank accounts abroad allows participation in the economic or financial
cycle.
Secondary deposit
Secondary deposits, as opposed to primary deposits, are a passive penetration of the
liquidity into the Financial sector and hence a transformation into book money via the
interconnectivity of a real or legal entity. This occurs either by modifying the channel, in which
incriminated funds are turned into other resources, or through leads, who act on their behalf
but trade for the account of a third party or grant the use of their name to execute out (realize)
an account opening, the formation of a company, or the conclusion of an insurance scheme.
Forward displacement of the money laundering site onto life insurance companies,
financial service providers, and exchange offices can also result in indirect placement.
Currently, numerous proposals are received through email or posted on websites to work as a
"financial agent," providing banking accounts that are used to send unlawful gains to conceal
transfer methods.
Another method of laundering money is the formation of front firms, which, in contrast
to leading corporate entities, penetrate black money on the bank deposits and hence into the
financial system through simulated turnovers. Cash-intensive businesses (cuisine, shipping
enterprises, vehicle business, hotel industry, auctioneers, and galleries) are required. Partially,
no phantom firm/dummy firm is created, but simply foundational documentation is falsified.
For example, 25,000 life insurance clients are suspected of laundering illicit money with single
payments totalling one billion euros (Schneider & Windischbauer, 2008).
Layering
The second - or layering - stage occurs once the money has entered the financial system.
During this stage, the launderer converts or moves the monies to separate them from their
origin. The monies may be routed through the buying and selling financial items, or the
launderer could easily shift the cash through a network of accounts at multiple organizations
worldwide. Using widely dispersed institutions for laundering is particularly common in
nations unwilling to cooperate with anti-money laundering operations. In other cases, the
launderer may camouflage the movements as purchases for commodities or services, giving
them the appearance of legitimacy.
Integration
After successfully processing the illegal gains through the initial two stages of the money
laundering procedure, the launderer advances the money to the third step, integration, when the
funds are re-introduced into the legal, financial sector. The launderer may decide to invest the
money in the housing market, luxury goods, or business ventures.
Electronic Money Laundering And Steps
When funds are laundered electronically, it is defined as electronic (E) moneylaundering.
Electronic Placement
In conventional laundering, criminals must give over their money to a bank or convert it
into a product or property, which is then sold and the laundering money is used to finance and
production. These procedures are more difficult to complete since the client identification, and
verification criteria have been met. Most nations limit the number of entries in the cash flow.
Still, with electronic money laundering, the criminal can convert their unlawful earnings into
digital money and cross borders or acquire expensive products since verification is tough and
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it is a low-risk operation. However, it appears that worldwide regulations for them have not
been set.
Electronic Layering
In conventional money laundering, the launderers must use a comma to separate the
occasional source from the first entry and other potential uses. "Money committed to engaging
in a leisure facility or a publicly approved action," for example. Confidentiality and camouflage
of identity are the goals of money launderers, which have typically been challenging. However,
electronic money laundering processes can be done immediately, without a border, and digital
transactions would not be hard. Even in certain nations, opening a bank account with no
physical verification can be done virtually.
Electronic Integrating
In conventional integration, many techniques are followed, such as investing, taking
loans to form coating firms, and fabricating papers, including buy or sale transactions, a high-
risk operation. However, all those processes can be done in a virtual space and with less danger.
Anti-Money Laundering Initiatives
The international community has developed a comprehensive anti-money laundering
legislative framework for over thirty years. The creation of this paradigm was linked to the
United Nations Vienna Convention of 1988, which addressed the problem of narcotics
trafficking profits laundering. Following this, the Palermo Convention of 2000 and the
Convention Against Corruption in 2003 combined enlarged derivative crimes related to the
money laundering offence. As a result, all three Conventions formed the basis for the
globalized structure for countering money laundering. However, the actions of the Financial
Action Task Force have been more essential to the expansion of the international anti-money
laundering legal system (Force et al., 2012).
The United Nations Convention against Illicit Traffic in Narcotic Drugs and
Psychotropic Substances (1988) (Vienna Convention) was the first inter-governmental accord
to demonize money laundering. Still, it is limited to drug-related crimes such as manufacturing,
plantation, acquisition, transfer, ownership, and control. The agreement also compelled
governments to implement global anti-money laundering regulations, including freezing and
relinquishing unlawful gains. However, the phrase "Money Laundering" was not formally
introduced in the Convention. Nonetheless, this document created a broad definition of
"proceeds" of narcotic crimes and was a comprehensive weapon for combating present global
narcotics trafficking; it required nations to prosecute the laundering of drug-related profits and
designated money laundering as an actual criminal act. Under this agreement, "proceeds" are
defined as any property derived or received, directly or indirectly, from the conduct of drug-
related offences (as defined in paragraph (a) of Article 3 of the Convention).
Furthermore, the scope of the offence includes cooperation in concealing or disguising
the illicit activity or origin of the assets (drug revenues). Moreover, money laundering is
committed by aiding any individual in the commission of such an offence or misdemeanour to
avoid the legal consequences of their actions; assisting means any act of invisibility or disguise
of the true origin, disposition, or mobility of assets, recognizing that such assets are acquired
from an offence or offences founded by Article 3 of the U.N. Vienna Convention. Nevertheless,
while the criminalization efforts under the Vienna Convention acknowledged the revenues of
drug-related offences, there were major gaps in the terminology concerning money laundering.
However, its range and applicability were limited to drug-associated money laundering. The
revenues from other offences were still allowed to be washed and so fell inside the instrument's
blind zone (Korejo et al., 2021).
The United Nations Convention on Transnational Organized Crime (Palermo
Convention) is a global pact combating global organized crime signed in Palermo in 2000.
However, it went into effect on September 29, 2003. The Convention was created to encourage
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governments to collaborate more effectively to detect and fight international organized crime.
The Convention was the initial worldwide legally enforceable treaty addressing cross-border
organized crime. The Palermo Convention broadened the criminality realm of "criminal
proceeds" from drug-related offences to proceeds of "severe offences" when the punishment
for the violent act is ultimate liberty forfeiture for four years or more. Besides, under the same
Convention, an essential progression in the crime of money laundering occurred by the
prosecution to a wide range of predicate offences, which include all severe crimes, participation
in a structured terrorist cell, inclusion as an association, bribery, limiting justice, and
engagement of legal entities in violent felonies.
Even though the Convention is a comprehensive framework that establishes a
foundation for handling money laundering and profits of wrongdoing, it has several
shortcomings, including ambiguity in words like "serious offence" and no definition of the
phrase "predicate offence." The treaty also has various flaws in terms of corruption and
malpractice offences.
The Financial Action Task Force (FATF), a 33-member international group combating
money laundering and terrorism funding, aims to guide non-cooperative nations with a "name
and shame" approach by releasing a "blocklist". Furthermore, it attempts to prevent money
laundering globally using conceptual frameworks and 40 international standards suggestions.
No Non-Cooperative Nations and Jurisdictions have been on FATF's list since October 13,
2006.
Suspicious Transaction Model
(Jullum et al., 2020) developed an anti-money laundering model to detect money
laundering using machine learning technology. They displayed the following equation:
L{Yi,f(xi)} = Yi log{f(xi)} + {1-Yi} log{1-f(xi)}
Suppose Yi accepts the value I if transaction I was signalled to the authorities and 0 if it
was not. Let xi indicate vectors comprising the numeric explanatory variables. (Jullum et al.,
2020) try to predict the chances of a transaction being detected, given its explanatory variables
minimizing the logistic loss.
Several research has revealed that there is no perfect method for categorization. (Chen et
al., 2018), (Rivera et al., 2015) (Savage et al., 2016), and (Zhang & Trubey, 2019) all
recommend running many algorithms on the same data set before deciding which one to use.
(Daryadel et al., 2021) suggested four algorithms: logistic regression, random forest, support
vector machines and decision tree.
CONCLUSION
Conjunction with conventional banking and electronic banking, lowering the threat of
illegal activities and the presence of infrastructures and parallel organizations or the non-
utilization of activities in technology make electronic money laundering more readily.
Additionally, the use of private enterprise development and the function of governmental
political analysts is diminishing. Consequently, decentralization will make the money-
laundering schemes more creative and complicated, making them tougher to combat. The
author would like to thank Umama Rashid Lamiya (MSc student, Department of Soil Water
and Environment, University of Dhaka) for helping screen the materials and find the best
resources for this paper. No funding was taken for writing this article, and the author fully
consented to publish it.
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Copyright holders:
Md Arman, Ikhsan Nendi (2023)
First publication right:
JoSS - Journal of Social Science
This article is licensed under a Creative Commons Attribution-ShareAlike 4.0
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