This presentation by a group of students from the University of Barisal provides an overview of money laundering. It defines money laundering as the process of making illegally gained money appear legal. The presentation outlines common money laundering techniques like structuring, offshore accounts, and investing in businesses. It also discusses the objectives, processes, criminals involved in, and impacts of money laundering, including economic distortions, facilitating crime and corruption, and reducing foreign investment. In particular, the presentation examines a case of alleged money laundering by Bismillah Group in Bangladesh through forged export contracts, and the damage money laundering causes in developing countries like Bangladesh.
What is Money Laundering, How does it work, What are it's Fall Outs, How does it affect you, and How is it threatening to take you out of Business? Find answers to all these questions along with other insights about Money, in this exclusive Research Report from Resurgent India. For more Research Reports log on to www.resurgentindia.com
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.
What is Money Laundering, How does it work, What are it's Fall Outs, How does it affect you, and How is it threatening to take you out of Business? Find answers to all these questions along with other insights about Money, in this exclusive Research Report from Resurgent India. For more Research Reports log on to www.resurgentindia.com
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.
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.)
Money Laundering could be explained as the process in which large amounts of money obtained from illegal activities conducted are created to be appeared as legitimate. Some examples of such illegal activities could be crimes such as drug trafficking, terrorist activities etc. Copy the link given below and paste it in new browser window to get more information on Money Laundering:- www.transtutors.com/homework-help/finance/money-laundering.aspx
Money laundering is the process of concealing the origin of money obtained from illegitimate sources by passing it through complex sequence of financial transactions and making it appear to be originated from legal activity.
Illegal arm sales, terrorism funding, smuggling, drug trafficking, insider trading, fraud schemes, bribery etc. are some examples of illegal activities prohibited by law.
In simpler terms, money laundering means cleaning of dirty money.
Process of Money Laundering
Placement – Placing illegal cash proceeds with banks and other financial institutions onshore and offshore in smaller denominations.
Layering – Creating complex layers of financial transactions to make it difficult to trace the origin of money. The transactions might be channelled through purchase & sales of financial securities.
Integration – Integrating the money into legal system by investing into business, real estates and luxury assets.
Methods of Money Laundering
Structuring / Smurfing – It is a method of placement where the illegal money collected is broken into smaller deposits to place at different banks. This is done to avoid any suspicion of origin of money.
Shell Companies – This involves creation of fake companies that are registered and exist in papers but hold neither physical location nor operational activities are done.
Bulk Cash Smuggling – This involves smuggling cash to foreign countries to deposit illegal money in offshore bank which hold greater secrecy; generally countries considered as tax haven.
Round Tripping – Shipping back the money deposited in offshore financial institutions as foreign direct investment.
Act -
Financial Action Task Force – Formed in 1989 by G7 countries to develop and ensure an international response to combat money laundering. The objectives of the FATF were to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
PMLA (Prevention of Money Laundering Act) 2002 – The act passed to stop money laundering and punish those involved directly or indirectly in illegal activity. As per this act whoever commits money laundering shall be punishable with imprisonment of about 3 to 10 years and shall also be liable to pay fine.
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it was a project assignment by our banking teacher related to an article published in dawn news paper kindly give your suggestions fa first time try :)
Presentation on Financial Crimes. Money is one of the most important reasons behind all forms of crime whether Cyber or Internet crimes, Physical or Theft crimes. With the advancement of technology the crime has not decelerated but only esteemed and many more new techniques were by people and they were popularly called as Blackhat hackers. In this presentations we give an over view of the whole scenario.
With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
The implementation of a formal and a structured AML Mitigation and oversight system and processes that effectively identify, assess, and manage such risk within acceptable levels is a challenge. Therefore, awareness about the menace of money laundering and thorough understanding of the antimony laundering process and its current trends at all levels of staff of a bank/FI are ever growing necessities.
Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
Program Highlights
Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
Indian regulations and latest reforms
How to avoid any kind of surprises
Linking AML compliance to Reputation Risk, Social Media Risk
Dodd Frank Act, US Patriot Act
What it takes to say “NO” to profitable and abundant business
Speakers and Panelist
Guest speakers from Regulatory Authorities
Risk Management and Banking Experts
Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
Prominent AML experts as panelist
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.)
Money Laundering could be explained as the process in which large amounts of money obtained from illegal activities conducted are created to be appeared as legitimate. Some examples of such illegal activities could be crimes such as drug trafficking, terrorist activities etc. Copy the link given below and paste it in new browser window to get more information on Money Laundering:- www.transtutors.com/homework-help/finance/money-laundering.aspx
Money laundering is the process of concealing the origin of money obtained from illegitimate sources by passing it through complex sequence of financial transactions and making it appear to be originated from legal activity.
Illegal arm sales, terrorism funding, smuggling, drug trafficking, insider trading, fraud schemes, bribery etc. are some examples of illegal activities prohibited by law.
In simpler terms, money laundering means cleaning of dirty money.
Process of Money Laundering
Placement – Placing illegal cash proceeds with banks and other financial institutions onshore and offshore in smaller denominations.
Layering – Creating complex layers of financial transactions to make it difficult to trace the origin of money. The transactions might be channelled through purchase & sales of financial securities.
Integration – Integrating the money into legal system by investing into business, real estates and luxury assets.
Methods of Money Laundering
Structuring / Smurfing – It is a method of placement where the illegal money collected is broken into smaller deposits to place at different banks. This is done to avoid any suspicion of origin of money.
Shell Companies – This involves creation of fake companies that are registered and exist in papers but hold neither physical location nor operational activities are done.
Bulk Cash Smuggling – This involves smuggling cash to foreign countries to deposit illegal money in offshore bank which hold greater secrecy; generally countries considered as tax haven.
Round Tripping – Shipping back the money deposited in offshore financial institutions as foreign direct investment.
Act -
Financial Action Task Force – Formed in 1989 by G7 countries to develop and ensure an international response to combat money laundering. The objectives of the FATF were to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
PMLA (Prevention of Money Laundering Act) 2002 – The act passed to stop money laundering and punish those involved directly or indirectly in illegal activity. As per this act whoever commits money laundering shall be punishable with imprisonment of about 3 to 10 years and shall also be liable to pay fine.
Thank you for watching
Subscribe to DevTech Finance
it was a project assignment by our banking teacher related to an article published in dawn news paper kindly give your suggestions fa first time try :)
Presentation on Financial Crimes. Money is one of the most important reasons behind all forms of crime whether Cyber or Internet crimes, Physical or Theft crimes. With the advancement of technology the crime has not decelerated but only esteemed and many more new techniques were by people and they were popularly called as Blackhat hackers. In this presentations we give an over view of the whole scenario.
With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
The implementation of a formal and a structured AML Mitigation and oversight system and processes that effectively identify, assess, and manage such risk within acceptable levels is a challenge. Therefore, awareness about the menace of money laundering and thorough understanding of the antimony laundering process and its current trends at all levels of staff of a bank/FI are ever growing necessities.
Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
Program Highlights
Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
Indian regulations and latest reforms
How to avoid any kind of surprises
Linking AML compliance to Reputation Risk, Social Media Risk
Dodd Frank Act, US Patriot Act
What it takes to say “NO” to profitable and abundant business
Speakers and Panelist
Guest speakers from Regulatory Authorities
Risk Management and Banking Experts
Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
Prominent AML experts as panelist
Money Laundering and Terrorist Financing in a Nutshell: Chapter OneMd. Moulude Hossain
Financial Crime is an increasing concern for all financial institutions, which is developing rapidly and equally together with technology. May be not limited to money laundering and terrorist financing, these two form of financial crime deserve to be attended with utmost care.
The evolving challenges of Money Laundering (ML) and Terrorist Financing (TF) lead the evolution of anti-money laundering and counter terrorist financing convention and regulations. These conventions give birth of several international organizations to combat the impact of ML and TF.
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
The anti-money laundering regime includes customer due diligence, transaction monitoring, and reporting suspicious activities to regulatory authorities. Financial institutions must also have policies and procedures in place to identify and manage high-risk customers and transactions.
The first stage of the money laundering cycle is placement, where the dirty money is introduced into the financial system. This can be done through various means, such as depositing cash into a bank account or using a money transfer service.
The second stage is layering, where the money is moved around and disguised to make it difficult to trace its origin. This can involve transferring funds between accounts, buying and selling assets, and creating fake invoices
The final stage is integration, where the laundered money is reintroduced into the economy as legitimate funds. This can be done by investing in real estate, starting a business, or simply spending the money.
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
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The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
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The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
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4. Group members
ID Number1 Name
13 AIS 002 Sarmin Akter Mitu
13 AIS 018 Shariful Islam
13 AIS 029 Sabina Akter
13 AIS 038 Ranu Mondal
13 AIS 040 Shuvankar Halder
13 AIS 046 Md. Zebon hossain
13 AIS 081
Rafiq-Al-Azad
5. What is Money laundering?
“Money Laundering' is the process by which illegal
funds and assets are converted into legitimate
funds and assets..”
6. Money laundering as a crime only attracted
interest in the 1980s, essentially within a drug
trafficking context.
7. Money laundering methods have become more
creative since 1989 and 1933.
Terrorist financing, although only one aspect of
money laundering, has become a critical concern
following the events of September 11, 2001.
The international dimension of money laundering
was evident in a study of Canadian money
laundering police files. They revealed that over 80
per cent of all laundering schemes had an
international dimension
8. Objectives of Money laundering
The main objectives of money launderers are thus
to place their funds in the financial system without
arousing suspicion, to move them around, often
after a series of complex transactions crossing
multiple jurisdictions so that it becomes difficult
to identify their original sources, and finally to
move the funds back into the financial and business
systems so that they appear legitimate.
9. Money laundering is performed systematically
and clandestinely, making it difficult to identify
exactly how much money is involved, what
methods are employed and what the magnitude of
the problem is.
10. Hide: to reflect the fact that cash is often introduced to
the economy via commercial concerns which may knowingly
or not knowingly be part of the laundering scheme, and it is
these which ultimately p y prove to be the interface
between the criminal and the financial sector
Move: clearly explains that the money launderer uses
transfers, sales and purchase of assets, and changes the
shape and size of the lump of money so as to obfuscate the
trail between money and crime or money and criminal.
Invest: the criminal spends the money: he/she may invest it
in assets, or in his/her lifestyles
13. of Money laundering
Absence of legislation
Evasion of tax
Increase in profits
To make black money
appear white money
Limited risks of
exposure
15. Structuring/ SmurfingStructuring/ Smurfing
Cash smugglingCash smuggling
Offshore accounts (Shell banks)Offshore accounts (Shell banks)
Shell companies and trustsShell companies and trusts
Underground bankingUnderground banking
GamblingGambling
Investing in legitimate businessInvesting in legitimate business
Round- trippingRound- tripping
Bank captureBank capture
Black salariesBlack salaries
MONEY LAUNDERING TECHNIQUESMONEY LAUNDERING TECHNIQUES
AND METHODSAND METHODS
16. Drug DelarsDrug Delars
Mobsters or Gang membersMobsters or Gang members
-Bad Politicians-Bad Politicians
- Bad Public Officials- Bad Public Officials
-Embezzlers-Embezzlers
-Terrorists-Terrorists
Criminals of Money launderingCriminals of Money laundering
19. Economic Distortion and Instability.Economic Distortion and Instability.
Money laundering facilitates corruption and crimeMoney laundering facilitates corruption and crime
Loss of Control of Economic PolicyLoss of Control of Economic Policy
Undermining the integrity of financial marketsUndermining the integrity of financial markets
Risks to Privatization EffortsRisks to Privatization Efforts
Reputation at stakeReputation at stake
Money Laundering distorts capital and trade flowsMoney Laundering distorts capital and trade flows
Evasion of taxEvasion of tax
on Economyon Economy
20. Increase In Criminal ActivitiesIncrease In Criminal Activities
Concentration Of Power To CriminalsConcentration Of Power To Criminals
Undermines DemocracyUndermines Democracy
on Societyon Society
21. on Businesson Business
If funds from criminal activity can be easily processedIf funds from criminal activity can be easily processed
through a particular business – either because itsthrough a particular business – either because its
employees or directors have been bribed or because theemployees or directors have been bribed or because the
institution turns a blind eye to the criminal nature of suchinstitution turns a blind eye to the criminal nature of such
funds – the institution could be drawn into active complicityfunds – the institution could be drawn into active complicity
with criminals and become part of the criminal networkwith criminals and become part of the criminal network
itself. Evidence of such complicity will have a damagingitself. Evidence of such complicity will have a damaging
effect on the attitudes all stakeholders of company i.e.effect on the attitudes all stakeholders of company i.e.
shareholders, suppliers, customers, employees etc.shareholders, suppliers, customers, employees etc.
22. Impact of money launderingImpact of money laundering
on economy of the worldon economy of the world
24. Impact on financial sectorImpact on financial sector
1.1. Increased Crime and CorruptionIncreased Crime and Corruption
2.2. Undermining the Integrity of FinancialUndermining the Integrity of Financial
Institutions and MarketsInstitutions and Markets
3.3. Loss of Control of the National Economic PolicyLoss of Control of the National Economic Policy
4.4. Economic Distortion and Investment InstabilityEconomic Distortion and Investment Instability
5.5. Undermining the Legitimate Private SectorUndermining the Legitimate Private Sector
6.6. Risk to Government Privatization EffortsRisk to Government Privatization Efforts
7.7. Reputation RiskReputation Risk
8.8. Loss of RevenueLoss of Revenue
25. Impact on real sectorImpact on real sector
1. Money laundering distorts investment and depresses1. Money laundering distorts investment and depresses
productivity.productivity.
2. Money laundering facilitates corruption and crime at2. Money laundering facilitates corruption and crime at
the expense of developmentthe expense of development
3. Money laundering can increase the risk of3. Money laundering can increase the risk of
macroeconomic instabilitymacroeconomic instability
4. Criminal organizations can transform productive4. Criminal organizations can transform productive
enterprises into sterile investments.enterprises into sterile investments.
5. An efficient money-laundering channel is a key "input"5. An efficient money-laundering channel is a key "input"
to crime because the financial proceeds from crime areto crime because the financial proceeds from crime are
less valuable to the criminal than are laundered funds.less valuable to the criminal than are laundered funds.
26. Impact on External Sector:Impact on External Sector:
Money Laundering restricts capital flows Money Laundering restricts capital flows
facilitating illicit capital flight.facilitating illicit capital flight.
Money laundering depresses foreign investment. Money laundering depresses foreign investment.
Distorts prices and contents of the product. Distorts prices and contents of the product.
Worsens scarcity of capital in the developing Worsens scarcity of capital in the developing
countries like Bangladesh.countries like Bangladesh.
Causes difficulties in policy making. Causes difficulties in policy making.
Discourages the foreign economic agents to invest Discourages the foreign economic agents to invest
in the developing countries like Bangladesh.in the developing countries like Bangladesh.
28. MONEY LAUNDERED FROM BANGLADESHMONEY LAUNDERED FROM BANGLADESH
BETWEEN 2005 AND 2014BETWEEN 2005 AND 2014
29. Several Money laundering of BangladeshSeveral Money laundering of Bangladesh
ML Bismillah Group.
ML of Apon Jewelers.
ML of BPL
ML of B-kash Agent
30. A case onA case on
“Money laundering of Bangladesh”“Money laundering of Bangladesh”
31. Introduction : By the inspection of ACC, it is found that
Bismillah Group by using forged export contract embezzled
of huge amount of money from Bhaban Corporate Branch,
Moghbazar Branch and Elephant Road Branch of Janata Bank
Limited, Dilkusha Branch of Jamuna Bank Ltd., Motijheel
Branch of Premier Bank Ltd., and from Eskaton Branch of
Shahjalal Islami Bank Ltd.
32. How Bismillah group embezzled money?
The concerned bank managers including officials by
violating Guidelines for Foreign Exchange Transaction
2009, being profited or hoping to be profited,
adjusted the fake/forged accommodation bills to the
effect that goods had been exported by the companies
though it was not done.
Later on, without showing any objection against 'Back to
Back Letter of Credit (LC)'of Bismillah Group, they
assisted directly the alleged Khaza Solaiman Anwar
Chowdhury with others to misappropriate money through
corruption, fraud and forgery.
33. Who are the alleged persons:
In the 12 cases, total alleged persons are 53 and amount
of embezzled and laundered money is BDT 1174.46 core.
34. Present situation of this Case:
Four investigation officers of the Commission already
submitted investigation study’s of the cases. Further
lawful measures will be taken according to the
decision of the Commission.
35. Impact of money launderingImpact of money laundering
in developing country like on Bangladeshin developing country like on Bangladesh
1. Reduced intention to deposit among the1. Reduced intention to deposit among the
common savers.common savers.
2. Damaged Reputations and International2. Damaged Reputations and International
ConsequencesConsequences
3. Weakens Financial Institutions3. Weakens Financial Institutions
4. Providence of less loans and advances in4. Providence of less loans and advances in
the executive areas.the executive areas.
36. 5. Damaged Privatization efforts5. Damaged Privatization efforts
6. Loss of control of National Economic Policy6. Loss of control of National Economic Policy
7. Initiates the growth of illicit way of7. Initiates the growth of illicit way of
money earnings and transference.money earnings and transference.
8. Reduces foreign investments8. Reduces foreign investments
9. Comprised economy and private sector.9. Comprised economy and private sector.
Impact of on BangladeshImpact of on Bangladesh
37. Prevention of money laundering
Follow the ACT of Anti Money laundering
AML refers to a set of procedures, laws and regulations
designed to stop the practice of generating income
through illegal action.
AML act is 2012 which amended on 2013.
38. Prevention of money laundering
Strict Laws
Government regulations
Proper Monitoring by
BB
Ministry of Finance
Other government authorities
39. Penalties of money laundering:
Penalties for offence committed by a person:
According to Section 4(1) of the Act-2012, Any person
engaged in money laundering or abetting, aiding or
conspiring in the commission of such offence shall be
punishable with imprisonment for a term not less than 4
(four) years and a maximum not exceeding 12 (twelve)
years,
In addition fine equivalent to that, a fine equivalent to
the twice of the value of the property involved in the
offence or taka 10 lacks whichever is high.
40. and in addition to this, property involved with
the offence shall be forfeited in favor of the
state.
41. Penalties for offence committed by a
Company:
Shall be punished with a fine of not less than twice of the
value of property engaged in money laundering or taka 20
lacks whichever is higher.
In addition if any company has been engaged in money
laundering activity, either directly or indirectly, then
registration of that company will be cancelled. [Section
27(2) of Act]
Penalties
42. Conclusion
Until such time as we effectively address these
problems, our economy will continue to be
vulnerable