Money Laundering Essay -- GCSE Business Marketing Coursework Essays

cash washIn a recent movie paddy field Blue Eyes, at that place is a comical opinion in which an unfathomable artists painting is sold to a buyer for $50,000. It seems as though a restaurant owner owed the mafia a long sum of money and he paid them by bidding an ludicrous amount of money for a horrid painting. The movie made this scene seem quite innocent and funny (See Appendix 1 for much examples). Unfortunately money wash is a serious crime that is salve prevalent in the United States and early(a) countries.Money laundering is the routing of ineligible lettuce from bank to bank to disguise its existence. The illegal profits argon usually made through activities such as drug trafficking, whoredom rings, illegal arms sales, and various other things. The Russian mafia, the Triad (otherwise cognise as the Chinese mafia), and the Columbian drug cartel atomic number 18 notwithstanding a few of the groups that partake in money laundering (FATF). No one knows exactly how mu ch money is launder yearly solely it is estimated to be about $100 billion in the United States (CCANB). Although there are hundreds of ways in which to launder money, some are more than lucrative than others. The Black Market peso exchange, gold, and digital cash are some of the more common ways to launder money. Making it harder to scatter down on money laundering is the fact that many countries do not have money-laundering laws in place like the United States does. These other countries make it possible for this illegal activity to carry on. These countries are only hurting themselves because money laundering creates a direct negative nitty-gritty on their economy. If these nations want to fight money laundering they will indispensableness to implement laws against it. Banks could be one of the most useful tools in fish filet the laundering of money. WHAT IS MONEY LAUNDERING?As mentioned earlier money laundering is the process of hiding profits from illegal criminal activit ies. The major terminal of these criminal activities is to make as large of a profit as possible. The money laundering process is very important to these criminals because it allows them to enjoy their profits without revealing the source. When one of these activities generates large profits, the group involved must control away to disguise the funds without attracting attention towards themselves. The way they accomplish this is by moving the funds to an indiscrete place wh... ...Feb 1996. 7 Nov 2001. http//members.tripod.com/orgcrime/genmluk.htmMoney Laundering A Bankers Guide to Avoiding Problems. Comptroller of the Currency Administrator of field of study Banks. 29 Jun. 2000. 2 Nov 2001. http//www.occ.treas.govMoney Laundering Black Market Peso Exchange. U.S. custom Service 3 Nov 2001 http//www.customs.ustreas.gov/enforcem/pesos.htmMoney Laundering Financial Crimes Investigation. U.S. Customs Service 4 Nov 2001 http//www.customs.ustreas.gov/enforcem/mone.htmMoney Laundering A Changing Scenario. U.S. segment of State 4 Nov 2001 http//usis.usemb.se/drugs/money/scenario.htmPreston, Staff Sergeant R.D. Financial Investigations and Money Laundering Investigator Manual. United Nations International Drug Control course of instructionRider, B A K. The financial world at risk The money dangers of organized crime, money laundering and corruption. Managerial Auditing Journal v8n7, (1993) p3-14. ABI_INFORM_FT 6 Nov 2001 http//newfirstsearch.oclc.orgU.S. Wants CPAs to attention Fight Money Laundering. The American Institute of Certified Public Accountants whitethorn 2000. 19 Sep. 2001 http//www.aicpa.org/pubs/jofa/may2000/news1/htm