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money laundry

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Hamad Alfadhel

on 13 April 2010

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Transcript of money laundry

Double click anywhere & add an idea Money laundering Content 1- History
3-process of money
4-How to deal with it History The term “money laundering” is said to originate from Mafia ownership of Laundromats in the United States. Gangsters there were earning huge sums in cash from extortion, prostitutions, gambling and bootleg liquor. They needed to show a legitimate source of these monies. Definition of money laundering Money laundering is defined as the process by which criminals attempt to cover up the true source and ownership of the profits of their criminal activities. It is also called illegal or dirty money that goes through a cycle of transaction, or washed, so that it comes out the other end as legal, or clean, money.
The process placement This is the first stage in washing cycle, it is accomplished by placing the money into circulation through Financial Institutions, Casinos, Shops, or other Businesses. It can be done Domestically or International Layering Converting profits of crime into another form by creating complex layers of financial transactions to cover audit trails and ownership of funds.
Integration The final stage in the process, in which the money launderer invests the money into the legitimate economy. Extremely difficult to distinguish legal and illegal wealth. How to deal with money laundering To make stronger international co-operating on information exchange and law enforcement.

Proper mechanisms for handling suspicious reports.

To increase public awareness of the risk from money laundering.

To focus on new technologies and increase countermeasures to combat with their use for money laundering.
Done By: Hamad Alfadhel Amr Al Shaher What influence does money laundering have on economic development? Launderers are continuously looking for new routes for laundering their funds. Economies with growing or developing financial centers, but inadequate controls are particularly vulnerable as established financial centre countries implement comprehensive anti-money laundering regimes.
Differences between national anti-money laundering systems will be exploited by launderers, who tend to move their networks to countries and financial systems with weak or ineffective countermeasures.
Some might argue that developing economies cannot afford to be too selective about the sources of capital they attract. But postponing action is dangerous. The more it is deferred, the more entrenched organized crime can become.
As with the damaged integrity of an individual financial institution, there is a damping effect on foreign direct investment when a country’s commercial and financial sectors are perceived to be subject to the control and influence of organized crime. Fighting money laundering and terrorist financing is therefore a part of creating a business friendly environment which is a precondition for lasting economic development.
How does fighting money laundering help fight crime? Money laundering is a threat to the good functioning of a financial system; however, it can also be the Achilles heel of criminal activity.
In law enforcement investigations into organized criminal activity, it is often the connections made through financial transaction records that allow hidden assets to be located and that establish the identity of the criminals and the criminal organization responsible.
When criminal funds are derived from robbery, extortion, embezzlement or fraud, a money laundering investigation is frequently the only way to locate the stolen funds and restore them to the victims.
Most importantly, however, targeting the money laundering aspect of criminal activity and depriving the criminal of his ill-gotten gains means hitting him where he is vulnerable. Without a usable profit, the criminal activity will not continue.
What should individual governments be doing about it? A great deal can be done to fight money laundering, and, indeed, many governments have already established comprehensive anti-money laundering regimes. These regimes aim to increase awareness of the phenomenon – both within the government and the private business sector – and then to provide the necessary legal or regulatory tools to the authorities charged with combating the problem.
Some of these tools include making the act of money laundering a crime; giving investigative agencies the authority to trace, seize and ultimately confiscate criminally derived assets; and building the necessary framework for permitting the agencies involved to exchange information among themselves and with counterparts in other countries.
It is critically important that governments include all relevant voices in developing a national anti-money laundering program. They should, for example, bring law enforcement and financial regulatory authorities together with the private sector to enable financial institutions to play a role in dealing with the problem. This means, among other things, involving the relevant authorities in establishing financial Thank you for listening
any questions???
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