Money Laundering Essay -- GCSE Business Marketing Coursework Essays

coin cleanIn a new-fashioned film Mickey Blue Eyes, there is a comical guess in which an unknown artists painting is sold to a buyer for $50,000. It seems as though a restaurant owner owed the maffia a large sum of notes and he paid them by bidding an absurd amount of money for a horrid painting. The movie made this scene seem quite innocent and funny (See vermiform appendix 1 for more examples). Unfortunately money rinseing is a grievous crime that is still prevalent in the United States and other countries.Money make cleaning is the routing of illegal profits from bank to bank to disguise its existence. The illegal profits are usually made through activities such as drug trafficking, prostitution rings, illegal arms sales, and various other things. The Russian mafia, the Triad (otherwise known as the Chinese mafia), and the Columbian drug combining are just a few of the groups that partake in money clean (FATF). No one knows exactly how much money is launder yearly but i t is estimated to be about $100 billion in the United States (CCANB). Although there are hundreds of government agencys in which to launder money, around are more lucrative than others. The minacious Market Peso exchange, gold, and digital cash are some of the more common ways to launder money. Making it harder to crack down on money laundering is the occurrence that many countries do not have money-laundering laws in place wish well the United States does. These other countries make it possible for this illegal activity to apply on. These countries are only hurting themselves because money laundering creates a go negative effect on their economy. If these nations want to fight money laundering they will need to implement laws against it. Banks could be one of the most multipurpose tools in stopping the laundering of money. WHAT IS MONEY LAUNDERING?As mentioned in front money laundering is the process of hiding profits from illegal immoral activities. The major goal of the se criminal activities is to make as large of a profit as possible. The money laundering process is very cardinal 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 have-to doe with must find 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 cash Administrator of National Banks. 29 Jun. 2000. 2 Nov 2001. http//www.occ.treas.govMoney Laundering Black Market Peso Exchange. U.S. Customs 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. Departme nt 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 ProgrammeRider, B A K. The financial world at risk The money dangers of organized crime, money laundering and corruption. Managerial Auditing daybook v8n7, (1993) p3-14. ABI_INFORM_FT 6 Nov 2001 http//newfirstsearch.oclc.orgU.S. Wants CPAs to Help Fight Money Laundering. The American Institute of dependant Public Accountants May 2000. 19 Sep. 2001 http//www.aicpa.org/pubs/jofa/may2000/news1/htm