Money Laundering Essay -- GCSE Business Marketing Coursework Essays

Money LaunderingIn a recent movie Mickey Blue Eyes, there is a singular scene 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 outsize sum of money and he paid them by bidding an absurd amount of money for a horrid painting. The movie learn this scene seem quite innocent and funny (See Appendix 1 for more examples). Unfortunately money washing is a serious crime that is yet prevalent in the coupled States and other countries.Money washing is the routing of illegal profits from bank to bank to disguise its existence. The illegal profits are ordinarily 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 cartel are just a few of the groups that partake in money wash (FATF). No one knows exactly how oft money is launder yearly but it is estimated to b e about $100 billion in the United States (CCANB). Although there are hundreds of ways in which to launder money, some are more lucrative than others. The downhearted 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 fact that many countries do not have money-laundering laws in coiffe 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 center 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 useful tools in stopping the laundering of money. WHAT IS MONEY LAUNDERING?As mentioned earlier money laundering is the process of hiding profits from illegal criminal activities. The major goal of these criminal activities is to make as large of a prof it 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 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 Currency 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 ever-changing Scenario. U.S. Department of State 4 Nov 2001 http//usis.usemb.se/drugs/mone y/scenario.htmPreston, Staff Sergeant R.D. Financial Investigations and Money Laundering Investigator Manual. United Nations International Drug Control computer programmeRider, 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 Help armed combat Money Laundering. The American Institute of Certified Public Accountants May 2000. 19 Sep. 2001 http//www.aicpa.org/pubs/jofa/may2000/news1/htm