Chapter one (introduction)
Chapter one will include two sections
Section 1 will be about the definition of money laundering
Section 2 will be about why fighting money laundering?
Section one:
- in which I want to explain what is money laundering ? And the definition of money laundering? How money-laundering definition where related to drug trafficking (Vienna convention) and how does is change nowadays to cover all kind of proceeds of crimes?
Section 2:
what makes countries and government fight and tackle money laundering ? what if laundered money get into the economy? How bad is it to the economy and what affect does is it do to the economy
these are some important point about the reasons behind fighting money laundering:
1- the need to attack money laundering in order to fight serious crimes effectively.
2- Laundered money can inter the economy willingly in order to increase inward investment, but the truth is such dirty funds will depart as swiftly as they arrived and that where the economy of that country will be affected badly. Cause it launderer does not really concern about loosing or gaining , their concern is how to legitimize their money(explain in the economy point view)
3- Failure to prevent money laundering permits criminals to benefit from their actions, thus making crime a more attractive proposition. It also allow criminal organizations to finance further criminal activity. And that will Increase the level of crime and make crime more attractive
4- Question the integrity of the financial institution and financial institution reputation
5- Undermining the public confidence in the legal system and the law enforcement which in turn promotes economic crime such as fraud and tax evasion.
6- Increase the power of criminal organization which could affect government decisions
7- Long term success of the financial sector depend on attracting and retaining legitimate fund because of the nature of the product and services (long term investment, loans, mortgages, credit card and overdraft). And because laundered does not care about gaining or losing and not interested in making profit rather than abuses the tools in the financial institution to launder his money which came from the proceeds of crime.
Paraphrase all the above and explain in depth!!Don’t use bullet point
The book I have used to get these points is combating money laundering and terrorist financing 2nd edition by the commonwealth secretariat page 6-7. But I want to use some other references
Credit:ivythesis.typepad.com
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