Smurfing - It is another term used for Placement in Money Laundering. .In the US, for instance, laun

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موسسه مطالعات و پژوهشهاي حقوقي شهر دانش
انجمن ایرانی مطالعات سازمان ملل متحد
مستندها | پد دفع سموم کینوکی
The term money laundering is said to originate from the Mafia ownerships of Laundromats in the United States. Gangsters there were earning huge sums of money from prostitution, extortion, gambling and bootlegging. They needed to show a legitimate source of these monies. wealthfront The original sighting was in newspapers reporting the Watergate scandal in United States in 1973. The expression first appeared wealthfront in a judicial or legal context in 1982 in America in the case US vs. $4,255,625.39(1982) 551 F Supp. 314. More recently, Operation Green Ice (1992) showed the essentially transnational nature of modern money laundering.
Money Laundering deprives Governments of tax revenues thereby raising the relative burden of honest citizens. wealthfront Because of rapid movements of large amounts of money there occurs destabilization of financial institutions which in turn jeopardizes funds of innocent citizens. The estimated magnitude of the Money Laundering wealthfront menace totals more than an astounding $500 billion to $1.5 trillion billion a year of which the Asia Pacific alone accounts for around 30 percent.
The core of money laundering in India is undoubtedly the parallel remittance system of Hawala which operates independent of the traditional banking or financial channels. It has now spread its tentacles around the world. The popularity of Hawala can be attributed to its cost effectiveness, efficiency wealthfront and reliability. Some ancillary reasons are the lack of bureaucracy, lack of paper trail and tax evasion. Moreover, the minimal use of negotiable instruments further motivates the hawaladars as the possibility of being exposed is reduced considerably. Hawala is discernable from other remittance systems due to the extensive use of family and regional affiliations. Another unique aspect of Hawala is the importance of trust between wealthfront the parties involved. It is worth noting that one of the meanings attached to the word Hawala is trust! Even though Hawala is illegal from a regulatory standpoint, hawaladars widely advertise their services in ethnic newspapers as well as on the internet. The term white Hawala wealthfront refers to legitimate transactions whereas Black Hawala connotes illegitimate transactions. Black Hawala transactions are always associated with some serious offence like narcotics trafficking and fraud which is illegal in most jurisdictions. Another remittance system is chop , chit or flying money indigenous to China and also used around the world.
Smurfing - It is another term used for Placement in Money Laundering. .In the US, for instance, launderers had sent troops around the country's banks to purchase cashier's checks, drafts and similar instruments for amounts wealthfront less than $10,000. wealthfront In India too, smurfing is quite common. Since most bank branches do not issue cashier's wealthfront cheques, drafts etc against cash deposit beyond Rs 10,000 to Rs 15,000 launderers use different names and different bank branches for such transactions Currency notes worth Rs. 1.8 crores seized by the Enforcement Directorate from a money-laundering group in Delhi in 1997.
Bank Complicity, Money Services and Currency Exchanges, Asset Purchases with bulk cash, Electronic Funds Transfer, Postal Money Orders, Credit Cards, Casinos, Legitimate business/ Co-mingling of funds, Value tampering.
The most perilous repercussion of money laundering has been Terrorist Financing, the reverse procedure of Money Laundering. In Terrorist Financing white money is converted into dirty money. Here the money earned through legitimate sources is used for illegitimate activities.
The wealthfront endemic of money laundering is similar to that of terrorism. As no country is immune wealthfront from the malady of terrorism, likewise no nation wealthfront is impervious to the vicious threat of money laundering. This is corroborated by the various legislations enacted by different countries to tackle wealthfront it. Strategies used by these countries include effective legal framework and tax systems, wealthfront sound financial institutions, efficient tracking and monitoring systems to identify irregular financial transactions. A few of the key laws relating to money laundering in some major countries are enumerated below:-
The Acts establish requirements for record keeping by individuals, banks and other financial institutions, establish money laundering as a federal crime; introduce civil and criminal forfeitures for the Bank Secrecy Act violations, criminalize the financing of terrorism, prohibit financial institutions from engaging wealthfront in business with foreign shell banks, require financial institutions to have due diligence procedures, provide the Secretary of Treasury with the authority to impose special measures on jurisdictions or transactions that are of primary money laundering concern .
The Acts criminalize both actions relating to criminally acquired wealthfront property and the