Money laundering an international threat.
Money laundering an international threat: The world is faced by many criminal activities, in its efforts of maintaining community of peace as well as economic and political prosperity. In this case study, I will discuss money laundering as an international threat in promoting the world economic prosperity.
The above terminology is use in describing a process of acquiring money through illegal means. The processes or acquiring this money can range from simple to very complex ones, depending on the source of the money and its recipient’s preferences.
Money laundering has become an international threat. This is especially because it involves trading of different currencies. Therefore, this means that countries whose currency is being traded would lose their share in the business, since it was their item which was being traded in absence of an interceding medium.
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money launders can trade in any currency making every country vulnerable to this crime. The world has come together to enforce policies ensuring that each and every currency integrity is uphel. As well as protected from extortion.
As a result, we have seen different governments in the world asking their financial institution to do background checks on their depositors.
They have also asked the same institutions to be alert and compare the occupation of a depositor and his/her family’s wealth, with the amount of money that they transact with on a regular basis. Money laundering is also illegal in most the countries in the world, and it is punishable in courts of law.
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