Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
MONEY LAUNDERING
1
INDEX
What is money laundering?? Why money laundering Stages of money laundering Incoming money laundering circle How money laundering works How does hawala works??? The indicators of money laundering in Banks Volume of money laundering
Money Laundering
BIBLIOGRAPHY
Wikipedia
Money Laundering
Business Standard
Money Management
Money
BASIC CONCEPTS
Money
laundering is the process, by which, large amounts of illegally obtained money is given the facade of having a legitimate source. Earlier the concept of money laundering was associated with organized crime The ambit of money laundering operations has dramatically increased.
5
Money Laundering
Money Laundering
Money Laundering
ownership of funds Source of funds Movement of Funds Use of funds to enable funding criminal activities
9
Money Laundering
10
Money Laundering
11
Money Laundering
INDIAN LEGISLATION
Money Laundering
The prevention of Money- Laundering Act, 2002 came into effect on 1st July 2005. Section 3 Section 4 of the act prescribes punishment for money-laundering Section 12(1) prescribes the obligations on banks, FIs and intermediaries
12
MONEY LAUNDERING
Money Laundering
Hawala
is an ancient system originating in South Asia and used around the world to conduct legitimate remittances It is an alternative or parallel remittance system which works on Trust & Honor This is what makes it difficult to detect!
13
14
Money Laundering
15
Money Laundering
17
Money Laundering
18
Money Laundering
19
Money Laundering
Terrorism Tanzania has experienced the adverse effects of terrorist attacks. On 7 August 1998, terrorists bombed the US Embassy in Dar es Salaam It is said that the terrorist attack in 1998 was coordinated, financed and/or carried out by al-Qaeda, led by the Saudi fugitive, Osama Bin Laden.
20
Money Laundering
21
Money Laundering
22
Money Laundering
the National Multi-Disciplinary Anti-Money Laundering Committee; the Ministry of Finance; the BoT and banking financial institutions; the Ministry of Justice and Constitutional Affairs; the Ministry of Home Affairs; the Police Force; the PCB; the National Drug Control Commission; and the courts.
23
Money Laundering
24
Money Laundering
CONCLUSION
Bank and Financial institutions should adopt anti-money laundering policies and procedures; verify and identify customers before establishing relationship with them; develop procedures relating to retention of records of transaction of their customers; establish reporting mechanisms of suspicions transactions of their customers to the relevant authorities; and provide training and guidance to their personnel relating to procedures and control of money laundering.
25
Money Laundering
Thank You
26
Money Laundering