Business Law Assignment Money Laundering

   

Added on  2020-05-11

13 Pages2993 Words239 Views
Business Law Assignment Money Laundering_1
MONEY LAUNDERING2Executive SummaryMoney laundering is an activity whereby the money earned from unlawful acts is transformed into appearing as if the same has been earned from the legitimate sources. The history of money laundering can be traced back to centuries where the Chinese merchants used to save their stash from ruler, owing to the fear of the same being taken away by the ruler. With the advent of 21stcentury and the increased terrorist activities, money laundering has become a huge case of concern, particularly because the money which is obtained from undertaking money laundering activities is used to fund criminal and terrorist activities. There are different forms through whichit could be undertaken, for instance bouncing money through shell companies, so that it cannot be traced back to the wrongdoer. This has led to stringent actions been taken against money laundering. In Australia, the AUSTRAC system, along with different acts, makes money laundering an offence and attempts to curb such illicit activities. Through this report, these very aspects of money laundering have been detailed to present a comprehensive view of this issue.
Business Law Assignment Money Laundering_2
MONEY LAUNDERING3Table of ContentsIntroduction......................................................................................................................................4Historical Background.....................................................................................................................4What is money laundering?.............................................................................................................7Conclusion.....................................................................................................................................10References......................................................................................................................................12
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MONEY LAUNDERING4IntroductionMoney laundering can be best put as such a process in which the profits of corruption andcrime are transformed into supposedly genuine assets. A majority of regulatory and legal systemsinclude a range of different activities in money laundering, and is seemed as other kinds businessor financial crime, which is often used in a general manner, for evasion of international sanctions, for funding terrorism and for misusing the financial systems particularly the digital currency, traditional currency and plastic currency, along with securities (Madinger, 2016). It is also referred to as complicating the sources of money by using financial services and systems, or in an international manner, so that the source and the destination of such activity cannot be tracked or identified. Some other nations have stated money laundering as being a manner of inclusion of money, which comes from such an activity which is deemed as a criminal activity inthe particular nation, even when the same activity may be legal, in which such transaction or conduct took place (Unger & Busuioc, 2007). This report is focused on what money laundering actually is, what it includes, its historical background both in international and Australian context and the present day standing on this issue in Australia. Historical BackgroundThe money laundering, as a concept, is not a new thing and its origins can be traced back to the ancient times and in the development of banking and money, it has always been intertwined. At the beginning, it was deemed as the wealth being hidden by people from the state
Business Law Assignment Money Laundering_4

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