Money Laundring A major Crime MONEY LAUNDERING A major CrimeIntroduction: The phrase 'laundering' has been produced by cleaning dirty clothes. Money laundering means conversion or laundering of money which is illegally obtained. Widely used definition by FATF The Financial Action Task Force on Money Laundering defines money laundering as the Processing of criminal proceeds to disguise their illegal origin so as to legitimize the ill gotten gains of crime. During the past, the idea of money laundering was applied merely to financial transactions related to gangland. Today its definition is usually expanded by government regulators to encompass any financial transaction which generates a property or even a value as the result of an illegal act.
Process:Money laundering is often referred to as occurring in three stages: placement, layering, and integration:ï° Placement: It refers to the initial port of entry for funds created from criminal activities. ï° Layering: It refers to the advance of complex networks of transactions which seek to obscure the link relating to the initial entry way as well as the end from the laundering cycle. ï° Integration: It refers back to the return of funds for the legitimate economy for later extractionHow much money laundering occurs on a yearly basis? (Source: fatfgafi.org) The International Fund, e.g., has told you in 1996 that aggregate sized money laundering is between 2% and 5% of world's GDP Ray Ban Glasses Sale. Using the 1996 statistics, there percentages indicate those funds laundering ranged between US$ 590 billion (Rs.2655000 crores) and US$ 1.5 trillion.Role of FIUIND and summary of preventing money laundering Act, 2002:Government entities of India vide O.M. dated 18th November, 2004, established the financial intelligence unit India since the central national agency to blame for receiving Ray Ban cats, processing, analyzing and disseminating information associated with suspect financial transactions. The Prevention of Money Laundering Act, 2002 (the act) and also the rules notified there under came into force with effect from July 1, 2005Punishment for money laundering: Section 4 in the Act provides that anyone who commits the offence of greenbacks Laundering will be punishable with rigorous imprisonment of not be lower than several years but may reach seven many also prone to fine five lakh rupees. But any offence specified beneath Narcotic Drugs and Psychotropic Substance Act, the punishment may reach rigorous imprisonment for 10 years.
Upkeep of records: Sec. 2(1) (w) from the Act, defines Records. Records range from the records maintained as book or trapped in a pc or such alternate source as may be prescribed; Section 12 (1) (a) of the Act Ray Ban Sunglasses Cheap, makes that it is compulsory for any bank, financial organization, and an intermediary (Intermediary means a stock broker, share transfer agent, banker to an issue, trustee to your deed of trust, registrar a great issue, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with security market and registered under Section 12 with the SEBI Act, 1992) to maintain an increasing of most transactions. i.e. nature, amount, date and party.
Relate Articles:
http://www.lakeberryessanews.com/Ray-Ban-glasses.asp
Process:Money laundering is often referred to as occurring in three stages: placement, layering, and integration:ï° Placement: It refers to the initial port of entry for funds created from criminal activities. ï° Layering: It refers to the advance of complex networks of transactions which seek to obscure the link relating to the initial entry way as well as the end from the laundering cycle. ï° Integration: It refers back to the return of funds for the legitimate economy for later extractionHow much money laundering occurs on a yearly basis? (Source: fatfgafi.org) The International Fund, e.g., has told you in 1996 that aggregate sized money laundering is between 2% and 5% of world's GDP Ray Ban Glasses Sale. Using the 1996 statistics, there percentages indicate those funds laundering ranged between US$ 590 billion (Rs.2655000 crores) and US$ 1.5 trillion.Role of FIUIND and summary of preventing money laundering Act, 2002:Government entities of India vide O.M. dated 18th November, 2004, established the financial intelligence unit India since the central national agency to blame for receiving Ray Ban cats, processing, analyzing and disseminating information associated with suspect financial transactions. The Prevention of Money Laundering Act, 2002 (the act) and also the rules notified there under came into force with effect from July 1, 2005Punishment for money laundering: Section 4 in the Act provides that anyone who commits the offence of greenbacks Laundering will be punishable with rigorous imprisonment of not be lower than several years but may reach seven many also prone to fine five lakh rupees. But any offence specified beneath Narcotic Drugs and Psychotropic Substance Act, the punishment may reach rigorous imprisonment for 10 years.
Upkeep of records: Sec. 2(1) (w) from the Act, defines Records. Records range from the records maintained as book or trapped in a pc or such alternate source as may be prescribed; Section 12 (1) (a) of the Act Ray Ban Sunglasses Cheap, makes that it is compulsory for any bank, financial organization, and an intermediary (Intermediary means a stock broker, share transfer agent, banker to an issue, trustee to your deed of trust, registrar a great issue, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with security market and registered under Section 12 with the SEBI Act, 1992) to maintain an increasing of most transactions. i.e. nature, amount, date and party.
Relate Articles:
http://www.lakeberryessanews.com/Ray-Ban-glasses.asp