Anty-Money Laundering
Anty-Money Laundering
As a result of Emerging globalization, it is possible to have shorter distances, instant transfers, rapid connections. It is simple to get anything with one click in the mouse enabling individuals and corporations to reach around the world farther, faster, deeper, and cheaper than ever before, it has also resulted in new risks. It has turned the international financial system into a money launder’s dream. This inadvertent consequence of globalization offers a serious challenge to law enforcement agencies and financial regulators. Money laundering is the process of creating the appearance that large amounts of money obtained from criminal activity, such as drug trafficking or terrorist activity, originated from a legitimate source. The money from the illicit activity is considered dirty, and the process “launders” the money to make it look clean.
Money Laundering in UAE
Money laundering is one of the most cleverness crimes of the 20th Century. To know about the concept of Anti- Money Laundering, one must first understand what Money Laundering is. Many international corporate businessmen are known to make money through illegal means which could be frowned upon by the society as well as by the laws governing a state. Huge amounts of funds are generated from illegal activities such as smuggling, theft, drug trafficking, tax evasion, arms trafficking and corrupt practices. These dealings of funds are mostly in the form of cash. The criminals who generate this money want to make it legitimate in the financial system without making any doubt.
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