Money Laundering: Affecting The Global Economy
Money laundering has been affecting the global economy since ages. A huge sum of money is laundered every year which poses threat to the security of whole economy. Money laundering involves illegal activities that are used to make the illegally acquired funds appear legal and legitimate. The Illegal sources of money are often tried to be concealed using the practices that appears to be legal. The main activities that drive money laundering are:
• Corruption
• Organized crime
• Smuggling
• Financial fraud
• Arms dealing
The major drivers of money laundering are more or less similar across the globe. However, there are a few regional variations in terms of what actually drives money laundering. As it has been observed that corruption is one of the key drivers for money laundering in developing nations due to higher levels of corruption in such countries. Across the globe there are other contributors to money
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Integration
This is the final stage of the money laundering process. At this stage, the money is returned to the money launderers from the sources that appear to be legitimate. Since the money has been placed initially as cash and layered through a number of legal financial transactions, it has now been fully integrated into the financial system and can be used for any purpose.
There are many different ways in which the laundered money can be integrated back with the criminal such as the purchases of property, art work, jewelry, or high-end automobiles etc. However, the major objective of this stage is to reunite the money in a way that does not draw attention of the authorities and appears to result from a legitimate
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