Social Effects Of Laundering Of Money

1600 Words7 Pages
There are significant social effects and risks linked with money laundering. The laundering of money is a way executed to making crime rewarding . It allows many drug traffickers, smugglers, and other criminals to emerge their operations. This event brings up the cost of government expenses due to the need for increased law enforcement and health care expenditures to tackle the serious consequences that may or have occurred. Among there’s other bad socio-economic effects, The laundering of money transfers economic power from the market, government, and citizens to criminals. Jamaica has a reputational damage relating to social effects such as crime and violence grow because of laundering of money where as the main type of laundering of money in Jamaica is lottery scam. Lottery scamming is an increasing crime in Jamaica that had led to many deaths of person that associated their self with money fraud. Criminals that do lottery scamming in Jamaica are the ones who are fighting and kill each other because of greed, jealously etc. Lottery scam inputs may be Jamaica 's third largest foreign exchange earner, the expense of crime and corruption, May includes higher value of doing business, capital elevation and dropping of foreign investment, could have wiped out as much as 90 per cent of what the economy could have been today. Approximately health costs linked with crime were 0.4% of GDP, lost production was 0.2%, and expenditure on security was 3.1% that result of 3.7 % of GDP.
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