Title: Anti-Money Laundering Laws - Academike
Headings: Anti-Money Laundering Laws
Anti-Money Laundering Laws
By Vatsal Dhar, Symbiosis Law School, Noida
INTRODUCTION
CONCEPT OF MONEY LAUNDERING- THREE STAGE PROCESS
The Placement Stage:-
The Layering Stage
The Integration Stage
ORIGIN & BACKGROUND OF MONEY LAUNDERING
EVOLUTIONARY TRENDS OF MONEY LAUNDERING
m). Fictitious loans
ANTI-MONEY LAUNDERING LAWS IN INDIA-PMLA
RECENT DEVELOPMENTS AND CHANGES IN PMLA
ANTI-MONEY LAUNDERING LAWS ACROSS THE GLOBE
European requirements:-
US requirements:-
HOW TO PREVENT MONEY LAUNDERING
CASE STUDIES
CONCLUSION
Edited by Kanchi Kaushik

Content: Money obtained from certain crimes, such as extortion, insider trading, drug trafficking, illegal gambling and tax evasion is “dirty”. It needs to be cleaned to appear to have derived from non-criminal activities so that banks and other financial institutions will deal with it without suspicion. Money can be laundered by many methods, which vary in complexity and sophistication. [ i]
Different countries may or may not treat tax evasion or payments in breach of international sanctions as money laundering. Some jurisdictions differentiate these for definition purposes, and others do not. Some jurisdictions define money laundering as obfuscating sources of money, either intentionally or by merely using financial systems or services that do not identify or track sources or destinations. Other jurisdictions define money laundering to include money from activity that would have been a crime in that jurisdiction, even if it were legal where the actual conduct occurred. [ ii]
Many regulatory and governmental authorities issue estimates each year for the amount of money laundered, either worldwide or within their national economy. In 1996, the International Monetary Fund estimated that two to five percent of the worldwide global economy involved laundered money. The Financial Action Task Force on Money Laundering (FATF), an intergovernmental body set up to combat money laundering, stated, “Overall, it is absolutely impossible to produce a reliable estimate of the amount of money laundered and therefore the FATF does not publish any figures in this regard. [