Author : K. mujakar
Keyword : Keywords: financial crimes, aml, trafficking, corruption, tax evasion
Subject : Banking and finance
Article Type : Original article (research)
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Abstract : Money laundering and financial crimes are an activity which is common in all areas. This has been done by cyber crime fraudersters and exploiting the general public, as well as banks, and others. Due to this it damages to many, and getting loss to entire global. Now-a-days, its crime has been increasing very enormous. So, govt. of India has been taken the following measures to controlling and monitoring it. In order to prevent it by passing the bill in parliament, this paper deals with introduction to AML, its features of financial crimes and Anti-money laundering and methods of laundering, and process of money laundering, the trends of money laundering in local, regional and at global level also, and its recommendations and its conclusions. Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of bank transfers or commercial transactions. One of the problems of criminal activities is accounting for the proceeds without raising the suspension of law enforcement agencies. India’s promising position as a financial centre and its system of informal cross border money flows makes the country’s susceptibility to money laundering. Some frequent sources of illegitimate earnings in India are narcotics trafficking, corruption, income tax evasion etc. Combating money laundering is the most important task for the financial sector. For India, to diminish informal money transfer channels, it needs to fortify enforcement around the important areas - responsibility of management in Anti Money Laundering (AML) policies, scrutinizing of AML systems, adoption of appropriate ‘Know Your Customer’ norms, transaction monitoring, staff training towards regulation compliance
Article by : Mujakar
Article add date : 2023-03-31
How to cite : K. mujakar. (2023-March-31). Financial crimes and money laundering act. retrieved from https://www.openacessjournal.com/abstract/1232