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One of the great challenges of catching money launderers today is the global nature of the crimes. For example, international money service bureaus can appear legitimate but are often fronts for those who need money laundering. Sophisticated international networks have been established such as Hawala that fall outside easily trackable transactions. Discuss how money service bureaus and Hawala can be involved in money laundering. Do they serve any legitimate purpose? How do we know when they've crossed the line to illegal activity?
How does the current national and international strategy by regulators and other international organizations help track global money laundering? Which of the states and international regulators are involved? Do you think that enough is being done to coordinate and catch money launderers? What other technology and methods do global money launderers use besides money service bureaus and Hawala. What sort of electronic surveillance and reporting tools would be helpful to banks and corporations to meet regulatory requirements?
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One of the great challenges of catching money launderers today is the global nature of the crimes. For example, international money service bureaus can appear legitimate but are often fronts for those who need money laundering. Sophisticated international networks have been established such as Hawala that fall outside easily trackable transactions. Discuss how money service bureaus and Hawala can be involved in money laundering. Do they serve any legitimate purpose? How do we know when they've crossed the line to illegal activity?
The money service bureaus are a firm that exchanges one currency for another. The money service bureaus make profits by manipulating the exchange rate and charging a commission. These exchanges change money at spot prices. The money service bureaus can be steeped deep in money laundering. The customers usually hand over legally obtained money and take back illegally obtained money. Usually, the owners of the money service bureaus launder money themselves. In several countries, money service bureaus are placed under money laundering controls.
The hawala is a money remittance system that operates outside the normal banking system. The hawala system works in such a way that there is a transfer of money without physically moving the money. There is an honor system in place where there is no financial instrument or bill handed over. The system does not depend on the legal system or the ...
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- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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