Thursday, May 2, 2019

Anti Money Laundering Assignment Example | Topics and Well Written Essays - 500 words

Anti Money Laundering - Assignment exerciseI have now realized that gold laping is associated with unethical issues in the society and this is what has stirred intensive research to look into the matter.Money laundering has been associated with criminal activities such as drug trafficking, fear activities and massive corruption .I think this is what has influenced massive research into the issue bringing about anti bills laundering activities. The article, (Financial Action Task Force, 2005) clearly shows that anti property laundering activities are aimed at preventing result of money to finance these criminal activities. I have learnt that a study of the methods used and trends linked to money laundering is one of the crucial components of anti money laundering activities. Furthermore, this helps to know what the money transferred is used for. I think the financial sector is one of the main sector which helps in transfer of these large sums of money. As such, banking institu tions should be required to know their customers well and the businesses they engage in to prevent such criminal activities from victorious place.I have learnt that politically exposed persons are usually the most vulnerable people in the society associated with money laundering activities (Greenberg et.al, 2009). In my opinion, I think this is so because they handle large sums of money meant for the state and its citizens. However, most of these politically exposed persons use the money for their own selfish gains. Furthermore, they extort and give birth bribes from citizens to enrich themselves. I tend to think that they thus use the domestic financial systems of the country to launder their stolen money. That is why they are mainly involved in financing drug trafficking activities which is a criminal offence (United States Department of State, 2012). Anti money laundering campaigns should therefore aim at identifying these people during their

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