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Essay / Research Paper Abstract
This 10 page report discusses the issues surrounding international money laundering and the responses of governments and regulatory agencies. Money laundering continues to be big business worldwide. Most of the estimated $500 billion in money generated illegally is laundered. Money laundering techniques have become so sophisticated that the trail of money can no longer be effectively traced and have begun to show a significant impact on international as well as national economies. The practice, which involves the transfer of illegally obtained money through third parties to conceal its source, can distort economic data and complicate governments' efforts to manage economic policy. Bibliography lists 9 sources.
Page Count:
10 pages (~225 words per page)
File: D0_BWlaund.rtf
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Unformatted sample text from the term paper:
"laundering" of money involved in illegal transactions within their national borders. Cooperative agreements are created and enforced between international partners to assure that funds are not transferred through one
countrys financial institutions to another countrys and back again to assure that illegal activity cannot bet traced. However, the end result is nowhere near what the individual governments hope
to accomplish. In fact, regulatory efforts such as the United States currency transaction reporting laws that require notification of the Internal Revenue Service when cash transactions take place of
over $10,000 have generally proven to be nothing more than bureaucratic red tape rather than truly meaningful measures to track cash flows.
The widely varying international banking laws, the ease and proliferation of electronic funds transfers, as well as the gray areas that exist between legitimate business transactions have all lead
to a greater difficulty in the ability of either international law enforcement or financial regulators to track the flow of money being "washed." Consequently, the overall economic impact of the
underground flow of money throughout the world is truly significant. Although nobody knows with certainty just how big laundering turnover is, estimates range from the conservative $100 billion annually to
as much as $1,000 billion a year. Money laundering techniques have become so sophisticated that the trail of money can no longer be effectively traced. The difficulties involved in tracing
have consequently complicated the task of placing blame on the appropriate individual or institution. Financial institutions complicate the matter by complaining that they are being forced to do detective work
and sacrifice financial privacy, which is ironically an important part of their business. International Economic Implications Great Britains The Economist (7/26/97) reports that annual turnover from the global trade in
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