UNDERSTANDING MONEY LAUNDERING: MECHANISMS, IMPLICATIONS, AND COUNTERMEASURES
Keywords:
Money laundering, financial crime, anti-money laundering (AML), economic impact, regulatory frameworks, financial institution.Abstract
Money laundering is a critical financial crime that enables illicit activities by disguising the origins of illegally obtained funds. This study explores the mechanisms of money laundering, its economic and social consequences, and the global efforts to combat it. The research employs a qualitative approach, analyzing regulatory frameworks and case studies to understand the effectiveness of anti-money laundering (AML) measures. Findings indicate that while significant progress has been made through regulatory bodies such as the Financial Action Task Force (FATF), evolving laundering techniques challenge enforcement efforts. Strengthening international cooperation and technological advancements are crucial for more effective AML strategies.
References
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