Money Laundering: All you need to know about

Money Laundering: All you need to know about

We will discuss here the Money Laundering. All the questions related to Money Laundering will be answered in this article. Here we have also provided a Quiz related to Money Laundering. Money Laundering related Complete Information will be very helpful in the General awareness section in different competitive exams like Bank, SSC, Railways, etc.

Money Laundering

  • Money laundering is the process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean. Money laundering is itself a crime.
  • मनी लॉन्ड्रिंग एक आपराधिक गतिविधि से उत्पन्न बड़ी मात्रा में धन बनाने की प्रक्रिया है, जैसे कि ड्रग तस्करी या आतंकवादी फंडिंग, एक वैध स्रोत से आए हैं। आपराधिक गतिविधि के पैसे को गंदा माना जाता है, और इसे साफ दिखने के लिए यह प्रक्रिया “सराहना” होती है। मनी लॉन्ड्रिंग अपने आप में एक अपराध है।

Steps in Money Laundering

Money laundering is accomplished in many ways, though most include three common steps, including

  • Placement: Obtaining the money or introducing it into the financial system in some way
  • Layering: Transferring or concealing the source of the money through complex or multiple transactions
  • Integration: Returning the money back into the financial world so that it appears legitimate.

मनी लॉन्ड्रिंग को कई तरीकों से पूरा किया जाता है, हालांकि अधिकांश में तीन सामान्य चरण शामिल हैं, जिनमें शामिल हैं

  • धन प्राप्त करना या उसे किसी तरह से वित्तीय प्रणाली में पेश करना
  • जटिल या एकाधिक लेनदेन के माध्यम से धन के स्रोत को स्थानांतरित करना या छिपाना
  • वित्तीय दुनिया में पैसा वापस लौटाना ताकि यह वैध प्रतीत हो।

Anti-money Laundering (India)

  • Enforcement Directorate (ED) was made by India to stop money laundering.
  • To stop money laundering in India, Government introduced an act known as “Prevention of Money laundering Act, 2002”.
  • According to the act a convicted will force rigorous impersonated of 3 to 7 years and fine up to Rupees 5 Lakh.
  • India’s Bank also introduced various techniques to stop money laundering like “Know Your Customer” norms.

Anti-money Laundering (International)

On international Basis Financial action task force was established (FATF) to combat with money laundering cases and terrorism financing.

  • Established in 1989
  • Headquarters – Geneva
  • Total member countries – 39

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