International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
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J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
Introduction<br />
• It is estimated that <strong>the</strong> size of money launder<strong>in</strong>g<br />
worldwide through <strong>the</strong> bank<strong>in</strong>g sector, is more than<br />
US$ 500 billion to One trillion annually.<br />
• <strong>Money</strong>-launder<strong>in</strong>g not only economically destabilizes<br />
a country but also exposes it to terrorist attacks,<br />
threaten<strong>in</strong>g its <strong>in</strong>tegrity & sovereignty.<br />
• Broad <strong>in</strong>ternational cooperation between law<br />
enforcement & regulatory agencies is<br />
essential <strong>in</strong> order to identify <strong>the</strong> source of<br />
illegal proceeds, trace <strong>the</strong> fund to specific<br />
crim<strong>in</strong>al activities & confiscate <strong>the</strong>ir f<strong>in</strong>ancial<br />
assets.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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