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 />
What is <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong>?<br />
• Nefarious activities of <strong>the</strong> crim<strong>in</strong>als who<br />
provide an envelope to “slush funds” <strong>in</strong> order<br />
to exhibit those as genu<strong>in</strong>e money.<br />
• In Black's Law of Lexicon <strong>the</strong> term launder<strong>in</strong>g<br />
is be<strong>in</strong>g referred to as <strong>in</strong>vestment or o<strong>the</strong>r<br />
transfer of money flow<strong>in</strong>g from racketeer<strong>in</strong>g,<br />
drug transactions and o<strong>the</strong>r sources (illegal<br />
sources) <strong>in</strong>to legitimate channels so hat its<br />
orig<strong>in</strong>al source cannot be traced.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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