Tackling Money Laundering.
There are many cases of people who have become wealthy from money got from crime or other illegal activities. Those with such money ensure to come up with strategies that will make the law think that they got it through right ways such as trading. Gangs are highly organized with ranks for the masterminds and those lowest of the ladder being inferior. Those with top positions are to come up with strategies and plans while the ones below them implement the plans personally.
Since bosses are rich and powerful, they get the ones without much to do the dirty jobs or personally carry out the crimes for the masterminds. The masterminds device strategies to launder the money from such dealings to make it look clean and avoid suspicions. The ability to deceive law enforcement that the money is from legitimate sources makes money laundering popular among the criminals. These gangs carry out the act of laundering in a planned process involving several phases with each serving a purpose. The criminals may use other money exchange businesses which are not known to be strict in getting the actual source of the money. They then enter the next phase where they layer the money or put it into accounts of known businesses from which it is transferred to other multiple accounts.
Using business accounts to do the transactions make it appear that fair business deals are being done and legitimize the process. This stage may involve the criminals buying assets and other things for cover up. After the transactions, the criminals then take the money back into their accounts through the various ways they had devices to make it look clean. Money laundering is illegal and when found guilty suspects get punishment ranging from long jail terms to huge amounts of fines. To counter the new strategies of the criminals, federal agents have also come up with better ways of capturing suspects doing this. Banks and financial institutions also take the responsibility of confirming that unusual deposits from clients are got through legal channels.
The institutions aid the federal agents by reporting to them on suspicious clients who are then observed and questioned for clarity. Banks also make sure to collect details of clients when they open accounts and assess the possibility of the client making some huge deposits from this information and association with other accounts. Rules and regulations set by the government concerning transactions are followed to the letter by the banks and other institutions as a way of fighting money laundering. The war against money laundering should be supported by all stakeholders by making it their duty to report unusual transactions and following the set laws.
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