Current Money Laundering Threats and Trends

Download .pdf, .docx, .epub, .txt
Did you like this example?
  1. Current money laundering threats and trends
    1. Traditional Money Laundering Typologies
      1. Structured Transactions Deposited to Financial Institutions

It is true to say that the smuggling of prohibited goods will bring a huge amount of money to smugglers. That money, in the end, must be integrated into the economy in order to be used. The transfer of cash through banking system is considered as the most efficient and effective way. The cash can be moved quickly and electronically in a safe environment. However, jurisdictions would like to make the requirements and policy of transferring cash over a certain amount of money. In other words, financial institutions have to make a report of cash transaction for a regulated amount of cash. For smugglers of drug trafficking or some other banned things, cash transferring is safe and quick, however those cash will be investigated by banks and relevant agencies. As a result, in order to avoid the generation of these reports and the detection, criminals would like to structure their banking transactions. In detailed, they will open different accounts and cash amount at different banks. Since banks and financial institutions have applied the requirement of financial report more strictly and the required Suspicious Transaction Reporting has been developed, criminals would like to find the other ways for laundering their dirty money. This Suspicious Transaction Reporting is required in United States. Whenever banking employees suspected the sources of cash or they had reason to make a doubt that the cash could come from illegal actions; or they were informed that criminals wanted to change the cash into legal funds, the suspicious transaction reporting must be submitted. As a result, the required suspicious transaction Reporting can limit and prevent criminals’ illegal activities in Money laundering.

  1. Cash Couriers and Bulk Cash Smugglers (BCS)

The money laundering by cash couriers and bulk cash smugglers can be clearly explained by the long statement “the most obvious technique involved employees of the criminal organization smuggling cash from the consumer country of the illegal product to the distributor, or from the criminal to the foreign bank secrecy destination where he or she had arranged for the currency to be invested”. Cash smuggling is divided into two categories including cash courier and bulk cash smuggling. In terms of BCS, criminals would like to smuggle cash with a huge amount. The transportation and delivery of cash can be implemented by some forms such as the involvement of land , sea border or cash concealed in vehicles or cargo containers. Criminals will cross the border illegally through sea or land to bring cash to receivers who also are criminals. Moreover, they can find somewhere in vehicles or cargoes or containers to hide illicit cash. For cash couriers, they are natural people and transport illegal cash with them. More clearly, they will conceal the cash into somewhere of their bodies or hide the illicit cash in their luggages which they bring with them.

Do you want to see the Full Version?

View full version

Having doubts about how to write your paper correctly?

Our editors will help you fix any mistakes and get an A+!

Get started
Leave your email and we will send a sample to you.
Thank you!

We will send an essay sample to you in 24 Hours. If you need help faster you can always use our custom writing service.

Get help with my paper
Sorry, but copying text is forbidden on this website. You can leave an email and we will send it to you.