Money Laundering

Credit | 2020

Money laundering occurs in almost every country in the world. The strategy usually involved in money laundering is to transfer money through several countries so as to make it difficult to track its origin. The overall scheme of this process returns the "clean" money to the launderer in an obscure and indirect way. The laundered money can be used to fund manufacturing and transportation of illegal substances like drugs and can also finance terrorist and criminal activities across the globe apart from just damaging the economy of the countries. Thus it is seen as a serious threat and governments around the world have stepped up their efforts to combat money laundering in recent decades, with regulations that require financial institutions to put systems in place to detect and report suspicious activity. The aim of this project is to study and evaluate the concept of money laundering within India and its law enforcement. This project includes the process and techniques used in money laundering along with its impact on the economy. We also look into the impact of Demonetization and Covid-19 on money laundering. Finally, we take up a case study of the money laundering scam in the Commonwealth Games in 2010 and perform an analysis on the same.

Anti-Money Laundering