Money Laundering is happened by launderers worldwide to conceal the proceeds earned from criminal activities. It happens in almost every country in the world, and a single scheme typically involves transferring money through several countries in order to obscure its origins. And the rise of global financial markets makes money laundering easier than ever, making it possible to anonymously deposit proceeds of crime in one country and then have it transferred to any other country for use.
Money laundering has a major impact on a country’s
economy as a whole, impeding the social, economic, political, and cultural
development of a society. Both money laundering and terrorist financing can
weaken individual financial institution, and they are also threats to a
country’s overall financial sector reputation. Combating money laundering and
terrorist financing is, therefore, a key element in promoting a strong, sound
and stable financial sector.