Money Laundering : An Insight into the Dark World of Financial Frauds

Contents: Preface. 1. What is money laundering? 2. History of money laundering. 3. How is money laundered? 4. Corruption at high places and money laundering. 5. Money laundering and terrorism. 6. International ramifications and global trends. 7. The walker model on global money laundering. 8. International fight against money laundering. 9. Magnitude, macro and micro economy—effects of money laundering. 10. Financial action task force. 11. Role of technology. 12. Role of banks. 13. The capital flight: means and effects. 14. Hawala. 15. Money laundering legislation in India.

"Money laundering not only economically destabilises a country but also exposes it to terrorists attacks threatening its integrity and sovereignty. It conceals the huge, illegal profits generated by unscrupulous, organised criminal groups in the fields of drug trafficking, arms running and other filthy activities. The culture of these groups is "criminogenic" and they are "regulatory resistant". They regard an earnest enforcing officer as an impediment in circumventing the regulatory regime. The criminals are transferring funds quickly at the speed of light across international borders. The cyber-laundering has provided them with a shield of anonymity. Many banks, tax havens, offshore companies and trusts act on their behalf. Detecting, preventing seizing and confiscating proceeds of crime, occupied attention of the author since his directorate of enforcement days. International cooperation in investigation, extradition and confiscation is a pre requisite to succeed otherwise the enforcing agencies will be acting without jurisdiction. This book gives an insight into various nefarious activities providing cover to slush funds through money laundering and passing then as genuine money which has become a threat to many legitimately elected governments. If this menace is not put to end then activities like September 11, 2001 attack on World Trade Center and December 13, 2001 attack on Indian Parliament will be inevitable." (jacket)