Money Laundering

Effects and measures

Essay , 2009 , 12 Pages , Grade: 2,3

Didactics for the subject English - Miscellaneous

This essay deals with the subject of money laundering, its effects and measures. It starts with a short summary of the presentation contents as a kind of introduction. The second section shows three methods combating money laundering. With the third section, legal measures against money laundering are presented. An outlook completes this essay.

Inhaltsverzeichnis (Table of Contents)

• Abstract.
• Declaration of Authorship
• Table of contents
• 1.0 Summary of the presentation topics.
• 1.1 Placement
• 1.2 Layering
• 1.3 Integration
• 2.0 Methods combating money laundering..
• 2.1 "Know your customer" principle....
• 2.2 Observation of accounts and transactions..
• 2.3 Announcement of suspicious transactions.
• 3.0 Legal measures against money laundering.
• 4.0 Outlook.
• References
• Footnotes

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This essay explores the multifaceted phenomenon of money laundering, delving into its effects and outlining measures aimed at mitigating its impact. It begins by providing a concise overview of the presentation's key topics, serving as an introduction to the subject. Subsequently, the essay examines three methods employed to combat money laundering. Moving forward, legal measures implemented against this illicit activity are presented. The essay concludes with a forward-looking perspective on the future of the fight against money laundering.

• Understanding the nature and methods of money laundering
• Analyzing the socio-economic and criminal ramifications of money laundering
• Exploring methods employed to combat money laundering, including "Know Your Customer" principles, account and transaction monitoring, and reporting of suspicious activities
• Examining legal frameworks and regulations designed to deter money laundering
• Assessing the efficacy of current measures and outlining future directions in the fight against money laundering

Zusammenfassung der Kapitel (Chapter Summaries)

The essay begins by defining money laundering as the systematic concealment and obfuscation of property values through financial transactions. The primary objective of money laundering is to legitimize illicit funds for legal access and distribution. The essay highlights the three stages of money laundering: placement, layering, and integration. Placement involves introducing illegally obtained funds into the financial system, often through small, discreet transactions. Layering involves concealing the origin of funds through complex transactions, making it difficult to trace their source. Finally, integration involves using laundered funds for legitimate business activities, blending them into the normal flow of commerce.

The essay proceeds to examine methods employed to combat money laundering, emphasizing the "Know Your Customer" principle as a key instrument. This principle mandates that financial institutions verify the identity of their clients before engaging in business transactions, thereby reducing the anonymity that facilitates money laundering. The essay also discusses the importance of monitoring accounts and transactions for suspicious activity, as well as reporting such activities to relevant authorities.

The essay further explores legal measures implemented against money laundering, highlighting international agreements such as the Vienna Agreement and national legislation like the German Money Laundering Act (Geldwäschegesetz) and Banking Act (Kreditwesenkontrollgesetz). These legal frameworks aim to create a deterrent effect and provide a framework for prosecuting money laundering offenses.

Schlüsselwörter (Keywords)

Key terms and concepts central to the essay include money laundering, financial transactions, illicit funds, "Know Your Customer" principle, account monitoring, suspicious transactions, legal frameworks, international agreements, and the fight against organized crime. The essay also touches upon the socio-economic effects of money laundering, its impact on financial systems, and the need for ongoing efforts to combat this global phenomenon.

• College: University of Applied Sciences Mainz (FB Wirtschaft)
• Course: Legal English (LL.M.)
• Grade: 2,3
• Author: Dipl.Betr.Wirtin, LL.M. Susanne Rösner (Author)
• Publication Year: 2009
• Pages: 12
• Catalog Number: V149624
• ISBN (eBook): 9783640606429
• ISBN (Book): 9783640606818
• Language: English
• Tags: Money, Laundering, Effects