Drishtikon: A Management Journal

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Factors Affecting Money Laundering: A Lesson for Developing Countries


Affiliations
1 Finance Final Year Students (Batch 2008-10), SCMHRD, Pune
2 Assistant Professor, Institute of Management, NIRMA University, Ahmedabad
     

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Mahatma Gandhi said, "Capital as such is not evil; it is its wrong use that is evil. Capital in some form or other will always be needed". The primary function of money is to serve as a medium of exchange, and as such it is accepted without question in the final discharge of debts or payment of goods or services. Money is the ischolar_main cause of many evils like corruption, black marketing, smuggling, drug trafficking, tax evasion and many more. People want more money to cater to their needs and at a point of time they do not hesitate to have money from any source (black or white). This paper titled "Factors Affecting Money Laundering: A Lesson for Developing Countries" aims to identify and examine the dynamics of Money Laundering in developing countries, India in particular. The paper will give a brief introduction about Money Laundering, its definition, the Process of Money Laundering, historical evolution and Consequences of Money Laundering. It includes a flow chart showing the procedure followed by banks to counter money laundering. We have also presented a timeline of various laws on Anti-Money laundering.
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  • Ampratwum,E.(2008). The fight against Corruption and its implications for development in developing and transition economies. Journal of Money Laundering Control, 11, page 76- 87.

  • Biagioli, A.(2008).Financial Crime as a threat to the Wealth of Nations: a Cost-Effectiveness Approach. Journal of Money Laundering Control, 11,1, page 88- 95.

  • Buchanan,B.(2005).Corporate Governance and Social Responsibility: Combating Money Laundering in the Asia Pacific Region. Contemporary Studies in Economics and Financial Analysis, 86, page 435-452.

  • Chaim, E.Z. Indian Parliament Moves to Finally Implement Money Laundering Laws, 19, page 86.

  • Forman, M. (2006). Combating terrorist financing and other financial crimes through private sector partnerships. Journal of Money Laundering Control, 9, 112-118.

  • Geiger, H., & Wuensch, O. (2007). The fight against Money Laundering – An economic analysis of a cost – benefit paradoxon. Journal of Money Laundering Control, 10, 91-105

  • Gotz, E., & Jonsson, M. (2009). Political Factors affecting AML/CFT efforts in post communist Eurasia - The Case of Georgia. Journal of Money Laundering Control, 12, 59-73.

  • Kar,D.,&Cartwright,D.S.(2006) Illicit Financial Flows from Developing Countries: 2002-2006.

  • Kumar, B.V. (2003). The prevention of money laundering in India.Journal of Money Laundering Control, 7,158- 169.

  • Office of the Comptroller of the Currency Washington. (2002). Money Laundering: A Banker's Guide to Avoiding Problems

  • Salifu, A.(2008).Can Corruption and Economic Crime be controlled In Developing Economies – And if so, Is the Cost Worth It? Journal of Money Laundering Control, 11,3,273- 283.

  • Shukla, A., & Bhagat, B. (2009). Anti-Money Laundering –Are Developing Countries Ready for the Challenges Ahead?. The Guide to Working Capital Management, 137-143.

  • Singh, V.K.(2009). Controlling money Laundering problems in India: Problems and Perspectives.


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  • Factors Affecting Money Laundering: A Lesson for Developing Countries

Abstract Views: 457  |  PDF Views: 4

Authors

Bajrang
Finance Final Year Students (Batch 2008-10), SCMHRD, Pune
Pavitra
Finance Final Year Students (Batch 2008-10), SCMHRD, Pune
Ritika
Finance Final Year Students (Batch 2008-10), SCMHRD, Pune
Piyush
Finance Final Year Students (Batch 2008-10), SCMHRD, Pune
Puneet
Finance Final Year Students (Batch 2008-10), SCMHRD, Pune
Neha Parashar
Assistant Professor, Institute of Management, NIRMA University, Ahmedabad

Abstract


Mahatma Gandhi said, "Capital as such is not evil; it is its wrong use that is evil. Capital in some form or other will always be needed". The primary function of money is to serve as a medium of exchange, and as such it is accepted without question in the final discharge of debts or payment of goods or services. Money is the ischolar_main cause of many evils like corruption, black marketing, smuggling, drug trafficking, tax evasion and many more. People want more money to cater to their needs and at a point of time they do not hesitate to have money from any source (black or white). This paper titled "Factors Affecting Money Laundering: A Lesson for Developing Countries" aims to identify and examine the dynamics of Money Laundering in developing countries, India in particular. The paper will give a brief introduction about Money Laundering, its definition, the Process of Money Laundering, historical evolution and Consequences of Money Laundering. It includes a flow chart showing the procedure followed by banks to counter money laundering. We have also presented a timeline of various laws on Anti-Money laundering.

References