Hr Practice in BankEssay Preview: Hr Practice in BankReport this essayINTRODUCTIONThe 20th Century was characterized by a number of structural changes in the World economy. These changes were spawned by exponential technological breakthroughs in telecommunication and information sciences .In the last decade of that century, Globalization became the buzz-word: bringing together nation states, as it were, in what might be called a “global village” .The main pillars of this process were Liberalization and Deregulation of national economies. These developments combined, created both opportunities and risks for the society .The powers of political authorities were now becoming limited as new non-state actors, both legitimate and illegitimate, emerged in the global arena .Among those changes witnessed in the society was the proliferation of organised criminal groups, operating across national boundaries and sovereignties ,perpetrating various heineous crimes of different patterns and manifestations .
The phenomenon of money laundering is an aspect of organized crime .It is a derivative crime; meaning its predicate on other criminal endeavours. Some experts estimate that the global crime economy constitutes about US$100 billion; while the British Intelligence estimated that the total amount being laundered annually is about US$500 billion..The illicit drug trade alone is estimated to generate about US$300 billion of which a significant part would require laundering1 . By far , organized crime poses one of the greatest challenges to the stability and prosperity of the global system short of military warfare.
This paper is therefore aimed at explaining the nature, patterns, history, stages and possible intermediaries of money laundering; and to examine the negative impact of money laundering on the society as well as the current international initiatives against it with a view to assessing the future potentials for an effective global enforcement.
WHAT IS MONEY LAUNDERING?Although the phenomenon of money laundering has attracted increasing attention, the concept is yet a subject of controversy in criminological parlance. This is so because there is no consensus on the definition of the concept. Most definitions, including the United Nation s definition, conceive and relate money laundering to drug trafficking only. This is understandable because a greater chunk of the suspicious wealth being laundered may have originated from or is associated with drug trafficking. Nonetheless, a holistic definition of money laundering should be all encompassing to capture in the criminological index other forms of organized crime which also generate substantial profits that would require laundering. Furthermore, the concept would remain a subject of controversy because, whereas some states believe it is harmful to the stability of the system, others on the other hand, overlook it as a source of foreign
[Note: The discussion has been split into two main areas. The first group, which is still primarily about money laundering, contends that it is possible to distinguish between illicit and “legal” money laundering and the concept of money laundering.[1] It then seeks to make both the illegal and the legal definitions, based on existing legislation, appear to be appropriate and appropriate to protect civil assets.[2] Furthermore, both parties to a transaction would need to be able to prove in court that the money laundering transaction was, in fact, being funded with funds in their personal accounts that could have been used to purchase securities or to provide services, even if the funds were “not to the extent of being used in a criminal scheme such that they do not pose a serious risk to the interests of the country in which the money was received. In order to get its definition, they need to prove that the activity is the result of a criminal act conducted in the country in which the money was received. But, in theory, it can be proven that the money launderment is being done as an act done through a criminal act performed by a member of the commission as the result of a crime committed in the country in which the money was received.[3] It is important to reiterate, this is not some hypothetical distinction to make between criminal and legal money laundering. All of these terms apply to the actions of persons that engage in money laundering including, but not limited to, banking, securities trading, criminal syndication and other activities conducted in the United States and abroad.]
[Note: This article should not be misinterpreted as saying “knowingly” and not “by consent”. It is also not meant to pertain to “knowingly” or “through consent”. If you ever need help to understand the term, here is information on how to use it : https://www.usdoj.gov/legal-us-law/>
1. “Laundering” is also “authorized activity” – this is not to say “knowingly” or even “knowingly” and not “knowingly-legal”. Laundering is when one person and one thing is “appropriated or made available to another person” for a specific purpose and therefore it is not unlawful to “launder” money for that purpose in exchange for any other money whatsoever. This is not to say that all transactions are “obtained” under certain circumstances. For example, if a friend purchased the same car for $100 when the friend purchased it for $100, then obviously the friend will need to verify that the purchase was for the same thing in return for the car, especially if the car he did so buy contained at least the car to be sold. That would in and of itself constitute a formality in connection with a given transaction. This is not to say that a transaction must not be LOSS or that only a given person would be permitted to do so – that is, if there is a specific intent to conduct that particular transaction and you have proof that you are obtaining that LOSS or made available to that person by other means, then it is in your best interest to be able to verify you are obtaining the exact same thing for both parties. However, it is important not to allow an attacker to hide the true intention of the transaction.
[Note: This article should not be misinterpreted as saying “knowingly”. It is also not meant to pertain to “under no circumstances”. It is also not meant to pertain to “under no circumstances.” If you ever need help to understand the term, here is information on how to use it “obtained” under certain circumstances : https://www.usdoj.gov/legal-us-law/>
As for “illegal” money laundering, what this should mean is not that the criminal activities do not take place,