Money Laundering Crime

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egn5

Business Finance

Description

You are required to write an essay on “Money Laundering Crime”. Use references such as textbooks, laws, international conventions and legal cases of money laundering. (Between 4-5 pages)

For instance, the essay can include:
- The conception of money laundering, its stages, its elements, its penalties, and the crime of money laundering in Saudi Arabia.
- Cases on money laundering in KSA or any part of the world.
- In addition, we have in KSA very good Anti-money laundering law that you can take from.

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Explanation & Answer

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Money laundering.
Money laundering is a term that has been used to describe the strategy in which criminals
have used to disguise the original ownership, identity, and the destination of money obtained
from malicious activities. The prime aim of money laundering is to make the proceedings to
appear to have come from legitimate sources. Generally, most money laundering activities
normally involve a series of transactions that are made with the intention of transforming
malicious gains into legitimate assets or money values. Money laundering has helped criminals
to avoid suspicion from law enforcement agencies hence leaving no trail of incriminating
evidence. Terrorists and terrorist organizations have relied on this mean to carry out their tasks
and sustain themselves (Bosworth‐Davies, 2007). But can this be prevented or detected? This
article presents an essay on money laundering taking into consideration the laws and
international conventions and legal cases of money laundering.
The need to conceal this illegal act of organized crime has been addressed by
international conventional laws. Article 6 of international laws of anti-laundering demands that
countries or state parties should criminalize this act while article 7 describes the measures that
will help to combat money-laundering. Criminalization will not only give a state the permit to
authorities to organize the process of detection, prosecution and repression of those got in the act
but shall also act as a provision for a legal basis that shall enhance cooperation among the police,
administration and the judicial ...


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