financial crime money laundering, economics homework help

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Economics

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I currently have a paper that I need to complete for my college economics crime course. The paper needs to be focused on a specific economic crime, which I have chose "financial crime money laundering". The paper needs to be 2000 words, Times new Roman and double spaced. MLA forma

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Name
Institution Affiliation
Date
Financial Crime Money Laundering
Introduction
Financial crimes are any crimes that are done against property and mainly involved the
changing of ownership of certain property with the aim of benefiting once self and without the
knowledge of the owner. They involve a wind range of frauds that are undertaken in many
different situations, tax evasion, embezzlement as well as other forms of crimes like bribery. It is
important to understand the fact that there are many types of crimes that involve one enriching
themselves and majority of these can directly be regarded as financial crime. All these are
economic crimes that actually interfere with the circulation of legal currency in an economy and
this affects the economy in general.
Money laundering is among the most common financial crimes that are committed in any
in place. The simple definition of this crime is the process of converting money that was gain
through illegal activities to legitimate money (Cox 126). The main reason why this process is
done is to ensure that the illegal money that is being used can be transacted normally just like
any other through the legal financial systems. This is what allows the owners of such money to
be able to use such money in the process of establishing businesses that are legitimate and
businesses that are able to operate legally. There are many issues that come with money

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laundering and there is need to address them so as to ensure they do not affect the many different
entities in a large way in the long term.
Process of Money Laundering
Money laundering is undertaken in three main steps. The first step calls for placement.
This is the process where illegal money that has been earned through activities that are illegal is
placed into the financial system. This is often done through the creation of a company or an
entity that is legal and one that can able to trade. The first part is often very critical in ensuring
that the funds cannot be traced because if the entity that is sued is able to hold up the trading
legally lie, then the money is most likely not to be found.
The second part is called Layering. This is a very important process and this is where the
trace of the money being illegal is removed. In this step, complex financial transactions are
undertaken with the aim of ensuring that the illegal sources of the cash can be covered. After
these transactions, it often seems like the entity that was created is the one that has been trading
and transacting the various deals. With the many transactions, it is likely to be assumed by most
people t...


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