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OUTLINE
Using AML (Anti-Money Laundering) to identify and Prevent Money Laundering
Thesis Statement: Money laundering is the procedure of altering the earnings acquired from
criminal activities into allegedly authentic money. This paper discusses how effective AntiMoney Laundering (AML) is useful in identifying and preventing money laundering.
I.
II.

Introduction
Body
A. History of Money laundering
B. Anti-Money Laundering and Its Role in Preventing Money Laundering
C. Recommendations

III.

Conclusion


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Using AML (Anti-Money Laundering) to identify and Prevent Money Laundering

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Using AML (Anti-Money Laundering) to identify and Prevent Money Laundering
Introduction
Money laundering is the procedure of altering the earnings acquired from criminal
activities into allegedly authentic money. The proceeds can also be turned into assets.
Nevertheless, based on the various legal and regulatory frameworks, the phrase “money
laundering” has been mixed with other types of financial misconduct over the years. This being
the case, it is utilized more broadly to entail the financial system's misappropriation (which
entails aspects like securities, conventional currency, and credit cards) and terrorism funding and
circumvention of global sanctions (Seymour, 2008). Based on the description of the US Treasury
department, money laundering entails ensuring that illegally obtained incomes which the
department refers to as “Dirty Money,” appears legitimate, which is given the phrase “clean”
(US Department of the Treasury, 2019). With this in consideration, it is worth noting that money
laundering entails three crucial stages. These stages include placement, layering, and the final
step is integration. Based on the three steps, the illegal proceeds are first secretly presented into
the authentic financial system. Next, the finances are shifted around the financial systems to
establish a mix-up, mostly through transferring the funds through various accounts. The final
step is incorporating the money into the financial system using further dealings until the funds
are considered legitimate (“clean”). On this basis, this paper discusses how effective Anti-Money
Laundering (AML) is useful in identifying and preventing money laundering.
History of Money laundering
It is estimated that over two trilli...