PETER VANGELATOS’ Post

❗ Money Laundering is not a victimless crime❗ ⛔ Money laundering is described as a #financialcrime, which diminishes the impact it has on people’s lives. According to United Nations Office on Drugs and Crime the globally 💲800 billion to💲2 trillion are laundered each year. Lets look at the harm is causes to society: 👹 Funding Criminal Activity👹 Money laundering often involves the proceeds of illegal activities like #drugtrafficking, #humantrafficking, terrorism, #fraud, or #organizedcrime. By laundering money, criminals can continue these harmful activities, indirectly causing pain, suffering, and exploitation to people. 📉 Economic Consequences📉 👉 Illicit funds flowing through an economy distort market competition. Businesses involved in #moneylaundering may gain an unfair advantage over legitimate businesses, creating an uneven playing field, reducing fair competition, and damaging honest businesses. This leads to job losses and decreased economic growth. 👨🔬 👨💻 👨✈️ 👮♂️ Cost to Governments and Taxpayers 👩🌾 👨🍳 👨🔧 👨🏭 👨💼 Governments invest significant resources in investigating, monitoring, and prosecuting money laundering activities. The cost of this enforcement is borne by taxpayers, meaning the general public indirectly pays for the damage caused by money laundering. Banks globally spend in the range of 💲214 to 💲275 billion a year on anti-financial crime controls each year ❗ 💵 Inflation and Corruption 🤝 ➡ The influx of illicit funds can inflate real estate prices, drive up living costs, and promote corruption among public officials and businesses. In extreme cases, entire economies can suffer, especially in developing countries where laundered money fuels political instability ⬅ ⛔ So money laundering might not have an obvious, immediate victim like some other crimes, its consequences ripple through society, causing harm on multiple levels.

The EU Parliament has adopted the AML/Financing of Terrorism package, which consists of the following three components: 1. Sixth Anti-Money Laundering (AML) Directive 2. EU "Single Rulebook" Regulation 3. Anti-Money Laundering Authority (AMLA) Regulation Key highlights can be found in the attached infographic. #AML #FinCrime #banking #compliance #beneficialownership #antimoneylaundring #EU

FATF calls on India to impose tougher checks on PEPs according to government sources  According to government sources, the Financial Action Task Force (FATF) has urged India to strengthen its scrutiny of Politically Exposed Persons (PEPs) as part of its AML measures. This comes amid concerns over heightened money laundering risks associated with PEPs. https://lnkd.in/dShqiHN3

The report also identifies that India’s primary sources of money laundering originate from illegal activities within the country, including fraud, cyber-enabled fraud, corruption, and drug trafficking. These illicit proceeds are either laundered within India or abroad, then reintegrated into the legitimate economy. A major concern highlighted by FATF is the backlog of pending money laundering cases. India must improve the efficiency of its judicial processes to increase conviction rates and expedite trials. Similarly, delays in prosecuting terrorist financing cases need urgent attention to ensure timely judicial resolution. https://lnkd.in/djzTbCQC

Prevention of Money Laundering Act 2002 (PMLA)- An Overview Prevention of Money Laundering Act (PMLA) enacted in India to combat the severe issue of money laundering and the financing of illegal activities. It provides a #legal framework to prevent and control money laundering, confiscate the proceeds of crime, and impose penalties on offenders... https://lnkd.in/gJWAHJSw #law #legaleducation #lawyers #MoneyLaunderingPrevention

The Financial Action Task Force (FATF) has raised concerns over India's low conviction rates for money laundering cases, despite significant progress in legislation and enforcement.  The 40-member FATF, established in 1989, rated India “moderately” effective on its parameter of “money laundering investigation and prosecution” in a report, while saying the country was compliant in most areas. The report urged India to impose strict limits on cash transactions involving precious metals and stones as it posed risks for monitoring. https://lnkd.in/dnAUtt2T

This is a classic case where compliance complicate business rather than complement to business! The bank's vigorous transaction monitoring and profile updating may sometimes cause "knee jerk" problem at times but that how things are done to level-up accordingly to mitigate and control ML/TF risks. #compliance #cdd #kyc #bankingindustry #financialindustry #moneylaundering #terrorismfinancing #transactionmonitoring

Some great insight on an often overlooked and little known component of criminal activity in fraud. Even as professionals this part can sometimes be easily missed, a good reminder to stay vigilant in all manners, especially when reviewing data.

A #Singapore court charged on Thursday two former #bankers with assisting a group of foreigners convicted of laundering $2.2 billion in one of the city-state’s largest financial #crimes. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring

Government of Nepal (GoN) can fall to fatf: grey list: money laundering: biggest problem in nepal: digital digitalization nil: billions transactions occur: hundi: aml cft ineffective: untrained ppl in banks cooperatives: https://lnkd.in/daMdtmt7