International Journal of Research in Social Sciences
Year : 2019, Volume : 9, Issue : 6
First page : ( 247) Last page : ( 262)
Online ISSN : 2249-2496.

Money Laundering a Fast Growing Menace: Emerging trends and Measures to Curb

Dr Kaur Sandeep

Head, Department of Public Administration, Sri Guru Gobind Singh College, Sector 26, Chandigarh

Online published on 27 September, 2019.

Abstract

‘Money is a good servant but a bad master’. Money is an essential commodity that helps you to run your life. Philosophically speaking, money cannot buy everything but practically money is the basic thing without which it is impossible to imagine life. Money is the foremost thing which is used for calculating the status of any person. Money is reckoned as the fruitful source but root cause of numerous criminal practices both at the National as well as Global level. The illicit use of money, commonly termed as Money Laundering, serve the purpose of some specific interest group/s is quite prevalent in the contemporary era. Money laundering has been reckoned as a flow of the funds obtained from the numerous sources the prime purpose of which is to conceal the real sources of owing and the utilization of funds. The illegally obtained and utilized moneyin the form of Hawala transactions, Bulk Cash Smuggling and Smurfing is very extensively used methods to launder the money. Although, some stringent anti-money laundering regulations exist in the system, even then such practices take place by and large in every Nation. The present paper makes an endeavour to examine various aspectsand issues related to money laundering menace and also discuss the measures to curb this fast growing practice.

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Keywords

Money Laundering, Fraud, Corruption, Financial Intelligence Units, Organized Crimes, Asset Forfeiture.

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