Money laundering

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Money laundering
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• Over the past few decades, Money laundering has
  become a mounting Worldwide problem. Billions of
  Money is trafficked through boundaries every
  year, and many number of lawbreakers walk free
  without enduring lawsuit. Due to such problems,
  money laundering has become a high priority issue
  for the lawmakers and administrators who monitor
  the world of finance.

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• New anti-money laundering policies are
  persistently being created to track down and stop
  such illegal practices, and the technology being
  used to do such activities is growing at a speedy
  pace. Many business process outsourcing companies
  are offering AML services which benefits number
  of business firms.

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• Money laundering is very difficult to track down
  because it connected to number of other criminal
  activities and involves number of people. Money
  laundering is the process of covering up
  illegally gained money to wipe hints of illegal
  action and make it look legally gained. It means
  that offenders who launder money first committed
  another crime through which they gotten their
  illegal moneys. When multiple laundering and
  interconnected illegal activity turn out to be
  interwoven like this, a complex network of
  illegal activity is formed that is problematical
  to track and break such offences.

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• High-tech advances have made it extensively
  easier to find out when the monetary system is
  being maltreated, as well as to collect data
  about the persons who are maltreating it. Manual
  examining of files and monitoring the books is
  tiresome, unproductive, and often unsuccessful.
  To solve such problems screening systems have
  changed this outdated process, and have made it
  easier to screen users and control money
  laundering.

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• To support the combat counter to money
  laundering, governments are involving financial
  institutions and businesses to report any
  suspicious doings that they observe among
  customers. Financial institution includes bank,
  insurance firms, casinos, money exchanges, and
  many more. It is close to impossible for
  governments to find out all the offenders tangled
  in money laundering self-reliantly, and the same
  goes for business firms as well.

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• This scenario can be well managed when both a
  private and public sector companies cooperate
  with each other. To control such illegal
  practices Anti-money laundering process is being
  followed by many organizations. AML compliance is
  must for any business form or individual.