Money laundering Flashcards
One line definition for Money laundering
Processing of criminal proceeds to disguise its illegal source - UNODC
Examples of Money laundering
Kingfishers case-Maliya,
PNB Fraud Case-Nirav Modi
Conclusion keywords
Unwavering vigilance and international collaboration
Which challenge make its difficult to track financial transaction
Large informal sector of India
Structural challenge of cross border transaction
Obfuscated Fund origin
International collaboration measures
FATF (Financial action Task Force) compliance
Which international agency regulates it
FATF
Indian Agency for investigating money laundering
Enforcement Directorate
Primary legislation for money laundering in India
PMLA, 2002
Which year PMLA (Prevention of Money Laundering Act) passed
2002
Indian agency collecting financial intelligence
Financial Intelligence Unit
3-step phase of money laundering
Placement - Layering - Integration
Methods of money laundering
Shell companies, Real Estate
Trade based - Undervoicing/Over voicing of exports/imports
Cash intensive business - Restaurants
Consequences
Tax and revenue loss
Unfair business competition
Distort economic data
Undermine financial institution
Corrupting financial institutions
