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Cover -- Title Page -- Copyright -- Contents -- Introduction -- 1. Money Laundering Explained -- 2. How Banks Facilitate International Money Laundering Schemes -- 3. Money Laundering Is Common in Iran -- 4. Ethiopia Has Problems with Money Laundering Because of Illicit Cash -- 5. Terrorists Finance Their Operations Using Shell Companies -- 6. How Japan Fights Money Laundering in Cryptocurrency Exchange -- 7. Criminals Use Large Banks Around the World to Launder Money -- 8. Drug Trafficking and Money Laundering -- 9. Money Laundering in Online Gambling -- 10. Cryptocurrency Scams Pass as Legitimate Businesses -- 11. Money Laundering May Be Easier in the Digital World -- 12. The European Union Backs Stronger Anti-Money Laundering Laws -- 13. Global Action Needed Against Money Laundering -- 14. Internal Revenue Service Law Helps Stop Money Laundering -- 15. Time to Root Out Money Laundering in Global Trade -- 16. Anti-Money Laundering Policies Unintentionally Punish Poor Countries -- 17. Global Anti-Money Laundering Efforts Fail to Stop Crime -- 18. Effective Anti-Money Laundering Procedures Must Be Enforced and Scrutinized -- Organizations to Contact -- Bibliography -- Index -- Back Cover.

This is the second report on the collection of information on money laundering in Europe carried out by Eurostat and Directorate-General Home Affairs. The report builds on the earlier work published in 2010 and presents a series of indicators for the different stages of the anti-money laundering chain, from the filing of a suspicious transaction report through to conviction. In general, caution should be exercised in interpreting the figures due to the different administrative and operational practices in Member States.

Money laundering is generally regarded as the practice of engaging in financial transactions to conceal the identity, source, and/or destination of illegally gained money by which the proceeds of crime are converted into assets which appear to have a legitimate origin. In other words, Money Laundering refers to the conversion or "Laundering" of money which is illegally obtained, so as to make it appear to originate from a legitimate source. The recent activity in money laundering in India is through political parties' corporate companies and share market. Bank fraud is a serious financial crime that involves the unlawful obtainment of funds from a bank or other financial institution. Money is the root cause of many evils like corruption, black marketing, smuggling, drug trafficking, tax evasion, and the buck does not stop here. While carrying out the Know your Client (KYC) norms, special care has to be exercised to ensure that the contracts are not anonymous or under fictitious names. Money is the prime reason for engaging in almost any type of criminal activity .Money laundering is the method by which criminals disguise the illegal origins of their wealth. GEL Classification Code: E49; E50; P44

An Abused Financial SystemHow to Recognize Hawala; Countermeasures; Case Examples: Hawala; Case 1: Manhattan Foreign Exchange; Case 2: Shidaal Express; Case 3: Health-Care Fraudsters Send Funds to Iran; Case 4: Somali Remittances; Case 5: Financial Intelligence Instrumental in Hawala Investigation; Cases 6 and 7: Examples of Hawala and Terror; Cheat Sheet; Notes; Chapter 5 Chinese Flying Money; An Ancient System; The Modern Era; How Does It Work?; Chinese Presence in Africa; Case Examples; Case 1: Fei-Chien and Hawala; Case 2: Underground Money Shops' Role in Drug Money Laundering

Intro -- Contents -- Preface -- Chapter 1 -- Trade-Based Money Laundering: Overview and Policy Issues( -- Summary -- What Is Trade-Based Money Laundering? -- Scope of the Problem -- Vulnerabilities -- Global Hotspots -- Links to Terrorism -- Selected Case Studies -- Hezbollah-Linked TBML -- Toys-for-Drugs BMPE Scheme -- Trade Finance and Hawala Networks -- Selected Policy Responses -- U.S. Participation in the Financial Action Task Force -- U.S. Department of the Treasury Regulatory Actions -- Advisories -- Geographic Targeting Orders -- Special Measures -- U.S. Department of Homeland Security's Trade -- Transparency Units -- Issues for Congress -- Appendix. 114th Congress Hearings That Included Discussion of Trade-Based Money Laundering -- End Notes -- Chapter 2 -- The Financial Action Task Force: An Overview( -- Summary -- Introduction -- The Mandate -- Progress to Date -- Role of the IMF and World Bank -- Issues for Congress -- End Notes -- Chapter 3 -- Memorandum to Members of the Committee on Financial Services for the Hearing on "Trading with the Enemy: Trade-Based Money Laundering is the Growth Industry in Terror Finance"( -- United States House of Representatives -- Committee on Financial Services -- Introduction1 -- Scope of the Problem -- Global Hotspots -- Links to Terrorism -- Vulnerabilities -- Selected Case Studies -- Hezbollah-Linked TBML -- Toys-for-Drugs BMPE Scheme -- Trade Finance and Hawala Networks -- Selected Policy Responses -- Role of the Financial Action Task Force (FATF) -- U.S. Department of the Treasury -- Advisories -- Geographic Targeting Orders -- Special Measures -- U.S. Department of Homeland Security -- Witness Biographies -- John Cassara, former U.S. Intelligence Officer and Treasury Special Agent -- Louis Bock, former Senior Special Agent, U.S. Customs and Border Protection

A letter report issued by the General Accounting Office with an abstract that begins "Money laundering is a serious issue; an estimated $500 billion are laundered annually. The extent to which money laundering through credit cards may be occurring, however, is unknown. Bank regulators, credit card industry representatives, and law enforcement officials interviewed by GAO indicated that credit card accounts were not likely to be used in the initial stage of money laundering, when illicit cash is first placed into the financial system, because the industry generally restricts cash payments. Industry representatives reported that, in their view, the banks' application screening processes, systems to monitor fraud, and policies restricting cash payments made credit cards less vulnerable to money laundering. At the time of GAO's review, the primary regulatory oversight mechanism to ensure the adequacy of anti-money laundering programs was the Bank Secrecy Act examination, which applies in the credit card industry to issuing and acquiring banks. The regulators said that the issuing banks' application screening process, fraud monitoring systems, and policies restricting cash payments lowered the risk of money laundering through credit cards."