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THE EFFECT OF MONEY LAUNDERING ON THE MINDS OF COMMON MAN
1
Author(s):
NILIMA PRAKASH
Vol - 1, Issue- 3 ,
Page(s) : 62 - 66
(2010 )
DOI : https://doi.org/10.32804/IRJMST
Abstract
Money laundering is the criminal practice of filtering ill-gotten gains or ‘dirty’ money though a series of transactions, so as to portray the funds as ‘clean’ and look like proceeds from legal activities. Money laundering is driven by criminal activities and conceals the true source, ownership, or use of funds. The International Monetary Fund had stated that the aggregate size of money laundering in the world could be somewhere between two to five percent of the world’s gross domestic product whereas the World Bank has estimated money laundering to be US$ 1,000 billion enterprise.
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