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The Money Laundering
The purpose of laundering money is to disguise their origin, to convert money gained from illegal activities into money that appears to have been legally earned. Dealing drugs, illegal arms sales, smuggling and all the others types of crimes, can generate huge sums. Embezzlement, insider trading, bribery and computer fraud schemes can also produce large profits and create opportunities of laundering theirs gains. Those gains are not declared to the government, so the criminals have to find different ways to dissimulate their profits, to invest and spend the money without getting caught. They do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.
They're places in the world where they are called Paradise Islands. In those places the money is kind of safe because its hard to tell from where he came from, so the authorities don't have enough information to catch the authors of the crimes. All over the world they're places where money laundering is not a crime, like in the West Indies (Jamaica, Bermudas, Aruba, Caiman, etc…), in Panama, Afghanistan, Israel, etc… Professional money-scrubbers are attracted into those countries because money laundering is not against the law, and banks and brokerages most of the time don't verify the provenance of a customer's investment funds.
Because of this enormous problem, twenty-nine countries have been united and form an organization to fight the money laundering, the Financial Action Task Force (FATF). However, where the efforts of the FATF, the issues of money laundering will ever be a huge problem. The International Monetary Fund has stated that the aggregate size of money laundering in the world could be somewhere between % and 5% of the world's gross domestic product. Using 16 statistics, these percentages would indicate that money laundering ranged between 50 billion and 1.5 trillion USD. In fact the money laundering affects businesses, economic development and the society at large.
According to Billy Steel, who has an honours degree in Financial Services and who is interested in money laundering, authorities are afraid of the future because of the new technologies, the new of exchanging money whit e-cash (virtual money) and organized crime owning banks. Organized crime controls some banks, already in Russia it is said that criminal groups control over 400 banks and 47 exchanges.
Money laundering is a large-scale issue all over the world, and a international problem, authorities and the government should being able to work together with those countries who money laundering is legal and enable financial institutions to play a role in dealing with the problem.
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