All banks in India are adopting sophisticated technology to remain competitive and to stay in the business. But banks, especially small banks are more vulnerable to money laundering. There is a need for technology and strategies which will prevent money laundering. The question is whether all banks are sufficiently equipped to handle money laundering, and whether they are geared up, with lurking risks and inherent dangers of technical sophistication, to meet the challenges.
The most thriving business, presently, in the world is "Money laundering". Those who carry on this business, generally, have many problems and tensions. However, the specialty of this nature of business is that those who carry on this super profit venture of money laundering pass on the problems and tensions to others, largely.
By definition, money laundering involves hiding, moving and investing the proceeds of criminal conduct. It is a known fact that drug traffickers, ransom seekers and gangsters earn heavily, at the expense of others, and spend lavishly, as it is not their hard-earned money. Often it is reported that the underworld Fs production of films, largely, and they have a major say in many important matters, which are not related or their concern.
Introduction of laundered funds into the mainstream economy by way of asset purchases or business ventures for seeking more profits. In some instances, the launderer might disguise the transfers as payments for goods or services, thus giving them a legitimate appearance. As physical movement of funds has disappeared with the emergence of electronic transfer of funds, also known as wire transfers, money launderers enjoy a swift and nearly risk-free conduit for moving money between countries. |
