Combating Money Laundering - Imperative to Cut down on Terrorism

FATF - Financial Action Task Force

GAO - General Accounting Office

UGAO - United States General Accounting Office

OECD - Organization of Economic Cooperation and Development

IFA - International Federation of Accountants

Money Laundering

What is Money Laundering?

The act of converting money earned from illegal activities such as drugs, arms smuggling and other crimes, including insider trading, embezzlement, bribery and computer fraud schemes as well as fraudulent pyramid marketing schemes, all of which generate vast sums money which can be moved between locations only by what is called money laundering. Since these large amounts are not declared to the government, and since these perpetrators have no intention of paying tax at any level to any authority, they devise a million ways to break their profits into different entities, invest and spend the money without falling into the hands of...
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