Money Laundering: A Historical Perspective

  • The amount of money laundered globally in one year is estimated at 2-5% of the global GDP, or between a staggering USD 800 billion – USD 2 trillion, according to United Nations Office on Drugs and Crime.
  • The expression ‘Money Laundering’ is of a fairly recent origin, with the term first appearing in the US in a newspaper in 1973.
  • The term “money laundering” owes its existence to Laundromats in the United States that were owned by the Mafia.
  • This was done by purchasing outwardly legitimate businesses and mixing their illegal earnings with the legitimate earnings received from these businesses.
  • But other historians differ from this version. According to them, money laundering is called so, because it perfectly describes how dirty money is put through a cycle of transactions, or washed, so that it comes out at the other end as legal or clean money.
  • In other words, the source of illegally obtained funds is disguised through a series of transfers and deals, such that those same funds can eventually be made to appear as legitimately earned income.

Comments

Post a Comment

Popular posts from this blog

What is Business Analytics?

What is Analytics? Analytics is the systematic computational analysis of data. In the simplest sense, Analytics is Applied Business Statistics. Statistics is a collection of methods for planning experiments, obtaining data, and then organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions to understand underlying macro trends. Applied  statisticians apply their knowledge of statistical methods to a variety of subject areas, such as biology, economics, engineering, medicine, public health, psychology, marketing, and education. A Brief History of Analytics: Availability and accuracy of data is the key to decision making. As such, Analytics in some form or the other has been part of business decision making. There are numerous drivers of production and the supply chain, and there are several processes under each driver. These processes are associated with high overheads and offer opportunities for cost reduction. Cost reduction requires a compl
Read more

Big Data Hadoop Certification: Is It Worth It?

Image
Data Analytics, as a career has seen a lot of increasing demand, in the recent years of the IT driven world. This can be broadly referred to as the principle method used in the industry of Data Science. With its inception, about a few years ago, this industry has been making ripples in the virtual world. This field received a lot of takers, in term of companies wanting to hire trained professionals, as well as candidates looking to explore this, as a career option. Data Analytic s has been taking huge strides in the online marketing industry, with the whole concept of predictive analysis; this enables companies and firms to implement strategies that will provide guaranteed success and growth. Data Analysts or Data Scientists are those people, who are adept at performing magic with numbers. They are specialized individuals, who make use of certain tools to convert the data, into value based decisions and strategies. The various programming tools in this field are R Programming, SAS
Read more

What Is A Bond Trade Life-cycle?

Image
A bond is a type of fixed-income instrument issued by the government or corporations to finance its projects and operations with the help of investors. In return, when the bond matures, investors get a promised return on their investment. After the bonds are issued by the government institutes, they are traded and circulated between investors in the market. After the maturity period gets over, the investors can redeem their bonds and receive their capital with interest promised by the government bodies. The market in which the bond is created, issued and traded is called a bond market. The bond market is basically of two types: Primary Bond Market Secondary Bond Market Primary Bond Market is the place where new bonds are originated and issued. On the other hand, the secondary bond market is the one where existing bonds are traded among investors. The life cycle of a bond consists of three steps: Origination of Bond Trading of Bond Maturity of Bond
Read more