Money Laundering challenges for india

Money laundering is the process of concealing the source of money obtained by illegal means such as embezzlement, insider trading, bribery, drug trafficking or terrorist activity. The process of converting ‘illegal or unclean money’ into ‘legal or clean money’ is referred to as money laundering. Money laundering is a grave financial crime that is usually employed by white collar and street level criminals. Most financial companies have anti-money laundering (AML) policies in place to detect and prevent these activity. Money laundering is a very important step in the success of drug trafficking and terrorist activities. Most people who financially support terrorist organizations do not provide the funds directly to terrorist groups. They send the money in roundabout ways that allow them to fund terrorism by maintaining anonymity.

The process of money laundering usually involves three steps 1) placement 2) layering, and 3) integration. In the first step "dirty money“ is put into the legitimate financial system. Layering conceals the source of the money through a series of transactions. In the final step, integration, laundered money is withdrawn from the legitimate account. The rise of online banking institutions, online payment services and transfers with mobile phones have made detecting the illegal money transfer even more difficult. Money laundering damages financial institutions that are important for economic growth, promoting crime and corruption that slow economic growth and thus reducing efficiency in the economy. It creates unpredictable changes in demand of the money, as well as causing large fluctuations in international capital flows & exchange rates. Prevention of Money-Laundering Act (PMLA), 2002 forms the core of the legal framework to combat Money Laundering activities in India. Both international and domestic organizations need to come together by strengthening data sharing mechanisms to eliminate the problem of money laundering from our country.

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Rakesh Garhwal

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