Making Illegal Money Clean - 691 Words

Money laundering, as the name suggests, is the act of making unreported or money or income appear as if the money has been earned through legal acquisition. It could take just one transaction or several processes, depending on the amount and the origin of the money. In its simplest forms, people with huge sums of money earned by illegal means can walk up to a bank and deposit their money. However, this method easily raises suspicion in most countries. For example, the United States have implemented laws that made it more difficult to utilize banks for money laundering. Under the Bank Secrecy Act of 1970, banks are required to report any transaction that exceeds $10,000 to the government. Fishman (2006) also added that it â€Å"has been strengthened by subsequent legislation, making it a formidable tool for fighting money laundering and curbing the funding of terrorist activities† (p. 62). So a person can make a numerous bank deposits under $10,000 over a period of time, or a group of people can make different deposits to the same bank or different banks, also under $10,000 without raising any suspicion. There are nations throughout the world, particularly those with unstable government or economy, wherein they will take any amount of deposit, no questions asked. However, they also run the risk of their money being seized by the government and its corrupt officials. The common belief is that money that needs to be laundered are those which were profited fromShow MoreRelatedShould Marijuana Be Legal?939 Words   |  4 Pagesexception of a few states, is illegal and pharmaceutical corporations want to keep it that way. They influence the news and legislators by providing information on the effects of marijuana as well as give money to other corporations to keep prohibition of marijuana around. 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Many news reports in televisions and newspapers have used the term money laundering but still, the general public do not have enough knowledge of what money laundering is and the corresponding effects upon society. In line with this, there is also a need to further study the processes that are involved in money laundering in order to properly address the aforementionedRead MoreIllegal Immigrants And The United States1490 Words   |  6 Pagesthe number of illegal immigrants in the US has risen from around 4 million to 11.6 million. Its insane that the United States is spending the extremely generous sum of 1.6 million dollars on border control out of its 3.8 tri llion dollar budget, and is seeing no return! Currently, about 3.5 million illegal immigrants are living in poverty and about 1.8 million of these immigrants are minors. However, we need not focus on these monstrous creatures troubles when they are harming us. 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