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How to combat Money laundering?
Tags :
Money laundering, theft of money, money theft, monetary theft, laundering, laundering of money, money laundering in India, Indian Money Laundering, crime,
Functional Area :
Money Laundering, Corruption
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About "How to combat Money laundering?" topic:
Money laundering is becoming huge, this is where the process by which large amounts of illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the appearance of having originated from a legitimate source. And in this regard our politicians are having the upper hand where many politicians in UP, Kerala and Punjab when the CBI conducted raids came to know that there was serious money laundering that was happening.
Many have no Idea of how money laundering happens, and with this money only terrorists organizations are getting funded, then the Maoists and Naxals are thriving like anything, also it gives one a best chance to convert their black money into white money.
Money laundering is becoming huge, this is where the process by which large amounts of illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the appearance of having originated from a legitimate source. And in this regard our politicians are having the upper hand where many politicians in UP, Kerala and Punjab when the CBI conducted raids came to know that there was serious money laundering that was happening.
2 insight
, 1 debates
, 3 idea contests
, 1 question
on topic: "How to combat Money laundering?"
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Hawala
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Insurance Sector
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G A Narayan
| Added idea
"Reduce Taxes "
| 2 years ago
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Reduce Taxes. Make Income Tax a flat 10%. Bring more people into the tax bracket. Then Black money that would be needed to be laundered would reduce. Use UID : Use Electronic Smart Cards for future transactions. This way, the govt. can keep track...
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Vipin Bhasin
| Added idea
"Agents- Mediators"
| 2 years ago
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In India, there are so many agents, mediators are available for any work. Same in this case a lot of agents are hired by people to shifting money from one place to another..
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Nikolaj Nikolajev
| Supported idea
" Insurance Sector "
| 2 years ago
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It is not a problem to put money in the black hole. Problem is how to return them back. Insurance has the ideal instrument ,- damage compensation, So, as an example, if you receive compensation due to the defamation case,the monies are back to market
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Ideate: "In which way Money Laundering is happening in India? " deleted from your view.
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(rate this)
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Biometric Smart Card based Transaction Tracking
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Allow Criminal Investigation
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ASOKE KUSARI
| Supported idea
"40 Recomendations of Financial Action Task Force - counter measures against money laundering"
| 2 years ago
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Exactly so. The FTF (India chapter ) is to be reported of "suspicious financial activities" by Banks or by anybody who keep information. They may take quick action. Meanwhile, Banks, Financial Institutions are to adhere to strick KYC guidelines...
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Kris Dev
| Added idea
"40 Recomendations of Financial Action Task Force - counter measures against money laundering"
| 2 years ago
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The 40 Recommendations of Financial Action Task Force provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international...
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Kris Dev
| Supported idea
"Biometric Smart Card based Transaction Tracking"
| 2 years ago
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May I invite you to see the following posting: Editorial - Letters Column - Deccan Chronicle, Chennai - Monday, April 12, 2010 - Page 10. Unique ID There is no doubt that Unique ID can be the panacea for most evils of modern society, if...
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Ideate: "How we can curb Money laundering In Banking Sector?" deleted from your view.
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(rate this)
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Threat to Banking System...
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Terrorism –
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MAJETY CHANDRA SHEKHAR
| Supported idea
"Threat to Banking System..."
| 2 years ago
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Yes i agree to Swati statement of Laundering does not promote terrosim
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Swati Raut
| Added idea
"Threat to Banking System..."
| 2 years ago
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You are right Sangram....Laundering does promote terrorism. Besides that I would like add another idea here. Across the world, banks have become a major target of Money Laundering operations and financial crime because they provide a variety of...
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govind agarwal
| Supported idea
"Threat to Banking System..."
| 2 years ago
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yes.i agree with swati that money laundering is athreat to banking system
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Ideate: "What Are The Harmful Effects of Money Laundering?" deleted from your view.
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There are various causes for increase in Money Laundering and the few of them can be enlisted as follows which is popularly known as ‘Features of an Ideal Financial Haven’: • No deals for sharing tax information with other countries • Availability of instant corporations • Corporate Secrecy Laws – as the corporate law of certain countries enables • launderers to hide behind shell companies. • Excellent Electronic Communication • Tight Bank Secrecy Laws • A Government that is Relatively Invulnerable to Outside Pressures • A high degree of Economic Dependence on the Financial Services Sector • A Geographical Location that Facilitates Business Tr...
Insight: "Causes of Increase in Money Laundering and Inability to Control " deleted from your view.
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GUYS WE ALL KNOW THAT MONEY LAUNDERING IS A SERIOUS OFFENSE.... AND IT IS NECESSARY TO KNOW HOW IT HAPPENS ......IF WE REALLY WANT TO STOP IT...... Money Laundering is not a single act but is in fact a process that is accomplished in three basic steps as enumerated below: 1. Placement: 'Placement' refers to the physical disposal of bulk cash proceeds derived from illegal activity. This is the first step of the money-laundering process and the ultimate aim of this phase is to remove the cash from the location of acquisition so as to avoid detection from the authorities. This is achieved by investing criminal money into the legal financial system by opening up a bank account in th...
Insight: "The Process of Money Laundering" deleted from your view.
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(rate this)
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Age discrimination Exists in India
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8
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There is no age discrimination
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B.Mehernath
| Argues in support of
"Age discrimination Exists in India"
| 2 years ago
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Yes it is there but it is bound to be there and it has to be there right from reserved seats in bus to concessional tickets and no Q every one is going to go through this some day so why crib?
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satishk.shukla
| Argues in support of
"There is no age discrimination"
| 2 years ago
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in present time people are squeezed in india during the jon , old peopleare thrown away from jobs when they are compared with young ones .the jons are stll not secured . in future times i feel that age of retirement will be around 50plus so keep...
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Kavitha Shankar
| Argues in support of
"Age discrimination Exists in India"
| 2 years ago
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I agree wit you mr.vijay..... India does not have any codified law that specifically deals with matters relating to discrimination on the basis of age. So the people who are retired are facing many problems. The government should provide some...
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Debate: "Age discrimination in India" deleted from your view.
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Can we term, converting white into black as black magic? or Black in to white as black magic?
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Satyakanth Kastury
| Answered
| 11 months ago
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It seems like a magic for those who do not know how to convert, but those who do this routinely and made it as their profession, it is no magic. If any one is able to detect this conversion process and bring the culprits to justice, then I...
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Answer: "Black magic" deleted from your view.
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