|We frequently hear term money laundering and the extreme of these money being used for terrorism purpose. Regulators in US, UK and many other countries have instituted strict law and regulation of which the responsibility is placed heavily on financial institutions to have controls in place so as to frustrate such money laundering activities and identify and report any suspected occurrences to the authorities.
So what is money laundering and how does it works?
So to conduct such money laundering business, the criminals need to enlist assistance from external businesses that have solid financial products, services or accounts.
How does Money Laundering Works?
Money laundering generally encompases three stages so as to allow ‘dirty’ money to pass through to conceal it’s true origin:
- ICMA EXAMINATION SYLLABUS ( Updated: July 2007)
- Financial Accounting Test Question IFS No 6 On Interpretation Of Financial Statement
- Internal Control Checklist/Questionaires/Assessment On Information Technology (Part 2)
- Cash Management -“Investing Cash Surpluses
- Details Of Ninth Schedule Companies Act 1965(Act No 125)