subject: Urgent Need To Curb The Menace Of Money Laundering [print this page] Money laundering is not just a white collar crime that corrupts society. It has the potential to destabilize the very foundations of a nation. The problem of money laundering has become a major threat to the political and economic stability of some European countries. Around 13,000 cases of money laundering were reported in Germany last year, with equally significant amounts in the UK and other European nations.
In all parts of Europe, the problem of money laundering has become an increasing menace. The most worrisome fact is that the world has seen the involvement of many reputed and well-known financial institutions in money laundering cases. The failure to detect and stop shady financial transactions has put a big question mark over the ability and commitment of these institutions to tackle money laundering. In the garb of business transactions, illegal money continues to be transferred and hidden in Europe as well as in other parts of the world. Despite the introduction of stronger anti money laundering laws, there has not been any significant improvement in the situation. According to one statistic, not even 1% of illegal money is actually interdicted by anti-money laundering agencies.
That said however, there have been times when the law caught up with fraudsters and money launderers. Recently, the husband of a former Great British Bake Off winner was required to pay back 720,000 of the profits he made through money laundering. In another instance, two arrests were made in connection with the 2.6 million Guernsey States fraud case. Considering the magnitude and enormity of the problem, curbing the menace of money laundering is certainly not easy.. The onus lies on law enforcement agencies to ensure money laundering compliance But it is equally important for financial institutions to comply with the law and to train and provide anti money laundering guidance to their employees. Building a corporate culture which is committed to combating these activities will prove to be of immense help.
Online AML training is an effective way to equip employees with the skillset required to combat the menace of money laundering. Anti-money laundering videos offered by some reliable websites are great way to broaden the understanding of the employees and add interest in in-house money laundering training courses. A more wholesome and committed approach is required to stop money laundering that continues to raise its ugly head in all parts of the world.
