dissertation on money laundering in india

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PhD Thesis - Anti Money Laundering Regulation - VIRITHA.pdf

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The aim of this study was to assess the level of awareness and acceptance of bank customers regarding anti-money laundering (AML) practices of banks. The study also aimed to understand their constraints in following the bank’s AML practice. The target population was account holders of the banks above the age of 18 years, residing in the Puducherry and Chennai regions in India. Convenience sampling was adopted in selecting the sample from these states. The sample consisted of 416 customers of the public, private and foreign banks in India. The responses were collected by administering the pre-tested structured questionnaire. The data was collected during the period June–December 2014. Descriptive and non-parametric tests were applied, and the significance was considered at p = 0.5. Respondents showed low level of awareness with regard to usage of banks as a channel for money laundering (ML) and terrorism financing (TF) activities (62.3 per cent), reporting function of the banks (70.4 per cent), AML and combating financing of terrorism (CFT) legislation (86.3 per cent) and about the existence of Financial Intelligence Unit (FIU)-India and its function (96.9 per cent). The customers were quite aware of ML (62.5 per cent) and customer identification requirements (95.2 per cent). The participants exhibited neutral attitude towards acceptance of AML measures (3.11 ± 1.31). The descriptive analysis showed 97.4 per cent were ready to provide their identification documents to the bank; however, 64.5 per cent of the participants were reluctant to update their Know Your Customer particulars when it has not experienced any change, and about 68.3 per cent expressed that banks should not disclose the details of their transactions to any third party including financial intelligence units.

V. Mariappan , Viritha b , Varun Venkatachalapathy

The study was conducted to assess the level of compliance with regulatory guidelines on anti-money laundering (AML) in the scheduled commercial banks in India, and to understand the bottlenecks in AML implementation. The respondents were employees working in the banks located in the States of Puducherry and Tamilnadu. Snowball sampling method was adopted in selecting the sample. The sample consisted of 392 employees from the public sector, private sector, and foreign banks in India. The data was collected by administering the structured questionnaire during the period June, 2014 to January, 2015. Descriptive and non-parametric tests were applied, and the significance was considered at þ <= 0.5. Results indicated that the banks were largely complying (3.67  1.39) with the AML measures under study. The compliance with guidelines on KYC updation was found to be higher (79.9 per cent), followed by reporting requirements (72.7 per cent), and customer identification procedures (57.4 per cent). The practice of customising or amending the AML policy of the bank according to the bank’s business risks and evolving regulatory obligations was found unsatisfactory (67.1 per cent). The respondents in majority agreed to the identified issues such as deficit of resources, lack of customer support, training, feedback and information exchange as constraints in the practice of AML.

CGAP Focus …

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pp. 82-93 in R.K. Mishra, S. Sreenivasa Murthy and J. Kiranmai (eds.) Contemporary Challenges for the Indian Banking Sector, Bloomsbury Publishing India Pvt. Ltd., New Delhi, 2012.

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hamid farhangi

Solange Garcia

Miguel Roehrs ([email protected]) Juliana Valentini ([email protected]) Clóvis Paniz ([email protected]) Angela Moro ([email protected]) Mariele Charão ([email protected]) Rachel Bulcão ([email protected]) Fernando Freitas ([email protected]) Natália Brucker ([email protected]) Marta Duarte ([email protected]) Mirna Leal ([email protected]) Tilman Grune ([email protected]) Solange Cristina Garcia PhD ([email protected])

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Abstract. This study provides a baseline from which changes in the chemistry of the atmosphere over Antarctica can be monitored under expected warming scenarios and continued intensification of industrial activities in the Southern Hemisphere. It is the first study to measure more than 25 chemical constituents in the surface snow and firn across extensive regions of Antarctica. We present major ion, trace element, heavy metal, rare earth element and oxygen isotope data from a series of surface snow samples and shallow firn sections collected along four US ITASE traverses across East and West Antarctica. In each sample we measure dissolved concentrations of Na + , K + , Mg 2+ , Ca 2+ , Cl − , NO − 3 , SO 2− 4 , and MS − using ion chromatography and total concentrations of Sr,

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Please note you do not have access to teaching notes, a review of money laundering literature: the state of research in key areas.

Pacific Accounting Review

ISSN : 0114-0582

Article publication date: 18 March 2020

Issue publication date: 2 April 2020

The purpose of this study is to review the literature on money laundering and its related areas. The main objective is to identify any gaps in the literature and direct attention towards addressing them.

Design/methodology/approach

A systematic review of the money laundering literature was conducted with an emphasis on the Pro-Quest, Scopus and Science-Direct databases. Broad research themes were identified after investigating the literature. The theme about the detection of money laundering was then further investigated. The major approaches of such detection are identified, as well as research gaps that could be addressed in future studies.

The literature on money laundering can be classified into the following six broad areas: anti-money laundering framework and its effectiveness, the effect of money laundering on other fields and the economy, the role of actors and their relative importance, the magnitude of money laundering, new opportunities available for money laundering and detection of money laundering. Most studies about the detection of money laundering have focused on the use of innovative technologies, banking transactions or real estate- and trade-based money laundering. However, the literature on the detection of shell companies being explicitly used to launder funds is relatively scarce.

Originality/value

This paper provides insights into an area related to money laundering where research is relatively scant. Shell companies incorporated in the UK alone were identified to be associated with laundering £80bn of stolen money between 2010 and 2014. The use of these entities to launder billions of dollars as witnessed through the laundromat schemes and several data leaks clearly indicate the need to focus on illicit financial flows through such entities.

• Money laundering
• Shell companies
• Illicit activities

Tiwari, M. , Gepp, A. and Kumar, K. (2020), "A review of money laundering literature: the state of research in key areas", Pacific Accounting Review , Vol. 32 No. 2, pp. 271-303. https://doi.org/10.1108/PAR-06-2019-0065

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Critical Analysis of the Prevention of Money Laundering Act

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Conceptual development of money laundering, fatf recommendations.

The Prevention of Money Laundering Act (PMLA) 2002 is a vital piece of legislation passed in India to combat the scourge of money laundering. This legislation is the key training point for the Certified Anti Money Laundering Expert program offered by Riskpro Learning. Designed to protect the country’s financial system from being exploited by criminals, the act plays a crucial role in detecting and preventing the illegal process of “cleaning” illicit funds. In this article, we’ll explore the key aspects of the Prevention of Money Laundering Act 2002 in simple terms, making it understandable for everyone.

Understanding Money Laundering Act

Before we delve into the PMLA 2002, let’s grasp the concept of money laundering. Money laundering is a complex process used by criminals to disguise the origins of their ill-gotten gains. They attempt to make “dirty” money appear legitimate by channeling it through various legal transactions and financial systems. The PMLA aims to put an end to such criminal activities and safeguard India’s financial integrity.

The Significance of PMLA 2002

The Prevention of Money Laundering Act 2002 holds immense importance in India’s fight against financial crimes. It serves as a powerful tool to prevent and control money laundering, making it harder for criminals to exploit the financial system for their unlawful gains.

Key Provisions of the Prevention of Money Laundering Act

• Money Laundering Offence: The act defines money laundering as a criminal offense. Anyone found involved in money laundering activities can face severe penalties and imprisonment.
• Attachment and Confiscation: Under PMLA 2002, authorities can attach and confiscate properties and assets suspected to be involved in money laundering. This dissuades criminals from using these gains for further illegal activities.
• Money Laundering Offences and Prosecution: The act lays down the procedures for prosecuting money laundering offenses, ensuring fair trials, and bringing offenders to justice.
• Preventive Measures: PMLA 2002 empowers authorities to take preventive measures to combat money laundering. It allows them to keep a close watch on suspicious transactions and financial activities.
• Financial Intelligence Unit ( FIU-Ind ): The act establishes the FIU, responsible for collecting and analyzing financial information to detect potential money laundering activities.

Impact on the Financial Sector

The PMLA 2002 has significantly impacted India’s financial sector. Banks, financial institutions, and other entities now have stringent obligations to implement robust Anti-Money Laundering (AML) measures. They are required to conduct due diligence on their customers, report suspicious transactions, and cooperate with the authorities in fighting financial crimes.

The Prevention of Money Laundering Act 2002 is a vital pillar of India’s efforts to combat money laundering and uphold the integrity of its financial system. By criminalizing money laundering and providing authorities with the tools to prevent, detect, and prosecute offenders, the act serves as a deterrent against financial crimes. Its impact on the financial sector is substantial, fostering a safer and more secure environment for financial transactions.

As responsible citizens, understanding the significance of the PMLA 2002 is crucial. By supporting and complying with its provisions, we contribute to building a resilient financial ecosystem that protects our nation from the clutches of money launderers and ensures a brighter and safer future for all.

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Two arrested in Spain money laundering probe linked to Venezuelan government

Spanish police have arrested two people and raided several homes in madrid as part of an investigation into suspected money laundering linked to the venezuelan government, spain's high court said on friday. the operation was carried out at the request of investigating judge joaquin gadea as part of a probe he is conducting in cooperation with authorities in portugal and the united states, according to the court..

Spanish police have arrested two people and raided several homes in Madrid as part of an investigation into suspected money laundering linked to the Venezuelan government, Spain's High Court said on Friday.

The operation was carried out at the request of investigating judge Joaquin Gadea as part of a probe he is conducting in cooperation with authorities in Portugal and the United States, according to the court. The court said it was investigating suspects linked to the Venezuelan government for alleged crimes of money laundering, international bribery and criminal association.

The names of those detained on Friday will not be disclosed because the case is being kept secret, it added. Police carried out four searches, including homes in the capital's upmarket Salamanca district and the exclusive La Finca area on the outskirts of Madrid.

The investigation is focused on the family of Venezuelan tycoon Roberto Rincon, newspaper El Confidencial reported, citing people familiar with the matter. Rincon was charged in the U.S. with conspiracy and paying bribes to officials at Venezuela's state-run oil company PDVSA.

In 2016, he pleaded guilty in federal court in Houston, Texas, for his role in a business scheme involving large bribes in exchange for energy contracts from PDVSA. Venezuela's attorney general Tarek Saab said on social media later on Friday that his office is conducting investigations into Roberto Rincon, Jose Rincon, Ricardo Rincon and Alexandra Rincon for bribery, among other alleged crimes.

There are arrest warrants and extradition requests out for them, Saab said on X. PDVSA did not immediately respond to a Reuters request for comment.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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Wake-up call at 6.30 am, dal and roti for meal: Arvind Kejriwal's jail routine

Like other prisoners, delhi chief minister arvind kejriwal will begin his day at around 6.30 am. he will get tea and a few slices of bread for breakfast..

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• Arvind Kejriwal to be treated as ordinary prisoner in Tihar
• His day will start at around 6:30 am
• Kejriwal has been allowed to speak to family for 5 minutes daily

A cell in Tihar's Jail No. 2 will be Delhi Chief Minister Arvind Kejriwal's home for the next two weeks after the AAP convenor was sent into judicial custody in the now scrapped liquor policy case. Officials told India Today that Kejriwal would be treated like any other ordinary prisoner.

The Delhi CM will be kept under 24x7 watch through CCTV cameras in his cell, the jail officials said,

The Aam Admi Party (AAP) national convener will be allowed to speak to his family members over the phone for five minutes every day. His calls will be recorded as per the rules, they said.

In addition, he will also be allowed to make a video call to his family members twice a week. He will have to mention the names of the family members with whom he wants to speak, the officials said.

Kejriwal, who is diabetic, will also be allowed to eat home-cooked food as ordered by the court.

According to sources, AAP leader Sanjay Singh, who was arrested in October last year in the same case, was earlier lodged in jail number 2 but was shifted to jail number five recently.

What will Arvind Kejriwal's prison routine look like?

Arvind Kejriwal, like other prisoners, will begin his day around 6:30 am. He will get tea and a few slices of bread for breakfast, sources told India Today TV.

Lunch will be served between 10.30 and 11 am. It will consist of a dal (pulses), a sabzi (vegetable), and five rotis or rice.

After lunch, like other prisoners, he will be locked in his cell from noon to 3 pm. He will get a cup of tea and two biscuits at 3.30 pm. If he wants, he can meet his lawyers at 4 pm.

Kejriwal will be served dinner at 5.30 pm and will then be locked up for the night by 7 pm. The dinner will consist of dal (pulses), a sabzi (vegetable), and five rotis or rice.

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