Money Laundering Research Paper Example | Topics and Well Written Essays - 2000 words

Money Laundering - Research Paper Example Money Laundering It can be said that money laundering is not a cause in itself but it is a symptom that speaks about illegal activities in its root. Main Features of Money Laundering As such, money laundering is an age old activity because its underline cause lies in illegal activities such as drug trafficking, illegal production, smuggling, or tax evasion. All these underground activities have a single motive of making huge profits. Criminals attempt to legalize this money so that it can be used to acquire assets or used for their secret missions such as terrorist activities. In ‘promotional’ money laundering, money so garnered is reinvested in the illegal activities itself. The crux is that all these activities fall under a term ‘specified unlawful activities’ (SUA). Money laundering has drawn attention of the authorities in the recent years due to its role in terrorist activities as noticed during 9/11. Money laundering is rampant in most parts of the world and can cause serious economic and social implications because of its magnitude or malicious motives. Circumstantial Evidence and Money Laundering Investigators in the US need not prove that the money launderer was aware about the unlawful activity. That means that circumstantial evidence is enough for the investigator to prove that money launderer has generated the money through illicit means and juries will make note of this evidence during the trial. Thus, in the US, the money laundering charge can be proved by the investigating agency under Title 18, Section 1956, US Code through SUA proceeds; financial transaction with the sole aim to conceal or intent to conceal the proceeds; and the knowledge by culprit that the proceeds have resulted from illegal activity. It is important to note here that even clean money sent from outside the US with the purpose to promote an SUA will fall into charge of a money laundering. Thus, the intent to promote an SUA along with the movement of funds from or to t he country is enough to put someone under a charge of money laundering (Leff, 2012). Money Laundering through Spending The Title 18, Section 1957, US Code deals with another kind of the money laundering charge, known as the money spending statute that prescribes that when the culprit moves over $10,000 illegally earned proceeds through a legal ‘financial institutions’ then he or she may be convicted under the law with a 10-year maximum penalty. The investigator need not prove any other thing except the simple facts of transaction unlike proving intent of the money launderer promoting an SUA under Section 1956. Further, the word 'financial institutions' is broadly defined to include not only banks or credit unions but jewelry stores, casinos, travel agencies, most merchants, brokers, and many others through which a culprit can spend their illegally earned proceeds (Leff, 2012). Money Laundering Threat Assessment (MLTA) In 2005, for the first time, the US government did M oney Laundering Threat Assessment (MLTA).The purpose was to help regulators, policy makers and the law enforcement agencies to understand the depth and gravity of money laundering and develop strategy to thwart it. Under the MLTA, thirteen money laundering methods were analyzed in detail. The amount of dirty money in the US is certainly huge and globalization has given further impetus to this activity through on line payment possibility. Under MLTA several initiatives have been taken

The effect of a New Technology on Society, Education, Entertainment, Research Paper

The effect of a New Technology on Society, Education, Entertainment, Financial Interests - Research Paper Example To gain a thorough understanding of the effect that technology has we will look at the impact it has had on the social, educational, entertainment as well as financial spheres. As far as technology goes the impact that it has had on the society has been in phenomenal. Every aspect of life has been altered due to the impression made by technology. It not only affects people regardless of their ages worldwide but it also goes to reflect the novelty that the human mind is capable of. How the society is affected by the introduction of rapid technological innovations can be categorized by looking at the most altering technologies. The first of these is the internet technology. Gone are the times when people struggle to gain information and date in order to make critical decisions. The introduction of the internet fills that information gap providing consumers with a wealth of information to make smart and informed decisions. It provides a platform for students as well as teachers for cons ultation or referrals. The Internet provides a place for businesses as well as individuals to find the information that they need and the exchange of information a simplified process. Not only can through proper usage companies build themselves it can enable consumers to easily search for specific services tailor made for them (McGinn, 2001). Despite the ease of information and flexibility that is the result of the technological progress of the World Wide Web there are other negative implications that it has contributed to as far as the society is concerned. True that consumer can make better decisions resulting in an influx of products that are of higher quality and value. Also it has lead to the world moving towards a society where individuals everywhere are integrated and a lot more connected however there are harmful implications of this technology as well. The first of these is the availability of harmful and unhealthy material reliable online that is easy to access for everyon e regardless of age. There are then also individuals who publish harmful material on the internet and due to weak controls to censor children and adults alike have easy access. Internet crime, in terms of hacking, blackmailing and manipulation online is another negative implication due to the introduction of this technology. Cyber crime is now a threatening advent of the society on which is possible only due to the introduction of internet technology. The introduction of nano technology is also deep rooted as far as the restructuring of the society is concerned. It has impacted not only the area of human health, by the use of nanotechnology to treat diseases like cancer but also the way it can be used to dismantle cancer tumors. The health sector has made numerous advancements which have led to the treatment of diseases effectively and enhancing human health leading to higher life expectancy. In addition to the impact on the health sector, the electronics industry is also affected d ue to nanotechnology. This can be seen in the way the use of the nano, variable devices and applications can be built. A significant incorporation of this concept is used for combat as well as espionage for considerable improvements in military strength and defense. Energy technology is another category which has impacted the society and our way of living today. This can be seen by the introduction of solar, wind and hydrogen technology of the battery. These