Money laundering in HongKong Essay Example | Topics and Well Written Essays - 1000 words

Money wash in HongKong - Essay ExampleArrangement is the store of funds in financial organizations or the innovation of money into a negotiable tool. Layering includes the wire exchange of funds finished a progression of accounts through the monetary framework in attempt to conceal the genuine sources of the fund. Integration is the step to mix certain acquired criminal proceeds into a legitimate world. Legally, money laundering refers only to the proceeds of specific crimes, the count of which varies across countries but which has gradually been extended in most parts of the world to all crimes confident of being sentenced to a year or more imprisonment (Levi 533)Since the end of the cold world war, frequently attention and resource of western countries have shifted to protect domestic security by attacking do drugs connected and organized crimes. Targeting criminal finance was regarded as an innovative initiative and strategy to achieve bump anti-crime effects. Uncovering, t racing, freezing and confiscating criminal proceeds have been focused, which require the criminal justice system to criminalize and attack criminals managing their finance process, which is known as money laundering. The first time that the emergence of money laundering address was in the U.S in the Bank Secrecy Act of 1970, which demanded that insured depository institutions maintain records and herald transactions. The set out was to prevent banks from being used to hide money derived from criminal activity and tax evasion. A hardly a(prenominal) days after the events of 2001 September 11, a war against terrorist has been in effect on different fronts including a direct ambush on money laundering. In his speech of 13 days after the attack, chairperson Bush indicated his determination to prosecute money launderers, especially those connected to terrorist funds and those who do not report their suspicions of laundering to the police. A clear message was sent to banks and differ ent monetary establishments that