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One must remember, that this money was unaccounted either to conceal its
source or to avoid taxes or for such other illegal purposes. These are
primarily, CRIMES that were committed and now trying to find a
means to seamlessly merge with the whole system and avoid legal
repercussions.
Are all tax avoiding citizens money launderers?
No. We may disclose our source of income and use the tax laws in such a
way that it works to our advantage in minimizing our tax obligation. This is
not an offence. However, when one intentionally conceals income to evade
the tax obligation, it is an offence. That amounts to black money.
Depending upon the severity, it could even be a CRIMINAL offence!! And
when such a criminal, uses a bank or financial institution to legalize his
money, he is a money launderer.
Human trafficking, drug dealing, arms dealing, are just few of the
criminal activities that are run on black money. Black money is used and
also generated from these activities !!
Why would these criminals use our company for money laundering purpose?
Our customers are simple and well intentioned.
EVERY company, particularly banks and financial institutions are susceptible
to being used for money laundering. There is NO EXCEPTION.
Criminal minds are working every minute to find loopholes within the
internal controls of an organization. It would be wrong to underestimate
the level of preparation with which they enter our system. A single such
customer is capable of stalling the entire companys activities and
getting the whole company and its officers into substantial regulatory
issues !!