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AUTHOR(S): Rehana Parveen
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TITLE Impact of anti-money laundering legislation in the United Kingdom and European Union |
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ABSTRACT Money laundering is itself a crime. Dealing in large amount of cash is illegal and dangerous. Due to rapid developments in communication, technology, electronic transfer money can be move anywhere in the world with speed and ease. This makes the task of combating money-laundering more urgent than ever. An increased attention is recently given to the money laundering and the ways to combat it since the leak of Panama Papers and Paradise Papers in 2016. According to International Compliance Association Money laundering (ICA) '’Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source’’. Money laundering is often applied to money earned from criminal activities such as drug smuggling, bribery, illegal arms sales and human trafficking. Several European countries and authorities have recently started to adopt and legalise an increasingly aggressive rules against money laundering concerning both people doing such activities and institutions facilitate them. These efforts are perhaps more apparent in the UK, which is seeking to shed an emerging image as a repository for dirty money. In 26 June 2017, the EU member states were forced to implement the 4MLD. Application of anti-money laundering laws and regulations has greatly affected financial and law institutions in the UK and EU. The aim of this research article is to explain the content of of Anti Money Laundering legislation in the UK and the EU and to examine the impact of such legislation on the society. |
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KEYWORDS Money laundering, financial crimes, legalisation, United Kingdom, European Union. |
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Cite this paper Rehana Parveen. (2020) Impact of anti-money laundering legislation in the United Kingdom and European Union. International Journal of Economics and Management Systems, 5, 118-122 |
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