News / Economic Divide

Money Laundering

Thursday, 20 December 2018 1:32 AM [ Last Update: Thursday, 20 December 2018 1:32 AM ]

Money laundering can be done through various means including the establishment of anonymous shell companies. Such companies are in most cases just a title in a corporate registry and the identity of the people who own them are either concealed or not recorded at all. By nesting these companies inside a complex web of businesses incorporated in different jurisdictions, their owners hide their assets from law enforcement, tax authorities, or other interested parties. To combat money laundering, the world's seven biggest economies known as the G-Seven introduced The Financial Action Task Force also known as F-A-T-F in 1989. In 2001 in the wake of the nine-eleven terror attacks on U-S soil, FATFs mandate expanded to include terrorism financing. U-S legislators have since approved bills including the Patriot Act which gave the government anti-money laundering powers to monitor financial institutions. Despite the implementation of such measures, the United States remains one of the major hubs for money laundering and tax evasion.

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