In this globalization era, the development of information technologies has made it easier to get any informations, no exception for crimes activity. One example employing information technology in crime activity that has worst effects on the human being is money laundering. The Black’s Law wrote “Money Laundering is a term applied to taking money gotten illegally and washing or laundering it. So it appears to have been gotten legally”(The Black Law Dictionary). However, Money laundering is also an activity that spends or shares a lot of money as a reason to covering such as corruption or avoiding from discovering a wrong source of money. Indeed, it is not only to makes global economic system become unstable, but it also can support other crimes activity by taking advantages of technology of information. Money laundering occurs when the launderer’s breaks up large amounts of cash into less conspicuous smaller sums that are then deposited directly into a bank account, or by purchasing a series of monetary instruments (cheques, money orders, etc.) that are then collected and deposited into accounts at another location. There are several factors that make someone get motivated to do money laundering.
First, economic system turns into global. Executive director of UN offices for drug control and crime prevention claims that globalization has turned the international financial system into a money launderer’s dream, and this criminal process siphons away billions of dollars per year from economic growth at a time when the financial health of every country affects the stability of the global marketplace(Arlacchi,2000). It means that there is a high opporturnity by that system because the country would get a huge of money.
Second, advances in technology. Since cyber space have been created, each country is no longer separate from information progress. As a result, organized crimes including practicing money laudering would become easier to do across countries.
Third, anonymous policy for bank customers. It will increasing risk of money laundering activity in some country that using this policy. For example, Russian criminal did money laundering in Nauru at 1998, because Nauru reported that its bank allow its function without verifying the identities of its customer or questioning where deposited money came from. So that Russian criminal easier to laundered the money
And fourth, undiscriminalized money laundering as crimes. In other words, those country has no rules or laws about assaulting money laundering. For example, Iran, Greece, and Turkey. Those countries issued a list of countries which are falling down to do enough to force down on financial crimes.
According to Research and development manager, Holly Whitehead. There are few biggest money laundering cases around the world in last 30 years. First, HSBC – estimated £5.57 billion. This reported by the US senate, that HSBC had Supplies banking services and American dollars to some Saudi Arabia banks, Avoiding restrictions created to prevent transactions involving Iran, North Korea and other countries to international sanctions, and HSBC US didn’t treat it’s mexican counterpart as high risk. Those issues allowed laundering of an estimated £5.57 billion. Second, BCCI – estimated £17.6 billion. In the middle of 1980s, BCCI and its customers were apparently committing fraud and money laudering across the world.
From the explanation, we can learn that money laundering is just about to destroy our system and decrease our humanity and also put us into the wrong path of life. So, let those be reminder for us to always do good things without making anything worst.
Bibliography:
Arlacchi, P. (2010). Globalization has turned international financial system into a money lauderer's dream. In D. S. Demetis, Technology and Anti-money Laundering: A System Theory and Risk-based Approach (p. 22). Edward Edgar.
Dictionary, B. L. (n.d.). The Law Dictionary: What is Money Laundering. Retrieved from http://thelawdictionary.org/money-laundering/
FTAF. (2012). Money Laudering. Retrieved from http://www.fatf-gafi.org/faq/moneylaundering/
