Money Laundering Essay -- GCSE Business Marketing Coursework Essays

Illegal tax avoidance In an ongoing film Mickey Blue Eyes, there is a clever scene wherein an obscure artist’s painting is offered to a purchaser for $50,000. It appears as if an eatery proprietor owed the mafia an enormous total of cash and he paid them by offering a silly measure of cash for a horrendous artistic creation. The film caused this scene to appear to be very guiltless and clever (See Appendix 1 for additional models). Lamentably illegal tax avoidance is a genuine wrongdoing that is as yet common in the United States and different nations. Tax evasion is the steering of unlawful benefits from bank to bank to mask its reality. The illicit benefits are normally made through exercises, for example, medicate dealing, prostitution rings, unlawful arms deals, and different things. The Russian mafia, the Triad (also called the Chinese mafia), and the Columbian medication cartel are only a couple of the gatherings that participate in tax evasion (FATF). Nobody realizes precisely how much cash is wash yearly yet it is evaluated to be about $100 billion in the United States (CCANB). In spite of the fact that there are several manners by which to launder cash, some are more rewarding than others. The Black Market Peso trade, gold, and computerized money are a portion of the more typical approaches to launder cash. Making it harder to take action against illegal tax avoidance is the way that numerous nations don't have tax evasion laws set up like the United States does. These different nations make it feasible for this criminal behavior to continue. These nations are just harming themselves since tax evasion makes an immediate negative impact on their economy. On the off chance that these countries need to battle tax evasion they should actualize laws against it. Banks could be one of the most valuable instruments in halting the laundering of cash. WHAT IS MONEY LAUNDERING? As referenced before tax evasion is the way toward concealing benefits from unlawful crimes. The significant objective of these crimes is to make as huge of a benefit as could be expected under the circumstances. The illegal tax avoidance process is critical to these crooks since it permits them to make the most of their benefits without uncovering the source. At the point when one of these exercises produces enormous benefits, the gathering included must discover away to mask the assets without standing out towards themselves. The manner in which they achieve this is by moving the assets to a tactless spot wh... ...Feb 1996. 7 Nov 2001. http://members.tripod.com/~orgcrime/genmluk.htm â€Å"Money Laundering: A Banker’s Guide to Avoiding Problems.† Comptroller of the Currency Administrator of National Banks. 29 Jun. 2000. 2 Nov 2001. http://www.occ.treas.gov â€Å"Money Laundering: Black Market Peso Exchange.† U.S. Customs Service 3 Nov 2001 http://www.customs.ustreas.gov/enforcem/pesos.htm â€Å"Money Laundering: Financial Crimes Investigation.† U.S. Customs Service 4 Nov 2001 http://www.customs.ustreas.gov/enforcem/mone.htm â€Å"Money Laundering: A Changing Scenario.† U.S. Division of State 4 Nov 2001 http://usis.usemb.se/drugs/cash/scenario.htm Preston, Staff Sergeant R.D. â€Å"Financial Investigations and Money Laundering: Investigator Manual.† United Nations International Drug Control Program Rider, B A K. â€Å" The monetary world in danger: The cash risks of sorted out wrongdoing, tax evasion and corruption.† Managerial Auditing Journal v8n7, (1993): p3-14. ABI_INFORM_FT 6 Nov 2001 http://newfirstsearch.oclc.org â€Å"U.S. Needs CPAs to Help Fight Money Laundering.† The American Institute of Certified Public Accountants May 2000. 19 Sep. 2001 http://www.aicpa.org/bars/jofa/may2000/news1/htm