Factors Affecting Money Laundering: A Lesson for Developing Countries
Published: 2012
Author(s) Name: Bajrang, Pavitra, Ritika, Piyush, Puneet, Neha Parashar
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Abstract
Mahatma Gandhi said, “Capital as such is not evil; it is its wrong
use that is evil. Capital in some form or other will always be
needed”.
The primary function of money is to serve as a medium of exchange,
and as such it is accepted without question in the final discharge of
debts or payment of goods or services. Money is the root cause of
many evils like corruption, black marketing, smuggling, drug
trafficking, tax evasion and many more. People want more money
to cater to their needs and at a point of time they do not hesitate to
have money from any source (black or white).
This paper titled “Factors Affecting Money Laundering: A Lesson
for Developing Countries” aims to identify and examine the
dynamics of Money Laundering in developing countries, India in
particular. The paper will give a brief introduction about Money
Laundering, its definition, the Process of Money Laundering,
historical evolution and Consequences of Money Laundering.
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