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    Thread: What is money laundering and how does it damage a nation's economy?

    1. #11
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      Money laundry is a very big problem when it comes to what is affecting most of the world economy, as it's a shame that this will likely not cease to happen.
      Money laundry simply means an illegal way of embezzling government money, publicly money, or any money that is meant for others.

      Majorly this term is mostly used for the people that works in the government, such money is mostly keep in am offshore account where no one can detect it, or they use it for investment overseas.

      How can this affect an economy?
      1. This can brings bad execution of government projects, like bad roads, because they are likely to use insufficient materials to to do the project.

      2.Poverty : in the case where public money is embezzle it will led to poverty among the citizens which could even lead to more criminal in the country.
      3. Low in production of goods and services


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    3. #12
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      The term Money laundery can be simply explained as the hiding or concealment of the origins of illegally acquired money, either cash or digital Money, typically by means of transfers involving foreign banks or using legitimate businesses to drive it around and make it become legal Money and its real origin can never be traced. One of the major reasons why many people engage in Money Laundery around the World is so that they can evade taxes that they are supposed to pay.

      It is quite important that we take note that Money laundery and tax evasion and heavy crimes that when one is caught doing it, they can get huge fines or jail terms or both together. Lets leave free of crimes.


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    5. #13
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      Money laundering is the act of disguising the origin of money from the proceeds of crime. It can be said that this money laundering eliminates traces of origin of money that has been obtained. This can be done by transferring money to someone else's account but still under the supervision of the money owner doing the money laundering. Sometimes money laundering can also transfer to fictitious companies in panama papers. The results of money laundering can also be used to finance terrorists and also to bribe some important people in the country. This act of money laundering can also harm the state income in the tax sector, because property is not actually listed in the tax list.
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    7. #14
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      Money laundering : Is the procedures that some of the illegal people take it for converting illegal money to legal money by any way as spending this money in more projects or sending the money from bank to bank with small amounts to withdraw it from the other bank to give it some legitimacy for using it in the country and these money resources always be from some illegal works such as terrorist, Criminals, ... etc .

      Money Laundering Damage a nation's economy because :

      - The purchasing with this money will be with very high value and it may lead the prices to rising so this will affect on the economy .
      - The importing with these money also will destroy the natural competition between international companies and domestic .

      So flowing these money to the countries can affect on the prices, demand and supply and it may destroy the balance between all variables .


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    9. #15
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      Money laundering is any act that involves concealing the source of any amount of money as by using a business front and which money usually comes from illegit and illedal business or source. The keyword here is launder which is to mean to wash. So in effect money laundering would mean washing the money so that it cannot be tracked and traced where it came from. All in all, money laundering is considered illegal and should not be allowed in business since money laundering serves only to promote illegal business and since money laundering involves illegal money it would be very bad to a nation's economy. Not only does money laundering promote illegal activities, money laundeting also minimizes taxes that can be collected in businesses. Further, money laundering is also resorted by those who steal in government.


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    11. #16
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      The definition of money laundering
      - Money laundering is a fraud transaction in foreign banks or legitimate businesses. The purpose of money laundering is to gain money without having hard work. It is simply prohibited in every religion's belief.

      The effect of money laundering in nation's economy

      1) Money laundering reduce tax and revenue
      2) Many people or banking industries will get mistreated
      3) Country's economy will decrease and destroyed
      4) Many banks will cut down their businesses
      5) People are getting scared to save their money in banks


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    13. #17
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      What is money laundering and how does it damage a nation's economy?The word Laundering is used to describe movement of funds from one source/country through banks to another.Usually ,this fund may be gotten through illegitimate means or through undisclosed source [not for public consumption].Individual /organization or company may be involved in this transfer with memorandum of understanding through banks carrying out the transfer.The brain behind this is to evade/avoid tax payment, which means loss to the country where the monetary transaction is made.This transfer without doubt normally involved large sum and if it should be allowed to continue unchecked will eventually spell doom to the economy of the affected country. Tax evasion, increased unemployment rate ,recession/depression sets in,which are clear indices against countrys growth and development.


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    15. #18
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      money laundering is the process of transferring monies derived from illicit activities into funds with an apparent legal source. this fraudulent practices could affect the economy of a country in the following ways.
      1. the financial sector is affected, though indirectly. when money laundering takes place in a financial establishment, this mainly suggests that an employee is involved, either knowingly or unknowingly. and that would mean the financial institution is prone to corruption from within, which would be bad for the institution. once it gets known to the customers of the bank, the trust is damage.
      2. it affects those in the other sectors apart from those in the financial sector. it happens that money laundering is done via purchases in real estates. when real estate is purchased with laundered funds, it creates artificial demand which can trigger supply. here real estate value suffers as a result of money laundering as prices are below the fair market value.
      3. money laundering also affects the external sector. when proceeds from an illegal activity are used to purchase imported luxury goods with the intention to launder funds, the external sector is affected. such purchases do not generate a fair economic activity. so such can depress domestic prices and damage natural competition.
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    16. #19
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      Money laundering is the act of cleaning dirty money that square through legal activity in the country that has not been tested by the government most high profile money laundering involved big companies especially Tours in logistics life importing and exporting because they can easily in J2 the dirty money as one of their profit from other country in a small business. I am not sure if money laundering can damage the nation call me because I know that there are small country who are tax haven that Getting Rich because of this activity and the government cannot do the national government on handling illegal activities. In my country money laundering is a problem because hair black money that I made from legal way and Sentosa it from one person to another and make it a little it is most of the time little similarly the foreign send money not directly to the client but transaction completed within the country is another money laundering different Institution and Nation have different definition about money laundering.


    17. #20
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      Money laundering is the act of covering the true source of money by disguising it as coming from another source. There are hardly legitimate reasons for someone to disguise the source of money, so it happens in most cases that the wealth comes from shady or criminal sources. Many criminals and criminal organizations invest money in legitimate business in order to launder it. Money laundering is a financial crime in many countries.

      Money laundering can damage the economy of a country by leading to capital flight away from that country. It can also encourage crime in a country, particularly the organized criminal syndicates.
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