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

    1. #21
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      What is money laundering and how does it damage a nation's economy?
      The normal and legal way is transferring money through a bank. Suppose, you are living in UK and your family lives in Asia. You want to send money to them. You just need to go to the bank of UK and your family will receive this money from Asia through bank media. This is a legal way and by this way your country will get a good remittance. But in many cases peoples are unwilling to send money with this legal way.

      In illegal way you will give money to a person who will visit Asia soon. This person will give that money to your family. It's a quick method but risky. If you love your country you shouldn't do this because your country won't get anything from that transaction. Your country will lose a good amount of remittance and gradually the nation's economy will be damaged. So, i am requesting you to send money through a legal way.


    2. #22
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      Money laundry is an illegal way of luting
      money to the oversea , general this is mostly done by the government officials but this is a wrong mentality if am to be honest, there is several ways money laundry can take place aside from just luting government funds abroad.

      Any illegal cash that is derived from illegal transactions, either through drug trafficking or by any other criminal activities can be considered to Be a money laundry.
      As a matter of fact tax evasion can also be money laundry and so is money derived from bribery.

      So too much of this can cause problem to the economy whereby money that's meant for the development of the economy will be launder by some people for self interest. Which will lead the state of the economy in lack of fund


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    4. #23
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      Money laundering is that fund or that money hich is made by or which came from illegal sources there are many countries in the whole world who have very tough policies against money laundering and also there are many many people who are doing this money laundering thing. It directly affects your country due to the fact that this country's or the whole economy of one country certainly depends upon the type of money hich is inducted in this country. Money laundering damamges all of the country's foreign policy as ell as country's inner law and order situation and thus consequently making a country weeeker and more vulnerable for outsiders and the hole world.


    5. #24
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      Money Laundering is a situation that stands for where the leaders that should be in charge of the nations wealth have decided to use the same authority and trust bestowed in them for their personal gains through stealing of the public funds and using same for their selfish interest, the implications for this action for a country are many, there is nothing good about it, there is anti money laundering law which is supposed to be enforced to stop the aberration from happening but sometimes implementation is the issue for most countries.
      1. Money Laundering Causes Poverty: apparently the money that should have gone into poverty alleviation through the provision of some key basic amenities is siphoned hence there will be extreme poverty in the affected countries.
      2. Creates Voters Apathy: where there is already loss of hope in the leadership to the wealth of a country, when it is time for voting, many would not readily make themselves available.
      3. Inflation: in the extreme cases, this can actually result in inflation if not checked on time.
      4. Economic Depression: looting the nations money can lead to serious depression, it takes time to be able to recover from something like this.
      5. Affects Foreign Investments: no one will invest in that country easily because of this breach of trust/


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    7. #25
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      Money laundering is any illegal activity to transfer money from one country to another . Mainly it is used to transfer large amount of dollars without paying taxes from airport, at borders and money laundering companies etc. it is like a cancer for country economy because in which money is transfered without paying taxes . such a curruption and illegal activites destroy the country economy . from this international co-relations face many problems.


    8. #26
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      Money Laundering affects the economy so badly that you will wish there was no government in power, the definition of money laundering is very simple, it just means government officials are stealing from the nation, it does not has any other complicated meaning, also this money that is removed from government coffers is taken to another location, there are two types of money laundering that people practice.

      1 Internal Money Laundering
      In this instance, the money in question is stolen and moved from one bank account to another, sometimes this whole transaction does not follow due processes and can be spread across tens of accounts, all in a bid in ensuring there is no trace of that transaction easily, when the financial crimes unit wants to be investigate the exact places these money have gone to, they would have to dig deeper into several layers of obstruction.

      International or External Money Laundering
      Thw stolen funds in this case are stashed in foreign accounts by those who have stolen them, this is common with countries that have low levels of development, the bad side effects is that they would rather enrich another country's economy than their own, while the common man that stood in the sun to cast their votes for them are totally neglected, it is really pathetic.


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    10. #27
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      Money laundering is actually an act of transferring money from your country to another country in an illegal way. That money could be black money on which no tax are paid or it could be money which is earned by a person on illegal way. Most of the people do money laundering due to the fact that they want to avoid the law that could ask about the source of income from that person.
      Money can damage a country's economy , because money will be transferred from country without a proper Chanel and also will decrease foreign reserve of a country. So overall, Money laundering will always be a harmful for a country's progress.


    11. #28
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      Money laundering is capable of leaving the economy in a state of shock, if this is taken to the extreme, the citizens won't be able to afford the basic amenities where they need to survive in their daily activities, this includes electricity, water, road and many other infrastructure like hospitals and the likes.

      The negative implications of carrying out this act cannot be measured fully, this should even be considered as an economic terrorism, those involved need to be arrested and tried for crimes against humanity, because that money that was wrongfully diverted can build a school, am hospital or other things that could make life better or even save others.
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    13. #29
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      Money laundering is the process of illegal money transfer to a foreign country by using a foreign bank or any other illegal process that are not legitimate in the country act. It creates instability in the financial sector and promotes corruption, bankruptcy, malpractice, lack of integrity and fairness etc. Consequently country development knockdown and create the artificial economic crisis.


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    15. #30
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      In lay man view ,money laundering is defrauding of money that belongs to your country and transfer it to another country in illegal means.This has advance affects in country economy.1st, it reduces level of fund available for development in ones country both infrastructural and otherwise .2ndly,it encourages unemployment in economy as money to empowerment of employees are mismanaged.It enhances corruption in the system.


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