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

    1. #1
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      Default What is money laundering and how does it damage a nation's economy?

      what is money laundering and how it damages the national economy?


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      Money laudering is the illegal siphoning of a nation's sovereign wealth to another country entirely, one of the destinations of this money that is stolen ends up in Switzerland because that seems to be the country that houses the largest banks in the world.

      From what I also gathered, most of the money that is laudered there get lost because the beneficiary of such money don't get access to them after the person that made the deposit is gone, there are many corruption cases that have taken place in my country where the children of the people that committed the crimes never enjoyed the loot that was stored up for them because they lacked access as next of kin.


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    5. #3
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      Money laundering is the act of cleaning dirty money that acquired through illegal activities that has not been taxed by the government. Most high profile money laundering involve big companies especially those in logistics like importing and exporting because they can easily inject the dirty money as one of their profit from other country. I'm not sure if money laundering can damage the national economy because I know that there are small countries who are tax haven that getting rich because of this activity and the government can't do anything due to bank secrecy law. But it can damage the integrity of the national government on handling illegal activities on their countries.


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      In every nation money laundering is illegal.In my country money laundering is a problem because here black money that earned from illegal way and transfer it from one person to another and make it legal.It is most of the time illegal. Similarly the foreigner 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.But I strongly believe that it is not good for the nation to involve in a money laundering activities in a large number.It decreases per head income.


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    9. #5
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      Money laundering is the removal of the amount of money that was billed to handle a project which is redirected into another country through some illegal means, there are different types of people that commit these kinds of economic crime, sometimes we are tempted to believe that it is only politicians that are responsible for this type of thing.

      That is not true because some of the biggest cases of money laundering are done by individuals who have access to corporate funds especially chief executive officers of top companies in the world, some of these are taken to tax Haven countries where they are not easily detected, the damage it does to the economy cannot be measured in monetary terms because if an hospital was supposed to be built and a life was lost because the money for it was laundered, how can you quantify what a life is worth.


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      money laundering is an illegal activities that has a goal in covering the source of the money. usually this kind of illegal act is needed to make the money gained from illegal activities such as criminal or corruption looks legit money and gained from legal activities so it can be sped safely. usually the money laundering act can be done in so many ways such as creating a fake companies and creating some fake transaction that looks legit and make that it seems that we really generate money from that fake company and also wee generate profits from it,like in forex trading, i believe when we open an account we need to declare our self and also our identity clearly so that it will be difficult for making money laundering activities in this business because we know that the opportunity in gaining profits is limitless in this business and that makes it really ideal for money laundering activities, and the correlation about the money laundering that can ruins a nation economic condition is that a nation can lose so much money from illegal activities such as crime and also corruption and also they get so less tax from this activities.


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      Money laundering takes a negative toil in the economy because people that are entrusted with the wealth of the country have decided to do something else with it, I don't believe that corruption is something that cannot be totally dealt with, but the willingness to execute judgement on those that are doing it is lacking in many places.

      The economic situation of a country that always experience cases of money laundering usually goes down, it is sheer greediness that makes those in authorities to steal the money which has been allocated for a particular purpose, the funny thing is that these people are always using aeroplane to fly pass the roads rather they were allocated moneys to repair.


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      Money laundering usually put a strain on the country's economy because there are certain key things which the people are supposed to have access to which will be denied them because someone somewhere has chosen the path of greed to defraud the entire country, unfortunately many countries don't have stringent laws to tackle this problem hence it is allowed to linger unnecessarily, the will power to prosecute those that have been found guilty by the law courts, another bottlenecks to fighting this menace is that even those that have stolen usually use the same money to get the best lawyers and attorneys to defend them.


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    17. #9
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      Money laundering is like a cancer that can spread so easily all over the country if it is not detected in time and something is done to kill it, there are too many negative effects that this exact in the economy, the first is that people become impoverished for not have certain privileges that is supposed to be theirs as a result of being citizens of a country, money laundering has rendered many economy useless, if we look at what is responsible for the backwardness that has characterized some countries for a long time, we are going to see a negative trend where the leaders have continually taken the money that has been budgeted into private businesses, cryptocurrency has not helped in this fight because when money is laudered through it, definitely it will become untraceable.


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    19. #10
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      Money laundering can be defined as illegally obtained fund or money. This can be done in form of transfer from one person to another with the assistance of foreign banks or legitimate businesses and mostly involves large amount of money
      It is worthwhile to know that most of the dealings or businesses that are against the law of the land are what people do money laundering with. Such businesses are terrorist activities, drug trafficking and the like
      As money laundering continues and all these activities get more encouraged in terms of have good means of funding and thus the economy of a nation gets more and more damaged.


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