Critical analysis of money laundering laws under international laws (Paperback)
Money laundering as a crime only attracted interest in the 1980s, essentially, within a drug trafficking context. It was from an increasing awareness of the huge profits generated from this criminal activity and a concern at the massive drug abuse problem in western society which created the impetus for governments to act against the drug dealers creating legislation that would deprive them of then illicit gains. In past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expended by government regulators (such as US office of the Comptroller Of the Currency), to encompass any financial transaction which generates an assets or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting .
As a result, the illegal activity of money laundering 1s now recognized as potentially by individuals, small and large business, corrupt officials, members of organized crime (Such as drug dealers or the Mafia) or of cults, and even corrupt States or intelligence agencies, through a complex network of shell companies based in offshore tax havens, The increasing complexity of financial crime, the increasing recognized value of so-called FININT 1 in combating transnational crime and terrorism, and the speculated impact of capital extracted from the legitimate economy, has led to an increased prominence of money laundering in political, and economical legal debate. In many jurisdictions, money laundering is seen as an "activity based" offence.
In most countries the local laws follow the international conventions.