Money laundering is considered to be the serious crime. This crime is at the growing rate as most of the individuals are not known to this term. In such case, the Government becomes lone and thus it’s become harder and harder for them to tackle this serious crime like this money laundering. Money laundering refers to the transfer or exchange of the property which is gathered from and illegal source. It’s actually the process where the illegal money or property becomes legal under the rule or law table.
Here the ownership is transferred to the person who has got the fair and clean record which is cleaned enough from any sort of crime, means no criminal background. These non-criminal background persons help the criminal organization and make their money or property secure. The process of money laundry is concealed and even disguised and it is done easily as most of the common individual is not having awareness about it. You can say it as the virtual crime.
The government of every nation is trying to combat with this serious crime, they got some success in stopping this serious money laundering crime but the growth rate of this crime is becoming higher and higher day by day. Unlike the other crimes, here any physical damage does not take place to its victims like from the situations of robbery and other crimes where the killing takes place, everything is done behind the veils.
We can say, in Money Laundering the robbed or the illegal money gets the legal rights. This crime impacts seriously on the overall economy. International Monetary Fund in 1996 stated that this crime globally costs around 2% to 5% of the world’s GDP (Gross Domestic Products).Many organizations such as the IMF and the Financial Action Task Force (FATF) which is the creation by G-7 are conducting very useful anti money laundering programs to stop this economic evil.