The correlation of money laundering and fraud from a practical perspective - .PDF file.
Aside from crimes of violence, the main objective behind almost all crimes is to generate profits for the individual or group that carries out such crimes.
The tremendous amounts of illicit profits generated encourage the criminals involved to discover innovative methods of controlling their ill-gotten funds without jeopardising their underlying activity or identity. They do this by disguising the sources of the funds, changing their form or moving them to a place where they are less likely to attract attention.
The United Nations Office on Drugs and Crime (UNODC) reported that criminal proceeds amounted to an estimate of 3.6% of the global GDP in 2009, with around 2.7% (or USD 1.6 trillion) laundered throughout that year . Although it is impossible to calculate with certainty the amount of money that is globally laundered every year due to the illegal nature of the whole process, other studies have estimated that the overall value of criminal proceeds being laundered each year amounts to USD 3 trillion…
If you are registered and logged in to the site, click on the link below to read the rest of the Al Tamimi & Company briefing. If not, please register or sign in with your details below.