ANTI-MONEY LAUNDERING REGIME IN THE ONLINE CENTURY: AN INTERNATIONAL PERSPECTIVE

Best Citation – Ashwin Singh, ANTI-MONEY LAUNDERING REGIME IN THE ONLINE CENTURY: AN INTERNATIONAL PERSPECTIVE, 2 IJLR 6, 2022

ABSTRACT

Money Laundering has been one of the core issues in India and most of the developing countries around the world. In simple terms, Money Laundering could be described as the conversion of money earned from illegitimate sources into legitimate income and thus legalize a blatantly illegal activity. . The term originated from Mafia Groups in the United States, however now it has become a buzzword in almost all the countries around the world. IMF estimates 3% to 4% of the world GDP to consist of laundered money. To prevent the money laundering mechanisms in the world, various anti-money laundering regimes have been established. However, now, with the rise of technology, new methods of money laundering, and various other issues are plaguing the anti-money laundering regime, therefore, it becomes important to understand the lacunas in the regime and suggest specific reforms to prevent money laundering. Thus,, it becomes extremely crucial to develop understanding and raise awareness towards the issue of money laundering at the global level. The paper firstly analyses the innovative ways of money laundering being used, alongside discussing other challenges posed by money laundering . Subsequently, the current lacunas in the international anti-money laundering regime have been examined and concludingly, emerging trends and solutions for the anti-money laundering regime have been explored.

Keywords: Online Century, Money Laundering, International Framework, Lacunas, Effective Anti-Money Laundering Mechanisms, etc.