EFFECTS OF ECONOMIC GLOBALIZATION ON WHITE COLLAR CRIMES: A MONEY LAUNDERING PERSPECTIVE

AUTHOR – NITIN VERMA, STUDENT AT IILM UNIVERSITY, GREATER NOIDA

BEST CITATION – NITIN VERMA, EFFECTS OF ECONOMIC GLOBALIZATION ON WHITE COLLAR CRIMES: A MONEY LAUNDERING PERSPECTIVE, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (1) OF 2024, PG. 739-749, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT

One of the most crucial element in which globalization has facilitated money laundering is the rapid growth of cross-border movement of funds. It is pertinent to mention herein that in this interconnected world where capital can move across borders very swiftly and effortlessly has been made possible by globalization. Money laundering is a complicated and ubiquitous problem that threatens the global economy and financial institutions. It entails the process of converting the earnings of criminal acts into legitimate finances, letting criminals to operate with impunity while profiting from their illegal actions. Money laundering has become even more difficult to combat in the context of globalization due to the increased cross-border flow of cash, the expansion of international trade, the proliferation of offshore financial hubs, and the rise of digital currencies. The global economy’s facilitation of money laundering activities, also the issues of cross-border transactions and a review of the measures put in place to combat this illegal behavior are all evaluated and examined in this research paper. In this research paper the author discuss about the evolution of economic globalization, also explores and exhibits the implications of globalization on white collar crime, especially in terms of money laundering and how it evolved, treaties held for making stricter laws/regulations against money laundering and lastly measures taken by India to combat the process of money laundering.

Keywords:Globalization, Economic Globalization, White Collar Crimes, Money-Laundering, Treaties and Proceeds of Crime.