MONEY LAUNDERING- The Game of Figures.
It is the crime of processing stolen money through a legitimate business or sending it abroad to a foreign bank, to hide the fact that the money was illegally obtained. Money laundering happens in almost every country in the world. Criminals are trying to disguise the origins of money obtained through illegal activities so it looks like it was obtained from legal sources. Otherwise, they can't use the money because it would connect them to the criminal activity, and law-enforcement officials would seize it.
It starts by obtaining or taking over a legitimate company or organization, XYZ PVT. or LTD., with existing bank account used to deposit legitimate earnings. The company would now be registered in the name of the new owner by the Registrar of Companies (ROC) but there is no change of ownership in the bank account. The previous owner, chairperson or director of XYZ PVT. or LTD. may or may not be a part of the scheme. The new chairperson would now change the name of the company from XYZ PVT. or LTD. to ABC PVT. or LTD. and operate with the new name, but the bank account of the company stays the same with the same name XYZ PVT. or LTD. The entire online fund transfer of ABC PVT. or LTD., hence the account being the same, would be done using the account of XYZ PVT. or LTD. thus these funds are illegally obscured and are being legitimately used by the business owner. Now in this case neither the previous nor the existing owner can be held liable for the account XYZ PVT. or LTD. cause the previous owner has already sold the company and the new owner is not responsible for the account of XYZ PVT. or LTD. as it was not updated to the new company owner, and also cause he is running a new company called ABC PVT. or LTD and not XYZ PVT. or LTD.
People involved in such schemes would be high level individuals, any or all the board of directors and the bank branch office or the bank itself. The top level executives are involved so that these activities do not get disclosed at smaller levels, which would make it easier to hide it from legal authorities and anti crime bodies of the state or the country.
No comments:
Post a Comment