Dhananjay Chaudhary, who runs Koda Associates, offers quality and affordability with fraud and money laundering issues legally. He is sincere and dedicated to his work. He is specialized in Copyright, Corporate laws, civil and criminal litigations, etc. He has right solutions for various money laundering domains at cost-effective prices.
Some of the common money laundering domain examples are:
Drug Trafficking : It is a business with cash-intensive. It is usually complex covering several worldwide boundaries, even crossing oceans. It’s generally illegal from beginning to end. A bank is used to launder millions for such cash proceedings.
International Terrorism : Every terrorist organization needs a source of funds. Terrorism related operations of money laundering range from simple to complex. Wire transfers, physical cash transfer, traveler checks, and fund access is done by credit or debit cards. Some groups are involved indirectly or directly in support of this kind of money laundering.
Embezzlement : This is defined as larceny of assets or theft by an individual who is in a position of responsibility or trust over those assets. It usually occurs in corporate settings and employment. Embezzlement is committed when cash is obtained from a cash register or through a mastermind scheme.
Arms Trafficking : Trade with Arms dealers is illegal. Not all cases involve lots of money or lots of weapons. A relatively less number of automatic weapons through a dealer utilizes cryptocurrencies to conceal the provenance of fund transactions.
- HSBC Holdings, a London established company had to shed about 2 billion dollars in fine in 2012 when it was identified that this financial institution involved in money laundering through terrorists, drug trafficking and criminal organizations all through Iran. The act of money laundering went for long time until detected.
- BNB Paribas, a bank in France, headquartered in London, was guilty to morphing business records, in 2014. It was forced to shed a fine of 8.9 billion dollars, which is the largest ever imposed fine for sanction violations.
- Luxembourg registered bank, the Bank of Credit and Commerce International, with offices in London, was found guilty of laundering an amount of money estimated to be in the billions for drug traffickers, in the 1980s.
- Standard Chartered, the biggest international banks were found guilty of aiding Iranian government money launder nearly to 265 billion dollars. They had to pay 350 million dollars as fines in 2012 first and then 350 million dollars in 2014 for not showing improvement in AML regulations.
There are plenty of ways to make illegal money. Illicit and unregistered income for individuals and government or foreign officials is a crime in itself.