Purpose of the Credit Bureau
1. Which route through the airport or water is easier to transport drugs? Explain your answer.
2. What is the role of taxi drivers?
3. What is the purpose of the Credit Bureau?
Chapter 5: Assignment
Explain four ways on how drugs could be transported or smuggled into other countries. Make sure that your response is detailed.
How Does Money Laundering Work-TED Talk
Please watch the video and give five key points or statements that you gain from watching the video. Make sure to explain each key points or statements.
https://youtu.be/257wV-AbKaELinks to an external site.
Sample Solution
1. Money laundering is the illegal process of concealing the source and origin of money obtained through illegal activities such as drug trafficking, tax evasion, bribery and fraud. This is done in order to hide the true ownership and make it seem as though the money has come from a legitimate source.
2. Money laundering involves three steps: placement of funds into financial institutions or other businesses, layering of transactions to disguise their origins, and integration or “washing” the proceeds back into legitimate sources such as investments or real estate purchases.
3. Banks are required by law to monitor suspicious activity reports for customers who may be engaged in money laundering activities due to Anti-Money Laundering (AML) regulations like know your customer (KYC) requirements, which require financial institutions to establish an identity verification process for their customers when they open accounts.
4. Financial intelligence units around the world work together with banks and government agencies to identify illicit activity related to money laundering operations through data sharing agreements, international collaboration on investigations and prosecutions, sanctions programs aimed at freezing assets, terror financing laws and other initiatives designed to crack down on organized crime networks engaging in these activities worldwide.
5. Data analytics technology can now be used by law enforcement organizations to detect suspicious behavior patterns that could indicate criminal activity linked with money laundering operations by allowing them access large datasets stored across multiple locations quickly without having manual reviews conducted prior review conducted prior every transaction making it easier for investigators identify potential criminals before any damage is done