Money Laundering Free Essay Example, 1000 words

1.2 Overview: A Discussion about the Content of the Dissertation In the present day and age, anti – money laws and regulations used in the war against drugs and global terrorism have consequences for banks, financial institutions and the individual5 . They affect liberties, profits and the conduct of business in banks and financial institutions. Thus, it is important to design and implement the previously mentioned laws and regulations in a manner that results in effective control of money laundering at reasonable costs without undue problems for the innocent persons. However, to understand thoroughly anti-money laundering efforts it is necessary to conduct an in-depth study of an anti-money laundering regime of excellence and to compare this with other prevailing standards. The City of London in the United Kingdom is a noted financial centre that competes with other such financial centres in the United States of America, Europe and the Far East. It is clear that the thought and effort spent in designing the anti-money laundering regime in the United Kingdom, despite any criticisms or shortcomings, is worthy of a critical examination and comparison. We will write a custom essay sample on Money Laundering or any topic specifically for you Only $17.96 $11.86/pageorder now Regional influences and global cooperation in anti-money laundering activities have shaped the anti-money laundering regime in the United Kingdom, but the nation has to decide what is right for balancing competing requirements related to effectiveness, promotion of business, protection of liberties and costs to the taxpayer and financial institutions. Thus, this dissertation presents an examination of the anti-money laundering approach in the United Kingdom, its historical evolution, its criticism, perceived shortcomings, effectiveness in the face of evolving processes for money laundering, comparison with other anti-money launderings and suggestions for any improvements in the light of the effort made to study all of the previously mentioned. 1.3 An Overview of the Chapter Structure of the Dissertation This dissertation consists of seven chapters. Chapter 1 is the introduction, which introduces the topic of the study, the emphasis and the structure of the dissertation. The chapter that follows presents a discussion about the two competing principles that are significant for the anti-money laundering regime in the United Kingdom and elsewhere: effectiveness in terms of control of money laundering and management of costs of compliance with the regime. It is important to optimise costs associated with achieving an acceptable level of control over money laundering activities because implementation of an anti-money laundering regime requires expenditure of public funds together with costs that are incurred by all actors in the banking and financial system.