Effectiveness of technolegal mechanisms to combat money laundering with special reference to commercial banks

Abstract

Money laundering is a universal phenomenon. With the advancement in communication and information technology, the world has become a small village, incredibly interactive, tightly integrated, interrelated, and interconnected as a necessity. These dynamics have equally facilitated opportunities, legally conducted along with the criminals to expand their activity globally in crimes such as frauds, counterfeiting, corruption embezzlement and terrorism. Conceptually the subject of money laundering is a criminal activity against the state to hide the properties that are illegally obtained. Now it has become a global phenomenon, and no nation is an exception to money laundering, and it has drawn the attention of world governments across the globe to address this menace. Many countering measures were undertaken as a policy, and relevant laws were brought, yet the problem is persisting and accelerating day by day. Irrespective of having multiple laws across the globe nothing seems to work out to combat or arrest the growth of money laundering and its prevention and detection. Therefore, there is a dire need for a holistic and comprehensive study with a multi-faceted approach towards money laundering. The efficacy of the law is therefore needed to be tested both in the global and the national legal frameworks. In this backdrop, the topic titled Effectiveness of Techno-Legal Mechanisms to Combat Money Laundering with Special Reference to Commercial Banks has been selected for the present research study. newline