Lal Chand Believes Strict Anti Money Laundering laws are Needed world Over

Lal Chand Money Laundering  study:

As per the introduction of a named offense i.e. money laundering, it is crystal clear that how the money originated from unlawful means is being transferred to some illegitimate sources just for the sake of cleaning the criminal offense already being committed. According to Lal Chand Money laundering is considered as a criminal act as it, undoubtedly, includes the confiscation of property, stealing finances, disguising the actual owner’s identity and most importantly creating the fake benami accounts. This respective mess contributes to no less than a criminal act, answerable before law. The elites and the so called feudal comes under the umbrella of such criminal offense of money laundering as they are more likely to behold themselves on higher positions, easily liable to white collar crimes.

The very named Asian countries, specifically, are tangled into the corrupt practices of their higher officials. According to lal chand The money laundering ratio is much higher in subcontinent and middle east as compared to Western Europe and North America. And the reason behind this is one and only the capability of rules and regulations and most crucial their implementation on practical grounds. Now the issues arise of making money laundering as a criminal or a civil offense is somewhat lying in trouble depending upon the populist approach of leaders. In many countries, money laundering has been included in the list of criminal offense as it comes in the domain of cyber crime to some extent. The laws holding the money laundering crime vary in different constitutions in different countries. It is rightly observable that a crime in one constitution must not be a criminal offence in an another one. Henceforth, the nature differs but in case of illegal money laundering, the rules are familiar to much extent irrespective of their implementation.

World Combat Money laundering with laws needing more attention

Quoting the stringent laws against illegal money transfer makes it easy to understand that how money laundering comes in a criminal offense net. In Pakistan, Anti-money laundering act 2010 is in place which said that money laundering is a criminal activity in addition to its contribution in terrorist financing act. Similarly, in China’s supreme people court, money laundering has been regarded as criminal offense under article 191 of China’s PRC criminal law. In addition to this, most strict laws against this unlawful act of money transfer is of UK. The police authorities of United Kingdom have the right to declare money laundering and trafficking as a crime there and then after circumstantial evidences, without going for the detailed investigation. Offshore Company Incorporation in Dubai is legal only if you follow the required procedures and fullfil the document requirement and format company as per the standards.

This prevailing cancerous act of money laundering is becoming hump for the global as well as national businesses. The money transferred from one country must come back to the origin after transforming from illegitimate to a legitimate one. And this whole process of changing black money into white money urge money laundering to be criminal offense that cost us too dearly.