The Impact and Threat of Money Laundering

Money has been the most instrumental tool invented by humans till date and it has seen big developments in the last couple of years through technological advancement with respect to money transfers. While globalization and innovation in technology have helped in facilitating large sums of money quickly, it has also helped in rapid money laundering which amounts to between 2–5% of global gross domestic product (GDP) which is equivalent to the fifth largest economy in the world according to the United Nations.

The threat that money laundering poses was recognized by OECD (Organization for Economic Cooperation and Development) quickly which led to the signing of roughly 1,300 agreements of bilateral exchange of information between 34 countries that it represents. It has resulted in d ...

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