According to legal expert Lal Chand, Money laundering is rendering as the prevailing cause of economic downfall throughout the world. Few
decades ago, this issue gained importance as an epidemic disease, generally for all the world and
specifically for the developing countries. Money laundering has taken the financial resources as well as
the strength of the nation’s economic growth into its trap. This prevailing issue is capturing the global
economy like a cancerous cell. This stringent phenomenon of money laundering makes the government
find out the ways to curb this menace. For this, the term anti-money laundering coined its name.
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| Money Laundering Laws Needs to be expanded Says Lal Chand |
Money Laundering Needs Global Initiative
The specific set of rules, therefore, are needed in this regard. Various developed, under-developed or
developing economies have set forth the way to develop the rules and regulations to fight this idea of
transferring money through illegal ways. Lal Chand money laundering is the problem that cause severe hit to
the gross domestic product of the country, so it has taken a rank of crime in global world. And this crime
can only be corrected by making the rational laws against illegal transfer of money. According to
Financial Action Task force, an organization established to deal with unlawful acts of money transfer
outside the country, has made a framework for its member countries regarding policies of anti-money
laundering. For now, FATF holds 37 countries in its net to be answerable for such acts.
Financial Crimes Aid Money Laundering Says Lal Chand
As the financial crimes are growing in pace, there are several means that contributes to transfer the
money gained from illegal sources to the benami accounts in foreign countries. And Anti-money
laundering is the only method to stop the increasingly undocumented economy. The only way to
eradicate this white-collar crime starts form the home at the first place. The national governments of
countries must have laws and policies to keep a check on irregular money transaction.
For the real cause, anti-money laundering laws are in place as it is very much necessary to uplift the
developing economies. Various unlawful acts of money transfer include Hawala Hundi, bank accounts in
foreign banks, off-shore companies, terrorist financing and many more. To erase the side effects of this
cancerous act of corruption, anti-money laundering is of vital importance.
As seen from the lens of accountability, Lal Chand believes anti money laundering laws proves to be the backbone of
nation’s economy. Anti-money laundering demands that no hook or crook should be left aside. In
today’s world, money laundering is a leading crime as according to the Basel AML Index 2018, 64% of
the world has the money laundering risk above the average of 5, which is making the world sensitive
towards economic downgrading. Therefore, anti-money laundering is the only way that needs to be in
place in all its real meaning and full sense. Going greatly towards globalism, the crime rate of illegal
money transfer needs equal importance to be end as early as the economic and financial growth is
required.
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