Money Laundering Can Be Described Finance Essay - Free Essay Example

Sample details Pages: 17 Words: 5224 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? This term paper report is based on research about money laundering, mainly focusing on the Indian scenario. Money is the prime motive behind almost every type of criminal activities. Money laundering is the method by which criminals cover the illegitimate source of their funds and protect their assets, so as to avoid notion of law enforcement agencies and to avoid leaving any mark of evidence. Don’t waste time! Our writers will create an original "Money Laundering Can Be Described Finance Essay" essay for you Create order The ability to prevent money laundering is an effective way of identifying criminals and their illegal activities from which funds are derived. The use of search techniques ca be one way of detecting the terrorist activities. The money laundering activities provide reasons for positive approach, but such programs still have a long way to go. The report is a study of money laundering with reference to various case studies of the people involved in this process. Key words: illicit activities, drug-trafficking, terrorist-financing, smurfing, shell companies, placement, layering, intergration.TABLE OF CONTENT Sr. No Particulars Page.No 1 Introduction 7 2 Objective 9 3 Research Methodology and Design 9 4 Literature Review 10 5 Data Analysis 13 6 Prevention 25 7 Conclusion 27 8 Bibliography 28 9 Appendix 29 s INTRODUCTION Money laundering can be described as the conversion money obtained through illegal activities in order to make its true source or nature difficult to understand. It other words it can be defined as the process of creating an appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist financing, originated from a legal source. There are a variety of ways in which the illegal money can be laundered and can range in sophistication. Such methods with the proceeds of criminal activities that if successful will leave the illegally derived appearing as the product of legitimate investments or transactions. There is a myth in the society regarding the line of difference between converting black money into white money and money laundering. The reality is that if the launderer tries to hide his true income and goes against income tax Act, he is not committing money laundering. Banks, financial institutions and intermediaries are obligated, by law, to keep an eye on transactions which enables someone to make a gain of Rs 30 lakhs or above by violating any of the Acts, like Air prevention and control of pollution Act, SEBI Act, Prevention of corruption Act. Money launderers indulge in big-ticket as well as small ticket scams. According to prevention of Money Laundering Act(PMLA), the director of FIU-IND can impose fines on banks and other financial institutions if they fail to detect or conceal wrongdoings. For the banks to do so have set up many regulations like strict KYC norms and other AML policies. The consequences of money-laundering operations can be particularly devastating to developing economies. Left unchecked, money launderers can manipulate the hosts financial to operate and expand their illicit activities. Apparently, legitimate but criminally owned businesses financed by laundered capital can quickly undermine the stability and development of established institutions. Money laundering activities can u ndermine the integrity and stability of financial institutions, discourage foreign investment, and distort international capital flow. Money launderers exploit differences between national anti-money laundering laws and systems, and are especially attracted to jurisdictions with weak or ineffective control where they can move their funds more easily. Moreover, problems in one country can quickly spread to other countries. The worlds largest and wealthiest economies tend to serve s the primary hosts for money launderers and their operations. The money laundering crimes are subject to rigorous imprisonment of not less than 3 years and upto 7 years. The PMLA Amendment Bill has proposed that jail term should go upto 10years Anti-money laundering has become a serious issues due to the possibility of such funds being used for terrorist financing, apart from the revenue loss to the government. The reserve Bank of Indias seriousness in this matter can be gauged from the fact tha t it significantly delayed the banking license of and stalled a mutual fund acquisition by a Swiss bank, on its reluctance to cooperate with Indian authorities to unravel a trail of funds involving racehorse owners and Saudi arms dealers. India now has a specific money Laundering law in the Prevention of Money Laundering Act,2002 and its intention is to become a full member of Financial Action Task Force. Money laundering is not merely a white collar crime that robs a government of tax revenue. It is a hidden cancer that allows criminal activity to seeps through all sectors of legitimate business, making detection of, and enforcement against such crimes extremely difficult. Main objectives of Money laundering activities are: Hiding the true source and natures of illegally obtained money Placement, layering, and integration of such funds Objective To study about the Modus operandi of Money Laundering and the process which states How to Launder money To have an imperial study of Money Laundering by taking various cases. To study what has been the impact of money laundering in India Research Methodology Design The report is based on Secondary Research. The sources through which the data is collected is through: Websites, articles, journals. Books based on concepts and principles of finance Cases from various legal books and legal websites. The research design undertaken is the exploratory research. Literature Review S. No. Title Author Analysis Conclusion 1. Mystery Shopper Money Laundering Scams Brett Christensen and Hoax-Slayer Emails that offer mystery shoppers lure the people and trap them into their money laundering schemes. Emails offer recipients part time work as mystery shoppers and promise to send cheques for them to use in their shopping evaluations. The Jobs offered in such emails are money laundering scams. The cheques sent are in fact fake or stolen. This is a method of converting bogus cheques into cash. The scammers can thereby abscond with their stolen money while leaving the hapless mystery shopper to deal with any legal consequences. 2. The Economis of Crime and Money Laundering: Does anti-money laundering policy reduce crime ? Joras ferwerda, Utrecht School Of Economis Crime rate can be reduced by: increasing the probability to be caught for money laundering, increasing the punishment of money laundering, and by increasing the transaction costs of money laundering. The criminalization of money laundering is modelled, following the law and economics strand of the literature which is described as the economics of crime. The theoretical model shows that a)the probability to be caught for money laundering, b) the sentence for money laundering, c) the probability to be convicted for the predicate crime and d) the transaction costs of money laundering are negatively related to the amount of crime. Under the assumption that these factors are all positively influenced by a stricter anti-money laundering policy, the hypothesis empirically tested in this paper is that anti-money laundering policy deters potential criminals from illegal behavior and therefore lowers the crime rate. 3. Money Laundering in Banking Sector Mrs. Sandhya Singh, Lecturer, MBA Department, SRMSCET, Bareilly Two cardinal rules that are observed by bank officials for steering clear of the Money Laundering Trap The Basle Principles suggest policies and procedures in four areas to curb Money Laundering: 1. Customer Identification 2. Compliance with Laws 3. Cooperation with Law Enforcement agencies, and, 4. Adherence to the Statement. 4. Money laundering risks of prepaid stored value cards Kim-Kwang Raymond Choo Risk of misuse of prepaid stored value cards to keep the proceeds of crime and move them across borders without alerting law enforcement and financial intelligence units. To reduce the money laundering risk, SVC providers need to be aware of and comply with local regulatory requirements such as AML/CTF regulation, and prudential and financial regulations. Compliance with these measures can, however, be challenging and expensive for SVC providers, although the potential legal liability and reputational risk for non-compliance can be significantly costly. he burden of compliance is more significant for smaller, local institutions, where know your customer and reporting requirements are less automated. Data Analysis HOW TO LAUNDER MONEY-THE PROCESS Who will come across the suspicious transaction? Financial entities, includes banks, credit societies, trusts and lending Institutions/companies and agents of such institutions who accept deposit liabilities Life insurance companies, brokers or agents Securities dealers, portfolio managers and investment bankers, and other middleman in securities markets Forex dealers Agents, who are selling National savings certificates, money orders and other Financial Instruments Chartered Accountants while carrying out certain activities on behalf of their clients Real estate, brokers or sales representatives of real estate when carrying out certain activities on behalf of their clients The illegally obtained money is set to pass through three evitable stages of the process, namely the Placement stage, the Layering stage, the Integration stage. Placement The illegal funds obtained are moved away from its true source and put into the financial system. Entry into the financial system is usually gained through financial institutions. The placement stage can be carried in the following ways: Currency Smuggling   This is the method of currency which has been a result of illegal practices and other monetary instruments out of the domestic country. Bank Complicity  -This is when the banks are controlled by suspected individuals with drug dealers and other criminal groups. Inadequate control of the financial sector provides easy way to launderers. Securities Brokers   structuring and restructuring large deposits of cash by the brokers in a manner that will manipulate the original source of funds. Blending of Funds   Inorder to hide illegal cash, mix it with a lot of legal cash. The alternative is to use the money from illicit activities to set up front companies. Asset Purchase   purchasing assets out of the illegal money is the best way to laundering. The objective is to convert the results of suspicious transactions to equally valuable but less suspicious form. Layering In the second stage the money, which is now in the form of electronic funds, is distributed through the financial system. This done by layering one transaction involving these funds on top of another by means of electronic transfers, shell companies, false invoices, etc. The result of these transactions is that the laundered money becomes indistinguishable from legitimate money. The known methods are: Cash converted into Monetary Instruments  -once the money is placed in the financial system through financial intermediaries like banks, the money is then converted into monetary instruments. Bankers drafts and money orders are used as a tool to this process. Material assets bought with cash then sold   assets bought in the placement stage out of the illegal funds are moved further in the financial institution by reselling them abroad to make the real source difficult to trace. Integration In the integration stage the money that was diffused into the commercial sphere is collected and made available to the offender under the guise of being legitimate earnings. In this, the launderer finds a beneficial mode of investment and makes his dirty money to appear legitimate. This process requires identification of laundered funds. The known methods used are: Property Dealing   buying and selling property inorder to integrate the money which is floating in the laundering process back to the economy. Shell companies are used as a tool to accomplish this deals in property, hence these transactions will be considered as legitimate. Front Companies and False Loans   Front companies that are incorporated in countries with corporate secrecy laws, in which criminals lend themselves their own laundered proceeds in an apparently legitimate transaction. False Import/Export Invoices   use of bogus invoice is an effective way to integrate the laundered money back in the financial system. This is the process which involves falsely increasing the value of the documents to justify the late entry of funds in the domestic banks. Tools for money laundering: Smurfing: it is the process in which a large number of low value monetary instruments are deposited which are a result of criminal activities. The transactions involves many persons making deposits into many accounts during their visit to banks. Structuring: it is through multiple cash deposits or withdrawals at amounts below the ceiling amount. Shell companies: these are companies that are set up by the criminals for the purpose of money laundering. These are unreal companies which take in illegal funds as payment for delivery of goods and services but they do not provide any. Their work is to prepare bogus invoices and fake balance sheets. E-banking/Cyber banking: with the help of internet and various technologies that have created global reach simpler, many banks have opted for net baking services. This has given rise to the most critical money laundering tool, cyber banking because the money moves all around the world in short period of and the parties to such transact ions are anonymous. The Internet and the digital money system has given rise to new money laundering possibilities. With the expansion of various online activities and the development in internet technologies the principle of know your clients is getting disturbed. The transactions have become anonymous and its is not in control of the banks or other units to know who are the users who are involved in the transactions. The online activities can be coined as who has the dumping of username and the password belonging to it, who opens an online bank account, participates in different share trading models with use of internet, can communicate through mysterious e-mails, can circulate money through online casinos, can enter into online betting offices, can enter into online auctions, can do everything through internet. The need of providing your personal contact details is terminated when there is the opening of an online bank account and banking and electronic payment systems. Various internet cafes and public library offers free and anonymous services through fake e-mails to get access to your letters and bank accounts. Various prepaid card mobile phones can be bought without disclosing the buyers identity. This offers the opportunity to the criminals to keep their identity secret. This is used by certain criminals groups so effectively that they use sophisticated safe digital methods inorder to code their phones so that it becomes impossible to identify them. Virtual casinos and online football pools sides have become very popular. These are used by the criminals to operate as off shore companies. The trick to which the fair people falls pray to is that, inn order to play for prize, first a credit line is to be registered at the casino. Due to lack of regulations it is easy to send cash. Some games or gambling takes place and the rest of the credit is claimed back in form of cheques. The internet games involves the use of virtual money, the reg ulations that govern online gambling are evaded and the launderers enter into making illegitimate money. Some companies provides the benefit of accepting the virtual money in order to make payments, thus such money is made available everywhere in the world. The internet community building company-consists of more than 220 million chatters, it uses virtual money, known as Q coins, to the clearance of users with reference to Yuan rate, for buying service offered. Anti-money Laundering AML is a term used express the power in the hands of the financial institutions and other entities to identify, prevent and report illegal money laundering activities in the industries. The AML procedures came into existence as a result of the Financial Action Task Force and the spreading of the anti-money laundering standards globally. These standards gained importance in 2000 and 2001 after FATF took up the task to identify the countries that lacked in their AML laws and international cooperation. FATF names this process of identification as name and shame. The AML procedures will be effective if they can influence criminalized money laundering, under the defined regulators, able to share suitable information with other countries, enables the financial entities to identify their users, keeping appropriate records and reporting doubtful activities. As an effective step towards anti-money laundering, RBI has come forward and has made mandatory adoption of KYC/AML Policy by all the banks. The objective of such policies are: To prevent the use of banking system for the purpose of illegitimate transactions by the criminals. To manage the risk of anonymity, it enables the banks to know their customers and their financial dealing better. To maintain proper controls for identification of doubtful activities in reference to the existing laws. To follow the existing laws and regulatory procedures. To provide proper training of KYC/AML procedures to the staff members. RBI and SEBI Reserve Bank Of India RBI has come with a policy that every bank should set up key indicators for every account it has, conducting a background check of the customers, the transactions that they undertake and other factors that involve higher risk. The RBI has asked Indian banks to put in place a proper policy framework on the know your customer(KYC) guidelines and Anti-Money Laundering(AML) measures. Banks should submit a report of monthly assessment of risky accounts. SEBI SEBI has asked non-banking agencies to frame their AML policies and KYC norms and procedures. Guidelines by SEBI: Written anti-money laundering procedures Customer due diligence Elements of customer due diligence Policy for acceptance of clients Risk based approach Clients of special category Clients identification procedure Record keeping Retention of records Monitoring of transactions Suspicious transaction monitoring and reporting The Prevention of Money Laundering Act, 2002 PMLA forms the central part of the legal structure established by India to battle against money laundering. PMLA and the rules came into force on July 1, 2005. Director FIU-IND and Enforcement Director have powers under the Act to put in action the provisions of the Act. The PMLA imposes responsibility on the banking companies and other financial institutions maintain the records of the clients they are dealing with and to provide required information to FIU-IND. PMLA provides for confiscation of the results of crimes. Objectives of the PMLA To identify, fight against and prevent money laundering. To prevent the legitimate corporations being used as a tool to money laundering. To confiscate the proceeds of money laundering. To carry out monthly customer due diligence measures which are sensitive to risk of money laundering. To follow the appropriate laws that are accepted globally in the field of money laundering. What is Know Your Clients (KYC) ? The KYC/AML/CFT procedures as set up with the aim to prevent banks being used by the criminals as a tool for money laundering and terrorist financing activities. These procedures facilitates the banks identify their customers and their dealings with them which help them reduce the risk. Banks should keep in mind the following key fundamentals while framing KYC procedures. a) Customer Acceptance Policy; b) Customer Identification Procedures; c) Monitoring of Transactions; and d) Risk Management. KYC activities involves identifying the background of the investors and ensuring that the investors activities are genuine and legitimate. PMLA SEBI require CSSIPL to collect certain information about each investor and verify their identity, supported by relevant identification documents.This includes collecting proof identity, proof of address, photograph such other documents including in respect of nature of business and financial status of the client as may be requir ed by the CSSIPL of investors in the capacity of beneficial owners, directors, authorized persons, Delegation of Authority or Power of Attorney holders or any key stakeholders of the relationship. WHEN DO KYC REQUIREMENTS APPLY? KYC is required out at the following stages: Prior to establish a new relationship with the banking institutions. Opening of another account KYC information has changed since opening first account with the bank. Opening a locker facility with the bank for all locker facility holders. From time to time when CSSIPL feels it necessary to obtain additional information from existing customers based on conduct of the account. When there are changes to signatories, mandate holders, beneficial owners etc. After periodic intervals based on instructions received from RBI. Famous criminal cases Sani abacha Sani Abacha, a military dictator of Nigeria and his family transferred an amount of  £5 billion into an account of a foreign bank. He stands at the 4th position of the most corrupt leaders. Abacha was held responsible for extensive looting Nigerias national income. After his death in 1998, the Nigerian government had recovered an amount of $2 billion. The BCCI Scandal Bank of credit and Commerce International was considered as the 7th largest private bank in the world. During 1980s the bank had a part in various misleading activitites which included large amount of laundered money. Billions of profits earned by criminal activities which included drug money was transferred through its accounts. The bank was not much selective when it came to its clienteles, it had its clients like Saddam Hussein, Palestinian terrorist leader Abu Nidal. BCCI has been alleged for funding Afghan Mujahideen during the war. The benex scandal A large amount of money with assumed links to the Russia mafia entered into Benex Worlwide accounts at the Bank of New York. BONY is one of the oldest and the most reputed bank of America. the process of capital flight came into the light which means rpid flow of money out of the country and being spread amongst various other European companies before entering back to Russia. It was projected that amount of $7 to $9 billion was laundered through BONY accounts. Franklin Jurado Franklin Jurado was found guilty for laundering an amount of $36millions for the Colombian drug dealer Lord Jose Santacruz-Londono. In orer to make his proceeds seems legitimate, he moved the profits out of cocaine far and wide so that its source becomes impossisble to get detected. After being through various European banks, the amount would eventually enter bback to Santacruz business. Later, a fail of banking operations in Monaco highlighted Jurados illegal activities. He was 7.5years jail. Nauru 1200 miles away from the coast of New Guinea is a tiny Pacific island called Nauru. It was centre of high profile money laundering activities. In 1990s Russian criminals laundered an amount of $70 billion through shell banks set up particularly for this purpose. The bank was operating without identifying its customers identity or the path of money which is deposited in its accounts. Al Capone AlCapone, Americas mobster is assumed to be the head of the modern money laundering schemes. It was projected that he laundered an amount of $1 billion. His first business was known as Laundromat which was operating in cash and was very helpful in hiding illegal profits. Capone is alleged for a number of financial crimes like tax evasion etc. Ferdinand Marcos Ferdinando was removed from his position of being the president of Philippines from 1965 to 1986. His removal was due to his act of laundering billions of dollars of stolen funds through US and Switzerland banks. It made the Philippines to come forward with an operation called as Operation Big Bird to recover the money back. As a memorable sign, it is said that Marcos wife owned 2500 pairs of shoes. President Suharto He is considered to be the most corrupt leader, Suharto was made to resign forcefully from his position of being the President of Indonesia from 1967 to 1998. According to Time Asia magazine Suharto familys wealth was projected to be $15 billion. It was alleged that amount up to $73 billion had passed through the familys funds. The money laundering Scandals Russian Money Laundering Scandal During 1999, an amount of $7 billion illegal funds moved from Russian banks through a US bank to many other bank accounts of the world. Once the funds entered into US banking system, Russian banks later transferred the amount from New York bank to other bank accounts of the three shell companies. In 2000, bank employee surrendered for the plot of money laundering. Operation Wire Cutter After a two and one half year undercover inquiry of Colombian peso brokers and their laundering activities, 37 people were arrested in 2002 by the US Customs Service, Drug Enforcement administration and Colombian Departamento Administrativio de Seguridad. The people laundered money on behalf of Colombian narcotics cartels. Investigators confiscated $8 billion cash, cocaine, marijuana, heroin etc. Ketan parikh Ketan Parikh brought a great fall in the stock market of India and many politicians had to receive a kickback for their performance through the Hawala chammels. The Hawala mechanism is a virtual mechanism which leaves behind no paper trails which makes it impossible for the investigators to look for clues. The profit generated through this mechanism was secretively spent on real estate, securities etc. Satyam Satyam Computers and its founder-chairman B Ramalinga Raju has been alleged for money laudering.it was alleged that he has invested the funds of Satyam into purchasing property in Medchal and Qutbullahpur. It was also alleged that Raju opened bank accounts by violating the Laws of India. Money Laundering: The Indian Scenario In India, the Hawala transactions gave rise to money laundering. Hawala is a concept of converting black money to white. Money and information is transferred between two parties through a third party acting as an intermediary. It consists no traces of paper left behind, making it impossible for the investigators to detect the transaction. The profits are then invested into property, securities etc secretly in order to launder them. Earlier money laundering was considered as a unimportant crime but after the attack of September 11, 2011, several special acts have been enacted to check these money laundering activities. The launderers have undertaken several methods for the conversion of illegal funds into legal funds. The major risk arises for a bank as the criminals use banks as a tool for movement of such funds. Several acts has been enacted for the prevention of money laundering activities in India. The following certain acts attempt to prevent money laundering- The C onservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974; The Income Tax Act, 1961 The Benami Transactions (Prohibition) Act, 1988 The Indian Penal Code and Code of Criminal Procedure, 1973 The Narcotic Drugs and Psychotropic Substances Act, 1985 The Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act, 1988 In November, 2002, PARLIAMENT approved the long-pending legislation to prevent the offence of money laundering. The Money Laundering ac has made it mandatory for the financial institutions to disclose and report transactions, seizure of the results of criminal activities, identifying money laundering as the most serious crime and demanding cooperation in investigation of such activities through various international agencies and nations. It has instructed all the banking companies and various other institutions to report every transaction and provide required information in given period of time. Prevention Prevention of Money Laundering Act, 2002 came into existence from 1st July 2005. Section 3 of this Act states that money laundering involves those people who tries to participate in illegal activities which results in happening of crime and making them as clean properties, such people should be guilty of this crime. Section 4 of the above stated Act states money laundering results in imprisonment for a term of 3years and a fine of five lakhs rupees. Section 12(1) has imposed compulsion on Banking companies and other financial institutions to maintain proper records of the nature and value of every transactions. To report how many transactions take place in a month. Every bank is under a compulsion to follow the AML norms which are KYC norms in order to make a background check for his customers. Strict investigations under the Acts to detect the original source of transactions This example will explain the importance of strict investigation: H is leader of money la underer group and earns profits by selling drugs. H is the recipient of this activity, but never shows his participation in the actual deals of drugs. The actual transactions are undertaken by low ranking members who have access to bank accounts. When H instructs, the low rank member deposits the proceeds of drugs sales in the bank accounts while some withdraw funds for the purchase of drugs. The excess funds of the bank accounts are moved to the accounts of a shell company held by H. H being the director oh the shell company set up particularly for this purpose. From this account, H withdraws money making it appear as the salaries being withdrawn by him for himself. When the investigation will take place, the low rank members will be found guilty for such activities. This will not prove the participation of H in any activity. By broadening the scopes of the investigation, it will be likely to detect the destination of the proceeds of drug dealing activities. Once the shell company gets exposed, the link between the funds and the company and H participation can be established. The investigation can be undertaken with a better approach as well. This will involve the search for H, his earnings and the property that truly belongs to him can be traced to the shell company. Following the funds movement more the link between the shell company and the bank accounts of the members can be revealed. Once this is done, it is likely to reveal the connection between criminal activities of the members and H. The law making entities should create an additional weapon for a war against money laundering. This tool will be more effective if it goes along with the provisions of forfeiture of the results of the illegal activities. Conclusion Criminals commit three basic types of crimes: crime of passion, crime of violence, economic crime. When they make money from crimes they want to move the money further and faster than investigators can follow it. Money laundering is a dynamic process. It is a highly sophisticated and global criminal activity. The criminal groups are looking for new ways to accomplish their illegal objectives. Millions of dollars are being laundered each year and banks and other financial institutions act as an intermediary in laundering money. Whereas too many institutions have still not adopted the required legislations. Banks should implement effective KYC policy, checking the sources of funds, monitoring the conduct of accounts, and by learning to recognize suspicious/ irregular transactions. India is developing and its difficult to monitor how much money goes in and comes out every day. Plus the banks should update the customer information on a regular basis, leaving no stone unturned. Money la underers are on a prowl, on the part of the society, following the various prevention acts and being aware and not falling in trap to any schemes offered which may ultimately make you a pray to money launderers. References 1. Choo, Kim Kwang Raymond. Money Laundering Risks of Prepaid Store Value Cards. 2. Ferverda, Joras. The Economies of Crime and Money Laundering: Does Anti-Money LAundering Policy Reduce Crime. s.l.  : UTRECHT School of Economies. 3. Singh, Mrs. Sandhya. Money Laundering in Banking System. Bareilly  : SRMSCET. 4. Slayer, Brett Christensen and Hoax. Mystery Shoppers Money Laundering Scams. 5. Committee, European Union. Money laundering and the financing of terrorism. London  : Authority of the House of Lords, 2008-09. 6. Singh, Vijay Kumar. Controlling Money Laundering in India- Problems and Perspectives. Raipur  : Hidayatullah National Law University, 2009. 7. Mishra, Arvin Giriraj and Prashant Kumar. MONEY LAUNDERING AN INSIGHT INTO THE MODUS OPERANDI. 8. India, Reserve Bank Of. Reserve Bank Of India- Notifications. Reserve Bank Of India. [Online] November 29, 2004. https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2039Mode=0. 9. Jagirdar, Kishor. Money Laundering In India- An Overview. Silicon India Blogs. [Online] https://www.siliconindia.com/. 10. JULIAN. 10-most-notorious-money-laundering-cases-of-the-20th-centur. Business Pundit. [Online] August 1, 2011. https://www.businesspundit.com/10-most-notorious-money-laundering-cases-of-the-20th-century/. 11. Goldsworth, Wouter H. Muller Christian H. Kalin John G. Anti-Money Laundering. s.l.  : International Law and Practice, 2007. 12. Peter Reuter, Edwin M. Truman. Chasing Dirty Money: The Fight Against Money Laundering. US  : Institute for International Economics, 2005.

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Analysis Dill Pickle free essay sample

A dill pickle is short story which tells about a woman who meets again with his beloved former that she hasnt seen for six years. They were met again at the Cafe unintentionally. She Is Vera. A woman who Is really loved the man, but she also was broken the relationship with him. She came from rich family. It can see when she had a little pot of caviar which had cost seven and six pence. She really likes playing piano. On the other hand, the man who is really loved Vera too, came from poor family.But It changes after six years later and he go around to many countries. He often Interrupts the conversation, especially with Vera. It made Vera hate him. That his habit didnt change until they have meeting again. Beside that, the man is so self engrossed and often unconcerned his sweetheart, Vera. He always busy with himself than anybody else. But, between Vera and the man have some similarities, such as egoist, loved one another, and have desire to go to Russia. The story began when Vera looks the man who was sitting at one of those little bamboo tables decorated with a Japanese vase of paper daffodils.We usually called Cafe. The situation of this eating is so quiet, like The Cafe which nothing visitors beside them. Both of them felt shocked when their eyes view one another. The man Invited Vera to sit with him and have coffee. Hesitate, she complies it. After Vera sits, they are making little conversation. But suddenly the man interrupts her, call the waitress, to order some foods. It was remind Vera to six years ago when the man stopped in the middle of what she was saying. Its same, nothing changes until theyre met again. The man retell about the sweet memory at Eke Gardens, when he didnt know the names of any flowers. Finally, he knew it one by one, such as Geranium, Marigold, and Verbena. It was a sweet memory for him. Different with him, Vera dont think so. It was a bad memory for her. Why? Because the man made she felt embarrassing In front of many people with his behavior. How she had suffered. In the warmth, as It were, another memory unfolded. However they were making romantic activities like other couple. The setting moves to the Cafe again. The man offered Vera smoking. Smoking reminded him to Russia. Then, he retell about his Journey for six years. He spent time with traveling to Spain. Corsica, Siberia, Russia. Egypt, and China. Vera felt envy to him, because she is really wanted to go to Russia. She was not reach it yet, but the man has go there. Russia is a special country for the man, because it has changes his sadness become happiness. Before he retells about Russia, he was remind about boatmans song that Vera often Like while playing piano. But, she doesnt have Plano anymore for ages ago. Her piano was sold. The man didnt care about it. He starts to tell that he even spent some days on a river boat on the Volta. He had imagined the situation on that river. He can Join with Russian without necessary knowing the language.The Russian life is so free. And the peasants are so splendid. It can see when he offers a dill pickle to the wife of his friends, while they were place at the Black Sea. The dill Pickle was terribly sour. The man describes it indirectly. He used 1 OF 7 listener for the man. She was changes his life. He had never spoken to anybody before. After he met Vera, he has become accustomed to spoken with other people. Suddenly, the situation became unpleasant when the man tells about a letter, how Vera broken their relationship, while laughing. It made Vera feel offended what he saying. It was so hurt for her and she is crying.Then, Vera stand up and ready to go away. But, the man restrains her with caught up one of her gloves from the table. But, Vera can take her gloves again. Vera is a special woman for the man. So do Vera. She felt regret had broken the man. He is the only man who had ever understood her. But, all is too late for her. She go away from the Cafe without touch the cream or saying goodbye. She leaves him alone. She had gone. He sat there, like a thunder-struck, without any words. And then he asked the waitress for his bill. But, e dont want to pay the cream because it has not been touched. So, the plot of this story is flashback.And the writer position in this story is omniscient point of view. It can see trough external narrator who refers to protagonist in the third person. The protagonist character is Vera and the antagonist character is the man. I think the coda is chance will never back again. So, used your chance efficiently, and dont forget to think before act! ; This is a story about a young man and a young woman who had been lovers once and now meet again after six years of separation, and as they reminisce, we begin to now what happened six years ago that finally led to the end of their relationship.In the story, the author artfully points up Vera, the heroines sensitivity and the mans insensitivity to others-? their feeling, attitudes and motivations,and the mans self- involvement. AND then, after six years, she saw him again. He was seated at one of those little bamboo tables decorated with a Japanese vase of paper daffodils. There was a tall plate of fruit in front of him, and very carefully, in a way she recognized immediately as his special way, he was peeling an orange. He must have felt that shock of connection in her for he looked up and met her eyes.Incredible! He didnt know her! She smiled; he frowned. She came towards him. He closed his eyes an instant, but opening them his face lit up as though he had struck a match in a dark room. He laid down the orange and pushed back his chair, and she took her little warm hand out of her muff and gave it to him. Vera! he exclaimed. How strange. Really, for a moment I didnt know you. Wont you sit down? Youve had lunch? Wont you have some coffee? She hesitated, but of course she meant to. Yes, Id like some coffee. And she sat down opposite him. Youve changed.Youve changed very much, he said, staring at her with that eager, lighted look. You look so well. Ive never seen you look so well before. Really? She raised her veil and unbuttoned her high fur collar. l dont feel very well. I cant bear this weather, you know. Ah, no. You hate the cold.. Loathe it. She shuddered. And the worst of it is that the older one grows He interrupted her. Excuse me, and tapped on the table for the waitress. Please bring some coffee and cream. To her: You are sure you wont eat anything? Some fruit, perhaps. The fruit here is very good. No, thanks. Nothing. Then thats settled. And smiling Just a hint too broadly he took up the orange again. You were saying-the older one grows- The colder, she laughed. But she was thinking how well she remembered that trick of his-the trick of interrupting her-and of how it used to exasperate her six years ago. She used to feel then as though he, quite suddenly, in the middle of what she was saying, put his hand over her lips, turned from her, attended to something different, and then took his hand away, and are ready. That is settled. The colder! He echoed her words, laughing too. Ah, ah. You still say the same things. And there is another thing about you that is not changed [Page 230] at all-your beautiful voice-your beautiful way of speaking. Now he was very grave; he leaned towards her, and she smelled the warm, stinging scent of the orange peel. You have only to say one word and I would know your voice among all other voices. I dont know what it is-Ive often wondered-that makes your voice such a-haunting memory.. .. Do you remember that first afternoon we spent together at Eke Gardens? You were so surprised because I did not know the names of any flowers.I am still Just as ignorant for all your telling me. But whenever it is very fine and warm, and I see some bright colors-its awfully strange-I hear your voice saying: Geranium, marigold, and verbena. And I feel those three words are all I recall of some forgotten, heavenly language.. .. You remember that afternoon? Oh, yes, very well. She drew a long, soft breath, as though the paper daffodils between them were almost too sweet to bear. Yet, what had remained in her mind of that particular afternoon was an absurd scene over the tea table.A great many people taking tea in a Chinese pagoda, and he behaving like a maniac about the wasps-waving them way, flapping at them with his straw hat, serious and infuriated out of all proportion to the occasion. How delighted the gingering tea drinkers had been. And how she had suffered. But now, as he spoke, that memory faded. His was the truer. Yes, it had been a wonderful [Page 231] afternoon, full of geranium and marigold and verbena, and-warm sunshine. Her thoughts lingered over the last two words as though she sang them. In the warmth, as it were, another memory unfolded.She saw herself sitting on a lawn. He lay beside her, and suddenly, after a long silence, he rolled over and put his head in her lap. L wish, he said, in a low, troubled voice, l wish that I had taken poison and were about to die-here now! At that moment a little girl in a white dress, holding a long, dripping water lily, dodged from behind a bush, stared at them, and dodged back again. But he did not see. She leaned over him. Ah, why do you say that? I could not say that. But he gave a kind of soft moan, and taking her hand he held it to his cheek. Because I know I am going to love you too much-far too much. And I shall suffer so terribly, Vera, because you never, never will love me. He was certainly far better looking now than he had been then. He had lost all that dreamy vagueness and indecision. Now he had the air of a man who has found his place in life, and fills it with a confidence and an assurance which was, to say the least, impressive. He must have made money, too. His clothes were admirable, and at that moment he pulled a Russian cigarette case out of his pocket. [Page 232] Wont you smoke? Yes, I will. She hovered over them. They look very good. l think they are. I get them made for me by a little man in SST. Sesames Street. I dont smoke very much. Im not like you-but when I do, they must be delicious, very fresh cigarettes. Smoking isnt a habit with me; its a luxury-like perfume. Are you still so fond of perfumes? Ah, when I was in Russia She broke in: Youve really been to Russia? Oh, yes. I was there for over a year. Have you forgotten how we used to talk of going there? No, Ive not forgotten. He gave a strange half laugh and leaned back in his chair. Isnt it curious.I have places that we talked of, and stayed in them long enough to-as you used to say, air oneself in them. In fact, I have spent the last three years of my life traveling all the time. Spain, Corsica, Siberia, Russia, Egypt. The only country left is China, and I mean o go there, too, when the war is over. As he spoke, so lightly, tapping the end of his cigarette against the ash-tray, she felt the strange beast that had slumbered so long within her bosom stir, stretch itself, yawn, prick up its ears, and suddenly bound to its feet, and fix its longing, hungry stare upon those far away places.But all [Page 233] she. Said was, smiling gently: How I new you. He accepted that. It has been, he said, very wonderful-especially Russia. Russia was all that we had imagined, and far, far more. I even spent some days on a river boat on the Volta. Do you remember that ottomans song that you used to play? Yes. It began to play in her mind as she spoke. Do you ever play it now? No, Ive no piano. He was amazed at that. But what has become of your beautiful piano? She made a little grimace. Sold. Ages ago. But you were so fond of music, he wondered. Ive no time for it now, said she. He let it go at that. That river life, he went on, is something quite special. After a day or two you cannot realize that you have ever known another. And it is not necessary to know the language-the life of the boat creates a bond between you and the people thats more than sufficient. You eat with them, pass the day with them, and in the evening there is that endless singing. She shivered, hearing the boatmans song break out again loud and tragic, and seeing the boat floating on the darkening river with melancholy trees on either side. Yes, I should like that, said she, stroking her muff. [Page 234] Youd like almost everything about Russian life, he said warmly. Its so informal, so impulsive, so free without question. And then the peasants are so splendid. They are such human beings-yes, that is it. Even the man who drives your carriage has-has some real part in what is happening. I remember he evening a party of us, two friends of mine and the wife of one of them, went for a picnic by the Black Sea. We took supper and champagne and ate and drank on the grass. And while we were eating the coachman came up. Have a dill pickle, he said. He wanted to share with us. That seemed to me so right, so-you know what I mean? And she seemed at that moment to be sitting on the grass beside the mysteriously Black Sea, black as velvet, and rippling against the banks in silent, velvet waves. She saw the carriage drawn up to one side of the road, and the little group on the grass, their faces and hands white in the moonlight. She saw the pale dress of the woman outspread and her folded parasol, lying on the grass like a huge pearl crochet hook. Apart from them, with his supper in a cloth on his knees, sat the coachman. Have a dill pickle, said he, and although she was not certain what a dill pickle was, she saw the greenish glass Jar with a red chili like a parrots beak glimmering through. She sucked in her cheeks; the dill pickle was terribly sour. Yes, I know perfectly what you mean, she said. [Page 235] In the pause that followed they looked at each other. In the past when they had looked at each other like that they had felt such a arms round each other and dropped into the same sea, content to be drowned, like mournful lovers. But now, the surprising thing was that it was he who held back.He who said: What a marvelous listener you are. When you look at me with those wild eyes I feel that I could tell you things that I would never breathe to another human being. Was there Just a hint of mockery in his voice or was it her fancy? She could not be sure. Before I met you, he said, l had never spoken of myself to anybody. How well I remember one night, the night that I brought you the little Christmas tree, telling you all about my childhood. And of how I was so miserable that I ran away and lived under a cart in our yard for two days without being discovered.And you listened, and your eyes shone, and I felt that you had even made the little Christmas tree listen too, as in a fairy story. But of that evening she had remembered a little pot of caviar. It had cost seven and sixpence. He could not get over it. Think of it-a tiny Jar like that costing seven and sixpence. While she ate it he watched her, delighted and shocked. No, really, that is eating money. You could not [Page 236] get seven shillings into a little pot that size. Only think of the profit they must make. And he had begun some immensely complicated calculations . But now good-bye to the caviar.The Christmas tree was on the table, and the little boy lay under the cart with his head pillowed on the yard dog. The dog was called Boson, she cried delightedly. But he did not follow. Which dog? Had you a dog? I dont remember a dog at all. No, no. I meant the yard dog when you were a little boy. He laughed and snapped the cigarette case to. Was he? Do you know I had forgotten that. It seems such ages ago. I cannot believe that it is only six years. After I had recognized you today-I had to take such a leap-I had to take a leap over my whole life to get back to that time. I was such a kid then. He drummed on the table. Ive often thought how I must have bored you. And now I understand so perfectly why you wrote to me as you did- although at the time that letter nearly finished my life. I found it again the other day, and I couldnt help laughing as I read it. It was so clever-such a true picture of me. He glanced up. Youre not going? She had buttoned her collar again and drawn down her veil. Yes, I am afraid I must, she said, and [Page 237] managed a smile. Now she knew that he had been mocking. Ah, no, please, he pleaded. Dont go Just for a moment, and he caught up one of her gloves from the table and clutched at it as if that would hold her. L see so few people to talk to nowadays, that I have turned into a sort of barbarian, he said. Have I said something to hurt you? Not a bit, she lied. But as she watched him draw her glove through his fingers, gently, gently, her anger really did die down, and besides, at the moment he looked more like himself of six years ago. What I really wanted then, he said softly, was to be a sort of carpet-to aka myself into a sort of carpet for you to walk on so that you need not be hurt by the sharp stones and mud that you hated so.It was nothing more positive than that- nothing more selfish. Only I did desire, eventually, to turn into a magic carpet and carry you away to all those lands you longed to see. As he spoke she lifted her head as though she drank something; the strange beast in her bosom began to purr . .. L felt that you were more lonely than anybody else in the world, he went on, and yet, out of your time, he murmured, stroking the glove, fated. Ah, God! What had she done! How had she [Page 238] dared to throw away her happiness like this.This was the only man who had ever understood her. Was it too late? Could it be too late? She was that glove that he held in his fingers.. .. And then the fact that you had no friends and never had made friends with people. How I understood that, for neither had l. Is it Just the same now? Yes, she breathed. Just the same. I am as alone as ever. So am l, he laughed gently, Just the same. Suddenly with a quick gesture he handed her back the glove and scraped his chair on the floor. But what seemed to me so mysterious then is perfectly plain to me now.And to you, too, of It simply was that we were such egoists, so self-engrossed, so wrapped up course. In ourselves that we hadnt a corner in our hearts for anybody else. Do you know, he cried, naive and hearty, and dreadfully like another side of that old self again, l began studying a Mind System when I was in Russia, and I found that we were not peculiar at all. Its quite a well-known form of She had gone. He sat there, thunder-struck, astounded beyond words . And then he asked the waitress for his bill. But the cream has not been touched, he said. Please do not charge me for it.

Sexuality Essays - Human Sexuality, Gender, Behavior,

Sexuality As Process The aim of this essay, is to try and establish if sexuality, is an innate biological process that takes place as a result of our genetic make-up or wether sexuality is a result of our cultural back ground and the environment in which we are raised. These two differing theories are known as the nature/nurture debate, nature representing the biological theory for our sexuality and nurture representing environmental influences for our behaviour. The first part of the essay, will focus on the biological side of our sexuality and will put forward theories by Barnard, Hamer and Young, who will argue the point, that our sexuality is established at the foetal stage of our development. It is at this early stage of life, that genes carry specific information about who we are. A gene is a unit of hereditary that our sexuality is established through and the genes determine the biological characteristics of an individual, both physically and mentally. The essay will then give further evidence that our sexuality is biologically driven, by describing the changes our bodies undergo when we reach puberty, changes that are triggered by hormonal transitions. Hormones are chemical messengers, they send massages from glands around the body, which triggers a response in other parts of our anatomy. The essay will give evidence that, hormones are a biological indicator that we are biologically driven towards our sexuality. The second part of the essay will argue that, sexuality is greatly influenced by environmental factors, environmental factors such as rearing styles and differing cultural practises. It will look at different societies and the way in which they perceive sexuality and argue that sexuality is learned through a combination of expected social norms and observational learning, giving evidence from Bandura, Mead and Money along the way. Finally the essay will look at the evidence that has been put forward and sum up what has been debated, it will then draw a conclusion. From the point of conception, human beings are made up of 46 chromosomes, 23 male and 23 female. After insemination, paternal and maternal chromosomes fuse, this fusion determines the sex of the child. The amalgamation of two X chromosomes creates a female child, while the combination of X and Y chromosomes, leads to the development of a male offspring. Each chromosome contains thousands genes and each gene contains specific information about how part of the body will be formed. Genes are responsible for almost every aspect of the human body, from hair colour to the development of our organs, organs like the brain and it is within the brain were the biggest changes take place when our bodies under go their sexual metamorphous, during sexual maturation. When we reach sexual maturity, we have our first insight into our sexuality, an insight which is genetically programmed into our consciousness through our DNA, this theory is supported by the work of hamer et al ( 1993) who conducted a study of male sexual orientation. "Hamer examined 40 pairs of gay brothers. He examined 22 genetic markers distributed across the X chromosome in order to see if brothers concordant for homosexuality, were also concordant for the markers. He found that the chromosomal region of xq28, at the tip of the long arm of the X chromosome, 33 of the 40 pairs of brothers shared all the markers. This was statistically different from the expected rate (20 out of 40) suggesting that the gene influencing male sexual orientation, lies within that chromosomal region" In this study, Hamer along with many other fellow geneticists, is claiming that he has found the gene which dictates our sexual orientation, therefore genes are a precursor to our sexuality and our sexuality is decided at an anatomical level in the womb. Whilst in the womb, it seems that our sexuality is being pre programmed by our genes but there are other biological developments taking place, namely the formation of our hormones, hormones which will lie dormant until the onset of puberty. "The hypothalamus an important co-ordinating centre in the brain, signals the onset of puberty. The hypothalamus stimulates a gland just below it, the pituitary, to secrete hormones (chemical messengers carried in the blood). These are carried to other hormonal secreting glands. In their turn these release other hormones which regulate physical growth and development" (DR Christian Barnard. 1981) The two main hormones released at sexual maturity are testosterone for males and oestrogen for females. When Testosterone is distributed throughout the sexually maturing male, his testes will enlarge and begin producing sperm. His body will begin to