| dc.description.abstract | The primary aim of an individual who engages in criminal activity, particularly at an
organised level, is to make profit. However, criminals are not merely bent on gaining
financial profit, but are especially desirous of enjoying the proceeds of the crimes
that they perpetrate and reinvesting the illicit proceeds in other criminal schemes.
Such reinvestments have to be made carefully, without drawing attention to their
criminal provenance. Financial institutions, such as banks, are used to launder the
illegally obtained monies. Money laundering and the financing of terrorism are
transnational crimes which constitute a great economic, social and political threat to
national economies and political stability. The devastating effects of money
laundering and the financing of terrorism have activated the international community
to develop a comprehensive anti-money laundering legal framework at both the
international and regional level. Most countries in the world today have adopted antimoney
laundering laws and policies. | |
