IJSSH 2013 Vol.3(1): 43-47 ISSN: 2010-3646
DOI: 10.7763/IJSSH.2013.V3.191

International Laws on Money Laundering

Ahmad Aqeil Mohamad Al-Zaqibh
Abstract—The term “money laundering” was only applied to financial transactions related to organized crime in the past. But today the definition is expanded by government regulators, to include any financial transaction which produces assets of an illegal act, which may involve actions such as tax avoidance or false accounting. In a simple meaning, money laundering refers to illegal or dirty money is put through cycle of transactions or cleanse, so that it comes out the other end as legal or clean money. This paper discusses the international money laundering laws such as the Vienna Convention, FATF and the Palermo Convention as well as UAE legal system (Anti-Money Laundering Act). Based on these facts, the paper infers that money laundering is a serious problem in new era and the laws against money laundering are not completely effective because the biggest problem arise with regard to enforcement. Finally, this paper presents some recommendations that important in the fighting against Money Laundering.

Index Terms—Illegal activities, money laundering, organized crime and tax haven.

Ahmad Aqeil Mohamad Al-Zaqibh is with Salman Bin Abdulaziz University (e-mail: ahmadalzaqibah@yahoo.com).

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Cite:Ahmad Aqeil Mohamad Al-Zaqibh, "International Laws on Money Laundering," International Journal of Social Science and Humanity vol. 3, no. 1, pp. 43-47, 2013.

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