India: The Misuse and Abuse of Legal Provisions in Money Laundering

Abstract

Billions of dollars of black money moves through the world's financial institutions as part of a confluence of grey money, as bankers call it. Most of this is profits generated from criminal enterprises — organised crime, economic crime, drug trafficking and terrorism. This dubious laundered cash, amounts to an estimated $1trn or more each year. According to British Intelligence estimates, some $500bn may have been laundered world‐wide last year. Half of that may perhaps have come from the illegal trade in drugs, the rest from other forms of organised crime and terrorism.

Citation

Kumar, B.V. (1997), "India: The Misuse and Abuse of Legal Provisions in Money Laundering", Journal of Money Laundering Control, Vol. 1 No. 2, pp. 194-198. https://doi.org/10.1108/eb027139