Abu Baker Murshed Al-Zuhairi, professor of public law in the Faculty of Law at Sana'a University, discussed the hazards of money
laundering on the national economy.
Money
laundering has been defined as the "transferring (of) illegally obtained money or investments through an outside party to conceal the true source".
These are statutory checks and balances provided in Prevention of Money
Laundering Act, 2002."
A Joint Investigation Team JIT formed to probe into the mega money
laundering scam submitted its report in the Supreme Court.
The two institutions, according to Mr Molefhi, had also adopted parallel investigation approach, wherein all cases in, which predicate offences were investigated were also subjected to money
laundering investigation.
He said money
laundering and the financing of terrorism are complex offences, so an investigation has to be launched, but they are often intricately intertwined with many other offences, and this leads to confusion.
The Finance Minister said the day's meeting highlighted on a specific area which was to prevent money
laundering and terrorism financing.
"The latter might endanger the morals of an individual, the former invariably endangers the morals of the entire country." Kenyan security agencies recently commenced investigations into a suspected complex and intricate money
laundering web after busting a cache of "fake" $20 million banknotes in a secure vault in a leading bank in Nairobi.
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Aquino said that laundered money comes from the trafficking of illegal drugs and also finances terrorism, while banks and other entities have become conduits of
laundering drug money.
The Philippine Drug Enforcement Agency (PDEA) and the Anti-Money
Laundering Council (AMLC) have tightened the lid on the financial transactions of suspected drug lords, and even terrorists, with the signing of a memorandum of agreement (MOA) on Tuesday that seeks to stop the
laundering of money from the illegal-drugs business.
The largest part of this money passed through the Estonian branch of Danske Bank, Denmark's biggest bank, which is in the spotlight for having allowed around 9.5 million payments from high-risk customers, including as part of other money
laundering schemes such as the Azerbaijani Laundromat.
