AML- Anti Money Laundering and the steps to control money laundering-an Indian perspective

By Mr. Saroj Kumar Acharya Asst. Professor, Trident Academy of Technology, Bhubaneswar Email: asarojkumar@gmail.com Mobile: +919337621574 Address: S-3/854,Niladri Vihar, PO-Sailashree Vihar, Bhubaneswar, Dist-Khurda,State-Odisha, Pin-751021

Abstract
The paper highlights different aspects of Money Laundering and various steps taken to control it. How the banks can protect their interests for being excessively used in money laundering estimated to be one trillion annually worldwide, threatening their survival. It would also discuss how criminals, politicians, bureaucrats, Industry, real estate builders, bankers, lawyers, accountants, auditors and others are involved in money laundering. The policy prescriptions have also been discussed in this paper. It is estimated that the size of money laundering worldwide through the banking sector, is more than US$ 500 billion to One trillion annually. A recent estimate has projected that worldwide moneylaundering not only economically destabilizes a country but also exposes it to terrorist attacks, threatening its integrity and sovereignty. It conceals the huge, illegal profits generated by unscrupulous, organized criminal groups in various fields of crime. The culture of these groups is "criminogenic and are regulatory resistant. The speed and case of modern electronic finance have contributed a lot to the growth of this crime. Given the staggering volume of this crime, broad international cooperation between law

enforcement and regulatory agencies is essential in order to identify the source of illegal proceeds, trace the fund to specific criminal activities and confiscate criminal's financial assets.

Key Words: Money Laundering, Banking Sector, Regulations,