Money Laundering

Throughout history, America and other global economies have consistently battled for equality and fairness in their country. Many new legislations and laws have been implemented and added throughout the years to adapt to the new technological advances each market has encountered. Even so, the question of ethics has been raised weighing whether or not each new law meets the ethics in business and morality. One important obstacle that is still at the forefront of new legislation and posed for ethical evaluation is money laundering. Money laundering has survived the years through questions of morality and lawfulness by adapting to rigorous restraints and finding new ways to manifest itself in different segmentation forms of trade. Historically, money laundering in its international form began in the 1960’s (Delston & Walls, 2009).While money laundering has been made popular throughout the years because of American Mafia scandals; a vast amount of terrorists, religious sectors, and other criminals have been actively money laundering. Most of the money being laundered today originates from insider trading, fraud, embezzlement, drug trafficking, illegal arms sales, prostitution, people trafficking, bribery, corruption, tax evasion or misuse of public and private funds. Money laundering’s best definition is to process funds resulting in illegal or criminal activity (Canhoto, 2008). While throughout history a few insist that money laundering is not criminal, a strong majority have obviously ruled the latter because of the injustices done to people from the activities that transpire to earn the money being laundered. With the sole purpose for money laundering for avoiding paying taxes and hiding money obtained from criminal activity, the Financial Action Task Force (FAFT) was established in 1990 to “help countries combat money laundering and terrorist financing” giving special attention to “the role of financial institutions, and more recently, the physical

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