Here's an interesting read about Money Laundering.http://www.capitalismsachillesheel.com/case_studies.html
I got to know about this book through Business World. Raymond W.Baker has a long career in international business and he is also a scholar at the Brookings Institution and a senior fellow at the Center for International Policy in Washington DC. He often testifies before the US congress on the parallel economy. If you are wondering as to what the parallel economy is, it is nothing but in simple terms the black economy.
Raymond Baker has written a book on how black money acts as the single biggest anomaly in the functioning of the free market economies around the world. He has also presented interesting case studies on Venezuela, Belarus, Kazakhstan and Algeria.
I recently saw this movie "The Last King of Scotland" where Idi Amin tries to have a complete control of Uganda and in the process performs many atrocities. I was surprised to know that it happened in the recent past sometime during the 1970s but after reading the case studies I'm shocked to see that many such atrocities still happen around the world.
It's sad to know that despite having all the policies in place with respect to AML, both the developed countries and the developing nations continue to not act on the same for their own benefits. Ultimately illegality, poverty and distorted philosophy exist in a continuum and it is these short comings that reveal capitalism’s Achilles heel (vulnerable point).
If there is political will then all of these can be completely curtailed. We need to have sensible steps with utmost commitment to share good fortune to close the gaps between the rich and the poor. As we all know that there are many contradictions between fresh thinking emerging from schools of philosophy and justifications for the status quo in the free market’s supporting canons. We may have to revise these so that capitalism can extend its opportunities and benefits to the whole of humankind. These are some of the suggestions given by Raymond Baker.
Do you know that 50% of our economy is driven by black economy? It's shocking but that's the fact. Though we have the Right to Information Act, such reports are never revealed for the reasons such as black ecomony helps run the political parties during elections.
Do you know that 50% of our economy is driven by black economy? It's shocking but that's the fact. Though we have the Right to Information Act, such reports are never revealed for the reasons such as black economy helps run the political parties during elections. Eventually we pay more taxes and the poor suffer due to inflation.