Cases of Money Laundering
Between the years of 1994 and 2001, more than eighteen thousand people in the United States had gone before the federal court system on charges of money laundering. This information was in a report filed by the U.S. Department of Justice in a statement that was then turned over to the Assoc. of the Chiefs of Police. Just about half were charged with the money laundering being the most serious crime, while the rest were charge with offenses equally or more serious such as drug trafficking or dealing, terrorist financing, or extortion and corruption. Almost eighty six percent of those charged were found guilty and therefore convicted. That was almost ten years ago, and the conviction rate was that high.
In today’s world it is getting even more difficult for criminals to get away with this form of corruption, as the agencies investigated such crimes are growing in numbers and sophistication. As well as the fact that many of the banks of the world are becoming more savvy on their own in the ways of uncovering any kind of suspicious activity. They are themselves, cooperating and coordinating with authorities. When a case of money laundering is detected it is not only the criminal that goes under investigation but the financial institution as well. And when the reputation of a bank, or any company for matter, comes into question the result is that they suffer.
People and other institutions do not want their names nor their company name to be associated with one that has been convicted of any form of corruption. It is for this reason that banks will fill out suspicious activity reports, practice the concepts of due diligence and know your customer, and make these reports available to the authorities leading the investigations. It is evident as to just what corruption will do to a bank’s business, as well as to the country it is located in, in the current corruption cases involving the Bank of Tanzania are being uncovered. Not only have foreign investors removed their business from the bank, but from the rest of the economy as well. This is not good for the innocent citizens of Tanzania.
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