Money laundering operations and ways of confronting them through the banking system

Abstract

The purpose of this article to identify the hidden economy and money laundering operations and expose the backgrounds, social and banking them, and clarify the relationship between them. Also clarifying the position of the banking system from money laundering practices through the procedures followed, Furthermore to address the size of this issue and the methods used in laundering the money, since money laundering is a phenomena that all world states suffer from because of its negative impacts on social, economic and political aspects in any state. The spread of such phenomena can be attributed to various reasons that may be subjective of procedural, among them the fail of national legislation or the absence of cooperation between the concerned. Due to the impact of such phenomena international, regional and local efforts were exerted to fight this phenomena through international agreements, Purpose to achieve the objectives of the research has been formulated a main hypothesis as follows: The procedures followed and the laws in force in the field of money laundering are still limited to reviewing this phenomenon and besieging and addressing it. The study will employ the analytical method to test its hypotheses. It will be divided into three chapters in its theoretical and practical aspects, money laundering operations and ways of confronting them through the banking system. The first chapter deals with the theoretical framework of the study, which includes three subjects. Money laundering, the second chapter includes the role of the banking system in the face of money laundering, and the third was devoted to presenting the practical side of the role of the banking system in the face of money laundering. The practical side has collected the required liabilities from within the banking system in the province. Finally, conclusions and proposals for the study were reached. It concoded to us Money laundering is an integral part of the hidden economy and appears in the illegal part of it, as it hides the sources of illicit funds and turns them into legitimate sources. And the hidden economy, and without these operations, money would not be able to return to the apparent economy.