Transnational Approaches on Money Laundering as an Organized Crime: Resolving Jurisdictional Conflicts and the Indian State Practice

Abstract

Money laundering refers to the conversion or "laundering" of money which is illegally obtained, so as to make it appear to originate from a legitimate source. Money laundering is being employed by launderer's worldwide to conceal criminal activity associated with it such as drugs/arms trafficking, terrorism, extortion and reason for various other heinous crimes. But in simple term, it is the conversion of black money into white money. The research inevitably to explain the paper to context that any instance of money laundering would have an angle of international degree, as money laundering typically involves transferring money through several countries in order to obscure its origin. Further the research has divided into four parts; first part deals with the jurisdictional issue arise during transnational money laundering. Second part deals with the intention of Parliament of India meant to target "proceeds of criminal conduct" then and now in the money laundering and its related offenses. Third part elaborates international development through different instruments and controlling mechanisms to deal with this problem and analyse the position of India in controlling money laundering. Fourth part discusses various problems and loopholes in implementation of anti-money laundering laws. Finally, the research concludes with few suggestions to have better anti-money laundering regime.