Money laundering and economic effects Essay Example | Topics and Well Written Essays - 750 words

Money laundering and economic effects - Essay Example A case in point is the example of the measures put in place by the Basel Committee on Regulation and Supervisory. In this case, therefore, it becomes extremely easy for banks to have a clear check on their dealings with its counterparts and come up with appropriate solutions in cases where they detect secreted dealings. Secondly, it would be of use to regulate the manner in which organizations run their activities, so as to normalize efficiency. If the management is alert and constantly report on any forms of suspicious dealings, the entire organization will be better placed to deal with the implications of the money laundering. This will be applicable in the case of fraud such as in the instances of procurement, accounts, employment qualifications, investments amongst others. If this is applied in all organizations, a lot of money that would have landed in the hands of a few people will be saved from losses, or landing in the hands of the wrong people. The management must always be alert in the quest to make timely recognition on the crimes that might be related to crimes in the organizations and make appropriate decisions that focus on the minimizing chances of adverse effects on the economy. On another point of view, it is vital that all organizations are up to date with the novel technologies that are taking place in the globe today (Gup, 2007). This is related to putting in place rules and regulations that will change the tactics that will lead to adjusting to modern forms of money laundering. Consequently, organizations will be in a better position to adjust to the changing needs of the business related environment (Hinterseer, 2002). This is appropriate in the case of organized crimes that relate to money laundering in the society. With up to date technologies, organized crimes will be detected early enough; thus, prevent an occurrence of a crime that would be lead to terrorist activities in the globe. Conclusively, money