• Money Laundering Laws. and their effects on Individual's Privacy

Lambert Academic Publishing
Publication date:

(In 2003 i got my LL.B degree from University of Peshawar (Pakistan), then in December 2003 I got license to practice as an Advocate Lower Courts. In 2006 I got a license to practice as an Advocate High Court. In 2010 I got LL.M degree from University of Leicester (UK) in Commercial Law.)


This essay discussed the definition of money laundering, why money laundering is seen as problem, how the money is laundered, reasons for tackling money laundering, effects of money laundering, measures taken by international community, evolution of money laundering control, UN convention of 1988, FATF and effects of FATF on privacy and Britain’s response to money laundering. The problem of money laundering arises few decades back. It is very complicated and lethal crime. It is changing its ways on daily basis. This is one of the main reasons that till now the experts couldn’t give compact definition to this crime. Absence of compact definition is forcing the law enforcers to remain vigilant. For this purpose the duty of reporting the crime of money laundering is imposed on bank, financial intuitions and many other people from different independent professions. In case of failure the penalties for banks and financial institutions are very harsh. The nature of this crime has forced the countries to make very strict laws to combat money laundering crime. But these strict laws have some negative effects. The most important effect is on the privacy of people.

MATERIAS: Privacy, money laundering