UNVEILING THE VEIL: UNDERSTANDING MONEY LAUNDERING AND ITS IMPACT ON ORDINARY INDIVIDUALS
DOI:
https://doi.org/10.55829/ijmpr.v2i2.146Keywords:
Money mulling money laundering, Laws, frauds, protectionAbstract
Money laundering refers to the illegal process of disguising the origins of money obtained through criminal activities, and one common method used is known as "money muling." A money mule is an individual who receives money into their bank account from a third party, and then transfers it to another person in cash or other currencies, in exchange for a commission. Money mules operate covertly, concealing their identities as funds are transferred globally. Unfortunately, ordinary individuals can fall victim to scams and lose their hard-earned money through this process. India is also witnessing a rise in money laundering cases, and the Government of India has taken measures to combat this issue. This paper explores the various techniques employed in money laundering, including the use of technology. It also highlights early warning signs to recognize and steps to protect oneself from being unwittingly involved in such illegal activities.
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