ms. Laundering money has become a very sophisticated operation over the years. Because of these complex schemes it is becoming harder for law enforcement to discover money laundering activities. The only groups that can help law enforcement find these schemes easier are banks. According to the Comptroller of the Currency Administrator of National Banks (http://www.occ.treas.gov) following is a list of situations that banks should look for:Beware of activity not consistent with the customers business.Beware of unusual characteristics of activities.Beware of attempts to avoid reporting or record keeping requirements.Beware of certain funds transfer activities.Beware of a customer who provides insufficient or suspicious information.Beware of certain bank employees.Beware of changes in bank transactions.Transactions such as these mentioned above may warrant sufficient attention. Just because a transaction appears on the list does not mean that it is laundering. These transactions are only attention gainers. According to the Third World Quarterly (Hampton, June 1999), since money laundering has become a global situation in the past few years, the United Nations have developed a list of ten laws of money laundering. These ten laws are as follows:1.The more successful a money laundering apparatus is in imitating the patterns and behavior of legitimate transactions, the less likelihood of it being exposed.2.The more deeply embedded illegal activities are within the legal economy, the less their institutional and functional separation, the more difficult it is to detect money laundering.3.The lower the ratio of illegal to legal financial flows through any given business institution, the more difficult it is in the detection of money laundering.4.The higher the ratio of services to physical goods production in any economy, the more easily money laundering can be conducted in that economy.5.The more the business structure of production and distrib...
