HUMAN TRAFFICKING LINKAGE WITH MONEY LAUNDRING AND TERROR FINANCING Exploitation of weaker human beings by a stronger human being for profit purpose is the most heinous crime against humanity. It is in existence in the world since the time of ancient Greek & Romans to Portuguese, Spanish, Englishman & Arabs in medieval time. Human trafficking is a crime against a person because of violation of the victim's human rights as per international convention. Human Trafficking is a low risk high profit industry generating billions illicit profits every year. Human trafficking broadly means the trade of human beings, most commonly for the purpose of forced labour, sexual slavery or commercial sexual exploitation for the trafficker or others. It encompass the recruitment, transport, transfer, holding a person by threat, force, abduction, coercion, deception or fraud for exploitation for the purposes stated before. Accordingly, the process involves, action, means a...
Dear friends, Lets understand who are benefecial owners in an account . The menace of Money laundering is showing dangerous proportion and its magnitude in India was to the tune of 95 billion dollars in the year 2012-13. In recent past, incidents of laundering huge amount of money by remitting foreign currency for purported Import of goods under Liberalized Remittance Schemes of the RBI through newly opened accounts have come to the notice at several Banks. Deficiencies in observance of FEMA Guidelines, proper follow up of remittance and desired due diligence in respect of the accounts used for remittance has resulted to this undesirable situation. As most of the accounts used in these cases of Money laundering are accounts opened in the name of Proprietorship, Partnership or Private Ltd. Companies, the enhanced due diligence (EDD) on beneficial owners of account was a requisite . As these accounts are perceived as “High Risk” accounts, FATF, FIU-IND and RBI have desired tha...