By: Anushka Satya
THE SCOURGE OF MONEY LAUNDERING AND THE URGENCY TO COMBAT
Post the interdependence of economies across the globe, with the seamless exchange of resources between sovereign borders, the menace of money laundering has become more pressing than ever. Statistics say that 2-5% of the global GDP, or US$ 800 billion – US$ 2 trillion is the estimated amount of money laundered globally in one year. To tackle this menace, the United Nations General Assembly in its Political Declaration in 1998 urged member nations to adopt legislation to mitigate money laundering.
India, which is no exception to this