Tuesday, August 5, 2008

$1 Trillion Laundered Every Year in India

The Economic Times reports that an audit reported conducted by KPMG shows that over $1 trillion is being laundered every year in India through illegal means which include narcotics trafficking, illegal trade in endangered wildlife, smuggling, corruption, tax evasion, and trade in illegal gems.

A major change for banking, finance, and insurance in the future would be preventing money laundering from occurring. The KPMG reports suggests that India will have to focus primarily on improving its current AML policies and procedures, and its AML controls to reduce illegal money transfers. India has already succumbed to the pressure coming from the United States by joining the Financial Action Task Force, but is this enough?

Share this article with your social network, just click below to share now!

No comments: