Why is Money Laundering Bad for Burma?
Money laundering is bad for every country. I went through many internet websites and found that one of millionaires in USA who becomes illegally a millionaire. He is a TV preacher and a politician. However, he never get a government position. He dealt with a dictator of Liberia, and had a diamond mine over there. Besides, he tried to avoid paying taxes. This unethical activities made him a millionaire. Why we tried to ignore this man, and tried to complain about Burma? We are the end user of drugs, Burma is not the end user of those drugs. If we have a strict law for money laundering and practice that law effectively, and then Burma might not have a place to sell those. Where shoud we start this complaint? The producer or the end user.
Interpol defines money laundering as Any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources.17 In other words, money laundering is criminal finance. The possible social and political costs of money laundering, if left unchecked or dealt with ineffectively, are serious. Apart from being an imminent threat to the nation-state,18 organized crime can infiltrate financial institutions, acquire control of large sectors of the economy through investment, or offer bribes to public officials and the government. Money laundering is bad for the Rule of Law19 and has negative macroeconomic consequences, such as inexplicable changes in money demand, prudential risks to bank soundness, contamination effects on legal financial transactions, and increased volatility of international capital flows and exchange rates due to unanticipated crossborder money transfers. The siphoning away of billions of dolla
