THE LAUNDERING BUSINESS

THE LAUNDERING BUSINESS

 The term  “money laundering’’ describes the process by which criminals disguise the original ownership and try to get away with their illegal sources. In a country like India which is filled with corruption, money laundering is a very common business. From politicians, celebrities, cricketers to religious priests everyone has mastered the art of money laundering.

      There are three basic steps which are involved in this process:

1  1)    Placement -It involves the introducing of cash into financial systems.

    2)    Layering –This means carrying out complex financial transactions to camouflage the illegal sources.

   3)    Integrating-This focuses on acquiring the wealth generated from the transactions of illicit funds.

According to the Government of India, the transfer, conversion, disposition, movement, either directly or indirectly of illegal money is considered to be a criminal offence, which is legally punishable. Other sources of money laundering are tax evasion,  evading of international sanctions , terrorism financing . extortion ,insider trading , drug trafficking and gambling .The Parliament of India in the year 2002 introduced the Prevention of Money Laundering Act, which focuses on preventing and punishing this business. In 2013 India was ranked in the 70^th position in this regard.

  

Many regulatory and governmental authorities issue estimates each year for the amount of money laundered, either worldwide or within their national economy. In 1996, the International Monetary Fund estimated that two to five percent of the worldwide global economy involved laundered money. The Financial Action Task Force on Money Laundering (FATF), an intergovernmental body set up to combat money laundering, stated, "Overall, it is absolutely impossible to produce a reliable estimate of the amount of money laundered and therefore the FATF does not publish any figures in this regard.

According to the law, the punishment for money laundering can vary from fine, imprisonment from a period of 3 to 7 years to confiscation of property and money to a period of 180 days. The case is first lodged in a High Court, which is then after enquiry forwarded to the Supreme Court, it is here where the decision about what should be done is made; but without substantial amount of proof nothing can be done.

Many regulatory  and government authorities estimate each year the amount of money laundered either worldwide or within their national economy .In 1996 the International Monetary Fund estimated two to five percent of the worldwide global economy involved laundered money . In a country like India it is impossible to completely eradicate the concept of money laundering but with honest workers and the proper government control along with the support of media is sure to reduced the impact in an substantial way.

ASIT Education Learning Bangalore

                      

                                                                                                           

KNOW THE TASTE OF TEAM WORK AND TEAM SPIRIT 

No man is an island. Everyone needs the help of somebody at one stage or the other. For building a team spirit in a company, everyone should start feeling that they are the part of a team. Team members should gel with each other in such a way that there is no more ‘ me, myself ’. Only ‘ we, ourself ’ should be there. Team members should stand together. Do not encourage splits or selfishness anywhere within the team. Selfishness sends negative vibrations within the organization.

The happiness of a home or organization depends upon the team spirit of its members. Even the most individualized profession in this world needs the help and cooperation of someone or the other. Every member of the team should think that their job is just a part of the team work. None should build boundaries within a team. They should think and act for the team as a whole

A company’s culture also contributes to the teamwork and team spirit. Firms that encourage open, honest communication and fosters healthy interaction with its employees can expect their employee’s cooperation and teamwork.

If the communication of the company is open and transparent, the communication of the employees will also be transparent.

Team spirit also depends upon the characters of the individuals. In a team, when some people want to be lonely players while others want to play in groups. However the not-so-good character of one individual can affect the spirit of the team. So, while hiring the company should see to it that the candidates have the traits teamwork.

A  Good team is one in which every member thinks that it is his or her job to pitch in and play his/ her role play to contribute to the overall success of the team. Teams are not born. They are built.

A company should hire people who fit into the team culture of the company. A company can assess the applicant’s parameters and traits through its interviews and pre employment assessments.

Every employee should be aware of the company’s goals and plans. Employees should be part  the strategic planning process. This motivates them and make them work towards reaching the goals.

Keep the communication channels open. Open communication between the team members and the management is important. Suggestions and ideas from the team members should also be valued for achieving the goals of the team.

The integrity and oneness of the team should be protected. Any conflict between the team members should be solved as soon as possible.

We can expect the team member’s best performances only when their individual contributions to the team are recognized and appreciated.

Give your teammates  good pep talk everyday. Always tell them that they can do it. This will do wonders.

Encourage your team mate’s now and then for their best performances. If someone messes up also, tell them it’s okay.

Give everyone an opportunity to do something, even if they always mess up.

Learn the skill of complimenting each teammate. And let them they are doing a good job.

Try to brighten the spirit, if someone is feeling down.

Be in a team always. Unity is strength.

Teamwork makes the dream work.

Team work. .... Divides the task and Multiplies the success     

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