Introducing illegally obtained funds into the stream of legitimate commerce and finance allows criminals to profit from their illegal activity, undermines the financial system, and erodes public trust.
1. Supports criminal activity
When criminals profit from illegal activities, they can invest more money into the black-market economy and enable more crimes to be committed.
As we will find out later in this course, some but not all terrorist activities can be financed by laundered money and this is referred to as terrorism financing.
2. Undermines the financial system
Money laundering undermines the credibility and public confidence of financial institutions, creating further risk and concerns to the general public.
3. Erodes public trust
Illegal activities such as money laundering erodes public trust. It also decreases government revenue and weakens government control over the economy.
Find out how you can access online learning on anti-money laundering and counter terrorism financing now.
Sentrient provide an online AML and CTF course that enables a Reporting Entity to deliver robust training for its staff that has been legally endorsed and covers legislation for all states and territories in Australia.
For more information contact us on 1300 040 589 or visit our website at www.sentrient.com.au today.
- 4 Ways to Identify Potential Money Laundering Activity?
- 7 Ways to Identify Potential Terrorism Financing Activity?
- The 3 Stages of The Terrorism Financing Cycle Explained
- The 3 Stages of The Money Laundering Process Explained
- The 6 Ways That Money Is Laundered
- The 6 Ways That Terrorism Is Financed
- 4 Biggest Impacts of Terrorism Financing