Way forward
- Make common people more aware about the problem– The poor and illiterate people.
- Fulfilling the purpose of KYC Norms by doing proper KYC.
- Promote cashless digital transaction
- Enforcing new technologies in criminal finance networks.
- Enacting Data Protection Laws, hiring ‘’White Caps’’ and enabling web audits of money transfer by banks.
- Financial institutions must be compelled to report suspicious transactions, as such reporting increase the probability that law enforcement officers will detect money laundering operations.
- Financial institutions should train employees to spot potentially suspicious activity.
- If bank employees are able to identify the characteristics of money laundering transactions, they will detect more transactions.
- Financial institutions should be required to obtain substantial information about their clients in order to ensure that they are engaged in legitimate business activity. Such a system would allow banks to discover suspicious transactions with greater ease.
Conclusion
The evolving threats of money laundering supported by the emerging technologies need to be addressed with the equally advanced Anti-Money Laundering mechanisms like big data and artificial intelligence. Both international and domestic stakeholders need to come together by strengthening data sharing mechanisms amongst them to effectively eliminate the problem of money laundering
