What are the Negative Impacts of Money Laundering?

[Suba]

Money laundering is the process of changing illegal money or proceeds of crime so that it appears to be legal money. The purpose of money laundering is to disguise the traces of illegal money so that it will be difficult for legal and financial authorities to detect.
Basically, the money laundering process will go through several stages such as placement, layering, and integration.

 

[Starmix]

It mostly happen in the politics. There are cases in the Philippines politicians doing this illegal act and they were sent to jail after having been convicted. It's the picture of a society with crocs and greedy humans.

 

[King Belieal]

Money laundering destroys the economy because funds that could have been used for development are stashed idle in another man's country.

 

[Fidelia]

Most funds that are taken out of the country in hiding are illegal funds either gotten by crime or looting of the government funds. It stops economic growth in a country

 

[Springtime]

Money laundering may increase crime rate. By providing financial resources for criminal activities, money laundering fuels crime, including drug trafficking, terrorism, and human trafficking. Money laundering may also foster corruption in government institutions

 

[Kross]

Money laundering would always develop another country's economy to the detriment of the economy of the home country.

 

[magnus2022]

Money laundering have widespread effect on the country and the economy because funds that suppose to benefit the masses is stock away in foreign account. Now, the money will be used to develop another country while the masses will be suffering. In fact, money laundering should be a criminal that suppose to have death sentence as punishment.

 

[Fidelia]

Money laundering would make the country to be in poverty without any tangible developments that can be pointed at in the country.

 

[Starmix]

Money laundering may increase crime rate. By providing financial resources for criminal activities, money laundering fuels crime, including drug trafficking, terrorism, and human trafficking. Money laundering may also foster corruption in government institutions

That's correct, money laundering fuels the rate of crimes. The culprit has sufficient money to order an assassination because he can pay even millions. It mostly happens in the government who access to treasury.

 

[eLdavis]

Money laundering has a negative effect in the economy and country as a whole. It could lead to poor economic development.

 

[Augusta]

Money laundering is bad for an economy as huge funds that could have been used for development of the country are stashed away