Money Laundering-A Negative Impact on Economy

Ihsan, Iqra; Razi, Amir
September 2012
Global Journal of Management & Business Research;2012, Vol. 12 Issue 17, p47
Academic Journal
This menace needs thorough probing whereby national money is remitted abroad thus depriving national exchequer for meeting its people's lawful needs. These unlawful acts of Heads of State, Government and high functionaries including agencies leave the country's economy in dilapidated conditions. This money is snatched through kick-backs and unfair means which we may discuss later on. This issue is not only that of Pakistan rather it is faced by most of the third world countries. This needs eradication on national as well as on international level. Civil society, judiciary, print and electronic media can play pivotal role for money laundering stoppage. This study is about the awareness of money laundering by businessmen; salary persons include government employees, lawyers, MNA's, inspectors. This cross sectional study was conducted from March 2012 to May 2012. A group of 51 persons took part in this study through a predesigned questionnaire which consists of five parts to meet the objectives, awareness, affects, laws, re-use of money laundering and corrective actions and we conclude that money laundering, an evil, can be eradicated through strict laws, government will to prevent, banking control with international help for the return of laundered money to its native country.


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