Forex and its strong relationship to money
Forex is the blackout stage that money launderers do, and they start separating the money to be done
- By laundering it from illegal Forex, by carrying out a set of complex banking operations that take the pattern of legitimate banking operations, the purpose of this is to make the process of tracing money of those illegal funds difficult.
- The most important thing they do in this Forex is to repeat the Forex transfer of funds, and transfer money from one bank to another, especially for banks that follow strict rules regarding the confidentiality of deposits, which are called safe banking havens.
- Where these funds are legitimized, so it is called the Forex stage, and at this stage the laundered funds are integrated into the economic cycle and the banking system, so that they are the proceeds of commercial transactions, such as Forex companies, artificial loans, and fake invoices in import and export, and it is difficult to distinguish At this point between legal and illegal money
Except by doing Forex research work, and planting informants among gang members that do money laundering. Reasons for doing money laundering Increase profits: This is by investing illegal money in various Forex trading.
hide Forex :
In order to avoid the Forex holding of funds by the authorities. Avoid Prosecution: To keep criminals away from legal accountability for illicit funds. Tax avoidance: To avoid paying taxes that will be levied on profits. Legalization of the Forex: to be of a legal nature when undertaking projects, business. Effect of money laundering on the economy of a particular country Such illegal operations affect the economy of the country in which they take place
- As the Forex value of the local currency deteriorates as a result of increased liquidity, this results in increased demand, and thus the inflation rate increases, and prices rise.
Money laundering Money laundering is also known as money laundering, and it is one of the concepts of one of the types of crimes that have emerged as a result economic and political decision makers were interested in following up. These concepts have been classified into two categories, namely, legislative concepts and doctrinal concepts.
The concept of money laundering, the legal concept
- The jurisprudential concept of the crime of Forex laundering was divided into a set of reasons, which are:
Subject: Money laundering is an art that employs all legitimate and legal methods and tools, such as: international financial institutions, and banks that accept transfers and financial deposits of funds obtained from a criminal basis; So as to provide full protection for these funds. Purpose:
- Forex funds seeks to spread money contaminated with crimes, such as: arms and drug trade, and thefts within many areas of investment and economic business and its activities locally and internationally; Which contributes to obtaining the money in a legal and legitimate capacity, and helps it get rid of the contaminated Forex. Nature:
- Money laundering is a crime negotiable between regions and countries. It is also classified as an accessory crime. That is, there is no per-existing predicate offense. A group of Forex has defined the crime of money laundering, including:
Ronald Cleaver’s definition: is the use of money in some way; In order to conceal the nature of its source. Definition of James Beasley: It is a group of illegal activities that seek to disguise and conceal the nature of money resulting from the commission of an organized crime. Forex Concept
French Forex Concept:
False justification in an easy way resulting from a misdemeanor or felony, which achieves an indirect or direct benefit. The concept of Egyptian legislation: behavior that involves the possession, acquisition, disposal, management, exchange, deposit, Forex, transfer or transfer of funds earned from a crime; To conceal their nature, location or source, or to disable access to the person or persons who committed the crime that led to the Forex on these funds. The concept of the United Nations Convention: Disguising the truth about money, its movement, its source, its rights, or its ownership, with information indicating that its source is from a specific crime.
Council of Europe Agreement:
It is an agreement concluded by the Forex Council, in which it was keen to combat all tools and means related to money laundering, with the commitment of all member states to criminalize money laundering. History of money laundering Money laundering is a well-known crime since antiquity. The first Forex crime was committed using modern tools.
Through a Polish criminal, who was exporting illegal money outside America, and then depositing it in Swiss banks by relying on fake loans, the term money laundering appeared for the first time in the United States when the Watergate scandal associated with the re-election of President Nixon; The committee supervising the Forex operation collected a quantity of donation money allocated for this operation, and then used it to carry out money laundering activities.