Explain the content and effect of the UK law relating to money Essay

Explain the content and effect of the UK lawfulness relating to property laundering - Essay ExampleThe existence estimate for the amount of money involved in money laundering is around US$ cholecalciferol billion to US$ 1.5 trillion. This is a huge amount of money by any calculation to the fiscal systems involved. The problem is grim and the dimensions be enormous and the steps taken to contain this problem are monumental. Added to this is the money got from other countries through corrupt dictators. Chamberlain (2002) describes this scenario and illustrates the difficulties involved in recovering assets that are the proceeds of grand rottenness by politicians and officials who have held high office in African countries. In these cases the corruption has reached the scale that the culprits train that their gains are put outside the jurisdiction of the victim country and laundered to disguise their origins. Clearly the problem is enormous. It is in any case clear that money l aundering extends far beyond hiding drug profits. In the UK this is evidenced in the legislation that has been enacted to counter this crime. For example, confiscation and money laundering provisions are contained in the Drug Trafficking Offences moment 1986 (DTOA), in the Criminal Justice Act 1988 and the Criminal Justice (International Co-operation) Act 1990. These provisions focus oddly on drug trafficking. 1UK laws pertaining to money launderingThese laws address the issues of money laundering and financing terrorist outfits. In the UK, and also in other countries, these twain have been recognized as very serious crimes. These two crimes greatly contribute to the globally ongoing unlawful activities of crimes that are organized by terrorist systems and other criminals (Dayanath, 2003 Johnson, 2003). The scopes of these activities are difficult to gauge and the magnitude is unknown in the UK, since these activities are very secretive and enigmatic. The UK Government, however, has recently make moves to strengthen its laws and improve their ability to investigate these crimes on a global scale. 2Two laws pertaining to cash Laundering were enacted in the UK in recent years since preventing money laundering and governing its legislation are relatively new concepts. With the 11/9 bombing that took place in New York these laws have rifle essential in containing these heinous crimes (Johnson, 2003). To put in very simple lay man terms, the UK law looks very strongly at those accused or even suspected of being involved in a money laundering racket. A person can be sentenced to 14 years in jail what is significant here is that there can be no remission on this sentence. one and only(a) cannot claim any kind of ignorance or coercion in this case and wherefore this cannot be interact as defence. Whether one likes it or not, if a person is aware that another person in an organization is guilty of money laundering of some sort, he or she is bound by law to di stinguish the same to the authorities. Salient features of the lawMoney laundering crimes are on the increase in the UK and hence these acts have come at the right juncture. It provides the general legal basis and framework