ABSTRACT
Money laundering requires the disguise of the criminal and illegal nature of that property. Although the focus of the Vienna Convention was to criminalize the laundering of the proceeds of drug related crime both governments and law enforcement agencies have recognized the need to fight all forms of money laundering, particularly proceeds of organized. Money Laundering is also likely to have other negative financial and economic impact. Money launderers are only concerned with cleansing the proceeds of criminal activity to ensure that the proceeds of crime appear to have a legitimate source. Money laundering damages the social and economic basis of society. The Council of Europe took the first systematic steps to focus on the international problem of money laundering. The Money Laundering Regulations 2003 cover internal controls and communications; identification procedures; recognition of suspicious transactions and reporting procedures; training of employees; and record keeping.
