Money laundering is an attempt to conceal or disguise the money generated by a crimes, prostitution, trafficking in drugs, corruption, smuggling, fraud, forgery, gambling, and others.
The proceeds of crime are tried to be kept in financial institutions (including banks) and in a certain way the origin of the money withheld. Henceforth, the money is used again to fund other criminal acts, and washed again, and so on.
Suspicious Transactions.
In the case of money laundering, known presence of suspicious financial transactions or Suspicious transaction Report (STR). Basically that meant by the term " suspicious transactions " or STR is a transaction that aberrant or unnatural, and not always associated with a particular criminal act. Suspicious Transactions do not have the characteristics of a standard, because it is influenced by the variation and development of existing financial systems.
Nevertheless, there are general characteristics of suspicious transactions can be used as a reference, as follows:
* Not in accordance with reasonable commercial purposes.
* Using cash in a number of very large and / or performed repeatedly out of the ordinary.
* Customer activity outside the customs and fairness.
Under the Law on Money Laundering, Suspicious Transactions in principle consists of three elements, namely:
* Transactions that deviate from the profile, characteristics and habits of the customer transaction.
* Transactions that are reasonably suspected to be carried out in order to avoid the mandatory reporting of Providers of Financial Services (PFS).
* Financial transactions with funds allegedly derived from the proceeds of crime.
Some indicators of suspicious transactions is as follows:
1. Transactions Transfer of funds:
a. Transfer funds to and from offshore financial centers are at high risk without a clear business reason.
b. Receipt / delivery of funds in several stages with a significant difference between the amount of revenue the first with the next reception.
c. Receipt / payment of funds in import export activity that is not accompanied by a complete document.
d. Transfer of funds from or to countries that are categorized as high risk.
e. Transfer of funds from or to parties that are categorized as high risk.
f. Receipt / payment of funds by using more than 1 (one) account in the name of the same or different names.
2. Customer opens an account just for short term only.
* Off-shore company located in tax havens or countries with strict bank secrecy in the application.
* Cash-based businesses.
* Social organization.
* Cyber company.
3. Countries / territories.
In identifying a suspicious transactions, to consider sending state funds, state grant recipients, and the customer's country of origin. This is necessary because if the funds came from or sent to the country known as the possible presence of drug manufacturers association funds by selling drugs.
Countries / territories that need attention are the states / territories are classified as high risk, such as:
1. The area offshore financial center.
2. Tax haven countries / territories.
3. Countries that are known as drug manufacturers.
4. Non-Cooperative Countries and Territories accordance with the determination of the FATF (Financial Action Task Force on Money Laundering).
Effect of Money Laundering.
As a result of money laundering, crime will increase, which in turn would endanger public security so that social costs issued by the government to combat crime will also increase.
In addition, money laundering activities can affect the economy, because there is the possibility of a sudden the money is withdrawn from the country's financial system in large quantities which will affect the stability of the currency and interest rates.( Let's To The Bank )
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