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In these countries, the macroeconomic consequences of money-laundering are communicated through several channels. For example, money laundering makes it more difficult to formulate economic policies. It is assumed that proceeds of crime are laundered using banknotes and coins in circulation of money substitutes. In 1989, the Group of Seven (G-7) formed an international committee called the Financial Action Task Force (FATF) to combat money laundering at the international level. In the early 2000s, its mandate was extended to include the fight against the financing of terrorism. Money launderers are constantly looking for new ways to launder their funds. Economies with growing or developing financial centres but inadequate controls are particularly vulnerable as established countries implement comprehensive anti-money laundering regulations. Money laundering leads to disproportionate variations in relative asset prices, which means that resources are allocated inefficiently; and can therefore have a negative impact on economic growth, apparently money laundering is associated with lower economic growth. Anti-money laundering regulations are designed to protect the UK`s financial system and prevent and detect crime. When a company falls under these regulations, controls are put in place to prevent it from being used for money laundering purposes.

The Travel Act (18 U.S.C. Section 1952) made it illegal to travel with the intent to distribute the proceeds of a particular list of offences or to promote or commit such offences. A conviction for such misconduct is punishable by up to five years in prison. Extensive money laundering schemes all contain cross-border elements. Since money-laundering is an international problem, international cooperation is a crucial necessity in the fight against money-laundering. A number of initiatives have been launched to address the problem at the international level. Money laundering is a serious financial crime used by white-collar criminals and street criminals. Most financial companies have anti-money laundering (AML) policies in place to detect and prevent these activities. This is in line with the oft-quoted estimate of the International Monetary Fund, which stated in 1998 that the total size of global money-laundering could be between two and five per cent of global GDP. Using 1998 statistics, these percentages would show that money laundering ranged from $590 trillion to $1.5 trillion. At that time, the lower figure was roughly equivalent to the total output of an economy the size of Spain.

The term «money laundering» is not used as such within the CDSA. Part VI of the CDSA criminalizes the laundering of proceeds of criminal conduct and drug prosecution through the following offences: When criminal funds are derived from robbery, extortion, embezzlement or fraud, a money laundering investigation is often the only way to locate the stolen funds and return them to victims. Many jurisdictions have sophisticated financial and other monitoring systems in place to enable law enforcement agencies to detect suspicious transactions or activities, and many have entered into international cooperation agreements to assist each other in these efforts. The United Nations Office on Drugs and Crime (UNODC) estimates that the amount of money laundered worldwide in one year is «2 to 5% of global GDP, or $800 trillion to $2 trillion in current US dollars». [2] In 1991, the Proceeds of Crime (Money Laundering) Act was enacted in Canada to give effect to the FATF`s previous forty recommendations by establishing record-keeping and client identification requirements in the financial sector to facilitate the investigation and prosecution of money laundering offences under the Criminal Code and the Controlled Drugs and Substances Act.