PREVENTION AND REGULATION OF MONEY LAUNDERING: A LEGAL QUAGMIRE

Indeed, money laundering is a global issue that poses a significant threat to the fiscal and political security of member countries worldwide. While money laundering is a worldwide problem, it has become increasingly clear that developing nations are particularly susceptible to it in recent years. Different countries, including India, have taken the initiative to curb this global menace, but have their actions yielded substantial gains? This assessment aims to evaluate the specific impact and contours of money laundering with its attendant nuances in fiscal regulation and accountability across the board. The objective of this paper is to examine the phenomenon of money laundering and its impact on fiscal and political development in developing nations compared to those in the developed world, as well as the regulations that have been established in this context. In developing this paper, primary sources were used extensively, and secondary sources were cited when appropriate to enable this research work. The study adopts an analytical approach to assess real-time achievements through regulatory wherewithal existing in selected countries, basing its findings on data gathered therefrom, where money laundering has been effectively addressed, paving the way for a global effort to curb this phenomenon.