Discuss how emerging technologies and globalisation contribute to money laundering. Elaborate measures to tackle the problem of money laundering both at national and international levels. (Answer in 150 words)

Money laundering conceals proceeds of crime by placing, layering and integrating illicit funds into the legitimate economy; digital connectivity has expanded both opportunity and detection tools.

Technology and globalisation

• Cryptocurrencies, mixers, online wallets, shell companies and trade misinvoicing obscure beneficial ownership and transaction trails.
• Instant cross-border payments, offshore jurisdictions and e-commerce facilitate rapid layering across several legal systems.
• AI-generated identities and cybercrime proceeds further complicate attribution.

National measures

• Implement the Prevention of Money Laundering Act through robust KYC, suspicious-transaction reporting and beneficial-ownership registers.
• Strengthen FIU-IND, ED, tax authorities, customs and cybercrime coordination, asset confiscation and prosecution.
• Use analytics while protecting privacy, and supervise virtual-asset service providers proportionately.

International cooperation

Apply FATF standards, exchange financial intelligence, undertake mutual legal assistance, extradition and joint investigations, and close secrecy and tax-arbitrage gaps.

Placement; layering; integration; PMLA; FIU-IND; FATF; beneficial ownership; mutual legal assistance.