At first glance it would seem that the act of money laundering only helps the economy. It would also seem to be a victimless crime. The financial provider is not necessarily out of pocket. An account has been created and if it is managed well and does not enter into an overdraft etc (which they rarely do as they are funded so as not to attract attention to the accounts activity) then the bank should not have an issue. Secondly, if a deposit is used to gain a mortgage and is then quickly sold for a minimum profit, the lender will have got their money back at no loss. The same is true if a large purchase is made. The sale has gone through and the commission applied to the seller, what does it matter that the product is sold a few days later either at a bit of a loss or the same price.
These ways of money laundering need to be stopped as they are not victimless crimes. At some point someone will have had this money either stolen or threatened out of them. They may have had something forcibly taken from them and then sold on for the cash or they may have purchased drugs through an addiction contributing to a criminal cash fund.
There are defences. AML IDENTITY VERIFICATION is designed to catch out and stop the use of illegal funds entering the general economy. Money laundering has an effect in that the cost to public taxpayers to stop this is large and this reduces spending in other areas where it would be much better suited and appreciated.
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