Index Meaning and Recent Developments in the World of Money LaunderingKnown Incidences Due to Money Laundering Globally XyzEnronConclusionsReferencesMoney laundering means a practice used by criminals to convert money dirty into clean money. Accounting, legal or tax loopholes are generally used. Banks are used in these transactions. Which is a serious cause for concern. Banks have also started working to stop money laundering. In this report, a short study is conducted to identify what money laundering is. A study has been undertaken to find out the incidents and present them with all the facts in this report. Regulation relating to money laundering is part of this discussion. Furthermore, these regulations have been critically evaluated for their effectiveness. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay Meaning and Recent Developments in the World of Money Laundering The meaning of money laundering is that the process turns the money generated from an illegal and legal source whereby the real source cannot be determined. The main purpose is to hide proceeds from taxation and detection. The end use is investing or spending. It is estimated that sums equal to 2-5% of GDP are laundered every year. Various small transactions are often used to insert money through the banking channel. These amounts are less than the limit for reporting cash transactions by banks to the government. One of the most recent developments is Crypto. It is not issued by any regulatory bank of any sovereign nation. Legally not required as an acceptable payment method. The issuing authority of the currency is the Bank of and Bank of America for the respective nations and can be traded in the forex market. It is popular due to the myth of ability to pay back money and is used for money laundering and regulators are struggling to stop it. World-famous incidences due to Xyz money laundering In 2015, a company called Xyz Ltd was facing problems with its investment in land in the city of Panchgani. He had purchased 2,00,000 square feet of land. The land has been invaded. The time required by legal means was uneconomical. Furthermore, there was no guarantee of winning the case. They used an illegitimate way of using force with the help of a local criminal (Mr. A). The consideration paid for this work was disguised as advance for goods by Mr. A. The amount of Rs 5,00,000 was paid by cheque. Xyz has gained access to their land. No goods were shipped. Xyz after demonstrating that all possible efforts have been made to recover the assets and subsequently advance. Made an accounting entry on bad debts of Rs 5,00,000. This advice to Xyz was provided by its auditor, Mr B, based in Pune. The names of the criminal, the auditor and the company have been changed. The above information was found by individually specifying former employees of Mr. B.EnronEnron, an energy company in the United States. The money was laundered by Enron management. Window dressing was applied to hide the ongoing money laundering. All possible gaps arising from Generally Accepted Accounting Practices (GAAP) were used. They created a private company. All the directors were shareholders of that private company. Enron's machinery was sold to this private company for a price