Money laundering concept & overview

Today we are experiencing a country-wide effort to curb money laundering and terror financing. Already Rs.500 and Rs.1000 notes have been banned and replaced by the Reserve Bank of India. Therefore, we need to know what is money laundering, who launders the money and what is their destination, what is terror financing and what is the process of money laundering and terror financing. In fact, we have to have an idea of parallel economy. Money is the root cause of many evils like corruption, black marketing, smuggling, drug trafficking, tax evasion, and the buck does not stop here it goes to the extent of sex tourism and human trafficking (a human selling another human in the era of human rights). People are crazy for money. In this article, a descriptive research has been made to make all aware about what money laundering is, its processes and destinations and also the steps by the Government to curb Money Laundering and Terror Financing.