An Assessment of Money Laundering and Terrorism Financing on the Indian Economy

Ajay Sharma and Ajit Bansal

A chapter in Smart Analytics, Artificial Intelligence and Sustainable Performance Management in a Global Digitalised Economy, 2023, vol. 110B, pp 123-130 from Emerald Group Publishing Limited

Abstract: Purpose:This chapter aims to evaluate the impact of money laundering and terrorism financing on the Indian economy and to study the effectiveness of prevention of money laundering acts and terrorist financing as per the guidance of the financial protection task force. Need for the study:Developing countries like India have been more vulnerable to terrorism and financial scams over the last four decades. Despite the establishment of regulating bodies and anti-money laundering acts, this problem continued to be a national threat. Therefore, examining the impact of money laundering and terrorism finance on the Indian economy is necessary. Methodology:This study is based on secondary data gathered from the web portals of government agencies and international organisations dealing with money laundering and terror funding. Newspapers, journals, and annual reports are reviewed to identify the modus operandi of money laundering operators and their impact on the economy. Findings:Money laundering and terrorism financing significantly threaten the Indian economy and national security. Despite different anti-money laundering laws and multiple regulating authorities, the system has pitfalls that allow economic fraud and money transactions for terrorist activities. There is a need for cyber security, and integrated enforcement agencies to combat money laundering at national and international levels. Practical implications:This study would be helpful for academicians and policymakers to understand the nexus of money laundering and terrorism financing and its impacts on the Indian economy.

Keywords: Money laundering; terrorism financing; economic growth; corruption; regulations; Indian economy; G01; G18; P45 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... 9-37592023000110B007
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-37592023000110b007

DOI: 10.1108/S1569-37592023000110B007

Access Statistics for this chapter

More chapters in Contemporary Studies in Economic and Financial Analysis from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().