Srishti Mittal, Amity University Noida
ABSTRACT
The paper delves into the critical realm of combating money laundering through effective corporate governance strategies and their implications. Money laundering, a process that conceals illicit funds' origins, poses substantial risks to the financial ecosystem. The paper outlines the stages of money laundering, emphasizing placement, layering, and integration, highlighting the need for stringent anti-money laundering (AML) measures. It discusses identifying money laundering vulnerabilities within an organization's operations and supply chain, emphasizing risk assessment, multidisciplinary collaboration, and adapting to industry trends. The paper explores the extensive business impacts and stakeholder concerns associated with money laundering, encompassing financial losses, reputational damage, legal repercussions, and investor confidence erosion. Lastly, the paper offers a comprehensive guide to crafting proactive AML risk mitigation strategies, encompassing risk assessment, policies and procedures, due diligence, employee training, technology integration, compliance, and continuous improvement. In conclusion, effective AML strategies are essential for safeguarding financial integrity and stakeholder trust, underscoring the significance of a robust AML framework within corporate governance.
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