ASSESSMENT OF MONEY LAUNDERING AND ITS CONSEQUENCES: THE CASE OF DASHEN BANK SHARE COMPANY

Abstract

The Purpose of this study was to investigate Money Laundry and its consequences by taking Dashen Bank S.C.’s performance on anti-money laundering to highlight challenges and potential consequences resulting from Money laundering. Money Laundering has a significant economic and social consequence for countries all over the world. It adversely affects the financial sector at international level as they are major channels for fund transactions. There is a rapid increase of financial crime and illicit funds that are being exchanged after they are laundered mainly through banks and used to finance other illegal activities such as organized crimes. This triggered the researcher to conduct study in the area. A Descriptive survey design with both quantitative and qualitative method was adopted in carrying out this research. Purposive sampling was used during the research. Both primary and secondary data collection tools were utilized in the course of conducting this study, Questionnaire and unstructured interview and documentations were used to collect the relevant data. A sample was chosen for the sake of this assessment by using non-probability sampling technique. The collected data was analyzed using descriptive statistics, which included frequencies, percentages, numbers, tables and chart, through statistical package for social science (SPSS). The finding of the research revealed that there is a need to adhere to ant-money regulation in order to curb down money laundering consequences. Based on the findings of the study, several recommendations were provided that are geared towards challenges and potential consequences of Dashen Bank S.C.’s money laundering policy and procedure implementation.