p.p1 #ffffff #ffffff #ffffff #ffffff} td.td3 {width: 239.0px; height:

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px ‘Times New Roman’; color: #000000; -webkit-text-stroke: #000000}
p.p2 {margin: 0.0px 0.0px 0.0px 0.0px; font: 18.0px Helvetica; color: #000000; -webkit-text-stroke: #000000}
p.p3 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px ‘Times New Roman’; color: #000000; -webkit-text-stroke: #000000; min-height: 15.0px}
p.p4 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: center; font: 13.0px ‘PT Serif’; color: #f79646; -webkit-text-stroke: #f79646}
p.p5 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: center; line-height: 14.0px; font: 13.0px ‘PT Serif’; color: #f79646; -webkit-text-stroke: #f79646}
p.p6 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px ‘PT Serif’; color: #000000; -webkit-text-stroke: #000000}
p.p7 {margin: 0.0px 0.0px 0.0px 0.0px; line-height: 14.0px; font: 12.0px Times; color: #000000; -webkit-text-stroke: #000000}
p.p8 {margin: 0.0px 0.0px 0.0px 0.0px; line-height: 14.0px; font: 12.0px ‘PT Serif’; color: #000000; -webkit-text-stroke: #000000}
p.p9 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Helvetica; -webkit-text-stroke: #000000; min-height: 14.0px}
p.p10 {margin: 0.0px 0.0px 0.0px 0.0px; line-height: 14.0px; font: 12.0px ‘Times New Roman’; color: #000000; -webkit-text-stroke: #000000}
p.p11 {margin: 0.0px 0.0px 0.0px 0.0px; line-height: 14.0px; font: 12.0px Times; color: #000000; -webkit-text-stroke: #000000; min-height: 14.0px}
span.s1 {font-kerning: none}
span.s2 {text-decoration: underline ; font-kerning: none}
table.t1 {border-collapse: collapse}
td.td1 {width: 239.0px; height: 21.0px; background-color: #4f81bd; border-style: solid; border-width: 1.0px 1.0px 3.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td2 {width: 240.0px; height: 21.0px; background-color: #4f81bd; border-style: solid; border-width: 1.0px 1.0px 3.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td3 {width: 239.0px; height: 30.0px; background-color: #cfd7e7; border-style: solid; border-width: 3.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td4 {width: 240.0px; height: 30.0px; background-color: #cfd7e7; border-style: solid; border-width: 3.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td5 {width: 239.0px; height: 38.0px; background-color: #e8ecf4; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td6 {width: 240.0px; height: 38.0px; background-color: #e8ecf4; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td7 {width: 239.0px; height: 22.0px; background-color: #cfd7e7; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td8 {width: 240.0px; height: 22.0px; background-color: #cfd7e7; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td9 {width: 239.0px; height: 30.0px; background-color: #e8ecf4; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td10 {width: 240.0px; height: 30.0px; background-color: #e8ecf4; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td11 {width: 239.0px; height: 30.0px; background-color: #cfd7e7; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}
td.td12 {width: 240.0px; height: 30.0px; background-color: #cfd7e7; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #ffffff #ffffff #ffffff #ffffff}

A case study has been used by the Canadian Financial Analysis Center to illustrate the different components of the scheme and the level of complexity that money launderers use to try and hide the proceeds of criminal activities.
Money laundering is traditionally described in three stages:
(1)   “placing” of funds into the financial services sector; 
(2)  the “layering” of this money to hide its origin; and 
(3)  the full “integration” of the funds so that the money can be converted into other forms of assets and goods
The more legally entrenched within the legal economy, the more difficult their institutional and functional separation, making detection more problematic for law enforcement.  
Transactions by criminal entrepreneurs via transnational businesses, some in secrecy jurisdictions, makes the process of unravelling the layering and placing stages of money laundry almost unachievable, especially if the financial in such companies shows the ratio of legal cash to be higher than illegal cash. As illustrated in Fig 3. Features of an Ideal Financial Haven, Major Characteristics. Customers of such schemes will be able to take advantage and look for jurisdiction, heavily reliant on its financial service industry, a large tourist trade and in addition a free trade zone. The appeal is services provides, heavy cashflow streams that can be manipulated allowing illicit funds to be integrated into the economy. 
Secrecy Jurisdictions and Off Shore Centres (OFC)

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

Secrecy jurisdictions are best defined as ‘places that intentionally create regulation for the primary benefit and use of non-residents in their geographical domain and with the intention to provide a means of avoiding the legislation or regulation of another jurisdiction. To facilitate its use, secrecy jurisdictions also often create a deliberate, legally backed veil that ensures that the misuse or illegal profit of the concerned jurisdiction cannot, or can hardly, be identified from outside’. 
Fig 3. shows that  major characteristics for criminal entrepreneurs, offers the ability to take advantage of  the  availability of instant corporations and legislation in to support their activities. This shows that financial havens and bank secrecy jurisdiction are paramount in the circular process of Money Laundry. 

Major Characteristics 

 Additional Characteristics

No deals for sharing tax information with other countries

A free-trade zone

The availability of instant corporations

Flag-of-convenience shipping registry

Corporate secrecy laws

Large tourist trade which can help explain major inflows of cash

High degree of economic dependence on the financial services sector

Fig 3: Features of an Ideal Financial Haven Major Characteristics 

Fig 4 

Offshore financial centres are invaluable to the contraction of the global economy. Its role is to provide finical services through its banks to non residents. It is as a result of a conscious effort by the jurisdiction to create a specialisation in the market, in order to create major government revenue streams. Secrecy jurisdictions are reluctant to cooperate with others jurisdictions and is only open to non residents, where usually the place of regulation is unknown. From the customer point of view low tax, deregulation, no regulation for filling of accounts, strict bank secrecy for all purposes these points are seen as favourable towards the consumers interests.