Electronic Money Laundering: Fraud

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Introduction
Electronic money laundering
Money laundering involves transferring illegal money to make it usable through fraud ways. The electronic money laundering is a way of transferring illegal money between banks not easily accessible by security personnel. Money laundering mostly described under three steps which are placement, layering, and integration. The laundered money mostly generated from drugs, gambling, racketeering, and prostitution through the banking system. The systems applied to conduct such transactions are secured for its accessibility to harden. The laundering process will involve a dollar economy in a foreign nation away from the United States and use it as final storage of the money. Professional have undertaken the job to transact the business with their improvised systems and create a link for the operation, mainly lawyers and accountants.
Mechanism of wire transfer
Private wire transfers for money are limited in numbers due to the low transactions. Those transferring money from one city to another have opted for such dimension of wire transfer through telephone calls or emails. The general transaction of wire transfer involves a large sum of money in dollar terms. Banks have systems that allow for retrievability of wire transfer records a service offered to their customers on request. Most of the domestic and international transactions are carried out through wired transfer in the United States. The wire transfer involves using Chips, Swift, Fedwire as systems for conducting the exercise. The law has undertaken the course with setting up rules upon to curb and mitigate the fraud activities in the bank systems.
Money laundering and law enforcement
The law has undertaken it course in trying to mitigate and reduce the laundering cases involved in the banks. The acts and agencies have been formulated to undertake the implementation and enforcing the rules either reinstated in the States or across the country.
Technology for detecting money laundering
The technology has advanced in countering the fraud with the designed systems such as wire transfer screening, knowledge acquisition, and knowledge sharing and data transformation. The systems are designed to help in detecting the money laundering process in the different forms they occur. The system allows for the overview of the different transaction with their applications as undertaken. The system has not generalized an application that will help completely mitigate the practice.
Privacy and confidentiality
The wire transfer system applicable on money transfer acts as a tool for private transactions of money and property. It is applicable also to institutions with their large corporate transactions. The confidentiality factor also availed by the system. However, the corporate institutions only enjoy a little confidentiality on the undertakings. The privacy-geared to through by Statutory picture, privacy jurisprudence, the control of government and others. The privacy and confidentiality of individuals and corporate institutions are handled different through various dimensions.
International issues
The monitoring of the laundering surpasses the boundaries of United States and reflects the international world views on the issue. The different available avenues and laws act to limit the control of United States on the issue and apply the applications resulted out by other players in the process. The regulations exist to offer a direction towards mitigating the effect that also affects the outside world as agencies have been set up to deal with the matter. The process, however, to undergo efficiency and effectiveness, all system have and need to work with each other cooperatively.

Work cited
Congress, U. S. Office of Technology Assessment, Information Technologies for Control of Money Laundering. OTA-ITC-630, Washington, DC: Government Printing Office, 1995.