Technology has also played a pivotal role in revolutionising the way financial institutions and capital markets operate, worldwide. One such technology is Society for Worldwide Interbank Financial Telecommunications (SWIFT), which is a messaging network through banks and financial institutions to exchange vital information. Though the system is used by some 8000 institutions in 200 countries, the shocking revelation by Treasury Department of United States that those involved in September 11 attacks used the SWIFT platform to exchange crucial information and transfer funds, makes the SWIFT platform vulnerable to misuse. According to KPMG estimates, a whopping $590 billion to $1.5 trillion were laundered through the global economy amounting to 2-5% of global GDP. Money laundering techniques are becoming more sophisticated, so should technology be used to fight it. The traditional technology of generating an alert when a transaction exceeds a certain amount is primitive, as money launderers soon adjust their schemes to avoid detection. The only remedy is to invest in IT and put in place impervious IT systems that will crack down on this menace.
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Source:- IIPM Editorial, 2006
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