This paper is published in Volume-10, Issue-3, 2024
Area
Law and Enforcement
Author
Dr Hemant Garg
Org/Univ
International Financial Services Centres Authority, GIFT City ,Gandhinagar, Gujarat India, India
Pub. Date
28 June, 2024
Paper ID
V10I3-1219
Publisher
Keywords
Anti Money Laundering, Anti Corruption, Artificial Intelligence, Anti Corruption Bureau, Data Pattern

Citationsacebook

IEEE
Dr Hemant Garg. Leveraging Artificial Intelligence for Combating Money Laundering and Enforcing Anti Corruption Strategies: Challenges for Anti Corruption Agencies, Financial Regulators And Recommendations for Future, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Dr Hemant Garg (2024). Leveraging Artificial Intelligence for Combating Money Laundering and Enforcing Anti Corruption Strategies: Challenges for Anti Corruption Agencies, Financial Regulators And Recommendations for Future. International Journal of Advance Research, Ideas and Innovations in Technology, 10(3) www.IJARIIT.com.

MLA
Dr Hemant Garg. "Leveraging Artificial Intelligence for Combating Money Laundering and Enforcing Anti Corruption Strategies: Challenges for Anti Corruption Agencies, Financial Regulators And Recommendations for Future." International Journal of Advance Research, Ideas and Innovations in Technology 10.3 (2024). www.IJARIIT.com.

Abstract

Money laundering poses a significant threat to the global financial system by enabling illicit activities that affect the economy globally. In recent years, the rise of artificial intelligence (AI) has offered new opportunities to enhance the detection and prevention of money laundering activities. This work of the Author is an attempt to analyze and overview money laundering, highlighting the importance of combatting this criminal activity and exploring the role of AI in addressing this critical issue. The first section explains money laundering and the second section describes the role of AI in detecting the same along with a brief description of the workings of the AI model to detect such instances. The third section gives an overview of anti-corruption efforts in India and the fourth section talks of integration of AI in Anti Corruption Bureaus of India. Subsequently, challenges in implementing AI in Anti Money Laundering (AML) efforts are discussed. The sixth section discusses recommendations for integrating AI in anti-corruption and AML Strategies. Based on the research, the author has concluded that while AML AI is being used extensively in financial institutions, the pace is not the same for the ACBs of the country. Significant progress can be made to develop and integrate AI specifically for AML in governmental institutions.