Discussion – Organized Crime

Discussion – Organized Crime

Organized crime is a global problem that affects arguably all countries. This category of local and international enterprises that are run by criminals and perform illegal activities have a great effect on individuals and society as a whole.

How Organized Crime Influences All Areas of Life

            Organized crime affects basic citizens’ rights to peace and security. As Misha Glenny mentions in his TED talk, organized crime is associated with a lot of insecurity and the killing of people. Any person can be a victim of this crime; hence, people who live in places with rampant crime have their lives at risk. There is also a widespread economic impact of organized crime, which can be translated to the public sector including healthcare, financial security, and safety systems (Albanese, 2014). The adverse effects of the billions of dollars that are laundered into and out of the economy affect ordinary citizens’ access to public amenities.

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Policy to Combat Financial Crimes

Racketeer Influenced and Corruption Organizations Act (RICO) is a federal policy that provides extra penalties for crimes that have been performed as a part of a criminal organization. This law is used by the government to discourage participation in organized crime. Continuing Criminal Enterprise Statute (CCE) is a policy that targets large scale drug traffickers engaged in long-term conspiracies.

Effects of Money Laundering on Global Financial Systems

            The exact impact of money laundering on the global financial systems is hard to quantify but there are some indications of economic effects of this activity. One of the effects is in the unfair competition by businesses that engage in money laundering, which can cause legitimate businesses to go out of business. Laundering money also reduces tax collections by governments, which limits economic development (Kumar, 2012). A lot of effort has been made to reduce laundering, but in my opinion, the laws have not been completely efficient. Many criminals still manage to develop new strategies of laundering money especially in the era of technology revolution.

References

Albanese, J. S. (2014). Organized crime in our times. Routledge.

Kumar, V. A. (2012). Money laundering: Concept, significance and its impact. European Journal of Business and management, 4(2).

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Discussion – Organized Crime

Organized Crime” Please respond to the following:

From the e-Activity, analyze the primary manner in which organized crime may impact all areas of our lives. Next, based on the text, specify the main ways in which the government uses the Racketeer Influenced and Corrupt Organizations Act (RICO) and Continuing Criminal Enterprise Statute (CCE) to combat global organized financial crimes like drug trafficking. Provide one (1) example of the use of RICO and CCE to support your response.
Per the text, money laundering has been called the world’s third-largest business. Discuss the overall impact that money laundering has had on the world’s financial systems. Next, give your opinion of whether or not the laws in place to combat such crime are efficient. Justify your response.
eActivity-Watch the video titled “Misha Glenny investigates global crime networks” (19 min 27 s). Be prepared to discuss. Video Source: TED. (2009, Sep. 14). Misha Glenny investigates global crime networks [Video file]. Retrieved from https://www.youtube.com/watch?v=XO1Me-MY-Q0. This video can be viewed from within your online course shell.

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