Money laundering is the technique used to make significant sums of money earned illegally through drug trafficking, terrorism, or other major crimes that appear to have come from legitimate sources. Money laundering has a negative influence on the nation's economic and political stability, hence it must be strictly prohibited. As one of the most significant components of the financial system, it serves as the backbone of the money market and plays a vital role in raising funds for beneficial investments that advance economic growth in a nation. An effective and stable financial system is a requirement for the nation's overall growth.