Money Laundering

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Related to Laundered Money: Anti Money Laundering

Money Laundering

Disguising the source of money generated through illegal activities so that it resembles legitimate income. Money laundering involves breaking up large amounts of cash into smaller transactions, changing its form through investments or deposits into bank accounts, and moving the money through seemingly legitimate businesses to bring it into mainstream economy.

Money Laundering

An illegal act in which one makes illegally obtained money appear to be legally obtained. For instance, one may route money obtained in drug trafficking through a shell company to give it the veneer of legitimacy. One formerly common example is the practice of exchanging illegally obtained money for coins and placing them into a soda machine. One then deposits money from the soda machine such that it looks like the money came from the purchase of sodas rather than from its real source.

money laundering

the conversion of money (often obtained illegally through crime) into foreign currencies through multi-bank deposits to hide their source of origin, through bureaux de changes and through investments in ‘legitimate’ businesses.

In 2000 the OECD backed an initiative (made the more urgent by the terrorist attacks on the USA) for countries (in particular, TAX HAVENS) to require greater disclosure and scrutiny of ‘suspect’ bank accounts.

References in periodicals archive ?
Responding to a question, the FBR official said the allegedly laundered money was huge and it was difficult to evaluate its real size.
With the exception of those with good intentions and who are cleared of having knowledge of the laundered money, courts have every right to seize questionable money temporarily until a verdict is issued," added Shaikh Khalid.
4 million which Philrem earned from the handling fee in the transactions from the laundered money.
There are a few loopholes in the law pertaining to what is considered laundered money and although a decision has been made by the Central Bank to mandate such declaration of large amounts, the Judicial Department is expecting that a modification will be made to the pre-existing law to include jewellery and valuables as well as cash entering and exiting the country," Al Hammadi said.
Off course in regard to laundered money, it is easy to give a cash award immediately.
In the late '80s, Kerry was the chairman on the Senate Subcommittee on Terrorism, Narcotics and International Operations and it decided to investigate the Bank of Credit and Commerce International, which laundered money for Latin American drug cartels and had clients like Saddam Hussein and early al-Qaida leaders.
The impact of laundered money on legitimate economic activity throughout the world is hard to measure but all the signs are that it is huge, it is growing, and that, to say the very least, it is highly capricious and unpredictable in its effects.
The sessions also covered reporting of suspected dealings and how laundered money is used in financing various terrorist activities.
He shows us a teeming tropical metropolis, fueled with laundered money and backdoor deals, and peopled by the very poor and the very rich: ``sellers of hand towels, flowers, drinking mugs and cookies crowding you at every traffic light'' and wealthy bigwigs, sealed off from the tumult behind ``paneled, steel-lined bulletproof doors of rain-forest teak with brass handles.