Money Laundering

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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 ?
Another man, Robert Patrick Walsh, from Tubbercurry, Co Sligo, was charged with handling stolen property and laundering money to the value of pounds 181,885.
Treasury's Financial Crimes Enforcement Network to explain why it has accused the lender of laundering money.
Summary: US prosecutors are looking into whether British bank HSBC was involved in laundering money for Mexican drug cartels and moving cash for Saudi Arabian banks with ties to terrorists.
Announcing the arrests of Trice and Craig yesterday, the Spanish National Police said: "This organisation had a section in Spain in charge of laundering money.
A MERSEYSIDE woman was jailed for laundering money and fraudulently selling advertising space in a fake magazine.
Financial fraud experts based in Leamington have been praised after helping jail a crooked solicitor who was laundering money for his drug-dealing friend.
Kuwait is one of the countries covered by the network of those involved in the operation and already one Kuwaiti woman has been interrogated about her role in laundering money," Al Watan reported yesterday.
COURTS will no longer be able to seize cash or property from the families of criminals convicted of financing terror or laundering money.
Pak national laundering money sentenced for nine years in US
The high court turned down an appeal by public prosecutors against a Tokyo District Court ruling in March last year that found him not guilty of laundering money for the network affiliated with Japan's largest underworld syndicate, the Yamaguchi-gumi.
Judge John Rogers, QC, said criminals often needed assistance in laundering money.
In an article published on 3 April 2007 entitled 'Pondering racing's culpability in Wright Outcome' we may have given the impression that 'the big bookmakers' have effectively turned a blind eye to suspicions that criminals were placing large bets as a means of laundering money.