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 ?
It is made up of civilian and military groups that, through a certain bond of trust or pretense of loyalty to the Leader, or private exploitation of certain aspects of economic difficulties such as the black market or money laundry.
Asswad's words came in a statement on Saturday, adding that "we are following up with great concern the legal development carried out by the Budget and Finance committee and the parliamentary sub- commissions as for broadening the measures imposed by law to fight money laundry and terrorism.
Ismat said that Sudan is affected by gangs' use of its territories as a bridge for illegal immigration and other activities, a matter that made Sudan rely on laws to combat the human trafficking phenomenon, such as the Acts for Combating Terrorism and Money Laundry as well as establishing special prosecutions for these crimes.
We are confident that the United States does not want to be a money laundry for the world's corrupt leaders, and we are seeking the return of the people's assets that are wrongfully harbored in the United States," Herald Online wrote.
Cooperation on money laundry issues and terrorism financing.
Major part of the amount is to be utilised by the National Office to Prevent and Fight Money Laundry in buying equipment and software and in training staff.
On regards to money laundry done by some media outlets are unforgivable and should be put under the microscope.
Examples of this include human trafficking, money laundry or drug trafficking.
The organized crime does exist and there is money laundry and money transfer to support and finance terrorism and the results of investigations that were held in banks assert that the operations aim to finance al-Qaeda," he added.
Banks should increase their efforts in fighting money laundry and financing of terrorism because these are among the prerequisite of international financial institutions, he said.
We have just charged your credit card for money laundry service in amount of $234.
Rifi accuses Hezbollah of money laundry DAILY STAR: Tunisia vows "no mercy" after museum attack kills 19 Future-Hezbollah tensions defused as dialogue resumes U.