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 ?
Once a bearer security has been issued, money launderers or terrorist financiers can hold these securities or transfer them to an intended recipient" without using reputable financial facilities that would even record a transaction, let alone conduct know-your-customer checks.
Since giving up his criminal career, Rijock has also trained undercover agents for the Royal Canadian Mounted Police, acting as a money launderer in an undercover role on behalf of law enforcement in Florida, and on behalf of network television in the tax havens of the Caribbean, and acting as consultant in money laundering tactics for a major Hollywood motion picture studio.
Unfortunately, Mexico, which boasts the world's 11th-largest economy and a GDP in 2003 of US$626 billion, is considered a major home for money launderers, many of whom are tied to the leviathan drug trade.
To pursue the evidentiary trail of a money launderer, law enforcement agencies must identify and use tools and techniques that can help them when crossing international boundaries.
Federal law and many state statutes require reports on transactions involving more than $10,000, and money launderers must find ways to circumvent these requirements.
A MONEY launderer, who helped clean up more than pounds 15m stolen from NatWest, was jailed for four years and three months yesterday.
A money launderer would have to be "very careful" when there was an auditor in place and anything he tried would have to be "very sophisticated to avoid the auditor finding it.
Lozynskyj: I'm not going to defend Yulia Tymoshenko, who was connected with former Prime Minister Pavlo Lazarenko, a convicted money launderer.
These extended Guerins are so bland that you almost can't blame Veronica for preferring the company of her untrustworthy but intriguingly gamy underworld informer, a pimp and money launderer named John Traynor (Ciaran Hinds).
Kenneth Rijock, a former career money launderer for a narcotics trafficking organization, criticized law enforcement efforts as being conducted by agents and officers without advanced degrees in finance and law, and who generally never worked in a commercial business setting.
Although hiding funds increases the risk of seizure by authorities or theft by other criminals, it eliminates the need for a professional money launderer, who typically charges a fee ranging from 3 to 5 percent to assist in transferring the money through legitimate financial institutions.
The money launderer simply takes out a single or annual premium life insurance policy and deposits plenty of money into it.

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