Money Laundering

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Related to Money-laundering: 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 ?
In addition to criminal liability, banks and financial institutions are subject to UAE Central Bank rules on money-laundering.
The discussion of the legal aspects of money-laundering covers the sections of Poca exhaustively and also goes into detail on the legislation surrounding terrorism.
Similarly, the owners of a small business used as a money-laundering front are likely to be extremely well-compensated.
There will be more massive money-laundering scandals until the United States says no to dirty money and works to abolish offshore bank and corporate secrecy.
The role of money-laundering is also recognized and the anti-money laundering regime as well as the considerable impact on the financial sector is discussed in detail.
The industry response and Treasury regulations would filter out these types of organized money-laundering activities.
Hamblin will discuss money-laundering prevention measures that financial institutions can employ in transactions at the 11th Annual International Money Laundering Conference and Exhibition.
news conference Monday, Attorney General Janet Reno and Rubin also announced the arrests of more than 130 people resulting from the money-laundering and spinoff investigations.
Southern California is known for sunshine and movie stars, but now it has a new, ignoble distinction: It is the nation's money-laundering capital.
Feuer's measure, which will be drafted into legal language and returned to the council, was prompted by a series of eight money-laundering cases settled by the city Ethics Commission over the past two years, including the largest in state history.
The installations of AFACS//web and ASSIST//ck will enable Doral Bank to profile accounts and monitor transaction trends to detect, investigate and report money-laundering activity as required by the USA Patriot Act.
The software uses sophisticated algorithms to develop "normal" patterns of account behavior and red flags any transactions that are out of the ordinary or that may indicate money-laundering activity.