Launder

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Related to launderer: Money launderer

Launder

To move illegally acquired cash through financial systems so that it appears to be legally acquired.

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.
References in periodicals archive ?
As for its case studies involving insurers, one involved launderers stealing luxury cars, fraudulently changing registration details then buying insurance.
The smuggling of cash and valuable goods across borders is a traditional but still prevailing money laundering technique, especially when it becomes difficult for money launderers to use financial institutions which are required to report suspicious transactions, wrote M Michel Danet, secretary general of the World Customs Organisation in World Money Laundering Report last year.
One problem, noted FATF is that suspicious transaction reporting in the sector remains relatively low, partly because of a lack of awareness of its vulnerability to launderers and "insufficient securities-specific indicators and case studies," a weakness its report aims to remedy.
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.
The successful money launderer closely approximates legal transactions employed routinely by legitimate businesses.
Additionally, since money launderers gravitate toward a small cadre of lawyers and brokers to accomplish their illegal goals, be wary of professionals with questionable reputations.
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.
The manner in which money is laundered is limited only by the imagination of the launderer.
The cash meant underworld money launderer Joseph Hyde, 34, could continue living as a fugitive in Thailand while wanted on drugs charges in the UK.
A woman says she was made to feel like a money launderer when staff at her building society demanded to know where she got her money from.
At his height, he was the richest money launderer in Europe -keeping pounds 1m in used notes as ``petty cash''.
3) Ciaran Hinds is a pimp and money launderer who serves as an informant to Cate Blanchett's reporter in ``Veronica Guerin.