Launder

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Related to launderers: Money launderers

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 ?
Know-your-customer (KYC) policies for companies are the most important defense against unwitting abuse by money launderers.
Launderers sometimes use preorder accounts for this scheme.
Second, launderers generate a process of "layering" in which the tainted currency is shuffled through a series of shell corporations, wire transfers, bank accounts, and offshore jurisdictions with the intent of obfuscating the original source of funds.
To help pull the sector's head out of the sand, FATF lists seven key methods used by money launderers to abuse the insurance industry:
But we are determined to ensure that drugs traffickers and money launderers do not profit from their criminal activities.
It's just that 50 years ago we were worried about Nazis and Commies, and now the worry is that we want the Swiss to help root out drug dealers and money launderers.
High risk/denied party searches, including regular scrubs of the Office of Foreign Assets Control (OFAC) database, screens for politically exposed persons, terrorists, money launderers (or their "circle of trust") and global black lists to meet regulatory requirements.
SUSPECTED fuel launderers leaked toxic red diesel in to a lake, it was revealed last night.
WHEN a local pizza parlour goes bust, or the site of a planned hotel complex is suddenly left abandoned or interest rates suddenly shoot up for no apparent reason, we don't normally blame money launderers.
Another new agency whose formal creation was announced Wednesday, the Organized Crime Unit, is to bring together trusted investigators to combat not only drug smugglers but also money launderers and arms dealers.
Retail dry cleaning stores account for 40 percent of industry revenue, commercial launderers for 30 percent, and coin-operated laundromats for 15 percent.
MULTI-MILLION pound fuel launderers are escaping justice while minor fine defaulters are languishing in prison, the Secretary of State will warn today.