Launder

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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 ?
This applies to individuals who fail to disclose information when knowing, suspecting or having reasonable grounds to know or suspect a person is engaged in money laundering.
G2 clients have observed an increase in transaction laundering attempts this year.
She said the Bureau of Investigation and General Prosecution (BIGP) is the body entitled to look into money laundering cases and investigate all financial, non-financial and non-profit institutions if evidence proves that such activities are stipulated in the money laundering act.
He recalled that in the past as well as recently Cyprus was evaluated as regards money laundering activities, adding that in November 2011, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) drafted an assessment report giving Cyprus a good evaluation as regards major anti-money laundering and counter-terrorist financing measures.
Companies must put in place appropriate systems and controls to detect and report money laundering, and to instill an overall compliance culture within the company to mitigate the risk of becoming conduits for money laundering.
Henwood's assertions were backed up by Tim Moore, chief executive of Administration of Gambling on Tracks Ltd, the body responsible for the administration of racecourse bookmakers and the conduct of on-course betting, who said that the betting ring is regarded as a poor area to attempt money laundering.
Costa Rica is a member of the Financial Action Task Force on Money Laundering in South America (GAFISUD), a Financial Action Task Force-style regional body.
LCB -- through management complicity, failure of internal controls, and lack of application of prudent banking standards -- has been used extensively by persons associated with an international drug trafficking and money laundering network to move hundreds of millions of dollars monthly in cash proceeds from illicit drug sales into the formal financial system.
In December 2007, Estonia was the first of the three nations to implement the EU's third anti-money laundering directive 2005/60/EC, with the passage of a Money Laundering and Terrorist Financing Prevention Act 2007.
PESHAWAR, November 15, 2009 (Balochistan Times): FBI experts have started special training to officials of Custom, FIA and NAB for the prevention of money laundering while five officials arrived from Peshawar to Karachi to participate in this course.
Commercial Banks Negligent over Money Laundering, Study Says