Money Laundering

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Related to Laundered Money: 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 ?
This would greatly help the country improve its fast-depleting foreign exchange reserves, he said, adding that strong political will was needed to take such a measure because most of the laundered money belonged to politicians, bureaucrats, businessmen, industrialists, feudal lords and illicit drug and arms traffickers.
Helping hide, cover up or legalise the use of laundered money and getting a share or providing logistic support to crimes to receive revenue will also be considered as partnership in money laundering.
A Valencia hedge fund manager who admitted conspiring to defraud investors, then was rearrested for allegedly obstructing a probe into whether he laundered money, won't be let back out on bond.
This money was then wired to a third party, and the soybeans were never shipped, with the invoice legitimising the laundered money.
publications, and laundered money to writers and thinkers through Time Inc.
Another man, Thomas Hudson, laundered money and in March 2002 he was involved in delivering pounds 4 m to an address 1/ in Eastbourne.
The process of depositing the laundered money in banks is called placement and can be accomplished in several ways.