Money Laundering

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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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
Maia Santos-Deguito claimed that he introduced her to Michael Francisco Cruz, Jessie Christopher Lagrosas, Alfred Santos Vergara and Enrico Teodoro Vasquez who opened suspicious dollar accounts in May 2015 where the laundered money taken from the accounts of the Bangladesh Bank with the Federal Reserve Bank of New York was remitted.
The problems caused by the flows of laundered money are most severe when it lands at its final destination points out Dr Mark Galeotti, director of the Organised Russian and Eurasian Crime Research Unit (ORECRU) at the University of Keele.
Apart from invoking the bilateral treaty, the FBR's proposal is based on various conventions of the United Nations, according to which, member states could not become or prove to be safe havens for three types of laundered money: that which is generated through illicit drug trafficking, money from tax evasion and money from malpractices and corruption.
Will have no reconciliation or deal with those who laundered money.'
Swedbank AB (STO: SWED-A) could have handled more laundered money than initially thought in suspicious transactions tied to the Danske Bank money laundering scandal.
Global Banking News-March 15, 2019--Swedbank could have handled more laundered money than initially thought
Aquino said that laundered money comes from the trafficking of illegal drugs and also finances terrorism, while banks and other entities have become conduits of laundering drug money.
Aside from financing terrorism, Aquino said laundered money comes from the production and trafficking of dangerous drugs, while banks and other regulated entities have become conduits for laundering drug money.
Javed Iqbal said that steps are being taken to curb money laundering and promised to return the looted and laundered money back to the national kitty, a private news channel reported.
He directed subordinates to conduct thorough investigations against money launderers and submit daily progress report on action against Hawala dealers and against purchasers of properties in Dubai through laundered money.
As the government gathers more information, the names of culprits would be placed in the exit control list (ECL), moreover, Akbar apprised that talks were underway with a few countries regarding the legal aspects of freezing the laundered money of the culprits.
The assistant to the PM said that the government is probing the laundered money and claimed that money hidden in Swiss and European accounts will not remain hidden for long.