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.

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 ?
It may be mentioned that FIA is investigating against 32 persons for their alleged involvement in laundering money from benami accounts.
The report identified Trade-Based Money Laundering (TBML) as one of the key methods for laundering money in the UK.
He claimed that the company did not have any other function except for laundering money. In reply to a question regarding the recent tweet of the US president against Pakistan, Khan said that Donald Trump lacked wisdom.
Jaldhara Export in Ludhiana, and others for laundering money after availing fraudulent value-added tax (VAT) refund to the tune of Rs.
The US Treasury had said earlier in November that it had imposed sanctions on the Altaf Khanani Money Laundering Organisation and its Dubai-based supporter, the Al Zarooni Exchange, for laundering money for criminals and political extremists, the report added.
charges that the bank was involved in laundering money for Iran.
The court turned down an appeal by public prosecutors against a Tokyo District Court ruling in March last year that found Atsushi Doden, 44, not guilty of laundering money for the network affiliated with Japan's largest underworld syndicate, the Yamaguchi-gumi.
We've all heard the phrase laundering money but our man - the wonderfully named Supt Naicker - tells how it's done.
He was charged with laundering money through his own businesses, including a car dealership, eight banks and a frozen-food company.
It is claimed that, by financially backing bookmakers in purchasing new pitches, criminals have identified a neat way of laundering money. The process can be as simple as recording sizeable bets that never even took place.
Another method for laundering money involves structuring financial transactions.