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 ?
Meanwhile, the IMF delegation Chairman has lauded Sudan's position towards combating money laundry and terrorism, referring to the country's capabilities in this connection .
Given such linkage between drug trade, money laundry and gun-running the political economy involves not only Shan state but also the whole of Burma and regional capitals that are drawn into narcotics export markets.
The FIA official has informed the court that a British firm has been assigned to probe the money laundry that has initiated its job and visited the country, the British investigating team has succeeded to collect evidences.
In the 6 month report, SPP announced that after this procedure is completed a decision will be adopted for whether to accuse individuals of financial abuse and money laundry.
MENA FATF aims at adopting and implementing the recommendations of the FATF about combatting money laundry and terrorism financing and implementing UN Conventions on the same,
It is not clear why the Sudanese politician resorted to this technique typically used for tax evasion or money laundry. He did not hold any official position at the time.
Pursuing the Memoranda of Understanding (MoUs) signed between the presidents of Iran and Tajikistan, fight against terrorism, smuggling of goods and weapons, and money laundry were among other issues discussed at the meeting.
What might be a well-intentioned fundraiser for a civic organization during a legislative session - when all of the state's officeholders are on hand in Austin - instead ends up looking like a campaign finance money laundry.
Eight: The Cabinet noted the ratification by the Shura Council and House of Representatives of the amendments of Decree Number 4 (for the year 2001) regarding the prohibition and combat of money laundry and financing terrorism, which was amended by Law Number 54 (2006).
BAGHDAD/ Aswat al-Iraq: The Iraqi Cabinet formed a body to counter money laundry and terrorism financing.
THE MONEY LAUNDRY: REGULATING CRIMINAL FINANCE IN THE GLOBAL ECONOMY