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 ?
The Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances, has conducted Anti- Money Laundry (AML) training to over 1500 front-line staff members operating in the industry all over the UAE.
We are confident that the United States does not want to be a money laundry for the world's corrupt leaders, and we are seeking the return of the people's assets that are wrongfully harbored in the United States," Herald Online wrote.
The forum will also include a workshop to be presented by a number of experts and lecturers about money laundry through accounting investigations.
He has demanded an immediate hearing of cases against individuals involved in the Hudabia Money Laundry Scam and the four billion rupees bank heist.
The organized crime does exist and there is money laundry and money transfer to support and finance terrorism and the results of investigations that were held in banks assert that the operations aim to finance al-Qaeda," he added.
Banks should increase their efforts in fighting money laundry and financing of terrorism because these are among the prerequisite of international financial institutions, he said.
Khartoum, 20 Nov (SUNA) - The Government on Monday warned that legal measures and direct charges of sabotage of national economy, terrorism funding, and money laundry would be taken against those involved in hard currencies black market, no matter what their positions.
KUWAIT - A specialized unit from the Interior Ministry arrests members of an international money laundry and fraud network.
Services related to money laundry and clothing included in the price are - Handling of linen and clothes, picking, loading and transport of soiled linen and clothing from departments and offices, import and unload clean linen and clothing to individual departments and sections (DZS, primary health care, nuclear medicine, skin care centers, geriatric department, thermal management, maintenance, court workers, central, microbiology, pathological-anatomical dept.
Salam stressed that the approved laws provided a complete legal umbrella for money laundry, transferring money and funding terrorism, pointing out that the Lebanese Banks have always committed to the international standards and regulations in this regard.
Cooperation on money laundry issues and terrorism financing.
Examples of this include human trafficking, money laundry or drug trafficking.