Money Laundering

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Related to Money-laundering: 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 ?
The subpoena relates to compliance with the Foreign Corrupt Practices Act and US money-laundering laws, Glencore said.
Where there is a breach of the AMI, the AML Module and any other DFSA rules and regulations in relation to money-laundering, that entity will be subject to investigations by the DFSA and any sanctions it is authorised to impose, as the DFSA deems appropriate.
Dubai Police and the Central bank collaborated in 16 cases relating to money-laundering during 2010 and nine cases during 2009, two of the cases from 2009 were "foreign cases".
"For the past 10 years, SAMA has collected information on the methods and techniques adopted in money laundering and accordingly provided the local banks with such information, for the purpose of building a database to be linked automatically with the goal of tracking money-laundering activities."
The discussion of the legal aspects of money-laundering covers the sections of Poca exhaustively and also goes into detail on the legislation surrounding terrorism.
Terrorist financing is defined as a separate offence to money-laundering, in deference to Parliament's wishes.
Eddie Antar, the president and CEO of Crazy Eddie's Electronics, a nationwide chain, and architect of a classic money-laundering scheme recounted here, shared a common problem with everyone else who has ever accumulated illegal loot: where to hide it.
THE UK has been criticised for years for its lack of regulations over money-laundering.
The paper draws attention to numerous risks that could lead to or reveal money-laundering situations and provides best practices to help accountants address those risks.
Russia, long considered a hotbed of money-laundering activity, was recently lauded during an international meeting of finance ministers after the Russian Parliament, earlier this summer, passed a tough bill to curb money laundering.
money-laundering laws if the banks have accounts in the United States.
THATTA -- The National Accountability Bureau (NAB) officials have arrested Hassan Ali Memon, an accused in money-laundering case from Thatta, media reported on Friday.