Launder

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Launder

To move illegally acquired cash through financial systems so that it appears to be legally acquired.

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.

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References in periodicals archive ?

Addressing a press conference alongside Senator Faisal Javed and Iftikhar Durrani in Islamabad, assistant to the PM on accountability claimed that the government is probing the laundered money and claimed that 'money hidden in Swiss and European accounts will not remain hidden for long.'

Around Rs700b laundered to 10 countries: Shahzad Akbar

Helping hide, cover up or legalise the use of laundered money and getting a share or providing logistic support to crimes to receive revenue will also be considered as partnership in money laundering.

Key amendments to money laundering law approved

This involved the indictment of an Oslo trader alleged to have used Norwegian Krone NOK 260 million (EUR 32 million) in laundered funds to buy and sell climate quotas through his employer GCT.

Nordic countries not resting on their laurels over money laundering

Since similar businesses financed by laundered funds do not have these costs and do not have to operate at a profit--if the aim is to conceal the funds--they would force legitimate businesses out of the market.

The extent and security implications of money laundering in South Africa

government ran a successful sting operation laundering money for the Medellin cartel of Colombian cocaine dealers, a competitive price for large quantities was reported to be about 5 percent of the gross amount laundered, with very speedy delivery guaranteed.

Anti-money laundering overkill? It's time to ask how well the system is working

Money can be laundered in any country, including the United States.

Money laundering: ring around the white collar: how hide-and-seek becomes a game for auditors

Some of their money comes from money laundered illegally in the U.S.

Money Laundering Solution For Financial Institutions: Falcon for Money Laundering to Battle $1 Trillion Problem. (Communique)

Money may also be laundered using "smurfs," people who take the illegal money and trade it for bearer bonds and travellers' cheques.

Cleaning up dirty money

Additionally, in 1998, federal authorities in Florida announced arrests in an international fraud and money laundering scheme involving victims from 10 countries, with losses up to $60 million laundered through two banks on the Caribbean island of Antigua.

Money Laundering

It has been estimated that between $6oo billion and $1.5 trillion in funds is laundered around the world each year.

Money Laundering Testimony Heard

Although it is difficult to measure the exact extent of money laundering, it is believed that around $500 billion in proceeds from serious crime is laundered every year.

CLEANING UP A DIRTY BUSINESS

government officials and the mainstream media to the $7 billion or more of Russian money laundered through the Bank of New York might make you think this is the first time that multimillions have been stolen from Russia--or elsewhere--and washed through the international offshore system.