As for its case studies involving insurers, one involved launderers
stealing luxury cars, fraudulently changing registration details then buying insurance.
The smuggling of cash and valuable goods across borders is a traditional but still prevailing money laundering technique, especially when it becomes difficult for money launderers
to use financial institutions which are required to report suspicious transactions, wrote M Michel Danet, secretary general of the World Customs Organisation in World Money Laundering Report last year.
One problem, noted FATF is that suspicious transaction reporting in the sector remains relatively low, partly because of a lack of awareness of its vulnerability to launderers
and "insufficient securities-specific indicators and case studies," a weakness its report aims to remedy.
Unfortunately, Mexico, which boasts the world's 11th-largest economy and a GDP in 2003 of US$626 billion, is considered a major home for money launderers
, many of whom are tied to the leviathan drug trade.
The successful money launderer
closely approximates legal transactions employed routinely by legitimate businesses.
Additionally, since money launderers
gravitate toward a small cadre of lawyers and brokers to accomplish their illegal goals, be wary of professionals with questionable reputations.
Federal law and many state statutes require reports on transactions involving more than $10,000, and money launderers
must find ways to circumvent these requirements.
The manner in which money is laundered is limited only by the imagination of the launderer
The cash meant underworld money launderer
Joseph Hyde, 34, could continue living as a fugitive in Thailand while wanted on drugs charges in the UK.
A woman says she was made to feel like a money launderer
when staff at her building society demanded to know where she got her money from.
At his height, he was the richest money launderer
in Europe -keeping pounds 1m in used notes as ``petty cash''.
3) Ciaran Hinds is a pimp and money launderer
who serves as an informant to Cate Blanchett's reporter in ``Veronica Guerin.