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.
References in periodicals archive ?
Its main money laundering exposure comes from a widespread lack of access to formal financial institutions, particularly in the rural sector.
The Anti-Money Laundering Task Force took cognizance of the respondents' averment that contrary to the charge filed against them, they have properly submitted a Suspicious Transaction Report (STR) on 17 February 2016.
Although the commission does not have any capacity to investigate the money laundering cases however the SECP will send three names to apex court with two or three days.
He recalled that in the past as well as recently Cyprus was evaluated as regards money laundering activities, adding that in November 2011, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) drafted an assessment report giving Cyprus a good evaluation as regards major anti-money laundering and counter-terrorist financing measures.
Companies must put in place appropriate systems and controls to detect and report money laundering, and to instill an overall compliance culture within the company to mitigate the risk of becoming conduits for money laundering.
Henwood's assertions were backed up by Tim Moore, chief executive of Administration of Gambling on Tracks Ltd, the body responsible for the administration of racecourse bookmakers and the conduct of on-course betting, who said that the betting ring is regarded as a poor area to attempt money laundering.
The use of large cash payments has repeatedly proven to be very vulnerable to money laundering and terrorist financing.
MONEY LAUNDERING CRIMINAL PROSECUTIONS/CONVICTIONS:
The growing problem of money laundering gained interest after the 9/11 terrorist attacks in 2001.
Links to Narcotics Trafficking and Money Laundering Network
In December 2007, Estonia was the first of the three nations to implement the EU's third anti-money laundering directive 2005/60/EC, with the passage of a Money Laundering and Terrorist Financing Prevention Act 2007.
The Center of Media and Economic Studies and the Yemeni Banking Magazine held a symposium about money laundering hazards on Yemen's economy.