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 Basel Institute on Governance, in its 2017 edition of the Basel Anti-Money Laundering (AML) Index which has assessed 146 countries regarding money laundering and terrorism financing risks, said that Afghanistan, Nepal and Sri Lanka stand out with particular high risk scores in the Index.
There are certain preventive measures that companies may adopt in order to comply with the applicable money laundering rules and regulations, which may include, among others, the company:
The symposium was briefed on efforts made by the Kingdom in combating money laundering and terror financing and the role of the Shoura Council in this regard.
Should matters of money laundering be suspected in British racing the cases would fall outside the remit of the BHA according to Paul Scotney, director of integrity, compliance and licensing.
656/2002 on preventing and sanctioning money laundering and instituting measures for preventing and fighting against financing the acts of terrorism effective from December 2002, as amended by Law no.
In November 2009, the Estonian parliament adopted an 'Act Amending the Money Laundering and Terrorist Financing Prevention Act and Other Related Acts'.
Money laundering is the process by which the proceeds of crime are changed so that they appear to come from a legitimate source.
Mustafa Taha Nasr, director in the Center of Media and Economic Studies and author of a study presented at the seminar, said that Yemen needs a comprehensive vision about money laundering and appropriate mechanisms in fighting it.
Hawala is not necessarily synonymous with money laundering or even white-collar crime or terrorism financing.
Complementing its recently announced SAS Money Laundering Detection, the new offering includes several enhancements to help institutions worldwide fight against money laundering.
Treasury now requires life insurers to establish formal compliance programs to prevent their products from being used for money laundering or terrorist financing.
So, after a career largely spent chasing mobsters and other assorted criminals, during which he learned that 95+ percent of all crimes--except those of passion--are motivated by money, he conceived the idea of launching a single topic newsletter covering money laundering.