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 ?
If you suspect a money laundering related transaction, report it.
Here, for example, are two titles from their "Webcast CD-ROM and Course Materials": Terrorist Financing, Money Laundering Methods and the U.S.
He was answering a questions from specially elected MP, Mr Mephato Reatile, who had asked the Minister of Defence, Justice and Security whether there had been any cases of money laundering investigated and prosecuted after the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Memorandum of Agreement (MoA).
According to Article 23 of the Law on Anti-Money Laundering and Combating the Financing of Terrorism, money laundering carries a prison sentence of six days to one year, and a fine ranging from 100,000 to five million riel ($25-$1,250).
Of late, former Prime Minister Raila Odinga has put some unnamed top politicians to task over misuse of the church for selfish gain.The opposition chief claimed that some local churches were being used as platforms and conduits for money laundering by corrupt politicians.
A first of its kind visibility event organized in Sarajevo gathered over 50 representatives of agencies and institutions involved in the fight against money laundering so as to highlight the importance of mutual cooperation of all involved authorities as well as to raise awareness of the depth of the issue.
While it is important that Member States duly implement the 5th EU AMLD, the Directive's primarily aim is to improve legal frameworks to prevent and detect money laundering. It does not provide detailed guidance or any sort of harmonisation related to supervision.
The Prime Minister observed that personal coffers were filled abroad through illegal practice of money laundering, which had not only seriously harmed the country, but also sent the nation into quagmire of debts.The people involved in money laundering did not deserve any concession, he added.
The court on the application of NAB issued notices to the lawyers, representing the defendants of the money laundering case for Feb 20 hearing.
THE Economic and Financial Crimes Commission (EFCC) and the Association of Bureaux De Change Operators of Nigeria (ABCON) have taken the campaign against money laundering and terrorism financing to Bureaux de Change (BDC) operators at the Murtala Muhammed Airport 2 (MM2), Lagos.
Chapman, an anti-money laundering and compliance professional with experience in financial services and international corporate environments, offers a guide to reducing the risk of an organization being used as a vehicle for money laundering. She provides tools for anti-money laundering professionals at all levels of an organization to establish, improve, or enhance anti-money laundering controls in an organization.
MALACANANG on Wednesday issued an executive order complementing the efforts of the banks to stop money laundering and prevent the flow of funds to extremist groups.