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- DictionaryMon·ey laun·der·ing
noun
- 1. the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses: "he was convicted of money laundering and tax evasion"
Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions.
Summary. The goal of money laundering is to hide the tainted origin of criminal revenue. In this sense, it is a secondary crime that is always connected to another breach of law. These offenses can be different types of theft, trade in illicit goods, as well as other non-violent acts such as tax fraud, bribery, and, nowadays more relevantly ...
Mar 11, 2024 · The history of money laundering traces back to over 2000 years ago when wealthy Chinese merchants, according to historian Sterling Seagrave, started to ‘clean’ their profits as a way to circumvent regional trading bans. As centuries passed, this nefarious practice adapted and thrived, notably during the Prohibition era in the United States ...
May 13, 2024 · Money laundering is necessary for two reasons: first, the perpetrator must avoid being connected with the crimes that gave rise to the criminal proceeds (known as predicate offenses); second, the perpetrator must be able to use the proceeds as if they were of legal origin. In other words, money laundering disguises the criminal origin of ...
Apr 11, 2024 · Money laundering is the process of creating the appearance that large amounts of money obtained from criminal activity, such as drug trafficking or terrorist activity, originated from a legitimate ...
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The BSA was established in 1970 and has become one of the most important tools in the fight against money laundering. Since then, numerous other laws have enhanced and amended the BSA to provide law enforcement and regulatory agencies with the most effective tools to combat money laundering. An index of anti-money laundering laws since 1970 ...
for combating money laundering and related financial crimes and to submit such strategy each February 1st to Congress. *The Secretary of the Treasury, upon consultation with the Attorney General, to designate certain areas-by geographical area, industry, sector or institution-as being vulnerable to money laundering and related financial crimes.
