Money laundering is the generic term used for a wide range of activities aimed at making illegitimate income look legitimate. Dirty money goes in cleaned money goes out. Most people will describe it as:
As It Turns Out, The Bits Were Reportedly Purchased Using Stolen Credit Cards, And The Whole Act Was Part Of A Scheme To Launder Money.
Too often, our financial system makes it. Money laundering is the process of making large amounts of money generated by a criminal activity appear to have come from a legitimate source. Money laundering is the act of placing illegal gains into the legitimate financial system in ways that avoid drawing the attention of banks, financial institutions, or law enforcement agencies, writes mccoy in usa today.
The Definition Of Money Laundering, According To Hm Revenue And Customs, Is Quite Simple.
Money laundering, at its simplest, is the act of making money that comes from source a look like it comes from source b. New zealand’s aml/cft act explained. Money laundering is a crime in which a person takes money that is unclean (such as from drug sales) and then cleans the money by running it through a legitimate business such as a restaurant — as a conduit to generate clean money (from a legal perspective the money is not really clean).
The Goal Was For The Perpetrators To Use The Stolen Credit Cards To Purchase Large Sums Of Bits, Work Out An Agreement With Streamers, Donate The Bits To Them And Have The Streamer Later Send Most Of The Bits Back Where They.
That’s where money laundering comes in. Money laundering is a common theme among many crypto crimes. The ultimate goal is to hide the source of the income so no one gets too suspicious about your extravagant lifestyle.
“…Exchanging Money Or Assets That Were Obtained Criminally For Money Or Other Assets That Are ‘Clean’.”
In practice, criminals are trying to disguise the origins of money obtained through illegal activities so it looks like it was obtained from legal sources. Money laundering is something some criminals do to hide the money they make from crimes. Criminals make a tremendous amount of money, but what happens to it?