Money Laundering Is Defined As The Criminal Practice Of Making Funds From Illegal Activity Appear Legitimate.
It’s also common with organized crime including human, arms or drug trafficking, and prostitution rings. The money from criminal activity is “dirty” money. Money laundering is the process followed by criminals in an attempt to hide the illegal source of income earned by illegitimate business means.
Money Laundering Often Accompanies Activities Like Smuggling, Illegal Arms Sales, Embezzlement, Insider Trading, Bribery And Computer Fraud Schemes.
Money laundering has an adverse impact on economy and political stability of country and hence Money laundering is the process by which large amount of illegally obtained money, from drug trafficking, terrorist activity or other serious crimes, is given the appearance of having originated from the legitimate source. The laundering is done with the intention of making it seem that the proceeds have come from a legitimate source.
There Are 3 Steps In Which Money Laundering.
Money laundering is a process of converting cash, funds or property derived from criminal activities to give it a legitimate appearance. Money laundering is being employed by launderers worldwide so as to conceal their criminal activity like drugs or arms trafficking, terrorism, extortion etc…money laundering happens in almost every country in the world and it is estimated that it could be between 2 to 5 percent of world’s gdp. Money laundering is defined as the criminal practice of making funds from illegal activity appear legitimate.
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.
Before you started reading this guide, did you have the question in mind: “dirty money”—into legitimate income, or “clean money.”. Money laundering is the illegal act of making large amounts of money from criminal activity appear to come from legitimate sources.
Money Laundering Is A Term Used To Describe A Scheme In Which Criminals Try To Disguise The Identity, Original Ownership, And Destination Of Money That They Have Obtained Through Criminal Conduct.
While the amount of money laundered globally in one year is estimated to equal between $800 million and $2 trillion , more than 90% of this amount. In simpler terms, it is the process of turning the profit of illegal activity into a legitimate income. Money of this type is typically held in offshore accounts making it hard to trace.