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Money laundering is the practice of engaging in financial transactions in order to conceal the identity, source, and/or destination of money, and is a main operation of the underground economy. The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts.

In the past, the term "money laundering" was applied only to financial transactions related to organized crime. A financial transaction involves a change in the Status of the finances of two or more businesses or individuals "Crime syndicate" redirects here For the DC Comics group of villains see Crime Syndicate. Today its definition is often expanded by government regulators (such as the United States Office of the Comptroller of the Currency) to encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. The United States of America —commonly referred to as the The Office of the Comptroller of the Currency (or OCC) is a US federal agency established by the National Currency Act of 1863 and serves to Charter Tax avoidance is the legal utilization of the Tax regime to one's own advantage in order to reduce the amount of tax that is payable by means that are within the law Accountancy or accounting is the measurement statement or provision of assurance about financial information primarily used by Lenders managers, As a result, the illegal activity of money laundering is now recognized as potentially practiced by individuals, small and large businesses, corrupt officials, members of organized crime (such as drug dealers or the Mafia) or of cults, and even corrupt states, through a complex network of shell companies and trusts based in offshore tax havens. "Crime syndicate" redirects here For the DC Comics group of villains see Crime Syndicate. The illegal drug trade or drug trafficking is a global Black market consisting of the cultivation manufacture distribution and sale of illegal Drugs The Mafia (also known as Cosa Nostra) is a Sicilian Criminal Secret society which is believed to have first developed in the mid-19th century This article does not discuss "cult" in the original sense of "veneration" or "religious practice" for that usage see Cult (religious practice A state is a political association with effective Sovereignty over a geographic Area and representing a Population. Professional network is a term that describes the professional contacts a businessperson or professional may have A shell Corporation is defined in Barron's Finance & Investment Handbook as "a company that is incorporated but has no significant assets or operations An offshore financial centre (or OFC) although not precisely defined is usually a low- Tax, lightly Regulated jurisdiction which specializes in providing A tax haven is a place where certain Taxes are levied at a low rate or not at all

The increasing complexity of financial crime, the increasing recognized value of so-called "financial intelligence" (FININT) in combating transnational crime and terrorism, and the speculated impact of capital extracted from the legitimate economy has led to an increased prominence of money laundering in political, economic, and legal debate. Intelligence (abbreviated int or intel) is not Information, but the product of evaluated information valued for its currency and relevance rather than Financial intelligence ( FININT) is the gathering of information about the financial affairs of entities of interest to understand their nature and capabilities and predict Terrorism is the systematic use of terror especially as a means of coercion Economics is the social science that studies the production distribution, and consumption of goods and services.

Contents

History

Modern development

The act of "money laundering" was not invented during the Prohibition era in the United States, but many techniques were developed and refined then. Prohibition of alcohol, often referred to simply as prohibition, also known as Noble Experiment, refers to a Sumptuary law which prohibits Alcohol Many methods were devised to disguise the origins of money generated by the sale of then-illegal alcoholic beverages. Following Al Capone's 1931 conviction for tax evasion, mobster Meyer Lansky transferred funds from Florida "carpet joints" (small casinos) to accounts overseas. Alphonse Gabriel "Al" Capone (January 17 1899 &ndash January 25 1947 commonly nicknamed Scarface, was an Italian American Gangster who Year 1931 ( MCMXXXI) was a Common year starting on Thursday (link will display full 1931 calendar of the Gregorian calendar. Tax avoidance is the legal utilization of the Tax regime to one's own advantage in order to reduce the amount of tax that is payable by means that are within the law " Mobster " is a slang term for a person who participates in Organized crime, which is known as belonging to "the Mob" Meyer Lansky (born Majer Suchowliński, July 4, 1902 &ndash January 15, 1983) was a gangster who with Charles After the 1934 Swiss Banking Act, which created the principle of bank secrecy, Meyer Lansky bought a Swiss bank to which he would transfer his illegal funds through a complex system of shell companies, holding companies, and offshore accounts. Year 1934 ( MCMXXXIV) was a Common year starting on Monday (link will display full 1934 calendar of the Gregorian calendar. Bank secrecy (or bank privacy) is a legal principle under which Banks are allowed to protect personal information about their customers through the use of Numbered Banking in Switzerland is characterized by stability privacy and protection of clients' assets and information A shell Corporation is defined in Barron's Finance & Investment Handbook as "a company that is incorporated but has no significant assets or operations A holding company is a company that owns part all or a majority of other companies' outstanding Stock. An offshore bank is a Bank located outside the country of residence of the depositor typically in a low tax jurisdiction (or Tax haven) that provides financial [1]

The term "money laundering" does not derive, as is often said, from Al Capone having used laundromats to hide ill-gotten gains. It was Meyer Lansky who perfected money laundering's older brother, "capital flight," transferring his funds to Switzerland and other offshore places. Capital flight, in Economics, occurs when Assets and/or Money rapidly flow out of a Country, due to an economic event that disturbs Investors The first reference to the term "money laundering" itself actually appears during the Watergate scandal. The Watergate scandals were a series of Political scandals during the presidency of Richard Nixon that resulted in the Indictment of several of Nixon's US President Richard Nixon's "Committee to Re-elect the President" moved illegal campaign contributions to Mexico, then brought the money back through a company in Miami. The Committee to Re-elect the President, often abbreviated to CRP or CREEP (an acronym used derisively by critics of the Nixon administration was a Nixon It was Britain's Guardian newspaper that coined the term, referring to the process as "laundering. The Guardian (until 1959 The Manchester Guardian) is a British Newspaper owned by the Guardian Media Group. "[2]

Process

Money laundering is often described as occurring in three stages: Placement, layering, and integration. [3]

  1. Placement: refers to the initial point of entry for funds derived from criminal activities.
  2. Layering: refers to the creation of complex networks of transactions which attempt to obscure the link between the initial entry point, and the end of the laundering cycle.
  3. Integration: refers to the return of funds to the legitimate economy for later extraction.

However, The Anti Money Laundering Network recommends the terms

  1. Hide: to reflect the fact that cash is often introduced to the economy via commercial concerns which may knowingly or not knowingly be part of the laundering scheme, and it is these which ultimately prove to be the interface between the criminal and the financial sector
  2. Move: clearly explains that the money launderer uses transfers, sales and purchase of assets, and changes the shape and size of the lump of money so as to obfuscate the trail between money and crime or money and criminal.
  3. Invest: the criminal spends the money: he/she may invest it in assets, or in his/her lifestyle.

Examples

If a person is making thousands of dollars in small change a week from a business (not unusual for a store owner) and wishes to deposit that money in a bank, it cannot be done without possibly drawing suspicion. A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money In the United States, for example, cash transactions and deposits of more than a certain dollar amount are required to be reported as "significant cash transactions" to the Financial Crimes Enforcement Network (FinCEN), along with any other suspicious financial activity which is identified as "suspicious activity reports. The United States of America —commonly referred to as the The Financial Crimes Enforcement Network (or FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial " In other jurisdictions suspicion-based requirements are placed on financial services employees and firms to report suspicious activity to the authorities. Methods to conceal the source are therefore required.

Irregular funding

One method of keeping this small change private would be for an individual to give money to an intermediary who is already legitimately taking in large amounts of cash. The intermediary would then deposit that money into an account, take a premium, and write a check to the individual. Thus, the individual draws no attention to himself, and can deposit his check into a bank account without drawing suspicion. This works well for one-off transactions, but if it occurs on a regular basis then the check deposits themselves will form a paper trail and could raise suspicion. Paper Trail is the sixth studio album by American hip hop artist T

Captive business

Another method involves establishing a business whose cash inflow cannot be monitored, and funneling the small change into this business and paying taxes on it. All bank employees however are trained to be constantly on the lookout for any transactions which appear to be an attempt to get around the currency reporting requirements. Such shell companies should deal directly with the public, perform some service-related activity as opposed to providing physical goods, and reasonably accept cash as a matter of business. A shell Corporation is defined in Barron's Finance & Investment Handbook as "a company that is incorporated but has no significant assets or operations Dealing directly with the public ensures plausible anonymity of source. An example of a legitimate business displaying plausible anonymity of source would be a hairstylist. Since it would be unreasonable for them to keep track of the identity of their customers, a record of their transaction amounts must be ostensibly accepted as prima facie evidence of actual financial activity. Prima facie is a Latin expression meaning "on its first appearance" or "by first instance" Service-related businesses have the advantage of anonymity of resources. A business that sells computers has to account for where it actually got the computers, whereas a plumbing company merely has to account for labor, which can be falsified. Reasonably accepting cash means the business must regularly perform services that total less than $500 on average, since above that amount most people pay with a check, credit card, or other traceable payment method. The company should actually function on a legitimate level. In the plumbing company example, it is perfectly reasonable for a lot of the business to involve only labour (no parts), and for some business to be paid for in cash, but it is unreasonable for all of their business to involve no parts and only cash payment. Therefore the legitimate business will generate a legitimate level of parts usage, as well as enough traceable transactions to mask the illegitimate ones.

Corrupt politicians and lobbyists also launder money by setting up personal non-profits to move money between trusted organizations, so that donations from inappropriate sources may be illegally used for personal gain. A non-profit organization ( abbreviated "NPO" also "not-for-profit" is a legally constituted Organization whose objective is to support or engage

Legal considerations

Many jurisdictions adopt a list of specific predicate crimes for money laundering prosecutions as a "self launderer" (the UK has an "all-crimes" regime). In addition, AML/CFT laws typically have other offences such as "tipping off," "willful blindness," not reporting suspicious activity, and conscious facilitation of a money launderer/terrorist financier to move his/her monies. Anti-money laundering (AML is a term mainly used in the Financial and Legal industries to describe the legal controls that require Financial institutions Willful blindness' (sometimes called willful ignorance or contrived ignorance) is a term used in Law to describe a situation in which an individual Terrorist financing is a topic that shot into the limelight after the events of September 11 2001.

UK legislation

The "money laundering" legislation in the United Kingdom, under Sections 327 to 340 of the Proceeds of Crime Act 2002 (PoCA), and all of the Money Laundering Regulations 2003 and 2007, is wide-ranging and encompasses mere possession of criminal or terrorist property as well as its acquisition, transfer, removal, use, conversion, concealment, or disguise. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The Proceeds of Crime Act 2002 (2002 c 29 (POCA is an Act of the Parliament of the United Kingdom which provides for Civil recovery of the proceeds [4] In the UK "money laundering" need not involve money (it relates to assets of any kind, both tangible and intangible, and to the avoidance of a liability) and need not involve laundering either (a thief's possession of the assets he himself stole is included). There is no lower limit to what has to be reported - a suspicious transaction involving a single £5 note may be required to be reported. All persons (not just financial services employees and firms) are technically required to report, and obtain consent for, their own involvement in crime or suspicious activities involving money or assets of any kind. So in the UK a thief who steals a vest from a clothes store commits a "money laundering" offence because he has possession of an asset derived from crime. He is technically required to seek consent from law enforcement for his continued possession of the vest if he is to avoid risk of prosecution for "money laundering. "

The UK legislation also creates a money laundering offence where a person enters into, or becomes concerned in, an arrangement which facilitates (by whatever means) the acquisition, retention, use, or control of criminal property by another person. This has impacted upon lawyers and other professional advisers in the UK who act for a client whom they suspect may possess criminal property of any kind.

Because the UK legislation is wide-ranging, the UK FIU authority, the Serious Organised Crime Agency, receives a large volume of suspicious activity reports (SARs) - in 2005 just under 200,000 SARs were received. The Serious Organised Crime Agency ( SOCA) is a Non-Departmental Public Body of the United Kingdom government and a national Law enforcement agency Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. The number of SARs received appears to be growing by almost 50% each year.

The UK legislation was relaxed slightly in 2005 to allow banks and financial institutions to proceed with low value transactions involving suspected criminal property without requiring specific consent for every transaction (but the reporting of all transactions is still required).

WikiCrimeLine Money Laundering regulations: England and Wales

American legislation

The Bank Secrecy Act of 1970 requires banks to report cash transactions of $10,000. The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U 01 or more. The Money Laundering Control Act of 1986 further defined money laundering as a federal crime. The Money Laundering Control Act of 1986 ( Public Law 99-570 is a United States Act of Congress that made Money laundering a Federal crime The USA PATRIOT Act of 2001 expanded the scope of prior laws to more types of financial institutions, added a focus on terrorist financing, and specified that financial institutions take specific actions to "know your customer" (KYC). The USA PATRIOT Act, commonly known as the Patriot Act, is a controversial Act of Congress that U Know your customer ( KYC) is the Due diligence and Bank regulation that Financial institutions and other regulated companies must perform

In the United States, Federal law provides (in part): "Whoever . . . knowing[ly] . . . conducts or attempts to conduct . . . a financial transaction which in fact involves the proceeds of specified unlawful activity . . . with the intent to promote the carrying on of specified unlawful activity . . . shall be sentenced to a fine of not more than $500,000 or twice the value of the property involved in the transaction, whichever is greater, or imprisonment for not more than twenty years, or both. "[5]

While money laundering typically involves the flow of "dirty money" (criminal proceeds) into a "clean" bank account or negotiable instrument, terrorist financing frequently involves the reverse flow: apparently clean funds converted to "dirty" purposes. A hawala may launder drug proceeds and help fund a terrorist, netting the incoming and outgoing funds with only occasional small net settlement transactions. Hawala (also known as hundi) is an Informal value transfer system based on performance and honor of a huge network of money brokers which are primarily located in

Jurisprudence

The Supreme Court of the United States on June 2, 2008, rendered 2 judgments in favor of defendants, narrowing the application of the federal money-laundering statute. The Supreme Court of the United States is the highest judicial body in the United States and leads the federal judiciary. Events 455 - The Vandals enter Rome, and plunder the city for two weeks

First, in a 9-0 decision, ponente Justice Clarence Thomas reversed Acuna, Mexico's Humberto Cuellar's conviction and ruled that "hiding $81,000 in cash under the floorboard of a car and driving toward Mexico is not enough to prove the driver was guilty of money laundering; instead, prosecutors must also prove the driver was traveling to Mexico for the purpose of hiding the true source of the funds. Clarence Thomas (born June 23, 1948) is an American Jurist. He has been serving as an Associate Justice of the Supreme Court of the United " The Court further ruled "that federal prosecutors have gone too far in their use of money laundering charges to combat drug traffickers and organized crime; that money laundering charges under the Money Laundering Control Act of 1986, Sec. The Money Laundering Control Act of 1986 ( Public Law 99-570 is a United States Act of Congress that made Money laundering a Federal crime 18 U. S. C. § 1956(a)(2)(B)(i) apply only to profits of an illegal gambling ring and cannot be used when the only evidence of a possible crime is when a courier headed to Texas-Mexico border with $ 81,000 in cash (proceeds of a marijuana transaction); it cannot be proven merely by showing that the funds were concealed in a secret compartment of a Volkswagen Beetlecar; instead, prosecutors must show that the purpose of transporting funds in a money laundering case was to conceal their ownership, source or control; the secrecy must be part of a larger “design” to disguise the source or nature of the money. "

Second, in a 5 to 4 ruling, Justice Antonin Scalia reversed Efrain Santos of Indiana and Benedicto Diaz's convictions for money laundering based on cash from an illegal lottery. (born March 11, 1936) is an American Jurist and the second most senior Associate Justice of the Supreme Court of the United States The State of Indiana ( was the 19th US state admitted into the union Scalia ruled that the law referred to the "proceeds of some form of unlawful activity; paying off gambling winners and compensating employees who collect the bets don't qualify as money laundering; the word “proceeds” in the federal money-laundering statute, 18 U. S. C. §1956,and §1956(a)(1)(A)(i) and§1956(h), applies only to transactions involving criminal profits, not criminal receipts; those are expenses, and prosecutors must show that profits were used to promote the illegal activity. " Congress enacted the 1986 statute after the President's Commission on Organized Crime stressed the problem of "washing" criminal proceeds through overseas bank accounts and legitimate businesses. It imposes a 20-year maximum prison terms and heavy fines. [6][7][8][9][10]

Bangladesh legislation

In Bangladesh, the issue of money laundering has been dealt with by the Prevention of Money Laundering Act, 2002(Act No. VII of 2002). In terms of section 2 (tha) of the Prevention of Money Laundering Act, 2002 , “Money Laundering means (a) Properties acquired or earned directly or indirectly through illegal means; (b) Illegal transfer, conversion, concealment of location or assistance in the above act of the properties acquired or earned directly of indirectly through legal or illegal means. ” In this Act, “Properties means movable or immovable properties of any nature and description”.

Fighting money laundering

The prime method of anti-money laundering is the requirement on financial intermediaries to know their customers - usually termed KYC (know your customer) requirements. Know your customer ( KYC) is the Due diligence and Bank regulation that Financial institutions and other regulated companies must perform With good knowledge of their customers, financial intermediaries will often be able to identify unusual or suspicious behavior, including false identities, unusual transactions, changing behaviour, or other indicators that laundering may be occurring. But for institutions with millions of customers and thousands of customer-contact employees, traditional ways of knowing their customers must be supplemented by technology.

Using information technology

Information technology can never be a replacement for a well-trained investigator, but as money laundering techniques become more sophisticated, so too is the technology used to fight it. Early anti-money laundering programs flagged cash transactions exceeding a certain amount ($10,000. 01 in the U. S. would trigger the need for a Currency Transaction Report). This proved to be ineffective because money launderers soon adjusted their schemes to avoid detection.

Current Anti-money laundering software packages include capabilities of name analysis, rules-based systems, statistical and profiling engines, neural networks, link analysis, peer group analysis, and time sequence matching. Anti-money laundering software is a term mainly used in the Finance and Legal industries to describe the legal controls that require Financial institutions In addition, there are specific KYC solutions that offer case-based account documentation acceptance and rectification, as well as automatic risk scoring of the customer (taking account of country, business, entity, product, transaction risks) that can be reviewed intelligently. Know your customer ( KYC) is the Due diligence and Bank regulation that Financial institutions and other regulated companies must perform Other elements of AML technology include portals to share knowledge and e-learning for training and awareness.

Financial Crimes Enforcement Network (FinCEN), is an organization created by the United States Department of the Treasury. The Financial Crimes Enforcement Network (or FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. FinCEN receives Suspicious Activity Reports from financial institutions, analyses them, and shares their data with U. A Suspicious Activity Report (or SAR) is a report regarding suspicious or potentially suspicious activity filed with the Financial Crimes Enforcement Network (FinCEN S. law enforcement agencies and equivalent Financial Intelligence Units (FIUs) of other countries. One of its strategic goals is to improve information-sharing through eGovernment. e-Government (from electronic Government, also known as e-gov, digital government, online government or in a certain context It offers training and advice to organizations of foreign governments to help improve the efficacy of their anti-money laundering programs. Anti-money laundering (AML is a term mainly used in the Financial and Legal industries to describe the legal controls that require Financial institutions

September 11, 2001 and the international response to the underground economy

After September 11, 2001, money laundering became a major concern of the United States's war on terror, although critics argue that it has become less and less an important matter for the White House. The War on Terrorism (also known as the War on Terror) is the common term for the military political and legal, and ideological conflict and specifically for U Based in Luxembourg, Clearstream International, a central securities depository and clearing house or "bank of banks" which practices "financial clearing," centralizing debit, and credit operations for hundreds of banks, was accused of being a major operator of the underground economy via a system of un-published accounts; Bahrain International Bank, owned by Osama bin Laden, would have profited from these transfer facilities. Luxembourg (Groussherzogtum Lëtzebuerg Grand-Duché de Luxembourg Großherzogtum Luxemburg is a small Landlocked country in Western Europe, bordered by Clearstream Banking SA (CB is the clearing division based in Luxembourg, of Deutsche Börse. A clearing house is a financial services company that provides clearing and settlement services for financial transactions usually on a Futures exchange In Banking and Finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled (see settlement Osama bin Laden, with some spelling variations is the name used in English to refer to (أسامة بن محمد بن عوض بن لادن born 10 March [1] The scandal prompted André Lussi, Clearstream's CEO, to resign on December 31, 2001; several judicial investigations were opened; and the European Commission was interpelled by Members of the European Parliament (MEPs) Harlem Désir, Glyn Ford, and Francis Wurtz, who asked the Commission to investigate the accusations and to ensure that the June 10, 1990 directive (91/308 CE) on control of financial establishment was applied in all member states, including Luxembourg, in an effective way. Clearstream Banking SA (CB is the clearing division based in Luxembourg, of Deutsche Börse. Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. Interpellation is a concept first coined by Marxist philosopher Louis Althusser to describe the process by which ideology addresses the (abstract pre-ideological A Member of the European Parliament ( English abbreviation MEP) is a member of the European Union 's legislative body the European Parliament. Harlem Désir (born 25 November 1959 in Paris) is a French politician and Member of the European Parliament for the Île-de-France Glyn Ford (born 28 January 1950 in Gloucester) is a Member of the European Parliament for South West England for the Labour Party Francis Wurtz (born January 3, 1948 in Strasbourg) is a French Member of the European Parliament. Events 1190 - Third Crusade: Frederick I Barbarossa drowns in the Sally River while leading an army to Jerusalem Year 1990 ( MCMXC) was a Common year starting on Monday (link displays the 1990 Gregorian calendar) [11]

The international response to the underground economy has been coordinated by the Financial Action Task Force on Money Laundering ("FATF," also known by its French acronym of "GAFI"), whose original 40 principles form the basis of most international responses to money laundering activity. A further 8 principles, designed to counteract funding to terrorist organisations, were added on June 30, 2003, in response to the September 11, 2001, with another added 22 October 2004, to form what are now known as the "40 + 9" principles of anti-money laundering and combatting the financing of terrorism (AML/CFT). Terrorism is the systematic use of terror especially as a means of coercion Events 350 - Roman usurper Nepotianus, of the Constantinian dynasty, is defeated and killed by troops of the Usurper Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Events 9 - The Battle of the Teutoburg Forest ends 506 - The Bishops of Visigothic Gaul Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Events 202 BC - Hannibal Barca, leader of the Carthaginians, is defeated by the Roman legions under Scipio Africanus "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Compliance with, or a movement towards compliance with, these principles is now seen as a requirement of an internationally active bank or other financial service entity. A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money

Amounts

Numerous regulatory and governmental authorities quote figures for estimated amounts of money laundered annually, either worldwide or within a national economy. A frequently cited figure is 2-5% of the worldwide global economy put forward by the IMF. The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic However, it has been noted in academic circles that such figures are usually simply "best guesses". In 1997 the FATF, an arm of the OECD set up to combat money laundering, frankly admitted "the vast majority of FATF members lack sufficient data to support any credible estimate. The Financial Action Task Force on Money Laundering (FATF also known by its French name Groupe d'action financière sur le blanchiment de capitaux (GAFI is an "[12] Although admissions of that nature are no longer maintained, there is still a dearth of hard data as to the actual amounts of money laundered worldwise. Some academic commentators have expressed real concerns about the reliability and basis of figures used by governmental and multinational organisations.

“ We are faced with the problem that there has been little work to develop an objective academic analysis of the true extent of laundering, which means that we do not have a framework within which the appropriateness of legislative measures can be evaluated. Without this, it is difficult to challenge the 'alarmist' position of the authorities whereby such estimates have been put forward, quoted and repeated, becoming, through such reptition, seemingly established truths. It can be argued . . . that global estimates are little more than informed guesses: "large numbers are frequently thrown around without serious support" (Reuter and Trumen, 2005, p. 56), re-produced to the point at which they gain, through mere reptition, [they are perceived to have] some form of reliable accuracy. [13] ”

In popular culture

See also

External links

Notes

  1. ^ a b Lucy Komisar. Terrorist financing is a topic that shot into the limelight after the events of September 11 2001. Confiscation, from the Latin confiscatio 'joining to the fiscus i Anti-money laundering software is a term mainly used in the Finance and Legal industries to describe the legal controls that require Financial institutions Banking in Switzerland is characterized by stability privacy and protection of clients' assets and information The Open Directory Project ( ODP) also known as dmoz (from directory Lucy Komisar is a New York City -based Investigative journalist. "Tracking Terrorist Money - 'Too Hot for US to handle?'", Pacific News Service, October 4, 2001. Pacific News Service (PNS is a nonprofit media organization founded in 1969 by Franz Schurmann, the historian and Orville Schell a noted author journalist and Dean of the Retrieved on February 2006. Stories without links will be removed. News stories must be in English  
  2. ^ (See Jeffrey Robinson's three books on money laundering, The Laundrymen, The Merger and The Sink. Jeffrey Robinson (born 1945 is a native New Yorker who has lived in Europe since 1970 )
  3. ^ See for example, "2. Stages of the Money Laundering Process," A report in accordance with § 356(c) of the USA PATRIOT Act
  4. ^ UK Proceeds of Crime Act 2002
  5. ^ See 18 U.S.C. § 1956(a). Title 18 of the United States Code is the Criminal and Penal code of the Federal government of the United States.
  6. ^ supremecourtus.gov/opinions, REGALADO CUELLAR v. UNITED STATES, No. 06–1456, June 2, 2008
  7. ^ supremecourtus.gov/opinions, U.S. v. Santos, 06-1005, June 2, 2008
  8. ^ ap.google.com, Court rules for defendants on money laundering
  9. ^ www.nytimes.com, Justices Narrow Money-Laundering Law
  10. ^ latimes.com/news, Supreme Court limits money laundering law
  11. ^ (French) Official March 2000 French Parliamentary Report on the obstacles on the control and repression of financial criminal activity and of money-laundering in Europe by French MPs Vincent Peillon and Arnaud Montebourg, third section on "Luxembourg's political dependency toward the financial sector: the Clearstream affair" (pp. Vincent Benoît Camille Peillon (born 7 July 1960 in Suresnes) is a French politician and Member of the European Parliament for the Arnaud Montebourg (born October 30, 1962, in Clamecy, Nièvre) is a French politician and a deputy of the fifth district of Saone Clearstream Banking SA (CB is the clearing division based in Luxembourg, of Deutsche Börse. 83-111 on PDF version)
  12. ^ FATF 1997 report into global money laundering, page 3
  13. ^ Dr Jackie Harvey, Money Laundering Bulletin, June 2008, Issue 154

Dictionary

money laundering

-noun

  1. (law): The act of engaging in transactions designed to obscure the origin of money that has been obtained illegally.
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