Money Laundering - Meaning

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Money laundering is the process by which criminals create the illusion that the money they are spending is actually theirs to spend. 

The term "money laundering" is often said to have originated at the time of the famous American gangsterism that arose originally out of Prohibition - the banning of alcoholic drinks. Several mechanisms were used to disguise the origins of the large amounts of money generated by the import and sale of alcohol and other "rackets" such as gambling, some of which was illegal. 
Ironically, one of the methods of concealing the source of the money was legal gambling. The major headache that gangsters faced was that the money was in cash, often in small denomination coins. If the coins were put into the bank, the questions would be asked. But the storage of large amounts of money in low value coins is a storage nightmare. So they created businesses, one of which was slot machines, and another of which was laundries - so, it is said, that the term "money laundry" was born. 
Money laundering is the process by which criminals create the illusion that the money they are spending is actually theirs to spend. 

The term "money laundering" is often said to have originated at the time of the famous American gangsterism that arose originally out of Prohibition - the banning of alcoholic drinks. Several mechanisms were used to disguise the origins of the large amounts of money generated by the import and sale of alcohol and other "rackets" such as gambling, some of which was illegal. 

Ironically, one of the methods of concealing the source of the money was legal gambling. The major headache that gangsters faced was that the money was in cash, often in small denomination coins. If the coins were put into the bank, the questions would be asked. But the storage of large amounts of money in low value coins is a storage nightmare. So they created businesses, one of which was slot machines, and another of which was laundries - so, it is said, that the term "money laundry" was born. 
Money laundering means different things in different places. This is because only proceeds of crime (or criminal conduct) can be laundered. Also, many countries have restricted the classification of crimes that are regarded as underlying crimes for money laundering purposes. So, in some countries any conduct which, if a person were convicted would lead to a sentence of imprisonment will be regarded as a predicate crime, whilst in others only offences relating to drugs trafficking are to be regarded as creating "dirty money." A further twist is that some countries will allow a person to be prosecuted for laundering the proceeds of criminal conduct overseas, provided the conduct would have been criminal conduct in both countries.

(More information)
reports Release a PDF
Govt press release pdf
Anti-money laundering
ipc-conferences
http://www.fincen.gov/
Anti-moneylaundering in uk 
narcotics_law 1996__report
Money Laundering
Counter Money Laundering
http://www.wws.princeton.edu/~ota/disk1/1995/9529_n.html
News BBC

Financial Action Task Force on Money Laundering 
National Money Laundering Strategy 
Exploring the definition of Money Laundering 
What is Money Laundering
Money laundering FAQ 
Extent of Money laundering In and Out Australia 
Money Laundering in EU 
Kingston Declaration on Money Laundering

National Resources
UK Banks warned over Nigerian Money 
Abacha Loots 
Internet cash Transfer Scam 
A Brief History of Money Laundering 
More 
Abach's Son Indicted for money Laundering 

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