money laundering

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Related Terms

Anti-money laundering
Kara para aklama
anti-money laundering
Anti-Money Laundering (AML) iş a term mainly used in the financial and legal ındustries to describe the legal controls that require financial institutions and other regulated entities to prevent, detect and report money laundering activities
fight against money laundering
(Politika, Siyaset) kara para aklamayla mücadele
English - English
The act of engaging in transactions designed to obscure the origin of money that has been obtained illegally
Money laundering is the process of concealing the source of money obtained by illicit means
The false reporting of income from criminal activity as income from legitimate business
The process by which the sources of illegally obtained money is disguised The process is comprised of three phases; placing, layering and integration The Criminal Justice Act 1993 identifies three offences which carry individual liability; assisting, tipping off and failure to report a suspicion
Generally speaking, 'money laundering' is the introduction of illegally gained assets into the legal financial system with the aim of covering up its true origin According to the Act on the tracing of profits from serious offences (in short: 'Money Laundering Act') of 25 October 1993, the banks and their employees are obliged to identify customers in the case of suspicious business transactions, to inform the criminal prosecution authorities if money laundering is suspected and to take internal measures to prevent money laundering The information ascertained is to be recorded and stored The data thus obtained may in principle only be used to prosecute money laundering, and not to punish tax offences
When illegal money is made to appear legal by passing it through a bank or legal business
Making a campaign contribution to an elected official (or to a campaign committee, PAC, or political party) through one or more third parties -- as a device for disguising the source of a contribution and getting around contribution limits For example, during 1989-1991, the Evergreen America Corp funneled illegal campaign contributions totaling $172,000 to local and state officials in California in the form of $500 checks from dozens of Evergreen employees, friends, and relatives whom the corporation had secretly reimbursed
Conduct or acts designed in whole or in part to conceal or disguise the nature, location, source, ownership or control of money (can be currency or equivalents, e g , checks, electronic transfers, etc ) to avoid a transaction reporting requirement under state or federal law or to disguise the fact that the money was acquired by illegal means
concealing the source of illegally gotten money
Popular term used to describe the process whereby criminals conceal illicitly acquired funds by converting them into seemingly legitimate income While the term refers to the proceeds of organized crime generally, it is now most often associated with financial activities of drug dealers who seek to launder the large amounts of cash generated from the sale of narcotics
turning money acquired illegally to legal money via illegal methods, legitimizing money that was either acquired illegally or that taxes were never paid on it
The process by which large amounts of illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the appearance of having originated from a legitimate source Some estimate annual amounts of laundered money exceed $500 billion Often thought of as a victimless crime, money laundering is a very serious issue Without it, international organized crime cannot function 1
The conversion or transfer of property derived from a criminal offense for the purpose of concealing, or disguising, the illicit origin of the property, or of assisting any person who is involved in the commission of such an offense, to evade the legal consequences of the action; the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from a criminal offense
The process of concealing the criminal origins or uses of cash so that it appears the funds involved are from legitimate sources A crime in most major nations
Money that is made through illegal activities needs to be entered into the banking system so it can be moved from place efficiently and stored securely Currency (cash, money orders, traveler's checks, etc ) can only be deposited in increments below $10,000 to avoid being reported A endless array of schemes has developed for the purpose of "Structuring" and "Laundering" currency in the process of converting it from "dirty" to "clean" funds The major risk to a bank is in the potential for complicity and violation of Bank Secrecy Act requirements
Money laundering is the crime of processing stolen money through a legitimate business or sending it abroad to a foreign bank, to hide the fact that the money was illegally obtained. the largest money-laundering scandal in history. when money that has been obtained illegally is put into legal businesses or bank accounts in different countries, so that it is difficult for people to discover where it came from

Related Terms

Anti-money laundering
Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities
money laundering

    Hyphenation

    mon·ey laundering

    Turkish pronunciation

    mʌni lôndırîng

    Pronunciation

    /ˈmənē ˈlôndərəɴɢ/ /ˈmʌniː ˈlɔːndɜrɪŋ/
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