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2007-02-01 10:50:08 · 9 answers · asked by Anonymous in Business & Finance Personal Finance

9 answers

Money laundering is the process of concealing money obtained from illegal means (crimes) by making its source appears to be from legitimate and legal transactions.

In article 1 of the European Communities (EC) Directive of March 1990 defined it as: “the conversion or transfer of property, knowing that such property is derived from serious crime, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in committing such an offence or offences to evade the legal consequences of his action, and 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 serious crime.”

2007-02-05 00:58:28 · answer #1 · answered by Darek 2 · 0 0

use $ from sources illegal means like drug..trafficking..an dispose them into legal ways like buying insurance..and void the contract to get back in C A S H and then open a legal business to use them

there are 3 steps to money laundering..
1. placement
2. layering
3. integration

2007-02-01 13:48:40 · answer #2 · answered by dior babe 3 · 0 1

Money laundering is when a person opens up accounts at three or more financial institutions to transfer illigal money. Originally the money earned is called "dirty" money. They then transfer this money from institution to institution to "clean" the money up. While doing this there is no paper trail making it difficult to catch the person.

2007-02-01 11:19:12 · answer #3 · answered by cala 3 · 0 1

Money laundering is a source where criminals will use different ways to handle "dirty money". They will purchase money orders, bank checks to cover up this "dirty money".., they wil open account overseas to wire transfer from account here is the states to these accounts overseas...... or exchange large denominations for smaller denominations.

2007-02-01 13:26:25 · answer #4 · answered by Anonymous · 0 1

In the United States banks are required to notify the government of any transaction of more than $10,000 so big crime has to do something with the big bucks they make. They may buy a legitimate business and doctor the books to make it look like their ill gotten money was made legally. That or any other way that would make their crime money look legitimate..

2007-02-01 11:04:12 · answer #5 · answered by Ret68 6 · 0 1

Illegal money (drugs) goes overseas and comes back as seemingly legal profit. Dirty money becomes clean, after laundering.

2007-02-01 10:53:49 · answer #6 · answered by Anonymous · 0 1

when u exchange counterfeit cash for real cash (in large amounts). eg going to a bank and depositing fake cash into an account to get real funds.

2007-02-01 10:52:47 · answer #7 · answered by Milo 4 · 0 1

Forgetting to take the dollar bill out of your pants pocket before you put it in the wash.

2007-02-01 10:53:14 · answer #8 · answered by Lily 3 · 0 2

loans

2007-02-01 10:52:32 · answer #9 · answered by Anonymous · 0 2

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