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Money laundering is any action taken to conceal, arrange, use or possess the proceeds of any criminal conduct
Serious Organised Crime Agency, UK
Money laundering is the name given to the process by which illegally obtained funds are given the appearance of having been legitimately obtained
Australian Transaction Reports and Analysis Centre
Money laundering is the method by which criminals disguise the illegal origins of their wealth and protect their asset bases, so as to avoid suspicion of law enforcement and to prevent leaving a trail of incriminating evidence
United Nations Office on Drugs and Crime
Theft
Tax evasion
Fraud
Human trafficking
Robbery
Prostitution
Arms smuggling
Drug trafficking
Corrupt practices
Funds laundered in the world could range between two and five per cent of the worlds gross domestic product.
Using 1996 statistics, these percentages would Approximate between US $ 590 billion and U.S. $ 1.5 trillion
International Monetary Fund
Why?
Hide wealth Avoid prosecution Evade taxes Increase profits Become legitimate
laundering process
# placement
smurfing
smurfing explained
smurfing explained
electronic transfer
gambling
gambling
# layering
# integration
terrorist financing
Why?
Recruit and sustain Acquire influence Build support base Carry out terrorism
hawala
standard setters
what risks?
operational risk
legal risk
risk assessment
ERASE Profiling
$ $ $ $ $ $
! ! ! ! !
Alert Generation
User View
Staff training
arresting power?
financial institution =
a few examples
Questions?
Thanks to:
Australian Transaction Reports and Analysis Centre (AUSTRAC) Flickr Delfi Lietuvos Rytas Neteconomy stock.xchng