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Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The Enforcement Directorate has reported a high conviction rate in money laundering cases, but this figure is based on a small number of completed trials. As of 31 January 2023, the ED had registered 5,906 Enforcement Case Information Reports (ECIRs) and arrested 513 persons. [28] However, only a small fraction of these cases have completed trial.
The Anti–Money Laundering and Counter–Terrorism Financing Act 2006 (Cth) (AML/CTF Act) is the principal legislative instrument, although there are also offence provisions contained in Division 400 of the Criminal Code Act 1995 (Cth). Upon its introduction, it was intended that the AML/CTF Act would be further amended by a second tranche of ...
Embezzlement (from Anglo-Norman, from Old French besillier ("to torment, etc."), of unknown origin) [1] is a term commonly used for a type of financial crime, usually involving theft of money from a business or employer. It often involves a trusted individual taking advantage of their position to steal funds or assets, most commonly over a ...
The larger crime may be racketeering, money laundering, financing of terrorism, etc. [1] For example, to violate the Racketeer Influenced and Corrupt Organization Act (RICO), a person must "engage in a pattern of racketeering activity", and in particular, must have committed at least two predicate crimes within 10 years. [ 2 ]
In that report, they defined reputation laundering as "the process of concealing the corrupt actions, past or present, of an individual, government or corporate entity, and presenting their character and behaviour in a positive light." [4] The phrase "reputation laundering" is a play on the older phrase "money laundering".
Know your business or simply KYB is an extension of KYC laws implemented to reduce money laundering. KYB is a set of practices to verify a business. It includes verification of registration credentials, location, the UBOs ( ultimate beneficial owners ) of that business, etc.
ACAMS provides training and assists other educational organizations in anti-money laundering courses. Its Certified Anti-Money Laundering Specialist (CAMS) program is internationally recognized. The CAMS program takes one day of education and half a day of examination, so participants must already have a strong basis in AML-related issues. [12]