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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 Financial Action Task Force on Money Laundering (FATF), which is recognized as the international standard setter for Anti-money Laundering (AML) efforts, defines the term "money laundering" briefly as "the processing of criminal proceeds to disguise their illegal origin" in order to "legitimize" the ill-gotten gains of crime. In 2005, money ...
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]
The Money Laundering and Financial Crimes Strategy Act of 1998 required banking agencies to develop anti–money laundering training for examiners, required the Department of the Treasury and other agencies to develop a "National Money Laundering Strategy", created the "High Intensity Money Laundering and Related Financial Crime Area" (HIFCA ...
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 ...
Limited liability companies, or LLCs, are no stranger to controversy, mainly because of how easily they can be used to hide owners and assets. Now they are being targeted by a New York watchdog ...
Money mules transfer funds in person, through a courier service, or electronically, on behalf of others. Typically, the mule is paid for services with a small part of the money transferred. Money mules are often recruited on-line under the guise of legitimate employment, not aware that the money they are transferring is the product of crime.
According to the Department of Justice, the bank’s anti-money laundering policies were marked by “long-term, pervasive and systemic deficiencies” spanning nearly a decade, dating back to 2014.