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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.
The Anti-Money Laundering Improvement Act established national and international policies to prevent and combat money laundering and terrorist financing. [1]It protects the integrity of financial institutions by detecting money laundering activities, which involve converting illegally obtained funds into legitimate assets through complex transactions and disguising the proceeds as lawful funds.
Money laundering is broadly defined in the UK. [81] In effect any handling or involvement with any proceeds of any crime (or monies or assets representing the proceeds of crime) can be a money laundering offence. An offender's possession of the proceeds of his own crime falls within the UK definition of money laundering. [82]
Franklin National Bank was a bank based in Franklin Square on Long Island, New York.It was once the United States' 20th largest bank. On October 8, 1974, it collapsed in obscure circumstances involving Michele Sindona, who was a renowned Mafia-banker and member of the irregular freemasonic lodge Propaganda Due.
(Reuters) -A U.S. appeals court has halted enforcement of an anti-money laundering law that requires corporate entities to disclose the identities of their real beneficial owners to the U.S ...
FinCEN's stated mission is "safeguard the financial system from illicit activity, counter money laundering and the financing of terrorism, and promote national security through strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence."
Benin Navy (French: Forces Navales Beninois); Food Not Bombs, an anti-hunger activist group; Fox Business Network, an American financial news network; Friday Night Baseball on Apple TV+, a baseball broadcast by Apple Inc.