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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 ...
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 mens rea elements differ in whether they require a quid pro quo; a mere nexus is an easier element to prove; more difficult elements to prove include the intent to be influenced and inducement. The offenses also differ in whether the act to be procured from the public official must be an official, a violation of an official duty, a fraud on ...
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 elements of the crime of money laundering are set forth in the United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances and Convention against Transnational Organized Crime. It is defined as knowingly engaging in a financial transaction with the proceeds of a crime for the purpose of concealing or ...
The Money Laundering Control Act of 1986 (Public Law 99-570) is a United States Act of Congress that made money laundering a federal crime. It was passed in 1986. It consists of two sections, 18 U.S.C. § 1956 and 18 U.S.C. § 1957. It for the first time in the United States criminalized money laundering.
For example, the UK is a developed economy with a robust democracy, and yet London is a hub for money laundering. [42] In a critique of the failures and politics leading up to the US financial crisis, a Stanford financial economist noted, "In the real world, it turned out, important economic outcomes are often the consequences of political forces.