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Slang terms for money often derive from the appearance and features of banknotes or coins, their values, historical associations or the units of currency concerned. Within a language community, some of the slang terms vary in social, ethnic, economic, and geographic strata but others have become the dominant way of referring to the currency and are regarded as mainstream, acceptable language ...
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 tightening of anti-money laundering regulations in many countries including most popular offshore banking locations means that bankers and other service providers are required by law to report suspicion of money laundering to the local police authority, regardless of banking secrecy rules. There is more international co-operation between ...
In 2005, money laundering within the financial industry in the UK was believed to amount to £25bn a year. [5] In 2009, a United Nations Office on Drugs and Crime (UNODC) study [ 6 ] estimated that criminal proceeds amounted to 3.6% of global GDP , with 2.7% (or US$1.6 trillion) being laundered.
It directed that the tenth, relating to a sum of money allegedly found in Cunningham's home, was not to be retried. He was again remanded in custody with the possibility of bail. [42] At the retrial in February 2014, Cunningham pleaded guilty and received a 5-year suspended sentence on two counts of laundering about £275,000. He avoided ...
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 ...
Diamond smuggling via South Africa is also a major criminal activity, and diamonds are sometimes used to disguise shipments of heroin. Finally, there is much money laundering in the country, mostly through the use of the traditional hawala system, although India criminalised money laundering in 2003. [44] [45]
Money laundering using backdated accounting was carried out by co-operative banks, [73] jewellers, [74] sellers of mobile phones, [75] and several other businesses. [ 76 ] The cash deposited into hundis (cash collection boxes in temples and gurudwaras) are exempted from inquiry by the tax department; this is sometimes to launder money.