Money Laundering

Categories: News | Current Events
    • Money laundering is illegal
    • International problem, international co-operation is critical in the fight against it
    • Anti-money laundering standards have been established for all countries
    • [http: //www.fatf-gafi.org/pages/0,2987,en_32250379_32235720_1_1_1_1_1,00.html FATF] was established by the G-7 Summit in Paris in 1989 as a co-coordinated international response

  • Money laundering is the act of taking illegal money ("dirty" money) and putting it through a cycle of transactions that “washes” the funds and “cleans” them, making the money look like proceeds from legal activities. A money launderer is a person or a group that either has possession of the proceeds of a crime or of the assets that represent the proceeds of illegal activities such as fraud, theft, drug trafficking, or any other crimes.

  • Smurfing

    1. Dividing a large transaction in many smaller ones to avoid suspicion
    2. A person or group deposit money in to different banks at different times small parts of a large sum
    3. Avoids the scrutiny which large sums attract
    4. Term derived from the cartoon characters, The Smurfs, who lived in a large group of many small entities
    5. Aka: Structuring

  • Offshore Money Laundering

    1. Money transferred from account to account
    2. Final deposit made in a country where laws guarantee a lack of scrutiny

  • Legitimate/Fake Companies

    1. Use of legitimate companies: "dirty" money mixed with "clean" money derived by legitimate activities
    2. Casinos are notorious targets for money laundering given the "cash heavy" transactions
    3. Use of fake companies: payment for services that were actually never provided

  • Prevention in U.S.

    1. 1970: Bank Secrecy Act established
    2. This act aimed to detect and prevent money laundering
    3. 1986: Congress passed Money Laundering Control Act
    4. The act recognizes money laundering as a federal crime
    5. Office of the Comptroller of the Currency established to enforce the finance laws

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