Money Laundering Business: An Overview Introduction
Money Laundering Business: An Overview Introduction Money laundering is a serious global issue that involves disguising the origin of illegally obtained money to make it appear legal. It is a crime that supports other criminal activities like drug trafficking, terrorism, arms smuggling, and corruption. The “money laundering business” refers to the network of illegal and often complex financial practices used to "clean" dirty money. What is Money Laundering? Money laundering is the process of converting "dirty" money—earned through criminal acts—into "clean" money that appears to come from legal sources. The purpose is to hide the true source of funds and integrate them into the formal economy without attracting suspicion. The Three Stages of Money Laundering Placement This is the initial stage where the illegal money is introduced into the financial system. This can be done through: Deposits in banks using small amounts (called smurfing) ...