Anti Money Laundering

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Anti Money Laundering

http://www.antimoneylaundering.org/

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Anti Money Laundering
The word money laundering refers to the use of the financial system to hide the source of funds gained from illegal activity such as drug trafficking, bribery, extortion, embezzlement, theft or other criminal activity, as the criminals try to make their ill gotten gains appear genuine.
Anti Money Laundering is the term used by banks and other financial institutions to describe the variety of measures they have to combat this illegal activity and to prevent criminals from using individual banks and the financial system in general as the conduit for their Proceeds of Crime. In all major jurisdictions around the world, criminal legislation and regulation make it mandatory for banks and financial institutions to have arrangements to combat Money Laundering, with harsh criminal penalties for non-compliance. The vast majority of criminal dealings are done in cash. Criminals need ways to dispose of the cash and have it reappear as part of their wealth with as little chance as possible of it being tracked back to the cash element. Criminals have to use the financial system and banks in particular to do this. Money laundering is traditionally done in three stages, called Placement, Layering and Integration. Placement is the physical depositing of the cash. Layering describes the process of transactions, some very simple, some more complicated and often involving transactions within and between banks and across borders, which seek to confuse the trail…...

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