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The term ‘money laundering’ describes the process which effectively turns ‘dirty’ money (obtained illegally) into what appears to be money from a legitimate or ‘clean’ source. In this video, Jodie explains what money laundering is and how it is combated.
The term ‘money laundering’ describes the process which effectively turns ‘dirty’ money (obtained illegally) into what appears to be money from a legitimate or ‘clean’ source. In this video, Jodie explains what money laundering is and how it is combated.
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5 mins 6 secs
The United Nations Office on Drugs and Crime estimates the amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars. Due to the nature of money-laundering, it is however difficult to estimate the total amount of money that goes through the laundering cycle. Money Laundering is the criminal act of changing the identity of illegally obtained money so that it appears to have originated from a legitimate source. Money laundering tends to consist of three stages: Placement; Layering; and Integration.
Key learning objectives:
Define money laundering
Be able to explain how criminals launder money
Identify at which stage money laundering is easiest to detect
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Money Laundering is the criminal act of taking money derived from criminal activity (‘dirty money’) and making it appear that it has come from a legitimate source – effectively cleaning the money. This is achieved by the criminal disguising the true ownership and origin of the proceeds from their criminal activities. The objective for them is to keep control over these proceeds and ultimately to provide what appears to be a legitimate source of income.
The most sophisticated money laundering process is likely to comprise of three stages:
The ‘Placement’ stage is the easiest point to detect money laundering. In view of this, regulations focus on the procedures adopted by deposit takers (such as High Street Banks, Building Societies and Insurers) increasing emphasis has been placed on the importance of checking customer identity and awareness of unusual transaction patterns.
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