What is Money Laundering?

What is Money Laundering?

Jodie Toporowski

Director

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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What is Money Laundering?

5 mins 4 secs

Overview

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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Summary
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Expert
Jodie Toporowski

Jodie Toporowski

Jodie Toporowski is an experienced Head of Compliance with a demonstrated history of working in the financial services industry. She is well versed in the areas relating to financial regulation, data protection and commercial contracts. She is also a strong legal professional with regulatory enforcement background. Jodie is currently the Head of Compliance at Hyundai Capital UK and has been at this role since 2017.

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