launder

(redirected from laundering)
Also found in: Dictionary, Thesaurus, Legal, Financial, Encyclopedia, Wikipedia.

money laundering

The criminal act or practice of processing large amounts of money obtained through illegitimate or illegal means, often in small increments through banks or other legitimate businesses, so as to conceal its source or origins. One of the clubs downtown was shut down last week on charges of suspected money laundering for a local criminal enterprise.
See also: launder, money

launder money

To process large amounts of money obtained through illegitimate or illegal means, often in small increments through banks or other legitimate businesses, so as to conceal its source or origins. One of the clubs downtown was shut down last week on charges of laundering money for a local criminal enterprise.
See also: launder, money

launder

tv. to conceal the source and nature of stolen or illicitly gotten money by moving it in and out of different financial institutions. (see also greenwash.) The woman’s sole function was to launder the money from drug deals.
References in periodicals archive ?
Treasury just issued a new set of regulations subjecting the jewelry and precious gems business to money laundering controls and the next target, we understand, is the insurance industry.
Our clients have told us that they need a more comprehensive solution for identifying transaction laundering to avoid facilitating fraud, regulatory penalties, card network fines and brand damage," said Allison Guidette, chief executive officer of G2 Web Services.
He pointed out that an International Monetary Fund team visited Cyprus last October in the framework of the negotiations for a Cyprus bailout, making its own assessment on anti money laundering measures, giving Cyprus "a very good score".
Money laundering is, in simple terms, a process of concealing the source of illegally obtained money so that it appears that the money originated from a legitimate source.
The National Joint Pitch Council inspectorate, which undertook a year-long investigation into money laundering in 2000-01, found no evidence of its existence then and the lack of SARs would seem to confirm that it is no different now.
As part of a subsequent restructuring, in December 2010, the Attorney General's Office (AGO) transferred the prosecution of money laundering cases from the Organized Crime Bureau to the Economic Crimes Bureau.
LCB's involvement in money laundering is also attributable to a failure to adequately control transactions that are highly vulnerable to criminal exploitation, including cash deposits and cross-border wire transfers; inadequate due diligence on high-risk customers including exchange houses; and, in some cases, complicity in the laundering activity by LCB managers.
In November 2009, the Estonian parliament adopted an 'Act Amending the Money Laundering and Terrorist Financing Prevention Act and Other Related Acts'.
Money laundering operations through e-banking are harder to detect, due to unavailability of documentation that could be traced or investigated, the study noted, according to ASHARQ AL AWSAT.
In order to invest their assets and avoid them being seized by the government, drug traffickers, kidnappers and other criminals transform the monetary proceeds of their criminal activity into revenue from apparently legal sources in a practice known as money laundering.
Despite strict enforcement of federal anti-money-laundering laws, criminals are constantly finding ways to transform dirty money -- the proceeds of illegal activities -- into clean cash, and one of their most important routes is laundering money via international trade.
Global Banking News-25 March 2009-China cooperates to strengthen anti-money laundering legal system(C)2009 ENPublishing - http://www.
In the immediate aftermath of September 11, 2001, many experienced intelligence officers did not understand the concept of hawala, and few knew what it actually represented in the context of money laundering and terrorism financing.
Fortent (New York), a provider of anti-money laundering and fraud detection technology, has acquired Alert Global Media (AGM; Miami, FL), the publisher of moneylaundering.
Its annual International Money Laundering Conference and Exhibition is the largest anti-money laundering conference in the world.