money laundering


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Related to money laundering: Anti Money Laundering
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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
References in periodicals archive ?
There are certain preventive measures that companies may adopt in order to comply with the applicable money laundering rules and regulations, which may include, among others, the company:
The symposium was briefed on efforts made by the Kingdom in combating money laundering and terror financing and the role of the Shoura Council in this regard.
Should matters of money laundering be suspected in British racing the cases would fall outside the remit of the BHA according to Paul Scotney, director of integrity, compliance and licensing.
Despite an increase in the number of money laundering rings uncovered since 2008 and the adoption of the third EU directive, the US state department has listed Latvia as one of the 60 countries of concern in which money laundering has taken place in its 2010 annual money laundering and financial crimes report.
Experts criticized speakers at the symposium for not giving any examples of money laundering cases discovered in Yemen or banks that help in money laundering.
Jost and Harjit Singh Sandhu, Interpol General Secretariat, The Hawala Alternative Remittance System and Its Role in Money Laundering (Lyon, January 2000).
Temple also worked with other financial institutions to develop and enhance compliance programs focused on detecting and preventing money laundering and fraudulent activity.
The law requires insurers to make sure its agents and brokers take appropriate steps to prevent money laundering or terrorist funding.
Congress to know that once they found a sexy topic, like money laundering that involved crime, cash, maybe mobsters, they wouldn't let go--they'd worry it like a dog with a bone.
Japan is a member of the Financial Action Task Force and subscribes to its recommendations regarding measures to combat money laundering and international terrorism.
Since 9/11 a direct link has been drawn between money laundering and terrorism; yet few links have been drawn to just how money laundering operates.
Terrorist finance, the component of money laundering that generates the greatest social damage, is a pittance by contemporary standards: the operations of supporting dedicated operatives require a few million rather than billions of dollars in donations and revenues.
While it may be too much to ask a major-party presidential candidate to ponder drug prohibition's contribution to dirty money, Kerry's solution to money laundering was--and is--to deputize banks and force them to spy on all their customers.
In 1990, when the Bush administration gave the bank a minor slap on the wrist for its money laundering practices, Kerry went on national television to slam the decision.
The United Arab Emirates (UAE) has pledged to help Indonesia lift itself from the black list of international community joining the Financial Action Task Force (FAF) on money laundering Indonesia has been declared non cooperative in the battle against money laundering.