Money Laundering – Everything you need to know

Money laundering is a common term which refers to the process by which criminals cover the original ownership and control of the profits of criminal conduct. Money laundering impacts the economy in a negative manner. A sour reality is that hundreds of billions of dollars earned from criminal activities laundered through financial institutions, annually. The act of laundering is performed in such circumstances where a person is involved in an arrangement that proceeds to crime. These arrangements include banking and investment management.

Other offences like Tax evasion and violation of fiscal policies are treated as the base of money laundering crimes in most of the countries where law and jurisdictions are well regulated. Money laundering is considered illegal all around the world because it is used to make profits out of crime. Providing financial services for the proceedings of such criminal activity by individuals and organizations is obviously wrong!

Money laundering processes are extensive and diverse in number. Today, there are countless ways through which money is laundered all around the world. The process of money laundering includes placement where the money is introduced in the financial systems, layering where the original owner of the property is disguised and the final stage is integration where the laundered money is re-introduced as a legal economy.

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