FACTOID # 28: Austin, Texas has more people than Alaska.
 Home   Encyclopedia   Statistics   States A-Z   Flags   Maps   FAQ   About 
People who viewed "Money laundering" also viewed:


FACTS & STATISTICS    Advanced view

Search encyclopedia, statistics and forums:



(* = Graphable)



Encyclopedia > Money laundering

Money laundering, the metaphorical "cleaning of money" with regard to appearances in law, is the practice of engaging in specific financial transactions in order to conceal the identity, source, and/or destination of money, and is a main operation of underground economy. This article does not cite any references or sources. ... A database transaction is a unit of interaction with a database management system or similar system that is treated in a coherent and reliable way independent of other transactions. ... Various denominations of currency, one form of money Money is any good or tokens that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts. ... This box:      The underground economy or shadow economy consists of all commerce that is not taxed. ...

In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government regulators (such as the United States Office of the Comptroller of the Currency) to encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. As a result, the illegal activity of money laundering is now recognized as potentially practiced by individuals, small and large businesses, corrupt officials, members of organized crime (such as drug dealers or the Mafia) or of cults, and even corrupt states, through a complex network of shell companies and trusts based in offshore tax havens. A financial transaction involves a change in the status of the finances of two or more businesses or individuals. ... Organized crime or criminal organizations are groups or operations run by criminals, most commonly for the purpose of generating a monetary profit. ... The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. ... This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ... It has been suggested that Accounting scholarship be merged into this article or section. ... It has been suggested that this article or section be merged into Organized crime. ... These lollipops, above, were found to contain heroin when inspected by the US Drug Enforcement Administration In jurisdictions where legislation restricts or prohibits the sale of certain popular drugs, it is common for an illegal drugs trade to develop. ... The Mafia (also known as Cosa Nostra), is an Italian criminal secret society which first developed in the mid-19th century in Sicily. ... This article does not discuss cult in its original sense of religious practice; for that usage see Cult (religious practice). ... A state is a political association with effective dominion over a geographic area. ... A business network can be defined as a group of people that have some kind of commercial relationship. ... A shell corporation (aka International Business Corporations - IBCs -, Personal Investment Companies - PICs -, front companies or mailbox companies) is defined in Barrons Finance & Investment Handbook as a company that is incorporated but has no significant assets or operations. ... An offshore financial centre (or OFC), although not precisely defined, is usually a low-tax, lightly regulated jurisdiction which specialises in providing the corporate and commercial infrastructure to facilitate the use of that jurisdiction for the formation of offshore companies and for the investment of offshore funds. ... A tax haven is a place where certain taxes are levied at a low rate or not at all. ...

The increasing complexity of financial crime, the increasing recognised value of so-called "financial intelligence" (FININT) in combating transnational crime and terrorism, and the speculated impact of capital extracted from the legitimate economy has led to an increased prominence of money laundering in political, economic, and legal debate. Intelligence (abbreviated or ) is the process and the result of gathering information and analyzing it to answer questions or obtain advance warnings needed to plan for the future. ... Financial Intelligence (or FININT) is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions. ... Terrorist redirects here. ... This article is about a city that serves as a center of government and politics. ...



Modern development

The act of "money laundering" was not invented during the Prohibition era in the United States, but many techniques were developed and refined then. Many methods were devised to disguise the origins of money generated by the sale of then-illegal alcoholic beverages. Following Al Capone's 1931 conviction for tax evasion, mobster Meyer Lansky transferred funds from Florida "carpet joints" (small casinos) to accounts overseas. After the 1934 Swiss Banking Act, which created the principle of bank secrecy, Meyer Lansky bought a Swiss bank to which he would transfer his illegal funds through a complex system of shell companies, holding companies, and offshore accounts.[1] The term Prohibition, also known as A Dry Law, refers to a law in a certain country by which the manufacture, transportation, import, export, and sale of alcoholic beverages is restricted or illegal. ... This article does not cite any references or sources. ... Alphonse Gabriel Capone (January 17, 1899 - January 25, 1947), popularly known as Scarface Al Capone, was an American gangster who led a crime syndicate dedicated to the illegal trafficking of alcoholic beverages during the time of prohibition in the 1920s and 1930s. ... Year 1931 (MCMXXXI) was a common year starting on Thursday (link will display full 1931 calendar) of the Gregorian calendar. ... This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ... Mobster is a slang term for a person who participates in organized crime, which is known as belonging to the Mob. In western stories and movies, cowboys as mobsters are known as outlaws. ... This article or section does not cite any references or sources. ... Year 1934 (MCMXXXIV) was a common year starting on Monday (link will display full 1934 calendar) of the Gregorian calendar. ... Bank secrecy (or bank privacy) is a legal principle under which banks are allowed to protect personal information about their customers, through the use of numbered bank accounts or otherwise. ... Swiss banks are world-renowned for their stability, privacy and protection of clients. ... A shell corporation (aka International Business Corporations - IBCs -, Personal Investment Companies - PICs -, front companies or mailbox companies) is defined in Barrons Finance & Investment Handbook as a company that is incorporated but has no significant assets or operations. ... A holding company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors. ... An offshore bank account is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. ...

The term "money laundering" does not derive, as is often said, from the Al Capone having used laundromats to hide ill-gotten gains. It was Meyer Lansky who perfected money laundering's older brother, "capital flight", transferring his funds to Switzerland and other offshore places. The first reference to the term "money laundering" itself actually appears during the Watergate scandal. US President Richard Nixon's "Committee to Re-elect the President" moved illegal campaign contributions to Mexico, then brought the money back through a company in Miami. It was Britain's Guardian newspaper that coined the term, referring to the process as "laundering."[2] Seen in Asian markets in the 1990s capital flight is when assets and/or money rapidly flow out of a country. ... The Watergate scandal was a 1972 break-in at the Democratic National Committee headquarters at a Watergate Office Building in Washington, D.C. by members of Richard Nixons administration and the resulting cover-up which led to the resignation of the President. ... Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th President of the United States, serving from 1969 to 1974. ... The Committee to Re-elect the President, often abbreviated to CRP or CREEP (which was also the way it was pronounced), was a Nixon White House fund-raising organization headed by John N. Mitchell, who had previously served as United States Attorney General. ... The Guardian is a British newspaper owned by the Guardian Media Group. ...

September 11, 2001 and the international response to the underground economy

After September 11, 2001, money laundering became a major concern of the US Bush administration's war on terror, although critics argue that it has become less and less an important matter for the White House. Based in Luxembourg, Clearstream International, a central securities depository and clearing house or "bank of banks" which practices "financial clearing", centralizing debit, and credit operations for hundreds of banks, was accused of being a major operator of the underground economy via a system of un-published accounts; Bahrain International Bank, owned by Osama bin Laden, would have profited from these transfer facilities.[1] The scandal prompted André Lussi, Clearstream's CEO, to resign on December 31, 2001; several judicial investigations were opened; and the European Commission was interpelled by Members of the European Parliament (MEPs) Harlem Désir, Glyn Ford, and Francis Wurtz, who asked the Commission to investigate the accusations and to ensure that the 10 June 1990 directive (91/308 CE) on control of financial establishment was applied in all member states, including Luxembourg, in an effective way.[3] A sequential look at United Flight 175 crashing into the south tower of the World Trade Center The September 11, 2001 attacks (often referred to as 9/11—pronounced nine eleven or nine one one) consisted of a series of coordinated terrorist[1] suicide attacks upon the United States, predominantly... The Bush administration includes President George W. Bush, Vice President Richard Cheney, Bushs Cabinet, and other select officials and advisors. ... The war on terrorism or war on terror (abbreviated in U.S. policy circles as GWOT for Global War on Terror) is an effort by the governments of the United States and its principal allies to destroy groups deemed to be terrorist (primarily radical Islamist organizations such as al-Qaeda... Clearstream Banking S.A. (CB) is the clearing division of Deutsche Börse, based in Luxembourg. ... A clearing house (or clearinghouse) is an organization affiliated with a securities or derivatives exchange that completes the transactions on that exchange by seeing to validation, delivery, and settlement. ... In banking and finance, clearing denotes all activities from the time a transaction is made until it is finally settled (see settlement). ... Osama bin Muhammad bin Awad bin Laden (Arabic: ‎; born March 10, 1957[1]), most often mentioned as Osama bin Laden or Usama bin Laden, is a Saudi Arabian militant Islamist and is widely believed to be one of the founders of the organization called al-Qaeda. ... Chief executive officer of Clearstream, André Lussi resigned in December 2001 following the scandal brought up by the publication of Denis Robert and Ernest Backes book, Revelation$, which described a double system of accounts, one of whom was non-published. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... The Commission seat in Brussels The European Commission (formally the Commission of the European Communities) is the executive body of the European Union. ... Interpellation is a concept first coined by Marxist philosopher Louis Althusser to describe the process by which ideology addresses the individual subject, thus effectively producing him as an effect. ... A Member of the European Parliament (English abbreviation MEP)[1] is a member of the European Unions directly-elected legislative body, the European Parliament. ... Harlem Désir is a French politician and Member of the European Parliament for the ÃŽle-de-France. ... Glyn Ford (born 1950) is a member of the European Parliament for South West England for the Labour Party. ... Francis Wurtz is a French Member of the European Parliament. ...

The international response to the underground economy has been coordinated by the Financial Action Task Force on Money Laundering ("FATF," also known by its French acronym of "GAFI"), whose original 40 principles form the basis of most international responses to money laundering activity. A further 8 principles, designed to counteract funding to terrorist organisations, were added on June 30, 2003, in response to the September 11, 2001, with another added 22 October 2004, to form what are now known as the "40 + 9" principles of anti-money laundering and combatting the financing of terrorism (AML/CFT). Compliance with, or a movement towards compliance with, these principles is now seen as a requirement of an internationally active bank or other financial service entity. Terrorist redirects here. ... June 30 is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... September 11 is the 254th day of the year in the Gregorian calendar (255th in leap years). ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... is the 295th day of the year (296th in leap years) in the Gregorian calendar. ... shelby was here 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... “Banker” redirects here. ...

Several FATF-style regional bodies exist, such as the [http://www.apgml.org/ Asia/Pacific Group on Money Laundering).


Money laundering is often described as occurring in three stages: placement, layering, and integration.[4]

  1. Placement: refers to the initial point of entry for funds derived from criminal activities.
  2. Layering: refers to the creation of complex networks of transactions which attempt to obscure the link between the initial entry point, and the end of the laundering cycle.
  3. Integration: refers to the return of funds to the legitimate economy for later extraction.

However, The Anti Money Laundering Network recommends the terms

  1. Hide: to reflect the fact that cash is often introduced to the economy via commercial concerns which may knowingly or not knowingly be part of the laundering scheme, and it is these which ultimately prove to be the interface between the criminal and the financial sector
  2. Move: clearly explains that the money launderer uses transfers, sales and purchase of assets, and changes the shape and size of the lump of money so as to obfuscate the trail between money and crime or money and criminal.
  3. Invest: the criminal spends the money: he may invest it in assets, or in his lifestyle.


If a person is making thousands of dollars in small change a week from a business (not unusual for a store owner) and wishes to deposit that money in a bank, it cannot be done without possibly drawing suspicion. In the United States, for example, cash transactions and deposits of more than a certain dollar amount are required to be reported as "significant cash transactions" to the Financial Crimes Enforcement Network (FinCEN), along with any other suspicious financial activity which is identified as "suspicious activity reports." In other jurisdictions suspicion-based requirements are placed on financial services employees and firms to report suspicious activity to the authorities. Methods to conceal the source are therefore required. “Banker” redirects here. ... The Financial Crimes Enforcement Network (FinCEN) maintains a comprehensive database of financial records created in 1990 as an arm of the United States Department of the Treasury to combat money laundering. ...

Irregular funding

One method of keeping this small change private would be for an individual to give money to an intermediary who is already legitimately taking in large amounts of cash. The intermediary would then deposit that money into an account, take a premium, and write a cheque to the individual. Thus, the individual draws no attention to himself, and can deposit his cheque into a bank account without drawing suspicion. This works well for one-off transactions, but if it occurs on a regular basis then the cheque deposits themselves will form a paper trail and could raise suspicion. Electronic voting (a. ...

Captive business

Another method involves establishing a business whose cash inflow cannot be monitored, and funneling the small change into this business and paying taxes on it. All bank employees however are trained to be constantly on the lookout for any transactions which appear to be an attempt to get around the currency reporting requirements. Such shell companies should deal directly with the public, perform some service-related activity as opposed to providing physical goods, and reasonably accept cash as a matter of business. Dealing directly with the public ensures plausible anonymity of source. An example of a legitimate business displaying plausible anonymity of source would be a hairstylist. Since it would be unreasonable for them to keep track of the identity of their customers, a record of their transaction amounts must be ostensibly accepted as prima facie evidence of actual financial activity. Service-related businesses have the advantage of anonymity of resources. A business that sells computers has to account for where it actually got the computers, whereas a plumbing company merely has to account for fictitious labor. Reasonably accepting cash means the business must regularly perform services that total less than $500 on average, since above that amount most people pay with a check, credit card, or other traceable payment method. The company should actually function on a legitimate level. In the plumbing company example, it is perfectly reasonable for a lot of the business to involve only labour (no parts), and for some business to be paid for in cash, but it is unreasonable for all of their business to involve no parts and only cash payment. Therefore the legitimate business will generate a legitimate level of parts usage, as well as enough traceable transactions to mask the illegitimate ones. Each of the above examples is flawed in one or more ways and serves only to illustrate the specific feature being discussed. The hairstylist example is flawed because the hairsylist would have to account for their employees, while plumbers usually provide warranties on their work, which necessarily includes the names and addresses of the customers. For the oil company, see Royal Dutch-Shell. ...

Corrupt politicians and lobbyists also launder money by setting up personal non-profits to move money between trusted organizations, so that donations from inappropriate sources may be illegally used for personal gain.

Legal considerations

Many jurisdictions adopt a list of specific predicate crimes for money laundering prosecutions as a "self launderer" (the UK has an "all-crimes" regime). In addition, AML/CFT laws typically have other offences such as "tipping off," "willful blindness," not reporting suspicious activity, and conscious facilitation of a money launderer/terrorist financier to move his/her monies.

UK legislation

The 'money laundering' legislation in the United Kingdom, under Sections 327 to 340 of the Proceeds of Crime Act 2002 (PoCA), is wide-ranging and encompasses mere possession of criminal or terrorist property as well as its acquisition, transfer, removal, use, conversion, concealment, or disguise.[5] In the UK 'money laundering' need not involve money (it relates to assets of any kind, both tangible and intangible, and to the avoidance of a liability) and need not involve laundering either (a thief's possession of the assets he himself stole is included). There is no lower limit to what has to be reported - a suspicious transaction involving a single £5 note may be required to be reported. All persons (not just financial services employees and firms) are technically required to report, and obtain consent for, their own involvement in crime or suspicious activities involving money or assets of any kind. So in the UK a thief who steals a vest from a clothes store commits a 'money laundering' offence because he has possession of an asset derived from crime. He is technically required to seek consent from law enforcement for his continued possession of the vest if he is to avoid risk of prosecution for 'money laundering.' Proceeds of Crime Act 2002 (2002 c. ...

The UK legislation also creates a money laundering offence where a person enters into, or becomes concerned in, an arrangement which facilitates (by whatever means) the acquisition, retention, use, or control of criminal property by another person. This has impacted upon lawyers and other professional advisers in the UK who act for a client whom they suspect may possess criminal property of any kind.

Because the UK legislation is wide-ranging, the UK FIU authority, the Serious Organised Crime Agency, receives a large volume of suspicious activity reports (SARs) - in 2005 just under 200,000 SARs were received. The number of SARs received appears to be growing by almost 50% each year. The SOCA logo;.[1] The Serious Organised Crime Agency (SOCA) is a policing agency of the United Kingdom that acts against organised crime, including the illegal drugs trade, money laundering, and people smuggling. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...

The UK legislation was relaxed slightly in 2005 to allow banks and financial institutions to proceed with low value transactions involving suspected criminal property without requiring specific consent for every transaction (but the reporting of all transactions is still required).

WikiCrimeLine Money Laundering regulations: England and Wales

American legislation

The Money Laundering Control Act of 1986 made money laundering a federal crime. The Money Laundering Control Act is a United States Act of Congress that made money laundering a Federal crime. ...

In the United States, Federal law provides (in part): "Whoever . . . knowing[ly] . . . conducts or attempts to conduct . . . a financial transaction which in fact involves the proceeds of specified unlawful activity . . . with the intent to promote the carrying on of specified unlawful activity . . . shall be sentenced to a fine of not more than $500,000 or twice the value of the property involved in the transaction, whichever is greater, or imprisonment for not more than twenty years, or both."[6]

Fighting money laundering

The prime method of anti-money laundering is the requirement on financial intermediaries to know their customers - usually termed KYC (know your customer) requirements. With good knowledge of their customers, financial intermediaries will often be able to identify unusual or suspicious behavior, including false identities, unusual transactions, changing behaviour, or other indicators that laundering may be occurring. This article needs to be cleaned up to conform to a higher standard of quality. ...

Using information technology

Information technology can never be a replacement for a well-trained investigator, but as money laundering techniques become more sophisticated, so too is the technology used to fight it. Early anti-money laundering programs flagged transactions exceeding a certain amount. This proved to be ineffective because money launderers soon adjusted their schemes to avoid detection.

Current anti-money laundering transaction monitoring software packages include capabilities of name analysis, rules-based systems, statistical and profiling engines, neural networks, link analysis, peer group analysis, and time sequence matching. In addition, there are specific KYC solutions that offer case-based account documentation acceptance and rectification, as well as automatic risk scoring of the customer (taking account of country, business, entity, product, transaction risks) that can be reviewed intelligently. Other elements of AML technology include portals to share knowledge and e-learning for training and awareness. This article needs to be cleaned up to conform to a higher standard of quality. ...

Financial Crimes Enforcement Network (FinCEN), an organization created by the United States Department of the Treasury, makes its databases available to 40 different agencies in the world. One of its strategic goals is to improve information-sharing through eGovernment. It offers training and advice to organizations of foreign governments to help improve the efficacy of their anti-money laundering programs. The Financial Crimes Enforcement Network (FinCEN) maintains a comprehensive database of financial records created in 1990 as an arm of the United States Department of the Treasury to combat money laundering. ... The U.S. Treasury building today. ... A database is an information set with a regular structure. ... e-Government (from electronic government, also known as e-gov, digital government, online government or in a certain context transformational government) refers to government’s use of information and communication technology (ICT) to exchange information and services with citizens, businesses, and other arms of government. ... Anti-money laundering is a term mainly used in the finance and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. ...

In popular culture

  • Money laundering is seen as the subject of several episodes of the popular HBO series, The Sopranos, employed by Tony Soprano.
  • In The Shield, Vic and his Strike Team steal millions of dollars from a money laundering operation run by the Armenian mob.
  • An episode of The Simpsons featured a money laundering gag. The gang leader Fat Tony was hosting a dinner for the criminal fraternity and informed his guests that if they needed any money laundered, they could leave it outside their door overnight and it would be ready for the morning.
  • In the 1983 film Scarface, drug kingpin Tony Montana launders money through a series of shell businesses.
  • In the 1999 film Office Space, the main characters discuss the possibility of laundering money they've stolen from their company, but the plan fails when they (comically) realize they know nothing about the practice.
  • One of the purest examples of layering comes at the end of the 2004 Danny Boyle film Millions, in which an ordinary family exchanges stolen British pounds for euro in many small, apparently untraceable transactions at banks all over the city.
  • Hiphop recording label Murder Inc (run by brothers Irv “Gotti” and Chris Lorenzo) was suspected of laundering money for drug kingpin Kenneth "Supreme" McGriff in 2004. The brothers were acquitted of all charges on December 2, 2005, after a jury found them not guilty.
  • A literal interpretation of money laundering is shown in the 1984 film To Live and Die in L.A.. A counterfeiter sets up shop in a rented warehouse, equipped with engraving equipment, a printing press, and a new clothes washer and dryer. After he prints a batch of new bills, the counterfeiter bundles them into the washer and washes them with hot water and detergent; then he dries them on high heat. By doing so, he turns his crisp, new bills into rumpled, faded, used-looking bills.
  • The 2001 film Donnie Darko featured a clip of George H.W. Bush on television denying purported money laundering activities of Manuel Noriega.

HBO (Home Box Office) is an American premium cable television network. ... The Sopranos is an American television drama series created by David Chase and originally broadcast on the HBO network. ... Information Aliases Ron Spears, Kevin Finnerty, Mr. ... The Shield is an American police-drama television series shown on FX Networks in the U.S. and other networks internationally. ... Simpsons redirects here. ... Fat Tony (voiced by Joe Mantegna) is the fictional local Mafia Don and leader of the Springfield Mafia in the animated television series The Simpsons. ... // February 11 - The Rolling Stones concert film Lets Spend the Night Together opens in New York North Americas Star Wars Episode VI: Return of the Jedi Tootsie Trading Places, starring Dan Aykroyd and Eddie Murphy WarGames, starring Matthew Broderick and Ally Sheedy Superman III Flashdance Staying Alive Octopussy Mr. ... Scarface is a 1983 film directed by Brian De Palma, written by Oliver Stone and starring Al Pacino as Antonio Tony Montana. ... The year 1999 in film involved some significant events. ... Office Space is a cult 1999 comedy film written and directed by Mike Judge. ... Danny Boyle (born 20 October 1956) is an English director and film producer, best known for his work on films such as Trainspotting and 28 Days Later. ... Millions is a 2004 film and book written by Frank Cottrell Boyce. ... The Inc. ... This article needs to be cleaned up to conform to a higher standard of quality. ... December 2 is the 336th day of the year (337th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... To Live and Die in L.A. is a neo-noir American film released in 1985 and directed by William Friedkin. ... For the fictional character, see Donald Darko. ... Order: 41st President Vice President: Dan Quayle Term of office: January 20, 1989 – January 20, 1993 Preceded by: Ronald Reagan Succeeded by: Bill Clinton Date of birth: June 12, 1924 Place of birth: Milton, Massachusetts First Lady: Barbara Pierce Bush Political party: Republican George Herbert Walker Bush, KBE (born... Manuel Antonio Noriega Moreno (born February 11, 1938) is a Panamanian general, and was the de facto leader and military dictator of Panama from 1983 to 1989, despite never being the official President of Panama. ...

See also

  • List of Non-Cooperative Countries or Territories (FATF Blacklist)
  • Clearstream scandal
  • Smurfing (crime)
  • List of organizations & people involved in money-laundering
  • Rohan Bedi (2004). Money Laundering - Controls and Prevention. ISI Publications. ISBN 962-7762-87-3. 
  • The Anti Money Laundering Network (1997- date). World Money Laundering Report. Vortex Centrum Limited. ISSN 1473-3439. 
  • Terrorist financing
  • Confiscation
  • Anti-money laundering software
  • Swiss Banks

The FATF Blacklist is the common shorthand description for the Financial Action Task Force list of Non-Cooperative Countries or Territories (NCCTs); that is, countries which it perceives to be non-cooperative in the global fight against money laundering and terrorist financing. ... Clearstream Banking S.A. (CB) is a Bank and a transaction clearing company based in Luxembourg (Europe) created in January 2000, which has been the object of the greatest financial scandal in Luxembourg. Clearstream Banking S.A. was formed from the merger of Cedel (established 1971 - short for Central Delivery... Smurfing is banking industry jargon used to describe the act of splitting a large financial transaction into smaller transactions to avoid scrutiny by regulators or law enforcement. ... Bank of Credit and Commerce International Clearstream Tom DeLay Enron Corporation Hells Angels Diego Leon Montoya Sanchez Edward Morrissey Ndrangheta Manuel Noriega Parmalat Augusto Pinochet Carlos Salinas Shell corporation Jim Whittington See also money-laundering Category: ‪Commercial crimes‬ ... The neutrality of this section may be compromised by weasel words. ... Confiscation, from the Latin confiscato join to the fiscus, i. ... Anti-money laundering software is a term mainly used in the finance and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. ... Swiss banks are world-renowned for their stability, privacy and protection of clients. ...

External links

The Open Directory Project (ODP), also known as dmoz (from , its original domain name), is a multilingual open content directory of World Wide Web links owned by Netscape that is constructed and maintained by a community of volunteer editors. ...


  1. ^ a b Lucy Komisar. "Tracking Terrorist Money - 'Too Hot for US to handle?'", Pacific News Service, October 4, 2001. Retrieved on February 2006. 
  2. ^ (See Jeffrey Robinson's three books on money laundering, The Laundrymen, The Merger and The Sink.)
  3. ^ (French) Official March 2000 French Parliamentary Report on the obstacles on the control and repression of financial criminal activity and of money-laundering in Europe by French MPs Vincent Peillon and Arnaud Montebourg, third section on "Luxembourg's political dependency toward the financial sector: the Clearstream affair" (pp.83-111 on PDF version)
  4. ^ See for example, "2. Stages of the Money Laundering Process", A report in accordance with § 356(c) of the USA PATRIOT Act
  5. ^ UK Proceeds of Crime Act 2002
  6. ^ See 18 U.S.C. § 1956(a).

Duly Completed Account Opening Form Lucy Komisar is a New York City-based investigative journalist. ... Pacific News Service (PNS) is a nonprofit media organization founded in 1969. ... Media:Example. ... Jeffrey Robinson (born 1945) is a native of New York City and has lived in Europe for 35 years. ... Vincent Benoît Camille Peillon (born 7 July 1960 in Soresnes) is a French politician and Member of the European Parliament for the north-west of France. ... Arnaud Montebourg (born October 30, 1962, in Clamecy, Nièvre)is a French politician, and a deputy to the French National Assembly for the Socialist Party. ... Clearstream Banking S.A. (CB) is the clearing division of Deutsche Börse, based in Luxembourg. ... Title 18 of the US Code deals with Crimes and Criminal Proceedings in five parts: Part I - Crimes Part II - Criminal Procedure Part III - Prisons and Prisoners Part IV - Correction of Youthful Offenders Part V - Immunity of Witnesses Title 18, specifically Part 1 > Chapter 113B > § 2331 and § 2332a(a)), is...

3 nos Specimen Signature Cards 2 nos Independent & Satisfactory Referee 3 Passport Photographs Means of Identity - driver's licence or international passport- original to be sighted Copy of Utility Bill Verification of Individual's Address Copy of Resident Permit for Expatriate - original to be sighted Minimum opening balance of N1,000

  Results from FactBites:
Inside the DEA, DEA Programs, Money Laundering (355 words)
The International Monetary Fund estimates money laundering, the process drug traffickers use to introduce the proceeds gained through the sale or distribution of controlled substances into the legitimate financial market, to amount to between 2 and 5 percent of the world's Gross Domestic Product, about $600 billion annually.
Money laundering allows the true source of the funds gained through the sale and distribution of drugs to be concealed and converts the funds into assets that appear to have a legitimate legal source.
Tracking and intercepting this illegal flow of drug money is an important tool used to identify and dismantle international drug trafficking organizations.
Money Laundering Working Group Report- Federal Sentencing Guidelines (2/28/95) (4061 words)
Comment received by the Commission asserted that guideline sentences in cases in which money laundering was charged were often disproportionately high relative to the seriousness of the offense and, because of inconsistent charging, led to unwarranted sentencing disparity.
In contrast to white collar cases, in which a money laundering count nearly always increased the applicable offense level, the working group found that in drug cases the money laundering offense level was higher than that for the underlying drug trafficking conduct about half the time and was lower the other half.
In many cases, money laundering defendants were initially charged with participating in the underlying criminal conduct but the counts charging the underlying criminal conduct were apparently dropped in connection with a plea bargain.
  More results at FactBites »



Share your thoughts, questions and commentary here
Your name
Your comments

Want to know more?
Search encyclopedia, statistics and forums:


Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m