Definitions for Money laundering
money laun·der·ing

Princeton's WordNetRate this definition:0.0 / 0 votes

1. money launderingnoun

   concealing the source of illegally gotten money

WiktionaryRate this definition:0.0 / 0 votes

1. money launderingnoun

   The act of engaging in transactions designed to obscure the origin of money that has been obtained illegally.

WikipediaRate this definition:0.0 / 0 votes

1. Money laundering

   Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". 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 and international regulators such as the US Office of the Comptroller of the Currency to mean "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. In the UK, it does not even need to involve money, but any economic good. Courts involve money laundering committed by private individuals, drug dealers, businesses, corrupt officials, members of criminal organizations such as the Mafia, and even states. As financial crime has become more complex, and financial intelligence has become more recognized in combating international crime and terrorism, money laundering has become more prominent in political, economic, and legal debate. Money laundering is ipso facto illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered).

WikidataRate this definition:0.0 / 0 votes

1. Money laundering

   Money laundering is the process of concealing illicit sources of money to make it appear like legitimately earned money. Money which is evidently the proceeds of a crime is referred to as "dirty" money, and money which has been "laundered" to appear legitimate is referred to as "clean" money. The methods by which money may be laundered are varied and can range in sophistication. In purely definitional terms different countries may or may not treat unlawful tax evasion, and payments in breach of international sanctions, as money laundering. Some jurisdictions differentiate these for definitional purposes and others do not. Some jurisdictions define money laundering such that if the money results from activity which would have been a crime if it had been done in that jurisdiction, then it should be regarded as money laundering, even if it was legal where the actual conduct occurred. Accordingly, under British law, spending proceeds from a bull fight in Spain constitutes money laundering, as if the bull fight had been conducted in the United Kingdom it would have been illegal. Many regulatory and governmental authorities quote estimates each year for the amount of money laundered, either worldwide or within their national economy. In 1996, the International Monetary Fund estimated that two to five percent of the worldwide global economy involved laundered money. However, the Financial Action Task Force on Money Laundering, an intergovernmental body set up to combat money laundering, stated that "overall it is absolutely impossible to produce a reliable estimate of the amount of money laundered and therefore the FATF does not publish any figures in this regard". Academic commentators have likewise been unable to estimate the volume of money with any degree of assurance. Various estimates and guesstimates as to the scale of global money laundering are sometimes repeated sufficiently often that they sometimes become regarded as factual, but the inherent underlying difficulties in measuring that which is actively concealed have never been adequately overcome.

Matched Categories

1. • Concealment

How to pronounce Money laundering?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say Money laundering in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of Money laundering in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of Money laundering in Pythagorean Numerology is: 6

Examples of Money laundering in a Sentence

1. Finance Minister Michel Sapin:

   It's a terrorism that is low cost to carry out but has major impact, this low-cost terrorism feeds on fraud, money laundering and petty trafficking.

2. Brooklyn District Attorney Ken Thompson:

   It preys on peoples’ vulnerabilities and directly leads to money laundering, loansharking and a host of other crimes.

3. Keith Pogson:

   The big players can afford cutting edge technology, hire the best people to have a real robust go at anti-money laundering and know-your-customer rules, but for the small players the question will be: does it make economic sense to put in place the level of compliance and scrutiny requested or is it not worth it?

4. Swiss Attorney General Michael Lauber:

   No country in this world can really fight international phenomenons of money laundering or misconduct or corruption on its own. It needs partners abroad, and that's why I'm grateful to have good partners in the (U.S. Department of Justice).

5. Dan Backer:

   It reinforces how fast and loose the Clinton machine was when it came to 'Hoovering up' these megadonor checks, not just from questionable Hollywood and Wall Street elites but potentially from foreign influence peddlers using who knows what money, it reinforces the need to take a long hard look at not just the unlawful money laundering process, but the way in which they were solicited as well.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=Money laundering
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Money_Laundering
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Money_Laundering
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=Money laundering