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Money Laundering - A Brief History

Money Laundering - A Brief History

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Published by maulin jani

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Published by: maulin jani on Dec 19, 2008
Copyright:Public Domain

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05/10/2013

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Money Laundering - AMoney Laundering - ABrief HistoryBrief History
 
Prepared by: Maulin Jani &his friends.
 
 
Meaning: Money LaunderingMeaning: Money Laundering
Money laundering is the practice of Money laundering is the practice of engaging in financial transactions inengaging in financial transactions inorder to conceal the identity, source,order to conceal the identity, source,and/or destination of money, and is aand/or destination of money, and is amain operation of the undergroundmain operation of the undergroundeconomyeconomy
 
 
Definition: MoneyDefinition: MoneyLaunderingLaundering
 According to According to
Robinson,"Robinson,"
Money Money laundering is called what it is because that laundering is called what it is because that  perfectly describes what takes place - perfectly describes what takes place -illegal, or dirty, money is put through aillegal, or dirty, money is put through acycle of transactions, or washed, so that it cycle of transactions, or washed, so that it comes out the other end as legal, or clean,comes out the other end as legal, or clean,money. In other words, the source of money. In other words, the source of illegally obtained funds is obscured illegally obtained funds is obscured through a succession of transfers and through a succession of transfers and deals in order that those same funds candeals in order that those same funds caneventually be made to appear aseventually be made to appear aslegitimate income".legitimate income".

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