Editor’s Note: See also Unwarranted Deputization: How Increased Delegation of Law Enforcement Duties to Financial Institutions Undermines American Competitiveness.
From: FreeMalaysiaToday.com
How dirty money is cleaned
As long as the process looks realistic, reasonable and logical, criminals will use their creativity to launder money which needs a hiding place.
By Akhbar Satar
One of the ways to turn dirty money into legitimate money is through money laundering. This is the process of converting dirty money derived from illegal means so that it appears legal. Basically, it is the introduction of illegally obtained currency or proceeds into the banking system, and the use of the system to hide currency that was unlawfully obtained.
Money is the prime reason for engaging in almost any type of criminal activity. Dirty money is cleverly cleaned in order to conceal its criminal origins and make it appear “clean” instead of being derived from illegal activities such as drug trafficking, terrorism, corruption, robbery, prostitution, illegal gaming, arms trafficking, bribery, corruption and cigarette smuggling.
