Money laundering is the process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking, originated from a legitimate source.[1] It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy The underground economy or black market is a market where all commerce is conducted without regard to taxation, law or regulations of trade. The term is also often known as the underdog, shadow economy, black economy, parallel economy or phantom trades.
In US law it 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 Common law is law developed by judges through decisions of courts and similar tribunals , rather than through legislative statutes or executive branch action. A "common law system" is a legal system that gives great precedential weight to common law, on the principle that it is unfair to treat similar facts differently on different 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 Organized crime or criminal organizations is a transnational grouping of highly centralized enterprises run by criminals for the purpose of engaging in illegal activity, most commonly for the purpose of generating a monetary profit. The Organized Crime Control Act defines organized crime as "The unlawful activities of [...] a highly organized,. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency The Office of the Comptroller of the Currency is a US federal agency 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. Currently, the Comptroller of the Currency is John Dugan 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 Tax avoidance is the legal utilization of the tax regime to one's own advantage, to reduce the amount of tax that is payable by means that are within the law. By contrast, tax evasion is the general term for efforts to not pay taxes by illegal means. The term tax mitigation is a synonym for tax avoidance. Its original use was by tax advisors as an or false accounting. In the UK, it does not even need to involve money, but any economic good A good is an object whose consumption increases the utility of the consumer, for which the quantity demanded exceeds the quantity supplied at zero price. Goods are usually modeled as having diminishing marginal utility. The first individual purchase has high utility; the second has less. Thus, in these and other goods, the marginal utility of. Courts involve money laundering committed by private individuals, drug dealers, businesses, corrupt officials, members of criminal organizations such as the Mafia The Mafia is a Sicilian criminal society which is believed to have emerged in late 19th century Sicily, and the first such society to be referred to as a mafia (although it is not the first organized criminal society to appear in Italy). It is a loose association of criminal groups that share a common organizational structure and code of conduct, and even states.
As financial crime has become more complex, and "Financial Intelligence" (FININT Financial intelligence is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions. Generally the term applies in the context of law enforcement and related activities) 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 Ipso Facto is a Latin phrase, directly translated as "by the fact itself," which means that a certain effect is a direct consequence of the action in question, instead of being brought about by a subsequent action such as the verdict of a tribunal. It is a term of art used in philosophy, law, and science 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).
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China Intellectual Property Rights Global Anti money Laundering Survey 2004
