What is MONEY LAUNDERING? What does MONEY LAUNDERING mean? MONEY LAUNDERING meaning
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What is MONEY LAUNDERING? What does MONEY LAUNDERING mean? MONEY LAUNDERING meaning.
Money laundering is the process of transforming the proceeds of crime and corruption into ostensibly legitimate assets. However, in a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. Most antimoney laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system.
Some countries define money laundering as obfuscating sources of money, either intentionally or by merely using financial systems or services that do not identify or track sources or destinations. Other countries define money laundering to include money from activity that would have been a crime in that country, even if it was legal where the actual conduct occurred.
The concept of money laundering regulations goes back to ancient times and is intertwined with the development of money and banking. Money laundering is first seen with individuals hiding wealth from the state to avoid taxation or confiscation or a combination of both.
In China, merchants around 2000 BCE would hide their wealth from rulers who would simply take it off them and banish them. In addition to hiding it, they would move it and invest it in businesses in remote provinces or even outside China.
Over the millennia many rulers and states imposed rules that would take wealth from their citizens and this led to the development of offshore banking and tax evasion. One of the enduring methods has been the use of parallel banking or Informal value transfer systems such as hawala that allowed people to move money out of the country avoiding state scrutiny.
In the 20th century the seizing of wealth again became popular when it was seen as an additional crime prevention tool. The first time was during the period of prohibition in the United States during the 1930s. This saw a new emphasis by the state and law enforcement agencies to track and confiscate money. Organized crime received a major boost from prohibition and a large source of new funds that were obtained from illegal sales of alcohol.
In the 1980s the war on drugs led governments again to turn to moneylaundering rules to try and seize proceeds of drug crime to catch the organizers and individuals running drug empires. It also had the benefit from a law enforcement point of view of turning rules of evidence upside down. Law enforcers normally have to prove an individual is guilty to get a conviction. But with money laundering laws, money can be confiscated and it is up to the individual to prove that the source of funds is legitimate if they want the funds back. This makes it much easier for law enforcement agencies and provides for much lower burdens of proof.
The September 11 attacks in 2001 which led to the Patriot Act in the US and similar legislation worldwide led to a new emphasis on money laundering laws to combat terrorism financing. The Group of Seven (G7) nations used the Financial Action Task Force on Money Laundering to put pressure on governments around the world to increase surveillance and monitoring of financial transactions and share this information between countries. Starting in 2002 governments around the world upgraded money laundering laws and surveillance and monitoring systems of financial transactions. Anti money laundering regulations have become a much larger burden for financial institutions and enforcement has stepped up significantly. During 2011–2015 a number of major banks faced ever increasing fines for breaches of money laundering regulations. This included HSBC which was fined $1.9 billion in Dec 2012 and BNP Paribas which was fined $8.9 billion in July 2014 by the US government. Many countries introduced or strengthened border controls on the amount of cash that can be carried and introduced central transaction reporting systems where all financial institutions have to report all financial transactions electronically. For example, Australia set up the AUSTRAC system and required the reporting of all financial transactions.
Anti Money Laundering – Video Presentation
Video presentation of Anti Money Laundering developed in Adobe After Effect and Adobe Premier Pro
How do banks detect money laundering?
The IMF and UNODC estimate that $2.1 trillion is laundered by criminals each year, and the techniques used to launder dirty money are becoming more and more sophisticated.
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A Criminal’s Guide to Laundering Money with Crypto
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This video is for entertainment purposes only. Money laundering is illegal. Don’t do it.
Money Laundering: The Art of Cleaning Dirty Money https://youtu.be/iGCcZu3zKjo
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Let’s say you’re a cyber criminal theoretically, of course. Whatever cyber criminal you are, if you’re not making money right now, you suck. The problem with any type of illgotten gains is that if you just straight up use that money to buy a lambo, to buy that mansion eventually people like the IRS, the FBI, the DEA, are gonna come knocking on your door, wondering where you got all this money from? So we need a way to clean this dirty money so that it looks like it came from a legitimate source.
Back in the early days of crypto, it was the Golden age of money laundering. Today however, it’s a lot harder. Regulators are putting more and more pressure on exchanges. That’s where Over The Counter brokers come in. The OTC works their magic and shuffles the funds around with other client’s money and other OTC’s. And then the OTC goes to an exchange like Binance or Huobi to get your cash.
Hydra is the largest darknet marketplace today with the Russian Silk Road site accounting for 75% of all illegal transactions. Hydra has plenty of other ways to cash out of your crypto, including exchanging it for gift cards, prepaid debit cards, and so on.
What is Bitcoin Fog? It’s known as a Bitcoin Mixer, or Crypto Tumbler and it’s exactly what it sounds like. Think of it like a literal laundry machine for crypto. Bitcoin Fog took in around $336m in Bitcoin over its lifespan, which comes out to around a $5m profit for the owner.
Instead of mixing Bitcoins, you can also get out of public cryptos entirely and exchange it for privacy coins. Like Monero, Zcash, and Grin. Privacy coins are just like any other cryptocurrency, except they provide way more, well, privacy. You should be warned, though, these privacy coins may not be around forever.
The invention of Bitcoin ATMs has also changed the money laundering game. This is great if you’re running any traditional rackets where your profits are still in fiat. You take the dirty money, and simply use any one of the 11,000 unregulated Bitcoin ATMs around the world to turn that cash into clean Bitcoin.
Privacy wallets are responsible for around 12% of all Bitcoin laundering last year making them the preferred choice among cyber criminals.
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What is MONEY LAUNDERING?
TOL BRIEF: What does money laundering mean?
with Prof. William Simon of Columbia Law School
What is money laundering? How is it regulated?
I’m Bill Simon from Columbia Law School, and I am going to explain money laundering and particularly its regulation in the United States. There are many U.S. laws that prohibit activities connected to money laundering. Maybe the most important of these are the AntiMoney Laundering provisions that criminalize behavior that involves two basic elements. First of all, conducting a transaction that is intended to obscure the ownership or the source of the assets. Then the second element of this crime is the knowledge of the person who conducts the transaction that the assets were derived from illegal activity.
So someone starts out with assets that are either the proceeds of criminal activity or intended to support criminal activity. And these assets are in a form or a location that the person views as inconvenient, unsafe, or suspicious. And the aim of the transaction is to transfer these assets to a location or a form in which they are more convenient, more safe, and less suspicious. A person who assisted in this transaction, knowing that the source of the money was criminal bribery would very likely have violated the criminal prohibition of the U.S. AntiMoney Laundering Act.
This has been Bill Simon from Columbia Law School. Thank you for watching TalksOnLaw.
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