Question

What type of crime is money laundering

Answer 1

The money laundering process usually involves three steps: filing, stopping, and integration.

This placement puts "dirty money" in the legal financial system.
Stopping hiding sources of money through a series of transactions and accounting tricks.
In the final step, laundry money integration is now deducted from the legal account to be used for any purpose that the criminal has in mind for this.

There are many ways to launder money from the simplest to the most complex. One of the most common techniques is the use of legal property and money held by criminal organizations. For example, if an organization owns a restaurant, it can inflate daily bills to the ditch for illegal money through the restaurant and into the restaurant’s bank account. The budget can then be withdrawn as needed. This type of enterprise is often called the "Front".

Money Laundering Options

In a common form of money laundering called smurfing (also known as structural), criminals divide small amounts of money into several small deposits, often distributing them to different accounts. Lots to avoid detection. Money laundering is also possible through the use of currency exchange, bank transfers and “donkeys” - smugglers who smuggle large amounts of money across the border and deposit money in foreign accounts that carry out money laundering. Dirty money is not so strict.

Other money laundering methods include investing in commodities such as gems and gold, which can be easily transferred to other jurisdictions, investing cautiously in the sale and sale of valuables such as real estate, counterfeit gambling. And the use of envelope companies (inactive companies or corporations that are required on paper).

Electronic money laundering

The internet has put new changes on old crimes. The growth of online banking institutions, anonymous online payment services and branch transfers with mobile phones has made it increasingly difficult to detect illegal transfers. In addition, the use of proxy servers and anonymous software makes the third component of money laundering, integration almost impossible - money can be transferred or withdrawn, leaving little or no IP address.

Money can also be laundered through online auctions and sales, gambling websites and virtual gaming sites where malicious money is converted into gambling currency, then returned to cash and usable cash.

The latest money laundering limitations include cryptocurrencies such as bitcoin. Although not completely anonymous, they are increasingly used in schemes for extortion, drug trafficking and other criminal activities because of the anonymity associated with them compared to conventional currency forms. .

Anti-Money Laundering (AML) laws are slow to reach the type of cyber-attack because most laws are still based on the discovery of money laundering when it passes through traditional banking institutions.

Prevent money laundering

In recent decades, governments around the world have stepped up their efforts to combat money laundering, with regulations requiring financial institutions to launch systems to detect and report suspicious activity. The amount involved is significant. According to the United Nations Office on Drugs and Crime, money laundering is estimated at $ 800 billion to $ 200,000 billion a year, or about 2 to 5 percent of GDP.