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Username: LuckyMan

Rating:
Guru Stars

Asked to: Goro Yang

Date Created: 05 Apr 2016
Category 28
Tag Financial
Question What is 'Money Laundering'?
Advice from Guru
Hi LuckyMan,

Money laundering is the process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source.

There are three steps involved in the process of laundering money: placement, layering, and integration. Placement refers to the act of introducing "dirty money" (money obtained through illegitimate, criminal means) into the financial system in some way; "layering" is the act of concealing the source of that money by way of a series of complex transactions and bookkeeping gymnastics; and integration refers to the act of acquiring that money in purportedly legitimate means.

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