Money laundering is defined as the process of taking the proceeds of criminal activity and making them appear to come from a legitimate source. Money laundering is often broken down into three categories: intent to promote, intent to conceal or disguise, and intent to avoid reporting requirements. Intent to Promote: This type of money laundering involves taking the proceeds of criminal activity and using them to create more profits. This could involve purchasing investments, setting up shell companies, or creating false invoices to hide the true source of funds. Intent to Conceal or Disguise: This type of money laundering is used to hide the origins of the funds, often by transferring them through multiple accounts or by using false names or identities. Intent to Avoid Reporting Requirements: This type of money laundering is used to avoid government reporting requirements, such as filing suspicious activity reports or declaring income on a tax return. This could involve withdrawing large amounts of cash, transferring funds to offshore accounts, or using money orders or other methods to avoid detection. Different types of money laundering include surfing, structuring, layering, and round tripping. Surfing involves making small deposits or withdrawals in order to avoid detection. Structuring is the act of breaking down a large sum of money into smaller increments in order to avoid government reporting requirements. Layering is the process of moving money through multiple accounts or jurisdictions in order to hide its origin. Round tripping is the act of transferring money from one account to another and then back again in order to create the illusion of legitimate activity.
Money Laundering - Intent to Promote, Intent to Conceal or Disguise, Intent to Avoid Reporting Requirement Defined
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FAQ
There are three stages introducing laundered funds into the financial system: Placement. Layering. Integration/extraction.
The Layering Stage The layering stage of money laundering is where illicit money is blended with legitimate money, or placed in constant motion, from one account to another. Layering often involves generating many different transactions so that the cash disappears and becomes laundered.
Money laundering requires the government to prove there was intent to prevent the illegally obtained funds from being traced to its origin and the money laundered came from a specific illegal activity.
Stage 2 ? Layering During the layering stage, illegally obtained money is moved, dispersed, or disguised to conceal their true origin and to make it appear legitimate.
Placement. The first stage of money laundering is known as 'placement', whereby 'dirty' money is placed into the legal, financial systems. After getting hold of illegally acquired funds through theft, bribery and corruption, financial criminals move the cash from its source.
The process of laundering money typically involves three steps: placement, layering, and integration. Placement surreptitiously injects the ?dirty money? into the legitimate financial system. Layering conceals the source of the money through a series of transactions and bookkeeping tricks.
There are three stages introducing laundered funds into the financial system: Placement. Layering. Integration/extraction.
?Concealment? money laundering ? in which the alleged financial transactions involving criminally derived funds were performed for the purpose of concealing the source, nature, ownership, or location of the funds.