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Money laundering

Open uri20170510 32134 9p7be3?1494421783 rashmi asked over 3 years ago

What exactly a money laundering means.

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9 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Anil Dhawan answered almost 3 years ago

Money Laundering is a generic term used to describe a process by which criminals disguise the source of proceeds of criminal conduct by making such proceeds appear to have derived from legitimate source (Legal Source). Basically money laundering means disguising or intentionally misrepresenting proceeds from an illegal source to be arriving from legal sources. We could also say that it is trying to show black money as white by misrepresenting the source of the money. Money Laundering is the process of making illegally - gained money appear legal. Majorly , it involves three steps :- 1.Placement 2.Layering 3.Integration First, Money earned/received from illegal methods is introduced in the legal financial system - Placement. Secondly, the money is moved around to create confusion, sometimes passing through various accounts - Layering.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered almost 3 years ago

> Money laundering --Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. --Money laundering is the process of transforming the proceeds of crime into ostensibly legitimate money or other 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 anti-money 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. -- Money obtained from certain crimes, such as extortion, insider trading, drug trafficking and illegal gambling is "dirty". It needs to be cleaned to appear to have been derived from legal activities so that banks and other financial institutions will deal with it without suspicion. Money can be laundered by many methods, which vary in complexity and sophistication. --Money laundering is commonly defined as happening in three steps: the first step involves introducing cash into the financial system by some means ("placement"); the second involves carrying out complex financial transactions to camouflage the illegal source ("layering"); and the final step entails acquiring wealth generated from the transactions of the illicit funds ("integration"). Some of these steps may be omitted, depending on the circumstances. For example, non-cash proceeds that are already in the financial system would have no need for placement

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

Directly or Indirectly attempts or indulge, or knowingly assists, or knowingly is party or is actually involved in any process or activity

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 3 years ago

We could also say that it is trying to show black money as white by misrepresenting the source of the money. Money Laundering is the process of making illegally - gained money appear legal. Majorly , it involves three steps :- Placement Layering Integration First, Money earned/received from illegal methods is introduced in the legal financial system - Placement. Secondly, the money is moved around to create confusion, sometimes passing through various accounts - Layering.

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Open uri20170510 32134 1nqu8aj?1494421649 sowmya answered over 3 years ago

Legitimization (washing) of illegally obtained money to hide its true nature or source (typically the drug trade or terrorist activities). Money laundering is effected by passing it surreptitiously through legitimate business channels by means of bank deposits, investments, or transfers from one place (or person) to another. It involves three steps :- Placement:It means illegal money is introduced into the financial system Layering: it means the illegal money is distanced from its source Integration:It means the illegal money is again introduced into the financial system but as legal money and they are used for luxury purpose

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered over 3 years ago

**MONEY LAUNDERING** Money Laundering is the process of converting illegal proceeds of crime into legitimate money In simple words it is conversion of black money into white it is done through a long process which includes Placement-- which means illegal money is introduced into the financial system. Layering-- which means the illegal money is distanced from its source Integration-- which means the illegal money is again introduced into the financial system but as legal money and they are used for luxury purpose Thanks :)

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Open uri20170510 32134 117xyds?1494421825 dhanashri answered over 3 years ago

hello dear friend, Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean Money obtained from certain crimes, such as extortion, insider trading, drug trafficking and illegal gambling is "dirty". It needs to be cleaned to appear to have been derived from legal activities so that banks and other financial institutions will deal with it without suspicion. Money can be laundered by many methods, which vary in complexity and sophistication.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 shubham agarwal answered over 3 years ago

Money Laundering is a generic term used to describe a process by which criminals disguise the source of proceeds of criminal conduct by making such proceeds appear to have derived from legitimate source (Legal Source). Basically money laundering means disguising or intentionally misrepresenting proceeds from an illegal source to be arriving from legal sources. We could also say that it is trying to show black money as white by misrepresenting the source of the money. Money Laundering is the process of making illegally - gained money appear legal. Majorly , it involves three steps :- 1. Placement 2. Layering 3. Integration First, Money earned/received from illegal methods is introduced in the legal financial system - Placement. Secondly, the money is moved around to create confusion, sometimes passing through various accounts - Layering. Finally, it is mixed with the legal financial system through additional transaction until the illegal money appears to be legal - Integration.

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered over 3 years ago

Hiiii friend....... **Money Laundering** Money Laundering means the process of creating the appearance that large money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source. Definition of Money Laundering as per Indian Law: As per section 3 of money laundering Act, 2002, the offence of money laundering is defined as under " whosoever - Directly or Indirectly - attempts or indulge, or - knowingly assists, or - knowingly is party or - is actually involved in any process or activity - with the Proceeds of crime, including its - concealment - possession - Acquisition or use and Projecting or claiming it as Untainted property shall be guilty of offense of Money laundering ". Regards,

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