In the US law it is the practice of engaging in finance/financial transactions in order to conceal the identity, source, and/or destination of illegally gained money, and is a main operation of the underground economy.
In the UK law the definition is wider.
In the UK law the definition is wider.
The act is defined as taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property.
In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency to encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting.
As a result, the illegal activity of money laundering is now recognized as potentially practiced by individuals, small and large businesses, corrupt officials, members of criminal organization organized crime such as drug dealers or the Mafia, and even corrupt states, through a complex business network of shell companies and trusts based in Offshore Financial Centre tax havens. "Smurfing" is an example of a money laundering technique.
The increasing complexity of financial crime and the increasing recognized value of so-called "financial intelligence information gathering intelligence" (FININT) in combating transnational crime and terrorism has led to an increased prominence of money laundering in political, economic, and legal debate
In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency to encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting.
As a result, the illegal activity of money laundering is now recognized as potentially practiced by individuals, small and large businesses, corrupt officials, members of criminal organization organized crime such as drug dealers or the Mafia, and even corrupt states, through a complex business network of shell companies and trusts based in Offshore Financial Centre tax havens. "Smurfing" is an example of a money laundering technique.
The increasing complexity of financial crime and the increasing recognized value of so-called "financial intelligence information gathering intelligence" (FININT) in combating transnational crime and terrorism has led to an increased prominence of money laundering in political, economic, and legal debate
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