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There are many definitions for Money Laundering, however, the below statement, from the Oxford dictionary provides a broad explanation: 

"The concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses."

The three main steps involved in laundering money are:

1. Placement - the introduction of illicit cash into the financial system. 

2. Layering - the process to camouflage the illegal funds (complex transactions). 

3. Integration -  the now-laundered money is withdrawn from the legitimate account.

The most common ways criminal networks launder their funds is through:

- Casinos 

- Charities 

- Precious Metals 

- Real Estate

- Cryptocurrencies 

There are many other sub-categories that fall under Money Laundering: 

- Terrorist Financing 

- Drug Trafficking 

- Bribery and Corruption 

- Prostitution 

- Arms Trafficking 

- Illegal Gambling 

 

With a combined experience of over 20 years, our consultants provide the highest standard of anti-money laundering solutions in the market. Reach out to us for more information and a free consultation