What is the fundamental definition of money laundering?

Money laundering is the process of illegally concealing the origin of money obtained from illicit activities, such as drug trafficking, terrorism, corruption, and embezzlement, and converting these funds into a seemingly legitimate source, often through a front organization. The acts generating the money are almost always criminal, necessitating the laundering process.

What are some of the illicit activities that generate "dirty money" requiring laundering?

Dirty money typically originates from illicit activities such as drug trafficking, sex work, terrorism, corruption, and embezzlement.

Why has money laundering become a significant political, economic, and legal debate?

Money laundering has become a prominent debate due to the increasing complexity of financial crime and the growing importance of financial intelligence in combating international crime and terrorism.

How has the definition of money laundering evolved over time?

Historically, "money laundering" referred only to financial transactions related to organized crime. Today, its definition is often expanded by regulators to include any financial transaction that generates an asset or value as a result of an illegal act, potentially encompassing actions like tax evasion or false accounting.

What is the key difference in the definition of money laundering between the United States and the United Kingdom?

In the United States, money laundering is defined as engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In the UK, the definition is broader, encompassing the process by which the proceeds of crime are converted into assets that appear to have a legitimate origin, and it does not necessarily need to involve money, but can include any economic good.

When did dedicated Anti-Money Laundering (AML) legislation begin to be implemented?

While existing laws were used to combat money laundering during the 1930s Prohibition era in the United States, dedicated Anti-Money Laundering legislation was not implemented until the 1980s.

How did Prohibition in the United States impact organized crime and the need for money laundering?

Prohibition provided organized crime with a significant boost and a large source of funds from illegal alcohol sales. This led to an increased focus on tracking and confiscating money, though existing tax evasion laws became less effective once gangsters started paying their taxes.

What role did the "war on drugs" play in the development of money laundering rules?

In the 1980s, the war on drugs prompted governments to use money laundering rules to track and seize the proceeds of drug crimes. This also allowed for the use of civil forfeiture laws, which made it easier for law enforcement to confiscate assets by shifting the burden of proof to the individual to demonstrate the legitimacy of the funds' source.

What criticisms have been leveled against civil asset forfeiture?

Civil asset forfeiture has been criticized by civil liberties advocates for its reduced standards of conviction, reverse onus (where the burden of proof is on the individual), and potential conflicts of interest when law enforcement agencies that seize assets also stand to benefit financially from them. It has also been accused of violating principles of separation of powers and due process.

What was the impact of the 9/11 attacks on money laundering legislation?

The 9/11 attacks led to a renewed emphasis on money laundering laws to combat terrorism financing, resulting in legislation like the Patriot Act in the U.S. and similar measures worldwide.

Which international body has been influential in pressuring governments to increase financial surveillance and monitoring?

The Group of Seven (G7) nations utilized the Financial Action Task Force on Money Laundering (FATF) to encourage governments globally to enhance surveillance and monitoring of financial transactions and to facilitate information sharing between countries.

What significant fines have major banks faced for money laundering breaches in recent years?

Several major banks have faced substantial fines for breaches of money laundering regulations. For example, HSBC was fined $1.9 billion in December 2012, and BNP Paribas was fined $8.9 billion in July 2014 by the U.S. government.

How has the rise of digital assets impacted money laundering?

The surge in digital assets, particularly cryptocurrency, in the late 2010s has led to a noticeable increase in money laundering and fraud tied to these technologies. In 2021 alone, cybercriminals reportedly secured US$14 billion in cryptocurrency through illicit activities.

What role have Chinese organized criminal groups played in global money laundering?

Chinese organized criminal groups have become principal money launderers for drug cartels in various regions, including Mexico and Italy. In the U.S., these networks reportedly moved over US$312 billion in illicit money between 2021 and 2024, according to the Financial Crimes Enforcement Network.

What regions have become areas of major concern for money laundering, according to the UNODC?

The East and Southeast Asia regions have become areas of major concern for money laundering. The UNODC noted that threats from organized crime in Southeast Asia are becoming more integrated within the region and with connected areas, with illicit economies expanding and evolving, making places like the Golden Triangle Special Economic Zone in Laos hotspots for money laundering.

What are the core actions involved in money laundering?

Money laundering involves the conversion or transfer of property, the concealment or disguising of the nature of proceeds from criminal acts, the acquisition or possession of property knowing it's derived from criminal acts, and participating in or assisting in fund movements to make proceeds appear legitimate.

What are the three typical steps involved in the money laundering process?

The three typical steps are: 1) Placement, which involves introducing cash into the financial system; 2) Layering, which involves conducting complex financial transactions to camouflage the illegal source of the cash; and 3) Integration, which involves acquiring wealth generated from the transactions of the illicit funds, making it appear legitimate. These steps are part of the process of making illegally-gained proceeds appear legal.

Can the three steps of money laundering always be omitted?

No, some steps may be omitted depending on the circumstances. For instance, non-cash proceeds that are already within the financial system would not require the placement step.

What are some of the primary methods used for money laundering?

Common money laundering methods include bank methods, structuring (also known as smurfing), currency exchanges, and double-invoicing.

Explain the method known as "structuring" or "smurfing."

Structuring, or smurfing, is a placement method where cash is broken down into smaller deposits to avoid detection and reporting requirements associated with money laundering. This can also involve purchasing monetary instruments with small amounts of cash and then depositing those instruments in small increments.

How does bulk cash smuggling facilitate money laundering?

Bulk cash smuggling involves physically transporting cash to another jurisdiction and depositing it in an offshore bank that offers greater bank secrecy or has less stringent money laundering enforcement.

How are cash-intensive businesses used for money laundering?

Businesses that typically receive a large portion of their revenue in cash, such as parking structures, car washes, restaurants, or casinos, can deposit criminally derived cash into their accounts. The business then claims all received cash as legitimate earnings, making it difficult to detect discrepancies between revenues and costs.

What is trade-based money laundering?

Trade-based money laundering is a complex method that involves manipulating invoices, either by undervaluing or overvaluing them, to disguise the movement of illicit funds. The art market, for example, has been cited as a potential vehicle due to the subjective value of artworks and the secrecy surrounding transactions.

How do shell companies and trusts aid in money laundering?

Trusts and shell companies help disguise the true owners of money. Depending on the jurisdiction, these corporate vehicles may not be required to disclose their beneficial owners, providing a layer of anonymity for illicit funds.

What is "round-tripping" in the context of money laundering?

Round-tripping involves depositing money into a controlled foreign corporation, often in a tax haven with minimal record-keeping, and then transferring it back into the home country as a foreign direct investment, potentially exempt from taxation.

How can casinos be used for money laundering?

Individuals can purchase casino chips with illicit cash, play for a short period, and then cash out the chips to receive a check or receipt. This allows them to claim the proceeds as legitimate gambling winnings.

What is transaction laundering?

Transaction laundering occurs when a merchant unknowingly processes illicit credit card transactions for another business. This is a growing problem where the payments ecosystem is used to hide the true nature or occurrence of a transaction, often involving fake front websites.

How do privacy coins like ZCash and Monero relate to money laundering?

Privacy coins, such as ZCash and Monero, are cryptocurrencies designed to provide enhanced transaction anonymity through cryptographic methods like ring signatures and obfuscation. While not suitable for large-scale crimes, they can be used for laundering money from smaller illicit activities.

How are Non-Fungible Tokens (NFTs) being used in money laundering?

NFTs are increasingly used in money laundering activities, particularly through "wash trading." This involves creating multiple cryptocurrency wallets for one individual to generate fictitious sales of NFTs, effectively selling them to themselves to disguise the origin of funds.

What are cryptocurrency mixers, and how are they used for money laundering?

Cryptocurrency mixers, also known as tumblers, blend cryptocurrencies from multiple users together. This process obfuscates the origins and ownership of funds, providing greater privacy on public blockchains like Bitcoin and Ethereum, and is increasingly used by cybercriminals to launder illicit funds.

What action did the U.S. Office of Foreign Assets Control (OFAC) take regarding Tornado Cash?

The OFAC sanctioned Tornado Cash, a cryptocurrency mixer, due to its use in laundering funds stolen by the Lazarus Group, which is associated with North Korea. This action led to legal challenges from some users who argued for the privacy benefits of decentralized software.

How was Liberty Reserve involved in money laundering?

Liberty Reserve, a digital currency exchanger, was shut down by U.S. authorities in May 2013. Its founder and associates were charged with money laundering, as the service allowed users to convert dollars into Liberty Reserve anonymously and then back into cash for a fee.

How is online gaming being used for money laundering?

In some online games, players can convert real money into virtual goods, services, or virtual currency, which can then be converted back into real money. This process can be exploited for money laundering by creating a seemingly legitimate transaction trail for illicit funds.

What measures are being taken to prevent Bitcoin from being used for illicit purposes?

Australia, for example, is planning to strengthen its anti-money laundering laws to counter the use of decentralized digital money like Bitcoin for crime and corruption. Many digital currency exchanges are also implementing Know Your Customer (KYC) programs under regulatory pressure.

What is reverse money laundering?

Reverse money laundering is a process where legitimate funds are disguised to be used for illegal purposes. It is often employed to finance terrorism or by criminal organizations to withdraw profits from legal businesses into official circulation while masking their illicit origins.

In which countries has reverse money laundering, particularly through fraudulent encashment practices, become a significant issue?

The practice of fraudulent encashment, known as *obnalichka* in Russian, has become acute in Russia and other former Soviet Union countries. This has led to a shrinkage of the tax base and a shift in money supply towards cash, complicating economic management and contributing to the growth of the shadow economy.

What was the IMF's estimate regarding the proportion of the worldwide global economy involved in laundered money in 1996?

In 1996, an IMF spokesperson estimated that 2% to 5% of the worldwide global economy involved laundered money.

What is the FATF's position on estimating the amount of money laundered globally?

The FATF states that due to the illegal and concealed nature of the transactions, precise statistics are unavailable, making it impossible to produce a definitive estimate of the amount of money laundered globally each year. Therefore, the FATF does not publish such figures.

Despite measurement difficulties, what is the general scale of money laundering?

Despite the challenges in measurement, the amount of money laundered each year is in the billions of U.S. dollars, posing a significant policy concern for governments worldwide.

How is money laundering related to terrorist financing?

Modern anti-money laundering legislation is often seen as an adjunct to combating terrorist financing, as both crimes typically involve the transmission of funds through the financial system. While money laundering focuses on the source of funds, terrorist financing concerns where the money is going.

What was the Bank of Credit and Commerce International (BCCI) implicated in regarding money laundering?

The Bank of Credit and Commerce International (BCCI) was involved in laundering an unknown amount, estimated in the billions, of criminal proceeds, including money from drug trafficking, during the mid-1980s.

What significant money laundering case involved the Bank of New York in the late 1990s?

The Bank of New York was involved in a case where an estimated $7 billion of Russian capital flight was laundered through accounts controlled by bank executives.

What were the allegations against BNP Paribas that led to a large fine?

In June 2014, BNP Paribas pleaded guilty to falsifying business records and conspiracy, having violated U.S. sanctions against Cuba, Iran, and Sudan. The bank agreed to pay an $8.9 billion fine, which was the largest ever imposed for violating U.S. sanctions.

What led to the Monetary Authority of Singapore shutting down BSI Bank in May 2017?

BSI Bank was shut down by the Monetary Authority of Singapore for serious breaches of anti-money laundering requirements, poor management oversight, and gross misconduct by some staff members.

What was the scale of the Danske Bank money laundering scandal?

Danske Bank's Estonian branch was involved in laundering an estimated $30 billion to $230 billion US dollars, a scandal that came to light in September 2018 and led to investigations by multiple countries.

What role did Deutsche Bank allegedly play in the "Global Laundromat" scheme?

Deutsche Bank was accused of facilitating a vast money laundering scheme, known as the "Global Laundromat," involving secret Russian accounts transferred from banks in Estonia, Latvia, and Cyprus between 2010 and 2014. Newspaper sources estimated the total value of laundered currency to be as high as $80 billion.

What accusations were made against Dubai Islamic Bank and Standard Chartered Bank in relation to the 9/11 attacks?

Dubai Islamic Bank was accused of knowingly providing financial services to al-Qaeda operatives during their planning of the 9/11 attacks. Additionally, the Sharjah branch of Standard Chartered Bank was implicated in opening accounts for terror operatives and facilitating transactions between them and Khalid Sheikh Mohammed, a principal architect of the attacks.

What did the FinCEN Files investigation reveal in September 2020?

The FinCEN Files investigation, revealed by the International Consortium of Investigative Journalists, exposed approximately $2 trillion in transactions involving major global banks. It also highlighted that a Dubai-based company, Gunes General Trading, funneled Iranian state money through the UAE's central banking system, processing $142 million in 2011 and 2012.

How was Fortnite implicated in money laundering activities?

Cybersecurity firms discovered that stolen credit card details might be used to purchase Fortnite's in-game currency (V-Bucks) and items. These accounts could then be sold online for "clean" money, with Epic Games urging customers to secure their accounts in response.

What was the outcome of HSBC's settlement with the U.S. in December 2012?

HSBC paid a record $1.9 billion fine for money laundering hundreds of millions of dollars for drug traffickers, terrorists, and sanctioned governments like Iran throughout the 2000s.

Who was Jose Franklin Jurado-Rodriguez, and what was his involvement in money laundering?

Jose Franklin Jurado-Rodriguez, an economics alumnus from Harvard and Columbia Universities, was convicted in Luxembourg and the U.S. for money laundering on behalf of the Cali Cartel kingpin Jose Santacruz Londono. He specialized in the "smurfing" method of money laundering.

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Defining Money Laundering

Concealing Illicit Origins

Money laundering is the clandestine process of disguising the origins of money derived from illegal activities, such as drug trafficking, corruption, or fraud. The objective is to convert this "dirty money" into seemingly legitimate funds, often through front organizations, to integrate them into the financial system.

The Three Stages

The process typically involves three sequential stages:

Placement: Introducing illicit cash into the financial system.
Layering: Conducting complex financial transactions to obscure the audit trail and the source of funds.
Integration: Acquiring wealth derived from the laundered funds, making them appear legitimate.

These stages may not always be distinct or followed sequentially, depending on the specific circumstances.

Legal Perspectives

Definitions vary legally. In the United States, it involves financial transactions to conceal the identity, source, or destination of illegally gained money. The UK defines it more broadly as converting proceeds of crime into assets that appear legitimate, enabling their retention or reinvestment into criminal enterprises.

United States Law: Engaging in financial transactions to conceal the identity, source, or destination of illegally gained money.

United Kingdom Law: The process by which the proceeds of crime are converted into assets that appear to have a legitimate origin, so they can be retained permanently or recycled into further criminal enterprises.

Historical Evolution

While laws against tax evasion were used earlier, dedicated Anti-Money Laundering (AML) legislation emerged significantly in the 1980s. During the Prohibition era in the US (1920s-1930s), organized crime generated substantial illicit revenue, necessitating methods to launder these funds, often through legitimate businesses.

The "War on Drugs" in the 1980s intensified focus on money laundering as a tool to dismantle drug empires. This period saw the rise of civil forfeiture laws, which allowed authorities to confiscate assets suspected of being linked to crime, shifting the burden of proof onto the individual to demonstrate legitimacy.

Civil asset forfeiture has faced criticism regarding reduced standards of proof, reverse onus (requiring individuals to prove innocence), and potential conflicts of interest for law enforcement agencies that benefit financially from seized assets.

The 9/11 attacks spurred a global focus on combating terrorism financing. Legislation like the US Patriot Act and international cooperation through bodies like the Financial Action Task Force (FATF) increased surveillance, transaction monitoring, and information sharing between countries, imposing greater AML compliance burdens on financial institutions.

Common Laundering Techniques

Breaking down large sums of cash into smaller, less suspicious deposits, often below reporting thresholds, to avoid detection by financial institutions.

Physically transporting cash across borders to jurisdictions with weaker secrecy laws or less stringent AML enforcement, often depositing it in offshore accounts.

Using businesses that naturally handle large amounts of cash (e.g., restaurants, car washes, casinos) to mix illicit funds with legitimate revenue, making detection difficult.

Common examples include parking structures, strip clubs, tanning salons, car washes, arcades, bars, restaurants, casinos, barber shops, DVD stores, movie theaters, and beach resorts.

Manipulating trade transactions, such as over- or under-valuing invoices, to disguise the movement of funds. The art market is often cited due to subjective valuations and buyer anonymity.

Utilizing entities that exist only on paper, often registered in tax havens, to obscure the true ownership and origin of assets.

Purchasing casino chips with illicit cash, playing briefly, and then cashing out for checks or documented winnings, creating a facade of gambling profits.

A growing issue where merchants unknowingly process illicit credit card transactions for other businesses, often through fake websites, hiding the transaction's true nature.

Digital Currencies & Laundering

Cryptocurrencies, particularly privacy-focused coins like Monero and ZCash, offer enhanced anonymity, creating new avenues for laundering illicit funds, especially from smaller-scale crimes. The total value laundered via crypto reached billions in recent years.

Non-Fungible Tokens (NFTs) are increasingly used for money laundering, primarily through "wash trading." This involves creating multiple wallets to conduct fictitious sales, artificially inflating an NFT's value and providing a seemingly legitimate source for illicit funds.

Cryptocurrency mixers blend funds from multiple users to obscure transaction origins on public blockchains like Bitcoin. While controversial, services like Tornado Cash have been sanctioned by authorities due to their use in laundering funds from major cybercrimes.

Virtual economies in games like Second Life and World of Warcraft allow conversion of real money into virtual goods or currency, which can then be laundered back into fiat currency, often exploiting the platform's escrow services.

Scale of the Problem

Estimates suggest 2-5% of the global economy involves laundered money, translating to trillions of US dollars annually. Precise figures are elusive due to the clandestine nature of the activity. FATF does not publish official estimates due to measurement difficulties.

Reported money laundering cases per 100,000 population vary significantly worldwide. High rates are observed in countries like Sweden, Switzerland, Liechtenstein, and Denmark, while others report very low or zero cases.

Country	Reported money laundering cases per 100,000	Year
Albania	16.7	2022
Armenia	0.3	2018
Austria	8.4	2022
Azerbaijan	0.0	2020
Bahamas	4.9	2022
Barbados	2.8	2022
Belgium	47.8	2020
Belize	0.0	2020
Bhutan	0.0	2020
Bolivia	0.9	2022
Bosnia and Herzegovina	3.5	2022
Botswana	0.7	2020
Bulgaria	0.6	2022
Canada	0.7	2022
Chile	0.0	2022
Colombia	0.5	2022
Costa Rica	4.5	2022
Croatia	2.0	2022
Czech Republic	6.6	2022
Denmark	100.4	2022
Djibouti	0.0	2018
Dominica	0.0	2022
Dominican Republic	0.1	2016
Ecuador	0.3	2022
El Salvador	0.4	2022
England	0.0	2016
Estonia	1.5	2022
Finland	16.7	2022
France	4.5	2022
Germany	27.1	2022
Greece	1.2	2022
Grenada	32.7	2022
Guatemala	2.2	2020
Guyana	0.0	2022
Honduras	0.0	2018
Hong Kong	13.5	2022
Hungary	5.3	2022
Iceland	41.8	2022
Indonesia	0.1	2016
Ireland	10.8	2022
Italy	2.6	2022
Japan	0.6	2022
Kosovo	0.2	2020
Kyrgyzstan	0.1	2017
Latvia	25.2	2022
Lebanon	0.6	2015
Liechtenstein	178.0	2022
Lithuania	1.4	2022
Macau	4.3	2022
Malta	24.4	2022
Mexico	0.4	2022
Monaco	126.8	2016
Mongolia	0.8	2020
Montenegro	0.3	2022
Morocco	1.3	2022
Myanmar	0.0	2022
Netherlands	8.7	2022
New Zealand	29.7	2018
Norway	3.5	2022
Oman	0.2	2022
Palestine	0.3	2022
Panama	1.8	2022
Paraguay	0.8	2022
Poland	2.6	2022
Portugal	0.5	2022
Puerto Rico	2.8	2017
Romania	1.6	2022
Russia	1.6	2020
Saint Kitts and Nevis	6.3	2022
Scotland	1.4	2018
Senegal	0.1	2016
Serbia	2.5	2022
Singapore	1.7	2022
Slovakia	2.2	2022
Slovenia	4.4	2022
Spain	0.9	2022
Sri Lanka	0.1	2018
St. Vincent and Grenadines	0.0	2022
Sweden	141.8	2022
Switzerland	42.9	2022
Syria	0.0	2018
Thailand	0.2	2022
Trinidad and Tobago	0.8	2020
Turkey	1.4	2014
Ukraine	0.4	2020
United Arab Emirates	3.8	2022
Vatican City	0.0	2022
Venezuela	2.0	2018

High-Profile Cases

The Bank of Credit and Commerce International (BCCI) laundered billions in proceeds from drug trafficking and other illicit activities throughout the 1980s before its collapse.

In the late 1990s, an estimated $7 billion in Russian capital flight was laundered through accounts controlled by bank executives.

In 2014, BNP Paribas pleaded guilty and paid an $8.9 billion fine for violating US sanctions against Iran, Sudan, and Cuba, involving significant money laundering activities.

The Estonian branch of Danske Bank was implicated in laundering between $30 billion and $230 billion from Russian and other sources, leading to investigations and the bank's withdrawal from the region.

A 2020 investigation revealed trillions of dollars in transactions processed by major global banks, highlighting extensive money laundering activities, including funds flowing from Iranian sources via UAE banks.

Recent reports indicate Chinese organized crime groups are major facilitators for drug cartels, laundering hundreds of billions through US banks and utilizing shadow banking systems.

Combating Laundering

Governments and international bodies implement Anti-Money Laundering (AML) regulations. Key measures include Know Your Customer (KYC) rules, transaction monitoring, suspicious activity reporting (SARs), and international cooperation.

Organizations like the Financial Action Task Force (FATF) set global standards. FATF Recommendations guide countries on implementing effective AML/CFT (Combating the Financing of Terrorism) measures, promoting transparency and combating financial crime.

Banks and financial institutions are primary targets for AML efforts. They employ compliance officers, conduct due diligence, screen customers, and report suspicious transactions to authorities to avoid penalties and reputational damage.

Key Legislation

The Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Act) regulates financial transactions and enhances transparency.

The Proceeds of Crime (Money Laundering) Act established the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to monitor financial activities.

The Proceeds of Crime Act (POCA) criminalizes money laundering and facilitates the recovery of illicit assets.

The Corporate Transparency Act (CTA) mandates disclosure of beneficial ownership information to FinCEN, aiming to eliminate anonymous shell corporations.

The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act provides a framework for confiscating proceeds from serious crimes.

The Swiss Anti-Money Laundering Act (AMLA) imposes strict due diligence and reporting requirements on financial institutions.

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References

For example, under UK law the first offences created for money laundering both related to the proceeds from the sale of illegal narcotics under the Criminal Justice Act 1988 and then later under the Drug Trafficking Act 1994.

A full list of references for this article are available at the Money laundering Wikipedia page

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This page was generated by an Artificial Intelligence and is intended for informational and educational purposes only. The content is based on a snapshot of publicly available data from Wikipedia and may not be entirely accurate, complete, or up-to-date.

This is not financial or legal advice. The information provided on this website is not a substitute for professional financial consultation, legal advice, or regulatory guidance. Always seek the advice of qualified professionals for any questions regarding financial transactions, legal compliance, or investment decisions.

The creators of this page are not responsible for any errors or omissions, or for any actions taken based on the information provided herein.

The Shadow Economy

💡 Dive in with Flashcard Learning! 💡

Defining Money Laundering ⚖️

💰 Concealing Illicit Origins

🔄 The Three Stages

📜 Legal Perspectives

Historical Evolution ⏳

Prohibition Era

⚔️ War on Drugs

✈️ Post-9/11 Era

Common Laundering Techniques 💸

🔢 Structuring (Smurfing)

🚚 Bulk Cash Smuggling

🏪 Cash-Intensive Businesses

📈 Trade-Based Laundering

🏢 Shell Companies & Trusts

🎰 Casinos & Gambling

💻 Transaction Laundering

Digital Currencies & Laundering 💻

🌐 Cryptocurrency Risks

🖼️ NFTs and Wash Trading

믹서 Mixers & Tumblers

🎮 Online Gaming

Scale of the Problem 📊

📈 Global Economic Impact

🌍 Reported Cases by Country

High-Profile Cases 🚨

🏦 BCCI

🏛️ Bank of New York

🇫🇷 BNP Paribas

🇩🇰 Danske Bank Scandal

📰 FinCEN Files

🇨🇳 Chinese Networks

Combating Laundering 🛡️

🔍 Regulatory Frameworks

🤝 International Cooperation

🔒 Financial Institution Measures

Key Legislation 📜

🇦🇺 Australia

🇨🇦 Canada

🇬🇧 United Kingdom

🇺🇸 United States

🇸🇬 Singapore

🇨🇭 Switzerland

Teacher's Corner 🧑‍🏫

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Dive in with Flashcard Learning!

Defining Money Laundering

Concealing Illicit Origins

The Three Stages

Legal Perspectives

Historical Evolution

Common Laundering Techniques

Digital Currencies & Laundering

Scale of the Problem

High-Profile Cases

Combating Laundering

Key Legislation

Teacher's Corner

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