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Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The Financial Action Task Force on Money Laundering (FATF), which is recognized as the international standard setter for Anti-money Laundering (AML) efforts, defines the term "money laundering" briefly as "the processing of criminal proceeds to disguise their illegal origin" in order to "legitimize" the ill-gotten gains of crime.
According to Government of India, out of the total tax arrears of ₹ 2,480 billion (US$29 billion) about ₹ 1,300 billion (US$15 billion) pertain to money laundering and securities scam cases. [54] Bank accountants must record all transactions over Rs. 1 million and maintain such records for 10 years.
Getting access to another person’s account is a common method used for similar illegal activities, such as money laundering and wire fraud. Through social media, fraudsters find users who want ...
Li and Zhang are both charged with conspiracy to commit money laundering and six counts of international money laundering. If convicted, the defendants face a maximum of 20 years in prison on each ...
Bank fraud is the use of potentially illegal means to obtain money, ... Money laundering is the process by which large amounts of illegally obtained money (from drug ...
MoneyGram has taken remedial actions and implemented new compliance standards to strengthen its anti-fraud and anti-money laundering programs. A summary of these actions includes:
Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or ...