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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.
Typical white-collar crimes could include wage theft, fraud, bribery, Ponzi schemes, insider trading, labor racketeering, embezzlement, cybercrime, copyright infringement, money laundering, identity theft, and forgery. [4] White-collar crime overlaps with corporate crime.
Since 2001, law enforcement has become more concerned about money laundering that helps fund terrorist organizations, which raises the stakes for identifying and arresting smurfs.
In 2005, money laundering within the financial industry in the UK was believed to amount to £25bn a year. [5] In 2009, a United Nations Office on Drugs and Crime (UNODC) study [ 6 ] estimated that criminal proceeds amounted to 3.6% of global GDP , with 2.7% (or US$1.6 trillion) being laundered.
Advance efforts to increase prosecutions in cases of complex schemes of money laundering and related crimes. Promote strategies to increase seizures in cases of money laundering and related crimes.
In a 64-page indictment, federal prosecutors said Sun conspired and violated the Foreign Agents Registration Act, known as FARA, and accused her of money laundering, visa fraud and alien smuggling.
Bank – the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. [5] The term applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft.
These are two low-level players in a vast money-laundering scheme. Advocacy organization Global Financial Integrity estimates that $2.83 trillion flowed out of China illegally from 2005 to 2011 ...