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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.
Structuring, also known as smurfing in banking jargon, is the practice of executing financial transactions such as making bank deposits in a specific pattern, calculated to avoid triggering financial institutions to file reports required by law, such as the United States' Bank Secrecy Act (BSA) and Internal Revenue Code section 6050I (relating to the requirement to file Form 8300).
In February 2018, the demise of ABLV Bank triggered a debate on the structure of Anti-Money Laundering (AML) supervision in the European Union. A few weeks later, ECB Supervisory Board chair Danièle Nouy declared that it is “very embarrassing to depend on the United States to do the [AML] job.
A federal judge in Texas on Tuesday lifted an order that blocked the enforcement of an anti-money laundering law that forces millions of business entities to disclose the identities of their real ...
By Nate Raymond (Reuters) -The U.S. Supreme Court on Thursday declined to block enforcement of an anti-money laundering law that forces millions of business entities to disclose the identities of ...
The practice of money laundering, among other economic and financial crimes seeps into the economic and political structures of most developing countries therefore resulting to political instability and economic digression. Money laundering is still a great concern for the financial services industry.