Money Laundering

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According to Albrecht & Zimbelman (2009), during the investigation process of money laundering, the money launderer is prosecuted if justification is found. The launderer can also be convicted and sentenced to serve time. The money that was used to commit the crime is usually confiscated after being seized by law enforcement. Investigations are usually brought about after someone has reported suspicious acts, during the detection period, such as the bank reporting large amounts of money deposits, transfers, withdrawals and purchases. During these investigations other fraud crimes are usually found out about and many criminals are found out to be linked to many money laundering investigations (Albrecht et al, 2009). Investigations are very long and tedious processes if they are done right. Banks and other financial business records have to be seized and many times a lot of the dealings are with other countries which makes it extremely difficult to request and obtain those records. It is hard to request records from banks in other countries because they usually do not cooperate and it can be very time consuming considering the distance between the different countries. The investigator has to contact any witnesses if possible. Surveillance records are also obtained along with any financial records. Collecting records should be done early on in the process because this step takes the longest and can possibly slow down the investigation process. When doing an investigation, it is best to be as low key as possible. Investigators do not want to alert the launderer that they are being investigated because this causes them to change up their habits and lay low for a while. Money laundering is a fraud and fraud investigations s... ... middle of paper ... ...money laundering? Crime school: money laundering: true crime meets the world of business and finance (pp.21-22). Buffalo, N.Y: Firefly Books. Perez, E., & Mollenkamp, C. (2010, March 18). Wachovia settles money-laundering case. The Wall Street Journal. Retrieved from http://online.wsj.com/article/SB10001424052748704059004575128062835484290.html Reuter, P. & Truman, E.M. (2004). The anti-money laundering regime. Chasing dirty money: the fight against money laundering (pp.46-48). Washington, D.C: Institute for International Economics. Statistical data – money laundering investigations. (2011). Retrieved March 20, 2011, from IRS website: http://www.irs.gov/compliance/enforcement/article/0,,id=113002,00.html Woods, B.F., (1998). The money laundering phenomenon. The art and science of money laundering (pp 1-4). Boulder, CO: Paladin Press.

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