“Money Laundering is concealing the source of illegally gotten money, or the activity of keeping something secret.” According to Wise geek there are several different types of methods money laundering that criminals can use. Some of these include shell companies, smurfing, overseas banking, underground/alternative banking, and investing in ligament businesses. Criminals that are trying to launder money also have other methods that they use one of these is called smurfing this strategy involves separating a lot of cash into smaller dividens in order to be less suspicious. In the United States, the transaction must be beneath $10,000 – this is the dollar amount that would need to report to the administration. The cash is then kept into one or more ledgers either by numerous individuals (smurfs) or by a solitary individual over an expanded period of time. Another form is overseas banking, money launderers regularly send cash through different overseas accounts in nations that have bank mystery laws, these nations permit unnamed managing an account. They may have several bank exchanges to and from overseas accounts. Some of these countries include the Bahamas, Bahrain, the Ca...
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...laws, these nations permit unnamed managing an account. They may have several bank exchanges to and from overseas accounts. Some of these countries include the Bahamas, Bahrain, the Cayman Islands, Hong Kong, Antilles, Panam. Underground/alternative banking is another form where some nations in Asia have legitimate accounts that have undocumented stores, withdrawals and exchanges. These are trust-based organizations with antiquated roots, that leave no paper trail and work outside of government control. This incorporates the hawala framework in Pakistan and India and the fie chen organization in China.
(n.d.). Retrieved from www.thefreedictionary.com/moneylaundering
(n.d.). Retrieved from www.wisegeek.com/what-are-the-different-types- ofmoneylaundering.htm
(n.d.). Retrieved from People.exeter.ac.uk/watupman/undergrad/ron/methods and stages.htm
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