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What is Money Laundering?
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Taking criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal acts
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Terms in this set (54)
What is Money Laundering?
Taking criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal acts
Give an example of the first stage of money laundering
Co-mingling illegitimate funds with legitimate ones; making foreign exchange transactions with illegal funds; and depositing small accounts of cash into various accounts
Give an example of the second stage of money laundering
Electronically moving funds from one country to another; moving funds from one financial institution to another, and converting the cash placed into the system into monetary instruments
Give an example of the third stage of money laundering
Purchasing luxury assets like property, artwork, jewelry or high-end automobiles; and investing in business enterprises
What does the Yates memo say?
Issued by AG Sally Yates reminds prosecutors that criminal and civil investigations into corporate misconduct should also focus on individuals who perpetrated the wrongdoing
