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The “washing” of proceeds of criminal activity (often cash) to legitimize or disguise their true source and/or owner. The primary goals of money laundering consist of: (1) Launder Cash, (2) Reduce Volume of Cash on Hand, (3) Convert stored cash and (4) Legitimize ill-gotten gains. The process of the activity has three steps: • Placement […]
Beginning with the Reporting and Recordkeeping Act of 1970, better known as the Bank Secrecy Act, the legal pursuit of money laundering began. Originally aimed at tracking cash movements to hamper the activities of drug lords and dealers, human traffickers, organized crime networks and tax evaders, the law has seen a number of revisions. The […]
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