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Money Laundering

Blog by Saiyid Safdar Abbas Zaidi connectclue-author-image

All > Informational > Money Laundering

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What is Money Laundering?
IT is The process used to disguise the source of money or assets derived from criminal activity.

What is Anti-Money Laundering
The term Anti Money Laundering refers to the variety of measures put in place to combat this illegal activity and to prevent criminals from using banks and financial institutions as the conduit for their Proceeds of Crime.
In all major jurisdictions around the world, criminal legislation and regulation make it mandatory for banks and financial institutions to have policies/systems and procedures to combat Money Laundering, Non-compliance entails harsh criminal penalties.

What are the processes of crime?
Proceeds of crime mean any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offense or the value of any such property

How is it done?
Illegal Money  is put  through  a cycle of transactions so that it    comes 
out the other end as legal or clean money.

Why Is It Done?
The rationale  is to legitimize illegally obtained income 


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