I come across is so much in the news, and tv shows and i have no idea what it is!
no i dont want to do it.
Re: what exactly is money laundering (spelling?)
for this , u need to watch breaking bad complete first four seasons :)
Re: what exactly is money laundering (spelling?)
laundering is an illegal process of turning 'black' money into 'white' money. illegally obtained/earned money is 'black money' and those who do it usually don't leave any paper trail behind. people do it privately, criminals do it, unscrupulous politicians/businessmen do it routinely! collective shame on all of them! :)
Re: what exactly is money laundering (spelling?)
It basically means......you have earned illegal (dirty) money........and you want to make it appear that you earnt it by legitimate means.........
so what you do?? you wash the dirty money........hence money laundering...
Re: what exactly is money laundering (spelling?)
So how do I turn dirty money into clean money? 
Not that my piggy bank has any dirty monies in there! 
Re: what exactly is money laundering (spelling?)
thats what i was about to ask, can anyone give an example?
Re: what exactly is money laundering (spelling?)
thats what i was about to ask, can anyone give an example?
mafia people have shady businesses. they make extra ordinary profits which is nothing but the black money. they run lottery businesses...i mean they try to buy the winning lottery tickets at a higher prices. in our countries the whole illegal money transfers called HUNDI are some of the examples.
*if we change our dollars on the street back home at a lilttle higher rate, that means we are inadvertently helping the money launderers. *
Re: what exactly is money laundering (spelling?)
ermm....... there are many different ways....but one common way is this...
you set up legitimate businesses......and international companies.....and those companies create further companies.....and then.....the international companies (who have the dirty money).....make payments to local legitimate companies..........so the legitimate companies show that its their legitimate income......
the dirty money moves across countries with special bank accounts...usually the back accounts are also in name of some companies (which can't be easily tracked back to the original owner of the dirty money)...
Re: what exactly is money laundering (spelling?)
Aap dono ko bara pata hai money laaandering k baare mein 
Re: what exactly is money laundering (spelling?)
okay so
someone opens say, i dont know....a cake making business in the uk. That company exapands legitemately and makes lots of profit.
The profit is used to open a cake making company in say Mexico ( just an example nothing against mexicans) - why or how does this money in mexico become dirty?
Re: what exactly is money laundering (spelling?)
if the cake making company in mexico is legitimate…there is NO dirty money 
…
lets say..
Mr.A has the cake business…but he also sells drugs…and takes payment in cash…this drug money is ‘dirty’…
how will he clean it??
he will make some company in dubai…the dubai company will make a company in mexico…
this dirty money will be somehow sent to the bank account of mexico company…
the mexico company will make payments to UK bake company for some legit service that UK company provided…
now the UK company will show that money as its legitimate income from ‘baking business’…but u know…it was actually drug money.
Re: what exactly is money laundering (spelling?)
im confused :s
How would i use my cake making business to launder money? can you spell it out like im a 5 year old? ive never studied economics or finance :(
Re: what exactly is money laundering (spelling?)
Errr No.
Money laundering is where the proceeds of crime are changed so that they appear to come from a legitimate source.
I have to watch out for this ALL the time in work, for example:
Clients who ask you to hold large sums of cash and who then ask for a cheque from your firm.
Secretive clients who will not disclose their identity.
Clients who instruct you from the other end of the country when they could be using a local firm.
Paying for a property with large sums of cash.
Re: what exactly is money laundering (spelling?)
Also, if a solicitor who knows or suspects that a person is engaging in money laundering, they are ALSO likely to commit an offence under s.330 of the Proceeds of Crime Act 2002 unless that solicitor makes an authorised disclosure as soon as is practicable.
5 years imprisonment!
Re: what exactly is money laundering (spelling?)
ok so like say i was some drug dealer in guatemala and i bought a house in america with that cash upfront?
Re: what exactly is money laundering (spelling?)
i m serious if u r really interested to understand money laundering ... jst watch breaking bad ... the story is abt the drug dealer who was not actually a drug producer ( cooking crystal meth ) n earned alot of money later he bought a car wash chain jst to prove the source of money tht was actually frm drugs but in papers it showed as if its frm car wash . so watch it to clear ur concepts
Re: what exactly is money laundering (spelling?)
You're solicitor who is dealing with the sale would most probably perform a money laundering check, especially is someone is paying in a large sum of cash. Any transaction involving cash should be treated with caution. Basically money laundering regulations require that you know the identity of your client, as secrecy about identity is often important when disguising the origin of illegal funds.
Re: what exactly is money laundering (spelling?)
merii honewaalii be-Gham money launderer hii hogii iA 
Re: what exactly is money laundering (spelling?)
Nazi remembers all the Laws by heart 
Re: what exactly is money laundering (spelling?)
Here's a money laundering example:
You're acting for X on the purchase of say a £2 million office block, X puts enough funds into your firm's client account to complete the purchase and to pay your firm's fees. However all of a sudden, X changes they're mind asks you to return the money, less any of you're fees due to date. Say this is the third time this has happened in the last 6 months. = suspicious behavior.
What they usually do is move money around from a legitimate source to where they want to so it appears legal.