Re: what exactly is money laundering (spelling?)
its called swindling in short. a case in point is madoff
Re: what exactly is money laundering (spelling?)
This stuff is branded on my forehead mate. I’ve seen someones career go down the drain over a money laundering issue.
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.
thanks nazi so this money i assume would be 'dirty money'?
Re: what exactly is money laundering (spelling?)
This stuff is branded on my forehead mate. I've seen someones career go down the drain over a money laundering issue.
sure thing.....you are in, as they say, a 'risky business' :D
Re: what exactly is money laundering (spelling?)
thanks nazi so this money i assume would be 'dirty money'?
Yes if a pattern of behavior is suspicious, such as the above it can be assumed to be 'dirty money'.
Re: what exactly is money laundering (spelling?)
Let's say you're a drug dealer, and you just made $2 million by a drug deal. You have no other source of income and you know that if the police suspect you and check your finances and lifestyle, they will wonder where you suddenly got millions from. They might trace it all back to the drug deal.
You have a trustworthy aquaintance who runs a gambling business. You make 20 bets of $100,000 over the course of 2 months with him that you deliberately lose. Now all of your $ 2 million is in his business. You then go and make an outrageous bet at his establishment that you are rigged for you to win. You then get a couple of other trustworthy friends to make similar rigged bets over the next couple of months until the $2 million is all out of the gambling business.
Now you and your friends are sitting on money that appears to have been made by legal gambling profits, rather than through a drug deal.
This is money laundering.
Re: what exactly is money laundering (spelling?)
I work in a bank and here what they understand as Money laundering is that the funds are moved so much that is credited, debited, transferred, turned to other forms etc. so much that the records cant keep track & within the process money can be fraudulently taken out.
Re: what exactly is money laundering (spelling?)
Training on AML makes you 
This is how FATF defines Money Laundering:
"
The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to enjoy these profits without jeopardising their source.
Illegal arms sales, smuggling, and the activities of organised crime, including for example drug trafficking and prostitution rings, can generate huge amounts of proceeds. Embezzlement, insider trading, bribery and computer fraud schemes can also produce large profits and create the incentive to “legitimise” the ill-gotten gains through money laundering.
When a criminal activity generates substantial profits, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.
In response to mounting concern over money laundering, the Financial Action Task Force on money laundering (FATF) was established by the G-7 Summit in Paris in 1989 to develop a co-ordinated international response. One of the first tasks of the FATF was to develop Recommendations, 40 in all, which set out the measures national governments should take to implement effective anti-money laundering programmes."
Re: what exactly is money laundering (spelling?)
Let me eskplane
well sometime it happens that husbands forget currency notes in their pants pocket or shirt pocket. So at the weekend (husband thinks that) out of love wife says ‘laeen main aap k kaprey laundry ker doon’. So she takes the basked to the laundry room and checks the pockets before dumping cloths into machine. She finds all the money and shouts from there ‘suneeen aap ki pocket sai 10000000$$ nikley hain, aab yee mairey ho gaeey’
This whole process is called money laundering and that’s one the the reason that I do my own laundry 