Money laundering

Money laundering is the practice of engaging in financial transactions in order to conceal the identity, source and/or destination of money.

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In the past, the term "money laundering" was applied only to financial transactions related to otherwise criminal activity. Today its definition is often expanded by government regulators (such as the United States Office of the Comptroller of the Currency), to encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. As a result, the illegal activity of money laundering is now recognised as potentially practised by individuals, small and large business, corrupt officials, and members of organized crime (such as drug dealers or the Mafia).

Related Topics:
Criminal - United States - Office of the Comptroller of the Currency - Tax - Organized crime - Drug dealer - Mafia

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The increasing complexity of financial crime, the increasing recognised value of so-called financial intelligence (FININT) in combating transnational crime and terrorism, and the speculated impact of capital extracted from the legitimate economy has led to an increased prominance of money laundering in political, economic and legal debate.

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The international response has been co-ordinated by the Financial Action Task Force on Money Laundering (FATF). Several FATF-style regional bodies exist, such as the Asia-Pacific Group on Money Laundering.

Related Topics:
Financial Action Task Force on Money Laundering - Asia-Pacific Group on Money Laundering

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In many jurisdictions, money laundering is seen as an "activity based" offense.

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