Overview

laundering money


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Processing money acquired illegally (as by theft, drug dealing, etc.) so that it appears to have come from a legitimate source. This may be achieved in various ways, notably by paying the illegal cash into a foreign bank and transferring its equivalent to a bank with a good name in a hard-currency area. Another common practice is so-called smurfing. Owing largely to the threat from international terrorism, controls on money laundering have become increasingly stringent.

Subjects: Law — Financial Institutions and Services.


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