Реферат: Untitled Essay Research Paper Financial Accounting For

Untitled Essay, Research Paper

Financial Accounting For Financial Services AssignmentMoney Laundering

The word money laundering, according to the myth, is derived from Al Capone’s

practice of using a string of coin-operated launderettes in Chicago to disguise

his revenues from gambling, prostitution and protection rackets. It’s a nice

story but not true, money laundering is so called because it perfectly describes

the process of removing the stains and smells which money acquires when criminals

earn it.In this report I will go on to discuss the topic of money laundering in the

following order; firstly, I will begin by explaining what is money laundering?,

why it is done?, and how it is done? I will then go on to explain the effects

of money laundering and the institutions/organisations that are at risk from

these activities. I will also be discussing the current situation in the

UK regarding money laundering and whether anything can be done to prevent

or restrict laundering activities, and will then go on to conclude my

findings.Money laundering is the process by which criminals attempt to conceal the

true origin and ownership of the proceeds of their criminal activities. If

they are successful they can then maintain control over the proceeds and,

so, provide a legitimate cover for their source of income. J.D. Mclean defined

money laundering in the International Judicial Assistance as:”Although the proceeds of crime will be kept as capital for further criminal

ventures, the sophisticated offender will wish to use the rest for other

purposes. If this is to done without running a risk of detection, the money

which represents the proceeds of the original crime must be “laundered”;

put into a state in which it appears to have an entirely respectable

provenance”It is important to bear in mind that money laundering is a process (often

a highly complex one) rather than a single act. In an effort to expose and

analyse this phenomenon it has become common to use a three-stage model which

encompasses an ideal money laundering scheme. The three stages are as

follows:* Placement Stage

This is where cash derived directly from criminal activity (e.g. from sales

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