Реферат: Untitled Essay Research Paper Financial Accounting For

in a financial institution or used to purchase an asset.* Layering Stage

The stage at which there is the first attempt at concealment or disguise

of the source of the ownership of funds.* Integration Stage

The stage at which the money is integrated into the legitimate economic and

financial system and is camouflaged with all other assets in the system.Money launderers try to prevent authorities from tracing the source of their

ill-gotten gains by moving their funds around financial and economic system.

The funds are then spent as if they were legitimate money. The more blatant

by the money launderer will directly involve a person or a business in the

crime. i.e. A launderer could simply ask someone for permission to use their

account for deposits in return for a fee. Another scenario is for the money

launderer to approach a business and ask them to set up transactions in which

a sum of money is regularly deposited in the company’s account. The business

will then send the money back as a fictitious payment for non-existent goods.

Although this method is very popular amongst the criminal underworld, there

are other ways of laundering money without a business becoming aware of being

involved in a crime. e.g. The money launderer could place an order for an

industrial machine/robot to be manufactured to a specific standard. The company

may ask for a 60% deposit with the understanding that the order won’t be

put through for three months. Before the three months are up the money launderer

cancels the order and gets the deposit refunded minus a penalty. The money

launderer will always be willing to pay the penalty because although he/she

will want to get as much back as possible, what he/she really wants is the

money back clean.Money Laundering is said to be the third biggest industry by value world-wide.

Research in the USA has shown that 90% of currency bills in circulation are

contaminated with narcotics. In the UK, similar research showed 40% to be

contaminated. In 1994, about 15,000 suspicious transactions were reported

to the National Criminal Intelligence Service’s (NCIS) economic crimes unit.

About one in five was found to have some criminal connection.In the UK the following organisations are most vulnerable to fall prey to

the money launderers:* Deposit-taking institutions