Define Money laundering
Posted by Ripon Abu Hasnat on Monday, May 26, 2014 | 0 comments
On recent days money laundering has become a sweltering
issue in financial arena internationally. Money laundering is a very
sophisticated and dynamic crime.
According to Money Laundering prevention Act-2009, Money
Laundering means-
(i) Transfer, conversion, remitting abroad or remitting or
bringing from abroad to Bangladesh proceeds or property acquired through
commencement of a particular offence for the purpose of disguising the illicit
origin of the proceed or property or transferring abroad of proceeds or
property acquired through legal or illegal means;
(ii) Conduct or attempt to conduct a financial transaction
in a manner that will not be required to report under the ACT;
(iii) Do such activities so that the illegitimate source of
such proceed or property cab be disguised or attempt to do such activity or
knowingly assist or conspire to perform such activities.
The definition of money laundering under U.S law is “… the
involvement in any one transaction or series of transaction that assists a
criminal in keeping, concealing or disposing of proceeds derived from illegal
activities.
The Joint Money Laundering Sterling Group (JMLSG) of the
U.K. defines it as "the process whereby criminals attempt to hide and
disguise the true origin and ownership of the proceeds of their criminal
activities, thereby avoiding prosecutions, conviction and confiscation of their
criminal funds".
Lastly, we can say that Money Laundering is the process
whereby proceeds, reasonably believed to have been derived from criminal
activity, are transported, transferred, transformed, converted or intermingled
with legitimate funds for the purpose of concealing or disguising the true
nature, source disposition, movement or ownership of these proceeds. The goal
of the money laundering process is to make funds derived from, or associated
with, illicit activity appear legitimate.
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