Money laundering

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Money laundering

Posted by Ripon Abu Hasnat on Friday, June 13, 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.