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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

Reporting to the police is not much help if the suspect is tipped off about the investigation. Tipping off, therefore, constitutes an offence when information or any other matter which might prejudice an investigation is disclosed to the subject of the investigation (or anyone else) by someone who knows or suspects (or, in the case of terrorism, has reasonable cause to suspect) that: a police investigation into money laundering has begun or is about to begin, or the police have been informed of suspicious activities, or a disclosure has been made to another employee under internal reporting procedures.

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 !

Another major problem with the prevention of money laundering is that it is now spread over an international network and this makes it very difficult to control or regulate. One countries regulation may prevent/decrease money laundering but will just drive it towards unregulated territories or economies that have a vary relaxed attitude towards money laundering. E.g. In exchange for a minimum $10m "subscription", the Seychelle islands will grant diplomatic status to "investors", making them invulnerable to action by international law enforcers. This clearly becomes a haven for drug barons and crime bosses, where they can launder millions and escape prosecution.

There are five money laundering offences. These are: assistance, concealment, acquisition, failure to disclose and tipping off. Assistance occurs where a person is involved in an arrangement with another person and knows or suspects that the other person is or has been involved in or has benefited from drug trafficking or criminal conduct if the arrangement helps the other person to retain or control proceeds directly or indirectly or enables the other person to use the proceeds or to invest them for his ben

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Approximate Word count = 1862
Approximate Pages = 7 (250 words per page double spaced)

Category: Miscellaneous