What is Money Laundering and How Does it Work?

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Money laundering is the process of hiding money or assets from the taxman. It's a crime that is being committed by individuals, corporations and governments.The report on Money Laundering in the United States was published by the Financial Crimes Enforcement Network (FinCEN) in 2009. It was an attempt to estimate how much money was laundered through US financial institutions each year. The report estimated that $2 trillion is laundered through US financial institutions every year. This amount is equivalent to about 5% of GDP, and it makes up over 50% of all global illicit financial flows (IDG Newsroom, 2011). The report also showed that many people were involved in this illegal activity and thus it was important to understand why they did so.

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There are a few types of money laundering crime.

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The type 1 drug trafficking is a bit different from the type 2 drug trafficking as it involves more of the illegal drugs. The types of drugs are all different and so are the methods that they use to get their hands on them.

Money laundering is the illegal process of transferring assets from a country to one that is not its proper jurisdiction. The big question is this; how does it happen?In order to determine what country an asset or funds belong to, we look at its ownership details and if there's any kind of registration or proof of ownership. If the registration or proof doesn't exist, we assume that these funds are coming from a completely different nation and have no right to be in that country in the first place.What could be done about this issue? Well, we can't necessarily stop money laundering. However, if we are able to prevent common channels used in money laundering, then it will help us prevent other criminal activities such as terrorism, extortion and drug trafficking. Money launderers will spend massive amounts of money on purchasing

關鍵字： What Is Money Laundering and How Does It Affect Businesses?、What Are The 5 Types of Money Laundering Crime?、How Can I Avoid Being A Victim Of Money Laundering In The U.S.?

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