Essay on Money Laundering

This essay has a total of 1791 words and 10 pages.

Money Laundering

Money Laundering

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.D. Mclean defined money
laundering in the International Judicial Assistance as:

"Although the proceeds of crime will be kept as capital for further criminal
ventures, the sophisticated offender will wish to use the rest for other
purposes. If this is to done without running a risk of detection, the money
which represents the proceeds of the original crime must be "laundered"; put
into a state in which it appears to have an entirely respectable provenance"

It is important to bear in mind that money laundering is a process (often a
highly complex one) rather than a single act. In an effort to expose and
analyse this phenomenon it has become common to use a three-stage model which
encompasses an ideal money laundering scheme. The three stages are as follows:

* Placement Stage

This is where cash derived directly from criminal activity (e.g. from
sales of drugs) is first placed either
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

Because of the money launderers need to get rid of cash, deposit taking
institutions are particularly vulnerable to being used. i.e. Banks,
Building Societies, Post offices etc. Hence, many of the efforts to combat
money laundering have concentrated on the procedures adopted by deposit takers.

* Non-bank financial institutions

The introduction of measures to prevent banks being readily used for purposes of
money laundering has, without doubt, made life more difficult by increasing the
costs and the risks for those involved. These are businesses that provide bank-
like services, but are historically less closely supervised than traditional
financial institutions. i.e. Bureau de Change, cheque cashers, money
transmission services, commodities brokers etc.

The law is, as in so many areas, complex and set out in various different
statutes and regulations. It deals with the proceeds of drugs trafficking,
terrorist crime and non-terrorist crime slightly differently, but the thrust of
the law for each is similar. Offences are created for those who launder the
money and those who assist them in any way. It also obliges those in the
financial community to take preventative measures. The Criminal Justice Act 1993
widened the law by extending the expression "criminal conduct" to any indictable
offence committed in the UK. The preventative measures are contained in the
Money Laundering Regulations 1993 ("the Regulations") which implement the EC
Money Laundering Directive.

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
Continues for 5 more pages >>




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