What does Money Laundry means?

[Mataracy]

Sometimes I heard that there are some rich people been arrested for money Laundry and what used to come in to my my mind is that; may be they are carrying the physical money that one can see inside one big bag or portfolio away.
To me Money Laundry means trying to convert the money acquired is an illicite way in to a legal way by transferring the money using foreign bank account.
Money Laundry occurred when some body embezzling money by fraud or through an illegal means and he or she is trying to play save by transferring it in to foreign account so that I will be difficult to trace or detect the movement.
There are many situation that has happened where the perpetrators were detected even after the demised or death of the person.
There are many dubious people in the society who has partook in this attrocity which is very bad and this action do affected the Condition of the nation's negatively.
What does Money Laundry mean to you as a person?

 

[Johnson2468]

Money laundering is the practice of disguising the origin of money received from unlawful sources and transferring them to legitimate ones in order to avoid being prosecuted, convicted, and having the proceeds of the crime seized. The process of turning black money into white money is unlawful.

The three steps of money laundering are placement, layering, and integration.

Placement: The money-launderers infuse the stolen funds into the economy at this point. This is frequently accomplished by placing money into a bank account linked to a business middleman or an anonymous entity.

Layering: The money so injected through placement is shifted or spread out over numerous transactions in different accounts of the same nation and other countries with less severe anti-money laundering regulations, making it challenging to identify the source.

Integration: When such well-placed and well-layered funds are once more incorporated into the financial system, they lose their initial connection to criminal activity and are used to circumvent the law by appearing to have come from legitimate sources.
The criminal might then use this clean money to fund a legitimate company, claiming payment by creating fictitious invoices, or even form a phony charity, where they would be paid extravagantly to sit on the board of directors.

 

[moonchild]

Money laundry has been around for a while and many organizations and individuals have been part and parcel of this, I've been following some news around money laundry by one publishing company called Pandora papers that exposes politicians that set up offshore companies and create fictitious board members and inject money into these organizations as investors, this is a typical example of how money laundering works.

There are different agencies in the world that deals with this kind of business, it is a hidden business because most of the people involved are elite politicians and business magnates.

There are also other people that make their money through illegal means for example smuggling, selling illicit drugs and then will later create a legal business and then use it to wash up the money so that when they get busted there won't be any trace of illegal money.

Money laundering can take many facets.