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What does Money Laundry means?
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[QUOTE="Johnson2468, post: 288150, member: 93261"] 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. [/QUOTE]
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