Title: Money Laundering - Definition, Examples, Meaning, and Cases
Headings: Money Laundering
Money Laundering
Money Laundering meaning in law
Definition of Money Laundering
Noun
Origin
What is Money Laundering
Steps in Money Laundering
Ways Criminals Avoid Detection
Money Laundering Techniques
Anti-Money Laundering Laws
Financial Action Task Force
Bank Secrecy Act
Other Anti-Money Laundering Regulations
The Role of Financial Institutions in Combating Money Laundering
Penalties for Money Laundering
Money Laundering Example Cases
Related Legal Terms and Issues

Content: Because the act is specifically used to hide illegally obtained money, it too is unlawful. Different jurisdictions, both foreign and domestic, have their own specific definitions of what acts constitute the crime of money laundering. Which enforcement agency has the authority to investigate money laundering, as well as punishments for the crime, are outlined in the statutes of each jurisdiction. It has been estimated that at least $300 billion is laundered each year in the United States alone. According to a 2009 study published by the United States Sentencing Commission, more than 81,000 people are convicted of money laundering on some level each year in the United States. Steps in Money Laundering
Money laundering is accomplished in many ways, though most include three common steps, including
Obtaining the money or introducing it into the financial system in some way
Transferring or concealing the source of the money through complex or multiple transactions
Returning the money back into the financial world so that it appears legitimate. Of these steps, placement of the money into financial institutions is the most difficult. This is because the Bank Secrecy Act of 1970 requires financial institutions to report deposits over $10,000 in a single day. To circumvent this step then, launderers funnel cash through a legitimate high-cash business, such as a check cashing service, bar, nightclub, or convenience store. Ways Criminals Avoid Detection
Large scale criminal groups may use complex money laundering techniques in order to avoid detection.