What Is Money Laundering?

Money LaunderingVarious nations could or may well not treat tax evasion or payments in breach of international sanctions as money laundering. Some jurisdictions differentiate these for definition purposes, and others do not. Some jurisdictions define money laundering as obfuscating sources of funds, either intentionally or by merely employing financial systems or services that do not identify or track sources or destinations.

Some estimate the size of the problem of money laundering as getting more than $500 billion annually. Although the act of money laundering itself is a victimless white-collar crime it is usually connected to severe and at times violent crime. Becoming in a position to cease money laundering is in impact, becoming capable to quit the money flows of international organized crime.

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Advisors ought to be checking potential customers against the Treasury Department’s Office of Foreign Assets Handle list of foreign countries, terrorists, drug traffickers and others barred from trade with U.S. firms, as well as other relevant overseas databases. Generally firms will engage a third-celebration vendor to execute these onboarding cross-checks.

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