Money Laundering :: essays research papers fc

monetary Accounting For Financial Services AssignmentMoney LaunderingThe news show notes launder, according to the myth, is derived from Al Capones practice of using a filament of coin-operated launderettes in Chicago to disguise his revenues from gambling, prostitution and protection rackets. Its a nice story but not true, money wash is so called beca uptake it perfectly describes the solve of removing the stains and smells which money acquires when lamentables earn it.In this report I leave behind 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 and then go on to explain the effects of money laundering and the psychiatric hospitals/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 all over the proceeds and, so, provide a legitimate cover for their line of income. J.D. Mclean specify money laundering in the International Judicial Assistance as"Although the proceeds of crime will be kept as slap-up for further criminal ventures, the sophisticated offender will wish to use the rest for some 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 key 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 co mmon to use a three-stage model which encompasses an ideal money laundering scheme. The three stages are as follows* Placement StageThis 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 StageThe stage at which thither is the first attempt at concealment or disguise of the source of the ownership of funds.* Integration StageThe stage at which the money is structured into the legitimate economic and financial system and is camouflaged with all other assets in the system.