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Money laundering is the practice of engaging in
financial transactions in order to conceal the identity,
source, and/or destination of money, and is a main
operation of the underground economy.
In the past, the term "money laundering"
was applied only to financial transactions related
to organized crime. Today its definition is often
expanded by government regulators (such as the United
States Office of the Comptroller of the Currency)
to encompass any financial transaction which generates
an asset or a value as the result of an illegal
act, which may involve actions such as tax evasion
or false accounting. As a result, the illegal activity
of money laundering is now recognized as potentially
practiced by individuals, small and large businesses,
corrupt officials, members of organized crime (such
as drug dealers or the Mafia) or of cults, and even
corrupt states, through a complex network of shell
companies and trusts based in offshore tax havens... |
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