31+ Define Customer Money Laundering Gif. Because these rules ensure they aren't aiding money laundering. Money laundering is a term used to describe the process of taking funds generated from illegal activities and making legitimate and clean.
Money Laundering from image.slidesharecdn.com Money laundering is defined as an offence which consists of knowingly facilitating, by any means the money laundering offence is punishable by imprisonment and/or a pecuniary penalty. That's because many of us are quarantined at home, spending more time online, where many of these scammers prey. It is the main operation of underground economy.
Yet, the act in itself is much more complex:
Money laundering is where you have money from an illegitimate source (eg sale of drugs or illegal arms, kidnapping ransoms, etc), and you place it into other jurisdictions define money laundering to include money from activity that would have been a crime in that jurisdiction, even if it were legal. Money laundering is defined as an offence which consists of knowingly facilitating, by any means the money laundering offence is punishable by imprisonment and/or a pecuniary penalty. Formally this would be the. The money from the criminal activity is considered dirty, and the process launders it to make it look clean.
