I received an email from a reader asking me what money laundering has to do with fraud. It's a good question, so I thought I would take an interlude tonight and answer this.
It is important to remember that laundering is the system and method by which all proceeds of a crime are intergrated into the banking systems and business environments all over the world. The proceeds of a crime, namely the monies and the owners of these dirty monies are transformed (well, not the owners) so that the proceeds appear to originate from a legitimate source. This way, the funds disappear and the criminals can have the benefits of their "work."
Money laundering is not done by small-time crooks anymore. It is one of the primary sources in which major criminal groups receive their funds, including:
Mafia organizations (Russian and Italian)
Yakuza (Japanese)
Nigerian gangs (including 419 scammers)
Mexican drug cartels
Further, this is the method by which Al Quaeda and other Islamic terrorist groups get their funds as well (one of the primary methods).
So, money laundering is indeed fraud because deceitful means are being used to get monies, or in this case, hide from where the monies are coming.
As always, have a great and fraud-free day.
http://www.tauskvega.com
------------>>>>>>>>>>>>>gene tausk
It is important to remember that laundering is the system and method by which all proceeds of a crime are intergrated into the banking systems and business environments all over the world. The proceeds of a crime, namely the monies and the owners of these dirty monies are transformed (well, not the owners) so that the proceeds appear to originate from a legitimate source. This way, the funds disappear and the criminals can have the benefits of their "work."
Money laundering is not done by small-time crooks anymore. It is one of the primary sources in which major criminal groups receive their funds, including:
Mafia organizations (Russian and Italian)
Yakuza (Japanese)
Nigerian gangs (including 419 scammers)
Mexican drug cartels
Further, this is the method by which Al Quaeda and other Islamic terrorist groups get their funds as well (one of the primary methods).
So, money laundering is indeed fraud because deceitful means are being used to get monies, or in this case, hide from where the monies are coming.
As always, have a great and fraud-free day.
http://www.tauskvega.com
------------>>>>>>>>>>>>>gene tausk
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