Money Laundering Flashcards
1
Q
What is money laundering?
A
Money Laundering is the process where criminal proceeds are disguised to hide their illegal origins.
2
Q
What are the 3 steps of money laundering?
A
Placement, Layering and Integration
3
Q
What is the global estimate?
A
Annual figure of 2.7% global GDP. However, the true figures are unknown due to the lack of visible data.
4
Q
Who stated “Estimates attempt to observe the unobservable”?
A
Jackie Harvey
5
Q
Who stated “Money Laundering is the worlds third largest business”
A
Jeffery Robinson
