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The word money laundering according to the myth is derived from Al Caponespractice of using a string of coin-operated launderettes in Chicago to disguisehis revenues from gambling prostitution and protection rackets Its a nicestory but not true money laundering is so called because it perfectly describesthe process of removing the stains and smells which money acquires whenIn this report I will go on to discuss the topic of money laundering in thefollowing order firstly I will begin by explaining what is money launderingwhy it is done and how it is done I will then go on to explain the effectsof money laundering and the institutionsorganisations that are at risk fromthese activities I will also be discussing the current situation in the UKregarding money laundering and whether anything can be done to prevent orrestrict laundering activities and will then go on to conclude my findingsMoney laundering is the process by which criminals attempt to conceal the trueorigin and ownership of the proceeds of their criminal activities If they aresuccessful they can then maintain control over the proceeds and so provide alegitimate cover for their source of income JD Mclean defined moneylaundering in the International Judicial Assistance asAlthough the proceeds of crime will be kept as capital for further criminalventures the sophisticated offender will wish to use the rest for otherpurposes If this is to done without running a risk of detection the moneywhich represents the proceeds of the original crime must be laundered putinto a state in which it appears to have an entirely respectable provenanceIt is important to bear in mind that money laundering is a process often ahighly complex one rather than a single act In an effort to expose andanalyse this phenomenon it has become common to use a three-stage model whichencompasses an ideal money laundering scheme The three stages are as follows This is where cash derived directly from criminal activity eg fromsales of drugs is first placed either
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