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Financial Accounting For Financial Services AssignmentMoney LaunderingThe word money laundering according to the myth is derived from Al Capones practice of using a string of coin-operated launderettes in Chicago to disguise his revenues from gambling prostitution and protection rackets Its a nice story but not true money laundering is so called because it perfectly describes the process of removing the stains and smells which money acquires when criminals earn itIn this report I will go on to discuss the topic of money laundering in the following order firstly I will begin by explaining what is money laundering why it is done and how it is done I will then go on to explain the effects of money laundering and the institutionsorganisations that are at risk from these activities I will also be discussing the current situation in the UK regarding money laundering and whether anything can be done to prevent or restrict laundering activities and will then go on to conclude my findingsMoney laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities If they are successful they can then maintain control over the proceeds and so provide a legitimate cover for their source of income JD Mclean defined money laundering in the International Judicial Assistance asAlthough the proceeds of crime will be kept as capital for further criminal ventures the sophisticated offender will wish to use the rest for other purposes If this is to done without running a risk of detection the money which represents the proceeds of the original crime must be laundered put into 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 a highly complex one rather than a single act In an effort to expose and analyse this phenomenon it has become common to use a three-stage model which encompasses an
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