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Financial Accounting For Financial Services AssignmentMoney LaunderingThe 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 when criminalsearn itIn 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 theUK regarding money laundering and whether anything can be done to preventor restrict laundering activities and will then go on to conclude myfindingsMoney laundering is the process by which criminals attempt to conceal thetrue origin and ownership of the proceeds of their criminal activities Ifthey are successful they can then maintain control over the proceeds andso provide a legitimate cover for their source of income JD Mclean definedmoney laundering 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 launderedput into a state in which it appears to have an entirely respectableprovenanceIt is important to bear in mind that money laundering is a process oftena highly 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 asfollows Placement StageThis is where cash derived directly from criminal activity eg from salesof drugs is
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