Billy's Money Laundering Information WebsiteMoney Laundering is a World-wide problem


A Brief History | What is Money Laundering? | How Big is the Problem? | The Money Laundering Process | Stages of the Process | Money Laundering Methods | How Can We Prevent It? | Effects on Financial Institutions | Business Areas Prone To Money Laundering | UK Legislation | Money Laundering Offences | International Initiatives | The Future | Conclusions | Recommendations 


Money Launderers tool bag
Billy's Money Laundering Home Page

by Billy Steel

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Contents
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A Brief History

Here is a dig into the origins of Money Laundering and how it came about.

What is Money Laundering?
Definitions of the phrase "money laundering".

How Big is the Problem?
Estimate of the amount of money being laundered annually.

The Money Laundering Process
The 3 stages of Money Laundering - Placement - Layering - Integration.

Stages of the Process
How Money Laundering Stages are achieved.

Money Laundering Methods
Techniques used by money launderers.

How Can We Prevent It?
Some measures to prevent this crime.

Effects on Financial Institutions
How this crime affects financial institutions, legally and financially.

Business Areas Prone To Money Laundering
Which businesses are targetted by the money launderer.

UK Legislation
Which legislation in the UK covers Money Laundering.

Money Laundering Offences
What the five basic offences of Money Laundering are.

International Initiatives
Some measures to prevent this crime on an international level.

The Future
Future methods of Laundering cash?.

Conclusions
Some conclusions I have about this area of criminality.

Recommendations
Some recommendations on what can be done to strengthen the fight against this insidious crime.

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Welcome to Billy's Money Laundering Information Website

This Website is about Money Laundering.

Money Laundering is a crime.

"Money Laundering is also the world’s third largest industry by value".

I became interested in this area of legislation while on a job placement at a Stockbrokers whilst at university. I find the subject fascinating and I also realise that if I was to become employed in the Financial Services Industry then I would need to be familiar with the legislation relating to this particular financial crime.

The purpose for me in authoring this Website is to illuminate a subject that is relatively obscure to most people, yet has a major impact on their lives, i.e., in the form of crime.

A recent survey by the insurance industry reckons that crime costs the country £85 billion per year and that 70% of that is drug related. Criminals have to make this money appear as if it came from a legitimate source in order to keep it and this is where the money launderers do their job.

However, there are now laws to fight this.

The UK law is the first law, other than emergency powers, which requires any British citizen (indeed any resident) to report to the authorities not just actual knowledge that a person is involved in a crime but also suspicion. Failure to make such a report is a criminal offence and the person who does not make a report can, depending on the precise circumstances, face up to 14 years in gaol.

 

The UK Government shows how serious they regard this issue by the fact that sentences carry no remission: a person sentenced to 14 years will actually serve 14 years. In some cases pleading ignorance is no defence and therefore, it is important that organisations and employees at risk are aware of their obligations under the legislation now in place. This places onerous obligations on companies and their staff to report any suspicions and as mentioned above the penalties can be severe for ignoring these obligations.

Having given you this information, it is appropriate at this stage to state a disclaimer. Please note:-

Nothing in this site is intended to be legal advice in any circumstances. All readers are advised to take appropriate advice on their position having regard to their own circumstances. There is no contractual or tortious relationship between you the reader and myself or any person contributing to this electronic document and no contributer will have any liability if you should rely on anything you read here.

Except where a contribution is made by a third party and copyright expressly reserved to that party.

Enjoy, and if you wish to contribute, please feel free to e-mail me.

 

 

 

For a copy of the Financial Action Task Force 40 Recommendations including the interpretive notes to the 40 Recommendations.  Click Here



Billy Steel   has an honours degree in Financial Services. He is interested in Money Laundering and the effects it has on all avenues of life, particularly relating to financial institutions. He is also interested in what has been generally acknowledged as the future strategy of the money launderer - i.e. the use of new technologies to avoid detection by law enforcement agencies.

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