On
recent days money laundering has become a sweltering issue in financial
arena internationally. Money laundering is a very sophisticated and
dynamic crime.
According to Money Laundering prevention Act-2009, Money Laundering means-
(i)
Transfer, conversion, remitting abroad or remitting or bringing from
abroad to Bangladesh proceeds or property acquired through commencement
of a particular offence for the purpose of disguising the illicit origin
of the proceed or property or transferring abroad of proceeds or
property acquired through legal or illegal means;
(ii) Conduct or attempt to conduct a financial transaction in a manner that will not be required to report under the ACT;
(iii)
Do such activities so that the illegitimate source of such proceed or
property cab be disguised or attempt to do such activity or knowingly
assist or conspire to perform such activities.
The
definition of money laundering under U.S law is “… the involvement in
any one transaction or series of transaction that assists a criminal in
keeping, concealing or disposing of proceeds derived from illegal
activities.
The
Joint Money Laundering Sterling Group (JMLSG) of the U.K. defines it as
"the process whereby criminals attempt to hide and disguise the true
origin and ownership of the proceeds of their criminal activities,
thereby avoiding prosecutions, conviction and confiscation of their
criminal funds".
Lastly,
we can say that Money Laundering is the process whereby proceeds,
reasonably believed to have been derived from criminal activity, are
transported, transferred, transformed, converted or intermingled with
legitimate funds for the purpose of concealing or disguising the true
nature, source disposition, movement or ownership of these proceeds. The
goal of the money laundering process is to make funds derived from, or
associated with, illicit activity appear legitimate.
