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AML Basics

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Trade-based money laundering defined The Financial Action Task Force (FATF) defines trade-based money laundering as the “process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimize their illicit origins.” According to the US Department of State, this practice has...
September 21 2016 The Pritzker family is one of the wealthiest in the United States. Their assets, which amount to $15bn, are held in 60 companies and 2,500 trusts, using structures and strategies that Forbes magazine – normally a cheerleader for wealthy elites – describes with an unusual hint of...
September 2 2017 Mauricio Vargas is no stranger to drug deals or dirty money. His arrest in late August after police detectives said they found over half a million dollars in drug cash inside his Jeep was not his first run-in with the law. According to the Miami Herald, Vargas...
The economic turmoil and financial crises of 2008 fueled a surge in financial fraud. The International Monetary Fund (IMF) estimates that money laundering amounts to somewhere between hundreds of billions of dollars to more than a trillion dollars per year, or two to five percent of the world’s Gross...
The most direct way to hide dirty money is make small withdrawals and deposits from the bank. The method is referred to as “structuring” or “smurfing.” All banks are required to report transactions involving amounts over $10,000 to the Financial Crimes Enforcement Network( FinCEN), so criminals usually split their dirty...
In March, the U.S. Treasury Department's Financial Crimes Enforcement Network imposed a corporate death sentence on Banca Privada d'Andorra by designating it as a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. FinCEN said senior managers at BPA took bribes for several...