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Anti-Money LaunderingIntroduction

Anti-Money Laundering: Introduction [Criminals commit crimes for many reasons. One of these is to profit and obtain value or money in a variety of forms, for instance cash or all types of property, whether real or personal, heritable or moveable. They also try to obscure the illegal origin of these proceeds. They perform a number of money laundering (ML) activities/transactions to ensure that their illegal activities/transactions are not discovered. The term ML denotes the process(es) which criminals use to obscure the real origin of the proceeds which have been derived from criminal activity and to make illegal proceeds appear as if they were legitimate property. ML is an effective way for criminals to avoid prosecution, conviction and confiscation of illegal proceeds since their origin is disguised or turned into legitimate proceeds. This depends on the criminal activity which generates the illegal proceeds which can take various forms, such as drug trafficking, human trafficking, embezzling, fraud, tax evasion, bribe and piracy. These crimes are “predicate offences” for ML and cover any crime which generates illegal proceeds. The criminalisation of ML has therefore two important objectives. Firstly, to prevent criminals from committing crimes which generate illegal proceeds, namely predicate offences for ML. Secondly, to prevent money launderers from enjoying their illegal proceeds.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Anti-Money LaunderingIntroduction

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Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016. The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Design and Patents Act.
ISBN
978-1-137-59454-9
Pages
1 –16
DOI
10.1057/978-1-137-59455-6_1
Publisher site
See Chapter on Publisher Site

Abstract

[Criminals commit crimes for many reasons. One of these is to profit and obtain value or money in a variety of forms, for instance cash or all types of property, whether real or personal, heritable or moveable. They also try to obscure the illegal origin of these proceeds. They perform a number of money laundering (ML) activities/transactions to ensure that their illegal activities/transactions are not discovered. The term ML denotes the process(es) which criminals use to obscure the real origin of the proceeds which have been derived from criminal activity and to make illegal proceeds appear as if they were legitimate property. ML is an effective way for criminals to avoid prosecution, conviction and confiscation of illegal proceeds since their origin is disguised or turned into legitimate proceeds. This depends on the criminal activity which generates the illegal proceeds which can take various forms, such as drug trafficking, human trafficking, embezzling, fraud, tax evasion, bribe and piracy. These crimes are “predicate offences” for ML and cover any crime which generates illegal proceeds. The criminalisation of ML has therefore two important objectives. Firstly, to prevent criminals from committing crimes which generate illegal proceeds, namely predicate offences for ML. Secondly, to prevent money launderers from enjoying their illegal proceeds.]

Published: Jul 9, 2016

Keywords: United Arab Emirate; Money Laundering; Organise Crime; Financial Action Task Force; Reporting Entity

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