Money Laundering: The Game of Turning Criminal Proceeds into Legitimate Wealth
New Delhi: (sdna) Money laundering is no longer limited to being merely an economic crime. It has become an important financial support mechanism for organized crime, corruption, drug trafficking, terrorism, and illegal trade. In simple terms, money laundering is the process of concealing the actual source of money obtained through criminal activities and presenting it as legitimately earned or legally acquired wealth. The process of money laundering is generally understood through three major stages — placement, layering, and integration. In the first stage, illegally obtained money is introduced into the financial system. This may involve depositing large amounts of illicit cash into different bank accounts, dividing the money into smaller transactions, or introducing it into the fina...