Research Area:
Law and Legislature
KeyWord:
Analysis, law, money, developed, nation, Actus, financial, laundering
Abstract:
Money laundering refers to the conversion of money that is illegally obtained, so as to make it appear to originate from a legitimate source. Article 1 of the EC Directive defines the term money laundering as “the conversion of property, knowing that such property is derived from serious crime, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the committing such an offence or offences to evade the legal consequences of his action, and the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from serious crime”