Talk:Money laundering
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Peter Gibbons: "I can't believe what nerds we are; looking up 'money laundering' in an [online] dictionary." —Preceding unsigned comment added by 64.115.125.36 (talk) 16:14, 19 May 2008 (UTC)
Tuffcheff 09:58, 14 September 2007 (UTC)lets say i work in the US and i want to send money back home, lets say uganda for instance, and considering the exchange value of the US dollar to my home country's currency, back home they may not get the desired amount. so to circumvent this i buy, lets say EUROS in the states and send them as they have a much higher exchange rate than the dollar, my question is, is this tantamount to money laundering?((Tuffcheff 09:58, 14 September 2007 (UTC)).
Isn't money laundering same as hawala?
This is used on the page: $AUD1000. What denomination is that? Since it discusses activities of the US, shouldn't it use US dollars? -Frecklefoot
- I just removed that, and added US currency notation. I think that this could end up being the most useful information on the wikipedia. --DropDeadGorgias
Isn't there a limit on how many times a dollar bill can be bleached and disinfected, before it starts fading? --Uncle Ed
- Probably, but this is not the type of money laundering this article discusses. :) -Frecklefoot
It is a myth that money laundering stems from Prohibition when gangsters used slot machines --- or, the more usual version, when Al Capone used laundromats --- to make illicit monies appear as if they'd come from legitimate sources. In fact, the term money laundering was not used until the Watergate scandal in 1972. The OED is the source for this. For the best and most authoritative work on the subject, see Jeffrey Robinson's "The Laundrymen." - User: Alan Train
- Please correct it in the article, then. Tempshill 21:17, 23 May 2005 (UTC)
- I found this article to be contradictory, had both the OED version of laundering and the other, incorrect source of laundromats, so I deleted the section on laundromats Daries 20:28, 4 April 2006 (UTC)
Wouldn't a church be the ideal way to launder money? Every week, they receive cash offerings from anonymous doners. Then they could "employ" someone and pay them a salary. Does this seem to work?
[edit] Laundering is to money what laundering is to clothes
I am surprised that the term money laundering does not arise from making dirty money into clean money. Or did the use of "dirty" and "clean" come after the adoption of the word "laundering". I bet not and that it is this cleansing that "laundering" refers to. Paul Beardsell 00:13, 2 October 2006 (UTC)
This pdf seems to indicate I may be right. Paul Beardsell 15:05, 2 October 2006 (UTC)
[edit] This is a must read on the international connection between Money Laundering, Drugs, War, and Drugs
The article talks about Kosovo, the banking sysem, and Afghanistan. At one point in time the international drug trade was legal and mandated by Britain. The article also highlights how drugs form the third largest money making industry in the world.
http://www.globalresearch.ca/index.php?context=viewArticle&code=NAZ20061017&articleId=3516
[edit] Tech/Dot Com Money Laundering
For more information: http://www.geocities.com/dbdoggle
[edit] Do we need THAT many links?
trim the link down? -Penwhale | Blast the Penwhale 11:39, 18 January 2007 (UTC)
- Excellent idea. It was ridiculous that the list of external links was longer than the article. Leuko 07:28, 28 February 2007 (UTC)
[edit] I can't believe what a bunch of nerds we are
We're updating money laundering in the dictionary —The preceding unsigned comment was added by 67.48.97.37 (talk) 06:07, 7 February 2007 (UTC).
[edit] The use of technology to prevent money-laundering
The External links on the topic of Money Laundering should include a link entitled: "The use of technology to prevent money-laundering". This is a a subject of much interest, and I suggest this link to the best independent review of the anti-money laundering software there is: http: //www.celent.com/PressReleases/20060829/AMLVendors2006.htm
As this report is not available for all, its probably worth mentioning that a smaller but free version exists at http://anti-moneylaundering.neteconomy.com/ —The preceding unsigned comment was added by 62.58.81.226 (talk) 08:58, 7 May 2007 (UTC).
[edit] Is this an example of money laundering of any kind?
if say a company based in Italy, hires reps from the us, to collect US and canadian payments, and then have that US rep send them to the actual company in italy.The rep is paid in comission, based on the number of payments collected and sent to the company.
Just wondering
[edit] The aftermath of Sept 11th
This topic should not be under the History section. It is a pretty recent development and the section - which is deals with the last 6 years - is as big as the rest of the history sections. That doesn't look right. I'm moving it to its own section. Anurag Garg 18:13, 15 August 2007 (UTC)
[edit] Call for a scientific definition of Money laundering which should be....
international harmonized if any financial activity is globally involved.
Professionally speaking, international laws or standards about money money laundering should be established —Preceding unsigned comment added by 64.62.138.32 (talk) 03:38, 16 September 2007 (UTC)
[edit] Jurisprudence
I added these 2 landmark and historical first rulings of the Court, in relation to the 1986 statute in USA. The Supreme Court of the United States on June 2, 2008, rendered 2 judgments in favor of defendants, narrowing the application of the federal money-laundering statute. First, in a 9-0 decision, ponente Justice Clarence Thomas reversed Acuna, Mexico's Humberto Cuellar's conviction and ruled that "hiding $81,000 in cash under the floorboard of a car and driving toward Mexico is not enough to prove the driver was guilty of money laundering; instead, prosecutors must also prove the driver was traveling to Mexico for the purpose of hiding the true source of the funds." The Court further ruled "that federal prosecutors have gone too far in their use of money laundering charges to combat drug traffickers and organized crime; that money laundering charges under the Money Laundering Control Act of 1986, Sec. 18 U. S. C. § 1956(a)(2)(B)(i) apply only to profits of an illegal gambling ring and cannot be used when the only evidence of a possible crime is when a courier headed to Texas-Mexico border with $ 81,000 in cash (proceeds of a marijuana transaction); it cannot be proven merely by showing that the funds were concealed in a secret compartment of a Volkswagen Beetlecar; instead, prosecutors must show that the purpose of transporting funds in a money laundering case was to conceal their ownership, source or control; the secrecy must be part of a larger “design” to disguise the source or nature of the money." Second, in a 5 to 4 ruling, Justice Antonin Scalia reversed Efrain Santos of Indiana and Benedicto Diaz's convictions for money laundering based on cash from an illegal lottery. Scalia ruled that the law referred to the "proceeds of some form of unlawful activity; paying off gambling winners and compensating employees who collect the bets don't qualify as money laundering; the word “proceeds” in the federal money-laundering statute, 18 U. S. C. §1956,and §1956(a)(1)(A)(i) and§1956(h), applies only to transactions involving criminal profits, not criminal receipts; those are expenses, and prosecutors must show that profits were used to promote the illegal activity." Congress enacted the 1986 statute after the President's Commission on Organized Crime stressed the problem of "washing" criminal proceeds through overseas bank accounts and legitimate businesses. It imposes a 20-year maximum prison terms and heavy fines.supremecourtus.gov/opinions, REGALADO CUELLAR v. UNITED STATES, No. 06–1456, June 2, 2008supremecourtus.gov/opinions, U.S. v. Santos, 06-1005, June 2, 2008ap.google.com, Court rules for defendants on money launderingwww.nytimes.com, Justices Narrow Money-Laundering Lawlatimes.com/news, Supreme Court limits money laundering law --Florentino floro (talk) 10:40, 3 June 2008 (UTC)
