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Accounting 474 Presentation

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Kim Egan

on 2 May 2013

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Transcript of Accounting 474 Presentation

Joseph Alperto
Kristell Castro
Kimberley Egan
Mike Mcavoi Money Laundering Money Laundering Steps of Money Laundering 1. Placement
Form of cash bank deposits
Riskiest stage
2. Layering
Sending money through various financial transactions
Most complex step
Makes original dirty money hard to trace
3. Integration
Money re-enters mainstream economy
Comes from legal transaction
Difficult to catch launderer Who Launders Money? Mobsters
People who steal money.
Embezzlers
Corrupt Politicians
People who deal exclusively with cash.
Drug Traffickers
Terrorist
Funding their organization
Corrupt lawyers, corrupt accountants, etc Money Laundering Methods Investing in legitimate businesses
Large businesses
Small cash-intensive businesses
Shell Corporations/Businesses
Fake “service” company
Depositing in US Banks
Structuring Deposits
Offshore Banks
Underground Banks
Hawala system in Pakistan
Fie Chen system in China Money Laundering
Methods Continued: Purchasing high valued items
Real Estate
Casinos
Gift Cards What is Money Laundering? Money laundering is the process by which large amounts of illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the appearance of having originated from a legitimate source. Can you launder money through World of WarCraft?
A) True
B) False Innovators of Modern
Money Laundering Al Capone, earned millions during prohibition era
Owned laundromats to disguise funds made by illegal activities
Before conviction of tax evasion in 1931, reportedly laundered around $1 billion Meyer Lansky, member of New York Mafia
First to use foreign bank accounts to hide the criminal proceeds
Held millions in Swiss, Hong Kong, Israeli and South American bank accounts Innovators of Modern
Money Laundering Harvard educated economist
Ran money laundering scheme for Colombian drug lord Jose Londono in the late 80’s and early 90’s
100 bank accounts, 68 banks, and 9 countries
Laundered over $36 million of drug money
Convicted in 1996 for money laundering after an audit tied his name to accounts with laundered money and sentenced to 7.5 years in prison Franklin Jurado Sources http://kycmap.com/money-laundering-and-terrorist-financing-methods-techniques-schemes-and-instruments/
https://www.dailyjournal.com/cle.cfm?show=CLEDisplayArticle&qVersionID=123&eid=660921&evid=1
http://www.bunker8.pwp.blueyonder.co.uk/orgcrim/3807.htm
http://www.csoonline.com/article/617495/money-laundering-techniques-tips-for-protecting-your-business
http://money.howstuffworks.com/money-laundering6.htm
http://www.reuters.com/article/2012/12/11/us-hsbc-probe-idUSBRE8BA05M201212111
http://www.fincen.gov/news_room/aml_history.html Questions The First Laws
Against Money Laundering Bank Secrecy Act (1970)
Standardized reporting and record-keeping regulations.
Identifies and traces currency exchanges.
Established reporting and tracking rules for cash transactions over $10,000.
Money Laundering Control Act (1986)
Classified laundering as a federal crime.
Generated laws against avoiding the CTR.
Protects the Bank Secrecy Act.
Civil and Criminal forfeiture
Bank procedures More Recent Laws
Against Money Laundering Money Laundering Suppression Act (1994)
Banks required to enhance training .
Banks required to enhance procedures.
Currency Transaction Reporting exemption process.
Money Services Business more strict.
Money Laundering and Financial Crimes Strategy Act (1998)
Anti-money laundering training.
Developed National strategy.
Created new task forces against money laundering. Money Laundering Investigations The FBI and IRS are the main task forces involved in money laundering investigations.

Money laundering is often investigated using audits, computer technology, wire taps, and watching bank account transfers for suspicious activities.
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