NCJ Number
160756
Date Published
1995
Length
9 pages
Annotation
This chapter reviews current patterns of money laundering by criminals as well as international measures for countering money laundering.
Abstract
By 1994 an international anti-money laundering system of soft laws was in place, providing a coordinated set of domestic, regional, or international mechanisms. The system responds to the common strategic priorities of fighting organized crime by recovering the proceeds of criminal activity and protecting the transparency of financial and economic systems from infiltration by organized criminal groups. The impetus for tackling the money laundering activities of organized crime was inspired originally by an international consensus on the imperative of attacking all aspects of drug trafficking and capturing drug trafficking proceeds. There is evidence, however, that a significant percentage of total illicit proceeds many be from nondrug crimes. These monies stem from gambling, smuggling, pornography, loan sharking, fraud, corruption, and criminal tax evasion. Partly as a result of the organic development of criminal organizations and partly as a reaction to the new antimoney laundering system and the emphasis on fighting money laundering crime, there is a marked trend towards professionalism in money laundering operations. Feeding the trend towards professionalism is the growing need for criminal organizations to maximize opportunities and to minimize law enforcement risks. This chapter also discusses the language and classification of money laundering services.