Summary of Kevin Sullivan's Anti-Money Laundering in a Nutshell

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The term money laundering was coined in the 1920s, when gangsters would wash money to hide its origin. Today, the ideas and economics of money laundering are thousands of years old.
#2 Money laundering is the process of integrating the proceeds of crime into the mainstream financial system by hiding their origin. It is a sophisticated international game of intrigue and mystery, but there are some evil people behind it.
#3 Money laundering is the process of integrating the proceeds of criminal enterprises into the legitimate mainstream of the financial system. It is a simple and wonderful definition, but why does a bad guy have to launder his money in the first place.
#4 The Palermo Convention is a resolution adopted by the United Nations Convention against Transnational Organized Crime that was held in Palermo, Italy, in 2000. It states that any person who knowingly transports money for another person can be charged with money laundering.

Sujets

• Economie gestion
• General officer
• Economics
• Business
• General
• Finance

Informations

• Publié par: Everest Media LLC
• Date de parution: 17 mai 2022
• Nombre de lectures: 0
• EAN13: 9798822514140
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Kevin Sullivan's Anti-Money Laundering in a Nutshell
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9
Insights from Chapter 1

#1

The term money laundering was coined in the 1920s, when gangsters would wash money to hide its origin. Today, the ideas and economics of money laundering are thousands of years old.

#2

Money laundering is the process of integrating the proceeds of crime into the mainstream financial system by hiding their origin. It is a sophisticated international game of intrigue and mystery, but there are some evil people behind it.

#3

Money laundering is the process of integrating the proceeds of criminal enterprises into the legitimate mainstream of the financial system. It is a simple and wonderful definition, but why does a bad guy have to launder his money in the first place.

#4

The Palermo Convention is a resolution adopted by the United Nations Convention against Transnational Organized Crime that was held in Palermo, Italy, in 2000. It states that any person who knowingly transports money for another person can be charged with money laundering.

#5

Money laundering is a very common crime. It is covert and stealthy, which makes it difficult for people to detect. Most people never realize that they are victims of money laundering.

#6

Money laundering is the process of illegally moving money across borders to hide its origin. It is a $2 trillion a year industry. The methods used to move money around in a stealthy fashion are similar or the same, which makes it difficult to determine whether your suspect is a money launderer, tax evader, or terrorist financier.

#7

Money laundering is the process of making illegally obtained money appear to have originated from a legitimate source. It allows the criminals to maintain control over their illegal proceeds and provide a legitimate cover story for their source of income.

#8

Money laundering is the process of disguising the source of money obtained through illegal means. It is a major crime that affects everyone. Fighting money launderers not only reduces financial crime but also diminishes the resources they have to commit other major crimes.

#9

Placement is the first stage of the money laundering process. It is the act of physically taking bulk cash proceeds and bringing them to a financial institution for deposit or transfer. The placement phase is the most vulnerable to detection by law enforcement.

#10

The second the money passes from the bad guy’s hands into a financial institution, that is the placement of the funds.

#11

Laundering is the process of making illegal money appear legal. It is done by layering, which involves making numerous transactions that are hard to trace. The launderer tries to distance himself from the money by using several shell corporations and moving it through as many jurisdictions as possible.

#12

The United States passed the Bank Secrecy Act in 1970, which required all U. S. banks to maintain appropriate bank records sufficient for a customer’s account activity to be reconstructed. In addition, all cash transactions greater than $10,000 must be reported to the Treasury Department.

#13

The usual answer to the question Why does laying work. is that it causes confusion when investigators try to follow the money. However, the game of cat and mouse begins when the bad guy wants to spend the cash.

#14

The third and final phase of the money laundering process is integration. This is the phase where the layered monies are incorporated into the legitimate financial world and assimilated with the assets of the legitimate system.

#15

The three steps of money laundering are placement, layering, and integration. The cash is deposited directly into a bank account or incorporated into the proceeds of a legitimate business. The money is wire transferred out of the country using shell companies.

#16

The four reasons people commit crimes are greed, passion, terrorism, and the unbalanced mind. The vast majority of crimes are committed by organized criminal enterprises.

#17

Money laundering is the process of hiding money in illegal ways to avoid detection. It is a crime that can be committed by anyone, but is most commonly done by criminals trying to hide money from the government.
Insights from Chapter 2

#1

There are only three methods to move and clean dirty money: using the legitimate financial system, physically moving the money, or physically moving goods through the trade system. Anything of value can be laundered.

#2

Laundering money is best done by structuring deposits. For example, Johnny Drug Dealer has $100,000 cash in small denominations from the sale of MDMA. Johnny knows that if he deposits all his money into his Citibank account at one time, the $100,000 deposit will generate a report called a currency transaction report.

#3

Cash smuggling is a common method for launderers to move their ill-gotten money. It involves hiding large sums of cash on a person, in luggage, in cars, or in cargo.