There are various definitions available which describe the phrase ‘Money Laundering’. Article 1 of the draft European Communities (EC) Directive of March 1990 defines it as: the conversion or transfer 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 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.
Posted on: Sat, 07 Jun 2014 03:20:39 +0000
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