What are the main motivations for money launders?

Lawful accounting of illegally obtained proceeds (money) to avoid raising suspicion of law enforcement agencies is the primary motive of money laundering. Terrorists and terrorist organizations primarily use money laundering activities to conceal the origin of their funds.

How do you bleach a dollar bill?

The bills have been counterfeited by a process called “bleaching,” according to the department. The process involves putting lower-value bills, like $5 or $10, into a bleaching solution until the writing comes off. Then, new numbers, like $100, are put on the blank bills using a laser printer.

Where is the safest place for your money?

Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for credit union accounts.

How much money is laundered through money laundering?

Money laundering is a ubiquitous practice. The United Nations Office on Drugs and Crime reckons that somewhere between $800 billion and $2 trillion goes through the rinse cycle every year [source: The Economist ]. That’s in the neighborhood of 2 to 5 percent of the entire planet’s GDP!

How to become an anti-money laundering specialist?

And, the candidates who want to become anti-money laundering specialists should have expert authorization. Not to mention, the AML certifications are accepted globally by financial institutions, governments, and regulators for securing the financial system against money laundering.

How do money launderers avoid detection?

The use of the Internet allows money launderers to easily avoid detection. The rise of online banking institutions, anonymous online payment services, peer-to-peer transfers using mobile phones and the use of virtual currencies such as Bitcoin have made detecting the illegal transfer of money ever more difficult.

What are the three basic steps in money laundering?

Money laundering involves three basic steps to disguise the source of illegally earned money and make it usable: placement, in which the money is introduced into the financial system, usually by breaking it into many different deposits and investments; layering, in which the money is shuffled…