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Laundering Dirty Cash Popular Among London's Global Financiers Read more: https://sputniknews.com/europe/20160607/1040935584/london-dirty-money-crime.html

Latest: Corruption and Money Laundering.

Demonstrators dressed as businessmen protests
against tax avoidance at a "tropical 'tax' haven"
in central London on May 12, 2016, near the
 venue of the Anti-Corruption Summit London 2016.


Laundering Dirty Cash Popular Among London's Global Financiers

EUROPE

17:17 07.06.2016(updated 17:19 07.06.2016) 

Money laundering, a term typically associated with gangs is a process by which people can disguise their wrong-doing by hiding the source of their loot and transforming their money into legitimate assets. The process of laundering comes into play because the "dirty" money has now become "clean." 

© FLICKR/ GABRIEL CALDERÓN Anti-Mafia Guru Right to Name UK Most Corrupt Place on Earth It allows criminals to spend the money without being questioned. The Home Office said that the best assessment of how much money is lost due to money laundering came from a UN analysis in 2009 which stated that the amount of money laundered globally was around 2.7 percent of the global GDP, which is equivalent to around US$1.6 trillion. In addition to this the National Crime Agency (NCA) assessed that many hundreds of billions of pounds of international criminal money is laundered through UK banks, including their subsidiaries, each year. There are also various types of money laundering; one is smuggling cash from one jurisdiction to another. Another form of laundering money is to open a business as a front in order to channel dirty money through it. 


The process of laundering money is not an easy one. Firstly large sums of money are placed into legitimate systems, and then broken into units. Once this is done the launderer will then move the money around to create confusion. This is done by wiring or transferring it through various accounts. They will then integrate them into a legitimate economy, which is achieved through the purchase of assets such as property, or buying shares in a business.







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