Money Laundering: History

To the layperson, the concept of money laundering is generally used to refer to efforts to obscure the origins of illegal wealth and to provide a veil of legitimacy—or, put simply, to turn “dirty money” into “clean money.” The technical understanding of money laundering adds to that concept the violation or evasion of pertinent laws and regulations. The first definition typically relates to the (often assumed [Page 262]and sometimes demonstrable) complex efforts of organized and professional criminals to thwart the identification or recovery of illegal assets by victims or law enforcement. The second definition typically relates to the acquisition, possession, use, or any disposition of the proceeds of crime that may involve a wide range of individuals, including organized and professional criminals. Although these definitions ...