Money Laundering: Vulnerable Commodities and Services

The term commodity typically refers to tangible goods that are demanded by the market. Commodities may range from coffee to silicon computer [Page 268]chips. Services refers to intangible goods consisting of the time and skills of individuals, and these may range from retail sales to accounting and legal advice. 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 definition adds violating or evading pertinent laws and regulations. The two conceptualizations are often drawn together and confused.

The first definition is used to refer implicitly or explicitly to the activities of organized and professional criminals, and the second definition ...