WHAT IS MONEY LAUNDERING?
MONEY LAUNDERING CONCEPTS! FOURTH ARTICLE IN THE “SERIES” !!!
FROM A
DIFFERENT POINT OF VIEW by Monte Friesner
Financial Crime Consultant for WANTED SA
Tuesday October 19, 2010
Some of the mechanisms used to launder money are:
•Banks, including commercial banks, private banks and saving institutions (loan and savings associations, cooperative banks etc.)
•Stock Brokers
•Investments Firms
•Exchange Bureau
•Owners of Traveler’s Checks, payment forms etc. Specially in country- bordering areas
•Loan sharks and Pawn shops
•Money-transfer Services Companies
•Casinos
•Insurance Companies
•Jewelry Dealers
•Travel Agencies
•Auto Dealerships
*Real Estate Firms
Law Enforcement groups many times are hampered by the greed of some of the above and are unable to properly to monitor; however, in the long term the criminals are apprehended with the employees, directors and shareholders being convicted and sentenced to long prison terms.
The facts and opinions stated in this article are those of the author and not those of WANTED SA. WANTED SA does not warrant the accuracy of any facts and opinions stated in this article; does not endorse them, and accepts no responsibility for them.
