Money Laundering Concepts

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Money laundering

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Moving illegally acquired cash through financial systems so that it appears to be legally required

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Placement

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Moving the money into a legitimate financial system

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Layering

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Creating a complex web of transactions to move the money around the financial system by layering financial transactions

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Integration

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Integrate the funds back into a legitimate financial system. Done carefully so they have a plausible explanation for where the money has come from

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National Crime Agency

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A crimefighting law enforcement agency responsible for operations against serious and organised crime including money laundering

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Suspicious activity report

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A report submitted to NCA giving details of suspected money laundering

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Required disclosure

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Disclosure of money laundering must be made when an accountant suspects money laundering on the part of the client

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Protected disclosure

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Disclosure of a suspicion of money laundering which is protected against allegations of breach of confidentiality

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Authorised disclosure

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Disclosure by a person who realises that they may have engaged in money laundering or are about to engage in money laundering

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Failure to disclose

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Failure to tell the relevant authority about a suspicion or knowledge of money laundering