Anti-Money Laundering – Know Your Customer!

Money laundering is a reality. It has become today one of the chief concerns of all governments - and so it should be! It is NOT merely financial institutions and large organisations which may fall victim to such offence, but any individual who provides services to another in return for remuneration. But what is money laundering?

Money laundering constitutes the processing of profits derived from the commission of any crime, in such a manner as to conceal their illegal origin. Put simply, it is the act of making money which comes from an illegitimate Activity X appear to come from a legitimate Activity Y. Endless variations of schemes may be adopted by money launderers to obscure the guise of illegally-obtained money, which renders it extremely difficult, and sometimes impossible for law enforcement authorities to separate the 'clean' from 'dirty' proceeds.