Anti-Money Laundering In A Nutshell: How Turkey Stays Compliant

Introduction

As much as anti-money laundering is old as money, it has undeniably become more important in the last century. People who committed acts deemed as criminal by their governments found that they could benefit from crime by simply concealing the origins of the proceeds and streaming them back into the financial system. It was then discovered that the easiest way to do so was to take the money out of the country and make it hard to trace. Consequently, over the course of years, anti-money laundering has become an issue for the international community and has made it necessary for them to cooperate and take a stand.

1) What Is Money Laundering?

In a nutshell, money laundering is converting "dirty" money into "clean" money without raising the suspicions of the authorities. "Dirty money" is basically money, goods, or any kind of proceeds gained through illegal means and criminal acts. As can be inferred, there must be a precedent crime that generates