Money Laundering Essay -- Business Ethics

According to the U.S. Dep cheatment of Justice, gold wash is the figure out by which one conceals the existence, illegal source, or illegal application of income and then disguises that income to make it appear legitimate. Money laundering involves a three metre offshoot which includes placement, layering and consolidation (Albrecht et al, 2009). Placement is the first step and it includes the launderer opening up an account at a fix or some other type of fiscal duty to make deposits with the illegal bullion. The placement step is often looked at as the most risk taking step because the launderer does not know the response of the bank and how they are going to accept a large cash deposit. If the deposit is too large the bank can recognize it and this could be conside violent a red flag for the bank. The purpose of this step is to avoid the authorities and to remove the money as far away from the source as possible. The second step is called layering. This is where the launderer hides the money by opening up other accounts at other banks and makes transactions between these different accounts sometimes even in different countries. This makes it very(prenominal) nasty to track the exact location of the money. The last step is the integration step. The money is finally used out into society and seems to be legal, legit money alone it truly came from an illegal crime. Theses launderers use the money to buy houses, cars and anything else that is expensive. Now these launderers have lots of money that they have obtained illegally (Albrecht et al, 2009). Money laundering is extremely Copernican because it is not just a crime that was created overnight. This scheme took time and intelligence to be thought out. We are not dealing with dumb pe... ...money laundering? offensive activity groom money laundering true crime meets the world of business and finance (pp.21-22). Buffalo, N.Y Firefly Books.Perez, E., & Mollenkamp, C. (2010, March 18) . Wachovia settles money-laundering case. The Wall Street Journal. Retrieved from http//online.wsj.com/article/SB10001424052748704059004575128062835484290.htmlReuter, P. & Truman, E.M. (2004). The anti-money laundering regime. Chasing smutty money the fight against money laundering (pp.46-48). Washington, D.C Institute for International Economics.Statistical data money laundering investigations. (2011). Retrieved March 20, 2011, from IRS website http//www.irs.gov/compliance/enforcement/article/0,,id=113002,00.htmlWoods, B.F., (1998). The money laundering phenomenon. The art and science of money laundering (pp 1-4). Boulder, CO Paladin Press. Money Laundering Essay -- Business EthicsAccording to the U.S. Department of Justice, money laundering is the process by which one conceals the existence, illegal source, or illegal application of income and then disguises that income to make it appear legitimate. Money laundering involves a three step process which includes p lacement, layering and integration (Albrecht et al, 2009). Placement is the first step and it includes the launderer opening up an account at a bank or some other type of financial business to make deposits with the illegal money. The placement step is often looked at as the most risk taking step because the launderer does not know the reaction of the bank and how they are going to accept a large cash deposit. If the deposit is too large the bank can recognize it and this could be considered a red flag for the bank. The purpose of this step is to avoid the authorities and to remove the money as far away from the source as possible. The second step is called layering. This is where the launderer hides the money by opening up other accounts at other banks and makes transactions between these different accounts sometimes even in different countries. This makes it very hard to track the exact location of the money. The last step is the integration step. The money is finally used out into society and seems to be legal, legit money but it really came from an illegal crime. Theses launderers use the money to buy houses, cars and anything else that is expensive. Now these launderers have lots of money that they have obtained illegally (Albrecht et al, 2009). Money laundering is extremely important because it is not just a crime that was created overnight. This scheme took time and intelligence to be thought out. We are not dealing with dumb pe... ...money laundering? Crime school money laundering true crime meets the world of business and finance (pp.21-22). Buffalo, N.Y Firefly Books.Perez, E., & Mollenkamp, C. (2010, March 18). Wachovia settles money-laundering case. The Wall Street Journal. Retrieved from http//online.wsj.com/article/SB10001424052748704059004575128062835484290.htmlReuter, P. & Truman, E.M. (2004). The anti-money laundering regime. Chasing dirty money the fight against money laundering (pp.46-48). Washington, D.C Institute for Internat ional Economics.Statistical data money laundering investigations. (2011). Retrieved March 20, 2011, from IRS website http//www.irs.gov/compliance/enforcement/article/0,,id=113002,00.htmlWoods, B.F., (1998). The money laundering phenomenon. The art and science of money laundering (pp 1-4). Boulder, CO Paladin Press.