Money-laundering

                                                                                   

Money-laundering occurs where a party moves cash or assets obtained by criminal activity from one location to another.  The purpose of money-laundering is usually to conceal the criminal source of funds.

 

Examples:

 

• A government official transfers a bribe paid into a bank account in one country to a bank account in another country.

 

• A contractor submits a fraudulent claim to a project owner for work which it did not carry out.  The project owner pays the amount of the fraudulent claim into the contractor’s bank account with Bank A.  If the contractor then moves the payment to Bank B, this could constitute money-laundering.