money laundering
The transferring of *money derived from illegal activities into legal or legitimate channels. Money laundering is intended to conceal the illegal origins of funds, and it is commonly associated with drug trafficking and *smuggling. In the United States, anti-money laundering legislation was significantly enhanced by the provisions of the Patriot Act of 2001. Auditing techniques designed to investigate illegal activities like money laundering are often referred to as *forensic auditing. Further reading: Quinn (2002) monitoring The surveillance and review of an activity or asset over time. Monitoring (as suggested in *Internal Control - Integrated Framework or the COSO Report) is an essential means of ascertaining and reporting on the effectiveness of organizational controls. Monitoring is also an important means of obtaining *audit evidence. See also *oversight.

Auditor's dictionary. 2014.

Look at other dictionaries:

  • Money laundering — is the process of disguising illegal sources of money so that it looks like it came from legal sources.[1] The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote… …   Wikipedia

  • money laundering — the moving of the proceeds of crime through the financial system so as to conceal its nature. As a result of a European directive, the UK has implemented rules against this practice mainly through the Criminal Justice Act 1993. Aside from… …   Law dictionary

  • money laundering — money .laundering n [U] when money that has been obtained illegally is put into legal businesses or bank accounts in different countries, so that it is difficult for people to discover where it came from ▪ The country is a major centre for money… …   Dictionary of contemporary English

  • money laundering — If people launder money, they get money made illegally into the mainstream so that it is believed to be legitimate and clean …   The small dictionary of idiomes

  • money laundering — The conversion or transfer of property derived from a criminal offense for the purpose of concealing, or disguising, the illicit origin of the property, or of assissting any person who is involved in the commission of such an offense, to evade… …   Financial and business terms

  • money laundering — N UNCOUNT Money laundering is the crime of processing stolen money through a legitimate business or sending it abroad to a foreign bank, to hide the fact that the money was illegally obtained. ...the largest money laundering scandal in history …   English dictionary

  • money laundering — noun concealing the source of illegally gotten money • Hypernyms: ↑concealment, ↑concealing, ↑hiding * * * money laundering using banking or other financial maneuvers to obscure the source of illicit income: » Agents investigating money… …   Useful english dictionary

  • money laundering —    If people launder money, they get money made illegally into the mainstream so that it is believed to be legitimate and clean.   (Dorking School Dictionary)    ***    When people launder money, they manage to conceal the source of illegally… …   English Idioms & idiomatic expressions

  • Money Laundering — The process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source. Some estimate the size of the problem is over $500 billion… …   Investment dictionary

  • money laundering — noun Money laundering is used before these nouns: ↑ring, ↑scheme …   Collocations dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”