The concept of money laundering originated in the United States, where it is believed that the mafia employed various techniques to legitimize their illicit earnings, giving rise to the term "money laundering."
Money laundering refers to the process of cleaning or disguising illegally obtained funds, converting them into legitimate income. Originally associated with the mafia, this practice is now also employed by some businessmen, politicians, and bureaucrats. Individuals involved in this act are known as launderers. The process is executed through various methods.
Money laundering is an economic crime aimed at disguising illegally acquired funds as legitimate income. It also involves concealing the origin of unlawfully obtained money.
Money laundering involves channeling black money into activities where even investigative agencies struggle to trace its original source. In this illicit trade, the individual who manipulates and conceals the money is referred to as a "launderer." In money laundering, illicit funds are transformed into legitimate money and returned to their owner as legal tender.
Individuals engaged in money laundering misuse funds through various methods. They also seek assistance from chartered accountants to determine where, how, and under whose name the illicit money should be invested.
At this time, documents are created that the government and investigative agencies cannot detect. In this money laundering scheme, shell companies are established, existing only on paper. These are used as a cover for laundering money.
(News Agency)