What is money laundering?
Article 3, 3.1.1 of the Law on Combating Money Laundering and Financing of Terrorism, "money laundering" means obtaining, possessing, or using funds, money, or income obtained by committing a crime, or concealing its illegal source, changed or transferred in order to help any person involved in the commission of a crime to avoid legal responsibility, or concealing its real nature, source, location, disposal method, owner, and property rights."
Money laundering is an attempt to hide the source of the income illegally obtained by committing crime, change its shape and make the "dirty" money look like "clean" or legal income.
Criminals earn large amounts of cash through the following illegal activities, which form the basis of money laundering. It includes:
- Illegal firearms trade
- Human and organ trafficking
- Drug trade
- Prostitution
- Currency counterfeiting
- Corruption and bribery
- Tax avoidance
- Crime against the environment
- Theft and robbery
- Deposits extorted from victims of cybercrime, proceeds from cryptocurrencies such as bitcoin and ethereum as payment for illegal activities on the dark web, etc.
Therefore, criminals aim to make the income from illegal activities look like legal income by introducing it into the financial system, concealing the true source, and misleading them so that they can spend it without attracting the attention of the person responsible for reporting or law enforcement agencies.
ВИДЕО: “МӨНГӨ УГААХ БОЛОН ТЕРРОРИЗМЫГ САНХҮҮЖҮҮЛЭХ ГЭЖ ЮУ ВЭ”
