Money Laundering

The FATF defines money laundering as ‘the processing of criminal proceeds to disguise their illegal origin’. Others have describe money laundering as a process designed to legalise illegal income or assets. The Financial Crimes Act in Section 42 has criminalized money laundering by adopting the definition under the 1988 Vienna Convention. Money laundering can involve a number of dealings including committing the criminal offences that generate the proceeds to be laundered, concealing the illegal origins of the proceeds, mingling the proceeds with legitimate proceeds and ultimately creating the appearance of legitimacy of the proceeds in question