Money Laundering

Money Laundering

The Financial Action Task Force (FATF) defines money laundering as "the processing of criminal proceeds to disguise their illegal origin". Others have described money laundering as a process designed to legalise illegal income or assets. Section 42 of the Financial Crimes Act 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.