Money
launderers grow more sophisticated every year.
More than 95% of all money
launderers identified by the federal government in the last few years have used at least one of roughly a dozen methods.
Through carefully choosing his form of gambling and limiting himself to betting just on red or black on a roulette wheel, a money
launderer, who has already exchanged his illicit cash for casino chips, can leave at the end of the evening with a casino cheque, losing on average perhaps three per cent of his total pot.
This legislation was designed to impede
launderers who turned to other businesses to launder money as a way to avoid having their transactions reported to the government under the BSA.
Mr Kelleher revealed
launderers are diluting petrol with methanol to "stretch" supplies and boost profits.
Furthermore, the insurance sector, unlike the banking world, has suffered from a degree of denial about its vulnerability to money
launderers.
It is specifically aimed at preventing solicitors' firms being targeted by money
launderers and organised crime.
Despite its shortcomings, The Money
Launderers is a good historical reference of efforts to halt money laundering activity.
He said: 'Multi-national banks and small businesses must both wake up to the threat from money
launderers during the conversion period.
SUSPECTED fuel
launderers leaked toxic red diesel into a lake, it was revealed last night.
And because of concerns this could be exploited by money
launderers or terrorist financiers, the European Commission has proposed harmonised EU controls, recently approved in principle by the EU Council of Ministers (on Thursday 17-2).
