Money laundering is an activity that enables criminals and drug dealers to disguise the proceeds of their crimes so that the fruits of their crimes can be enjoyed without jeopardizing their criminal activities.
- It is a process that enables the proceeds of criminal activity to be concealed so as to prevent the discovery of illegal gains, and the illegal activity, through which the profit is produced.
- When it comes to detection and prevention of money laundering, the United Kingdom, particularly the City of London has long been criticized for not taking proper steps to counterfeit the act and has been “turning a blind eye” to money laundered through the financial system and markets.
- However, the UK National Risk Assessment of Money Laundering and Terrorists Financing acknowledged that there are significant intelligence gaps in law enforcement’s understanding of how “high end” money laundering works, therefore making it clear that the problem is actually the lack of resources and specialist knowledge in examining the complexities of money laundering.
- As Dr. Ben John and Prof. Eric Robert noted in ‘A Commentary on the Anti Money Laundering Measure Internationally’, “money Laundering has become an evil which is causing many other ill-doings to the society across cultures.”
- Therefore money laundering in the UK is a criminal offence, and as such, any persons involved in any “known or suspected” money laundering activity risks a criminal conviction.
