Money laundering and terrorist financing definitions and explanations i 3 o the acquisition possession or use of property knowing at the time of receipt that such property was derived from an offense or offenses or from an act of participation in such offenseor offenses3 the financial action task force on money laundering fatf which. Money laundering and terrorist financing definitions and explanations i 7 the processes of money laundering and financing of terrorism money laundering financing of terrorism cash from criminal act legitimate asset or cash from criminal act placement cashisdeposited intoaccounts placement assetdeposited intothefinancialsystem layering . In december 2007 estonia was the first of the three nations to implement the eus third anti money laundering directive 2005 60 ec with the passage of a money laundering and terrorist financing prevention act 2007. Money laundering is the process of making large amounts of money generated by a criminal activity such as drug trafficking or terrorist funding appear to have come from a legitimate source. Money laundering also includes money thats used to fund terrorism however its obtained taking part in money laundering activities even unwittingly is a crime the international monetary fund has estimated that two to five per cent of the worldwide global economy involved laundered money
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