Essay about The United States Law Enforcement and Money...

Has one ever wondered how a criminal can enjoy his profits without being exposed? If a criminal wants to enjoy his money successfully, he knows he has to hide the true proceeding of his wealth. Since criminals began doing misdeeds for money, there have been ways to disguise the real origins of the profits. For example, the famous Al Capone was so careful hiding the true proceedings of his criminal activities that the police could only arrest him for tax evasion charges, now considered money laundering, too. It was not until the late 20th century that a formal term was imposed to this act. As time has passed and technology has improved so have money laundering techniques, but the United States law enforcement is battling money laundering†¦show more content†¦There is not an exact version of where the term money laundering comes from, but there is a theory that affirms the term was first used and recognized internationally in the 1970’s, after the Watergate scandal, th e scandal that led to the resignation of the president Nixon (Dr. Gholanhossein). Money laundering involves three stages: placement, layering, and integration. In the first stage, placement, the illegal proceeding are disengaged from direct association with the crime or criminal. In the second stage, layering, the money is used in some legal financial transaction in order to â€Å"camouflage† the cash. In the third stage, integration, the apparently legal money is available to the money launder (Kelly, Maghan and Joseph). For better understanding, go to figure 1. To complete every phase, money launderers use different techniques. To complete the first stage, placement, money launderers could use some techniques like bulk cash smuggling, financial institution complicity, and blending of funds. The first technique, cash smuggling, is one of the oldest and most used by money launderers especially in the drug field. In this technique, criminals transport large quantities of cash across border. For example, the US Department of Homeland and Security reports that â€Å"590 individuals have been arrested, far this year, trying to smuggle more than 59 million dollars†. The second technique, bankShow MoreRelatedWho Is Winning the War between the United States Law Enforcement against Money Laundering in 2013?1965 Words   |  8 Pageswants to enjoy his money successfully, he knows he has to hide the true proceeding of his wealth. Since there are criminals doing misdeeds for a financial motive, there has been ways to disguise the real origins of the profits. It was not until the 20 century when a formal term was imposed to this act. Even though the famous Al Capone was incarcerated because of tax evasion (actually considered as money laundering charges, too), he needed to make his money seems as legal money so the police won’tRead More Money Laundering Essay1166 Words   |  5 PagesDepartment of Justice, money laundering is the process by which one conceals the existence, illegal source, or illegal application of income and then disguises that income to make it appear legitimate. Money laundering involves a three step process which includes placement, layering and integration (Albrecht et al, 2009). Placement is the first step and it includes the launderer opening up an account at a bank or some other type of financial business to make deposits with the illegal money. 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