Definition Of Money Laundering

1. Money Laundering is a process or act aimed at concealing or disguising the origins of proceeds of crime, which are then converted into assets apparently originating in legitimate activities. According to article 2 of Avt No. 15 of 2002, the underlying crimes in money laundering include corruption, bribery, smuggling of merchandise/human labor/immigrants, bangking crimes, narcotics, psychotropic drugs, trafficking in slaves/women/children/illegal weapons, kidnapping, terrorism, theft, embezzlement, and fraud.



2. Money laundering has a serious impact on the stability of the financial system and of the economy as a whole. Money laundering may be a multidimensional, transactional crime frequently invloving huge sums of money.