General Information

Money Laundering is the process by which monies generated by criminal activities are converted through legitimate channels into assets that cannot be easily traced back to their illegal origins. “Dirty” money is introduced into the commercial financial system (Placement), then placed in a banking system and mixed with legitimate sums through a series of transactions meant to disguise the origin of the funds (Layering) and then the illegitimate funds are returned to the legitimate economy (Integration).

Terrorist Financing is financial support, in any form, of terrorists or those who encourage, plan or engage in terrorism. Terrorist groups get funding mainly from two sources: Organizations, countries and individuals providing financial support and legitimate activities which include charities and non-profit organizations, import and exports, sale of publications, valid employment, subscriptions and memberships, precious metals and stones

These include:

  • Banks
  • Offshore Banks
  • Building societies
  • Insurance companies
  • Credit unions
  • Money transmission services
  • Investment business
  • Trusts and other fiduciary services
  • Foreign exchange
  • Car dealerships
  • Jewelers
  • Real Estate Agents
  • Casinos
  • Internet Gambling
  • Lottery Agents
  • Barristers-at-Law and Solicitors
  • Accountants
  • Charities