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FTR Act Obligations > What is Money Laundering and Terrorist Financing

What is Money Laundering?

Money Laundering is the process of making criminal assets or earnings of crime (cash and non-cash assets) appear legitimate. Or in other words "cleaning dirty money or assets". This is done by conducting one or more legitimate financial and commercial transactions so that the assets obtained at the end of the process looks clean or legitimate.

Criminals launder the proceeds of their crime so as to:.

  • hide the true source of their assets, thus giving the appearance that the assets were obtained from legal activities;
  • to make detection of these assets by law enforcement agencies such as police difficult.
What is Terrorist Financing?

Terrorist Financing is the transfer of funds through a country’s financial system ( e.g. banks; money remittance businesses etc.) to fund a terrorist group or activity. The funds used may be derived from lawful or unlawful means.

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