Money Laundering Is The Criminal Act Of Filtering Illegally Obtained

792 Words Mar 20th, 2016 4 Pages
Of all the most of finance crimes discussed, I consider money laundering the most
Serious because the estimated amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars. Money laundering is the criminal act of filtering illegally obtained ("dirty") money through a series of transactions designed to make the money appear legitimate ("clean"). Throughout the years money laundering in the United States has made our banks enforce additional regulations on people depositing large amount of cash to their banks and requesting more information when this request is being done. For example, On Sept. 29, 2014, in Miami, Florida, Alvaro López Tardón, of Miami Beach and Madrid, Spain, was sentenced to 150 years in prison and ordered to pay a $14 million forfeiture money judgment and $2 million fine. According to court documents, Tardón was the head of an international narcotics trafficking and money laundering group which laundered over $14,000,000 in narcotics proceeds in Miami by buying high-end real estate, luxury and exotic automobiles and other high-end items. The proceeds were smuggled into Miami by couriers, wire transferred to South Florida by co-conspirators, wire transferred to third parties internationally on behalf of Tardón. Money laundering fraud losses to the federal government, about eighty billion annually. I think insider trading should not be consider as a finance crime. Insider trading is a non-public…

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