Stages of Money Laundering
What are the 3 Stages of Money Laundering?
Placement, Layering, and Integration are the three stages in money laundering. Criminals use step-by-step methods to launder money. It starts with introducing funds or the proceeds of crime into the financial system. In the second stage, the origin of such funds is concealed. The third stage is mainly about creating the legal origin for the funds, and lastly, such funds are invested or expensed.
FAQs About Stages of Money Laundering
What are the 3 phases of money laundering?
The three phases of money laundering are:
- Placement: Placing illicit cash into the legitimate financial system
- Layering: Transforming the money to conceal its source
- Integration: Bringing the money back to the criminal through a legal transaction
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Related Laws, Guidelines, Rules, and Regulations:
- AML For Lawyer by MOJ Ministerial Decision No. (533) of 2019
- Lawyers’ Guide on Anti-Money Laundering -UAE by Ministry of Justice
- UAE Federal decree-law no. (20) of 2018
- Cabinet Decision No. (10) of 2019
- goAML Pre Registration Guide Reporting Entities
- goAML Reporting Requirements: Circular Number: 08/AML/2021
- Guidance on Counter Proliferation Financing for FI’s, DNFBPs and VASPs
- Circular Number: 05/2022
- Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs)
- Ministry of Economy’s Supplemental Guidance for Trust & Company Service Providers