Page 155 - Bank Case Studies

While his successor John Flint commented that the bank

faces some unresolved misconduct issues.

Money Laundering

Money laundering is an illegal

process of converting proceeds
from illegal activities (such as

drug trafficking, human

trafficking, terrorist financing

and tax evasion) to a legitimate

source of income. Essentially,

any illicit activity such as drug

production and trafficking or other criminal activities that

results in bulk cash (Dirty money) may be disposed of

through

Placement where bulk

currency is smuggled or is

mixed with legitimate bank

deposits or through depositing

amounts in small

denominations or subdividing

bank or commercial
transactions. This is the most

vulnerable stage of the money laundering process.