Answers after watching documentary
Short Answers:
1. Fill in with a phrase: There are two important steps to launder money. You need to move the cash Placement, then move it Layering, finally Integration.
2.
a. Placement
In placement the source of money hide or misrepresented. It is place into financial institutionsand other businesses by local and abroad businesses like Currency Exchanges, Bank Complicity and Purchase.
b. Layering
In layering stage makes ittough to detect a laundering action. There are illegal proceeds of Cash converted into Monetary Instruments, Material assets bought with cash then sold which areproblematic for the law enforcement institutions.
c. Integration.
In this stage laundered money enter in economy through the banking system. There are property dealings, false import and export invoices hide the detection of source.
3.
A smurf isinformalname work illegally as money launderer.Hedodges theinspectionof government authorities by doing transaction containing a large sum of money into small business transactions which are under the reporting threshold limit. A smurfpurpose to launder money for transaction and transfer in the near future from bank accounts deposited illegally gained money.
4.
A unique technique use by software to expose the credit card money laundering transactions. In software the person had highlighted the different area accounts with same color and other area accounts with different same color. After that similar IP address accounts with same color, when there were transactions from different accounts with each other. Same IP shows with same color, the accounts are debiting by transactions with one account and in small amounts continuously, which is highlighted automatically by color. In this way these transactions were suspicious and under consideration for investigation and exposed.
5.
Reporting requirement is $10,000
6.
A customer by hawala broker (X) gives money with password to a recipient B in foreign city. The hawala broker X calls other broker M with details agreed. And M gives funds to recipient B after confirming password and details.
Paragraph:
It’s a very energetic assignment, which gives knowledge about how to investigate the money laundering activity and check on every transaction exactly that should be in manner. It helps me in understanding about how fraudulent activities are heppening in world, but we have capability to stop them and explore them in front of world. And like hawala discussion arise knowledge about transactions how it can be possible to do with many brokers in complex way for any wrong doing. Information regarding stages and other parts great tasks for understanding about main issue in this world.