MONEY LAUNDERING is real, it is an emerging risk, don't be a victim.
It is the process of legitimatizing unclean money by introducing into a valid & trusted system.
The intention is to mystify the origin and 'clean' the money for legal business transactions.
Cc @yinkanubi
The origin of the money is ILLEGAL.
The owner of such then looks for a way to make it LEGAL - that's the cleaning process - by introducing it into a trusted system.
Often, once the money gets into the system they look for a way to get it out and fast. NEVER LEFT FOR LONG!
Then they use the money to start a business however MONEY LAUNDERING KILLS BUSINESSES.
How?
They sell cheaper and make a mess of competitors.
How?
Since they didn't do any real and legitimate business, they have no overheads or much of the variables real businesses consider.
Ridiculously cheap prices are sometimes indicators of money laundering businesses.
I have seen a promo for cars - Buy 2 get one free. Looks ridiculous, 3 cars for the price of 2? Do the math, if it doesn't add up avoid such run-belle-awoofs.
MONEY LAUNDERING DESTROYS THE COUNTRY'S REPUTATION
It becomes the havens of stollen funds and they most often don't add to the economy.
How?
Money gotten in a haste is spent hastily and lavishly. Because of the greed driving the desire, they want to make the next kill, fast!
...and because they don't want to be caught, they spend it fast and anyhow.
Then, because it is just a matter of time, the system will point things out...the destination of source funds becomes a questionable entity and people then don't want to do business with such.
Money launderers looks for every means to send money thru a legal system, therefore don't be a conduit.
Be careful who is transferring money to you, the purpose & whose behalf you are making the transfer - for a token.
Don't just be nice & become a naive victim of launderers.
Your friend is always asking you to transfer X amount and pays you in cash...every time? Be careful and think it through.
Every money that leaves your account has your name on it.
Be sure of the purpose and for whom...and why you every time? Are you a transfer engine?
A simple and safe practice is to identify all transactions from your account.
For instance; "SENT TO RAIMI ON BEHALF OF ANTHONY" is a good narration.
Put a name to every transfer. Please do, for proper accounting and to avoid stories that touch.
We all have a role to play in ending money laundering in our space and making our country clean again.
Do your part.
Don't be a launderer
Don't let launderers use you.
I am Anti-Money Laundering, are you?
(Next, I'll share on TERRORISM FINANCING - the twin of Money Laundering)
By the way, this whole conversation is under COMPLIANCE - Compliance role is a good one if you like to explore.
I can guide!
It is a control function and one of the Second Level of Defence functions in the #3LOD (now #5LOD) defense mechanism.
End.
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