Education

Money laundering.

Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source. It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy.

In the past, the term “money laundering” was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency to mean any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. In the UK, it does not even need to involve money, but any economic good. Courts involve money laundering committed by private individuals, drug dealers, businesses, corrupt officials, members of criminal organizations such as the Mafia, and even states.

Money laundering stages.

Money laundering takes place in three stages:

▪️ Deposit stage.

It is the stage of employment or replacement, whereby a large amount of illegal money (dirty money) is disposed of in different ways, either by depositing it in a bank or financial institution or by converting this money into foreign currencies , or by buying luxury cars, yachts and high-priced real estate. It is easy to sell and dispose of afterwards.This deposit stage is the most difficult stage for those involved in the money laundering process. As it is still vulnerable to discovery, – especially as it usually includes very large amounts of liquid funds, – as it is not difficult to identify who made the deposit of these funds, and then its relationship to the source of these funds.

▪️ camouflage phase.

It is the stage of gathering or obscuring, as it begins after the money enters the channels of the legitimate banking system, and the money launderer takes the next step, which is to separate or differentiate between the money to be laundered from its illegal source through a complex group of banking operations that take the pattern of legitimate banking operations. The aim of these stages is to make it difficult to trace the source of the illicit funds.The most important of these means is the repetition of the process of transferring these funds from one bank to another, and the electronic transfer of funds, which increases the complexity of tracking these funds and transferring them to banks that adopt strict rules of confidentiality of deposits in other countries, which are called safe banking havens , and these are characterized by Sanctuaries with the leniency of their laws, the quality of transportation from planes and ships, and the ease of establishing companies.

▪️ integration stage.

This stage is considered the final stage in money laundering and entails the legalization of funds, so it is called the “drying stage.” Through this stage, the laundered funds are integrated into the economic cycle and the banking system, in order to appear as natural returns or gains for commercial transactions, such as fictitious companies. And artificial loans, and the complicity of foreign banks, as well as fake invoices in the field of import and export. Upon reaching this stage, it is very difficult to distinguish between these illegal funds and legitimate funds, except through secret research work and planting informants among money laundering gangs.

Money laundering methods.

Money laundering involves three basic steps to disguise the source of illegally acquired funds and make them usable: deposit, where the money is introduced into the financial system, usually by dividing it into many different deposits and investments, in which the funds are mixed to create distance between them and the perpetrators; Hence the consolidation, whereby the money is then returned to the offenders as legitimate income, or “clean” money.

Historically, money laundering methods have involved biasing, or structuring banking operations of large amounts of money into multiple small transactions, often spread over many different accounts, to avoid detection; and the use of currency exchange, wire transfers or money smugglers to move money across borders.Other money laundering methods include investing in mobile commodities such as gems and gold that can be easily moved to other jurisdictions; investing in valuable assets and selling them conservatively such as real estate; Gambling, counterfeiting, and the creation of shell companies.

While these methods are still in practice, types of money laundering also include modern methods that give a new twist to old crime by making use of the Internet.

The emergence of online banking institutions, anonymous online payment services, and mobile remittances in virtual currencies such as bitcoin has made it more difficult to detect an illegal transfer of funds. Moreover, the use of proxy servers and anonymization software makes money laundering complete, almost impossible to detect, since funds can be transferred or withdrawn without leaving an IP address.

Money can also be laundered through online auctions and sales, gambling sites and even virtual gaming sites, where the illicit money is converted into gaming currency (gambling, gaming, etc.), and then converted back into money so that it becomes real and viable “clean” money. for use and cannot be tracked.

Dirty money sources.

Thus: the sources of dirty and forbidden money are many, including: drugs, cultivation, manufacture and sale, prostitution, slave trade, evasion of duties and taxes, bribery, hidden commissions, profit from a job, exploitation of positions, espionage and theft, embezzlement and extortion, commercial fraud, and trade in goods Corrupt and forbidden, and from forgery in money, documents, trademarks and trademarks, and from gambling in the global commodity and money markets, and from bogus transactions.

Money laundering and Islamic law and its provisions.

Among the common terms related to the issue of haram money and illegally acquired money is the term: laundering illicit money. or money laundering. It might be called dirty money laundering. It is as if this money that comes from an illegal source, if it is entered into a work that is approved by the law and authorized by it, is transformed from forbidden and dirty money to clean money, like a dirty dress that carries dirty if it is put in clean water, it becomes clean and the dirt is removed from it, and it is known that washing unlawful money in this sense contradicts with Sharia and its provisions and does not agree with its rules and principles, because Islam forbids all gain by forbidden way, and money that is subject to laundering and laundering operations is money that arises from crimes, and from forgery, theft, prostitution, robbery, and assault on the property of others by robbery or looting, and other means forbidden by Islam.

And if it was acquired with the consent of its owner, instead of a forbidden benefit such as fornication, selling alcohol, singing, etc., then it must be spent on the interests of Muslims, such as helping the poor and needy, paving roads, building bridges, building schools and orphanages, and so on.

Reference :

غسل الأموال/https://ar.m.wikipedia.org

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