The washed is the action and effect of washing, a verb that is linked to cleaning something. The process consists of purifying or removing the stains of something, although it can also develop in a symbolic way (when trying to erase the discredit or a guilt).
The money, on the other hand, is a medium of exchange that a society accepts for the payment of goods, services and obligations. It consists of bills and coins that serve not only as a medium of exchange, but also as an accounting unit and a refuge of value.
The concept of money laundering refers to the activity carried out to cover up The origin of money that were obtained through illegal activities. The purpose of the wash (also known as Whitening) is that the money appears as the fruit of a legal economic or financial activity.
The money launderer, therefore, seeks to legitimize the funds from the drug trafficking, the corruption, the fiscal fraud, the smuggling, the arms sale or the kidnappings, among other activities, so that said money can be inserted and circulated in the financial system.
Anyone who carries out this money laundering process usually follows a series of steps to make it completely effective: placement, collation, and integration. Stages in which it is necessary to proceed to resort to instruments such as bank drafts, cash, personal checks or cashier’s checks.
Likewise, it is important to be clear that every money laundering process uses a series of actions that, like that one, are not orthodox. By this we mean the use of front companies, the smuggling of cash, the fraudulent sale of any type of property, the “purchase” of officials or the creation of nominal companies or Shell Company. Under this last name are those companies that are characterized by the fact that they only exist on what would be paper.
When the money is the result of an illicit activity, it is not declared before tax authorities or another state body, since such a declaration would force a confession of the illegal origin. The offender, who in this way has no justification to explain his income or standard of living, proceeds to launder the assets so that the assets enter the legal system.
There are multiple techniques used for money laundering, such as creating Business facade wave purchase of goods in cash.
Many are the cases of money laundering that have occurred throughout history in different corners of the world. Among those we would have to highlight the following:
• In which Arthur Budovsky, founder of Liberty Reserve, was involved. It has been considered the most serious and comprehensive case of all because it involved people from up to seventeen different countries and because the amount laundered amounted to a whopping $ 6 billion.
• In Spain in recent years there have been several cases, some already closed and others that continue to be investigated, such as the Operation Emperor and the Case Nóos, in which the sister of the current monarch, Infanta Cristina, has been implicated. .