Money Laundering Terminologies

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Money Laundering Terminologies

• Tainted or dirty money: money that someone earns in an unfair, illegal or dishonest way. Money laundering is the process of converting cash and gained through illicit activities so as to use it legitimately and openly without drawing any attention of the authorities. The aim here is to “clean” what would otherwise be considered “dirty” money.

• Proceeds of crime: a phrase used to refer to the kind of income generated from illegal means as explained in PML Act, 2002.

• Typologies: In the AML/CFT context, the term refers to the various techniques used to launder money or finance terrorism.

Abbreviations

• AML/CFT: Anti-Money Laundering / Countering the Financing of Terrorism
• CDD: Customer Due Diligence
• DNFBPs: Designated Non-Financial Business or Professions
• FIU: Financial Intelligence Unit
• ML: Money Laundering
• PEP:  Politically Exposed Person
• STR: Suspicious Transaction Report
• TF:  Terrorist Financing
• UNCAC: United Nations Convention against Corruption