Introduction
This piece examines money laundering, including the tactics and strategies employed to launder funds, its effects, and solutions to arrest these activities.
Money Laundering: Basic Terms and Methods
The term “money laundering” as it is currently understood was first spotted in print in 1973 during the infamous Watergate Scandal. However, the practice predated the scandal that rocked Nixon’s presidency in the United States. Historically, it is said, perhaps, to date back to 4000BC when merchants of Chinese extraction devised ways to hide or move assets amassed through trade in order to circumvent seizure. Equally, deeds that form the root of money laundering are present throughout the entire spectrum of human civilization. These include the trafficking of opium after cultivation of the opium poppy that commenced in 3400BC, counterfeiting of coins recorded in 640BC, the case of Hegestratos’ insurance fraud in 300BC, or Roman legislations addressing forgery which were...
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Olufeso, S. (2019). Money Laundering. In: Romaniuk, S., Thapa, M., Marton, P. (eds) The Palgrave Encyclopedia of Global Security Studies. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-74336-3_595-1
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DOI: https://doi.org/10.1007/978-3-319-74336-3_595-1
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