Related topics: extradition ยท piracy

Kim Dotcom apologises for Mega bugs

Megaupload founder and alleged online piracy kingpin Kim Dotcom apologised for teething problems with his new file-sharing service Tuesday, saying massive global interest had swamped the website.

Gabon to suspend new Megaupload site

Gabon's government said Tuesday it was suspending the website www.me.ga, which Internet tycoon Kim Dotcom had planned to use to launch a new version of his defunct Megaupload file-sharing site.

Taiwan man arrested for cyber love scams

A Taiwanese man has been arrested for allegedly swindling more than 200 million Taiwan dollars (6.25 million US) from 50 women in one of the largest cyber scams in the country, police said.

US curbs on online poker compared to Prohibition

A former US senator who now represents poker players compared US efforts to curb online gambling to Prohibition on Tuesday as he argued for legislation that would allow Internet gaming.

Bitcoin rises above $1,000

The virtual currency bitcoin Wednesday broke above $1,000 per unit, quintupling in a month, according to Mt. Gox, which manages trading in bitcoin.

Cloud to tackle money laundering problem

(PhysOrg.com) -- Money laundering is estimated at $1.3 trillion worldwide - a huge problem. Now European researchers are using cloud computing services to boost anti-money laundering efforts by tracking suspicious transactions.

Switzerland at epicentre of cryptocurrency revolution

Switzerland has become a global hub for cryptocurrencies and the blockchain technology they are built on, with investors flocking to the wealthy Alpine nation to get in on the virtual action.

page 1 from 10

Money laundering

Money laundering is the practice of disguising illegally obtained funds so that they seem legal. It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy.

In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property.

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.

As financial crime has become more complex, and "financial intelligence information gathering intelligence" (FININT) has become more recognized in combating international crime and terrorism, money laundering has become more prominent in political, economic, and legal debate. Money laundering is ipso facto illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered).

This text uses material from Wikipedia, licensed under CC BY-SA