Professional Money Laundering
Paris, 26 July 2018 - Professional money launderers are individuals, organisations or networks who, for a fee, help criminals launder the proceeds of crime.
This report looks at the techniques and tools used by professional money launderers, to help countries identify and dismantle them. The FATF’s fourth round of assessments has revealed that many countries are not sufficiently investigating and prosecuting complex and third party money laundering.
This report identifies the key characteristics of the individual professional money launderer, the professional money laundering organisation and the professional money laundering network of associates and contacts that work together to facilitate money laundering.
The report also identifies the various roles and functions that are necessary to operate a professional money laundering ‘business’. Using the case studies collected, it identifies a range of different money laundering organisations and networks, from money transport and cash controller networks to proxy networks.
Professional money launderers use a variety of money laundering tools and techniques such as trade-based money laundering, account management mechanisms and underground banking and alternative banking platforms. To lend a veneer of legitimacy to their activities, professional money launderers may work with corrupt individual(s) who specialise in the provision of otherwise legitimate services (e.g. bankers, lawyers, accountants) in addition to their criminal money laundering activity.
Professional money launderers often work for more than one criminal or criminal organisation. A successful prosecution of a professional money launderer can therefore potentially impact the activity of a number of criminal clients.
This report helps authorities understand how professional money launderers operate so that they can successfully target, prosecute and dismantle those who help make crime pay.