WHAT IS MONEY LAUNDERING?

 

The global phenomenon of money laundering affects all countries in many ways and degrees. What has been noted is the fact that such phenomenon renders the scale of the problem and the amount output, difficult to estimate accurately as it is a hidden activity. What criminals see as attractive in the phenomenon of money laundering and terrorist financing is the benefit they derive from their actions In a broader sense, money laundering has been defined as the process used by criminals and/or their affiliates in an effort to mask the real origins of proceeds, so that in that effect the proceeds will appear as if they derived of legitimate dealings and/or origins and thereby also render any asset obtained fully legitimate.

 

 

WHAT DO LAUNDERERS DO?

 

Launderers are considered to be attracted by actions of liquidity for many investment products that is offered by the credit and financial institutions as it effectively allows them to effect a substantial number of transactions worldwide within a very small time period and thereby create a mixture of lawful and illicit proceeds so as to inject them into the legitimate economy.

 

There are essentially three stages, during which money laundering procedures take place:

 

1. Placement stage, where the funds are moved elsewhere into the financial system;

2. Layering, where the launderer hide the funds (usually trough an electronic transfer from one jurisdiction to another) and keep on               moving the funds around in order to essentially take advantage of any gaps; and the third stage

3. Integration, where the funds are entirely placed into the legal economy and later on used for any purpose.

 

Today with the development of internet solutions, funds can be easily and speedily move from between jurisdictions. Hence globally, central regulatory authorities, in an attempt to maintain legal boundaries and protect each jurisdiction's economy, have set out requirements and limits for businesses that may be implicated, even unintentionally through third parties, to such activities.

 

 

WHAT WE OFFER:

 

What we at ELENA KYRIAKOU LLC can offer to any interested party, is the full legal support package, thereby ensuring that all the requirements set by the relevant regulatory authorities, are fully met. In addition to reviewing internal procedures for an interested part, our team of independent legal specialists may also offer drafting of any necessary documentation, that may be required in order to assist in the regulatory compliance procedures.

 

We as a law firm choose to maintain the law in all our procedures, and we will gladly assist others to do the same.