#QuickBiteCompliance Day 66
🔍 What Are “Criminal Proceeds” and How Do Bad Guys Use Them? Let’s Break It Down!
Imagine someone steals a toy, sells it, and uses that money to buy candy. That candy was bought with criminal proceeds—money or things gained by breaking the rules.
Now, let’s think bigger. Bad guys commit crimes (like stealing, selling drugs, or fraud) and make money or get things (like cars, houses, or jewelry) from those crimes. That money or property is called “criminal proceeds”.
Here’s how they try to use it:
1️⃣ Buying Fancy Stuff: Bad guys might use stolen money to buy things like cars, houses, or watches to hide where the money came from.
2️⃣ Hiding the Money: They put criminal proceeds into banks, businesses, or even family members’ names to make it look “clean” and legal.
3️⃣ Traveling with Cash: They move criminal money to other countries where it’s harder to track.
💡 Why is this a problem? Because it allows bad guys to keep doing more crimes. That’s why anti-financial crime experts work hard to stop them—catching these tricks keeps our world safer!
#FinancialCrime #AntiMoneyLaundering #AML #CriminalProceeds #MoneyLaundering #FraudPrevention #FinancialSecurity #StopCrime #Compliance #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
