BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Conversion of assets into cash
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Conversion of money which is illegally obtained
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Conversion of cash into gold
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Conversion of gold into cash
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Detailed explanation-1: -What is Money Laundering? Money laundering is the process of hiding the source of money obtained from illegal sources and converting it to a clean source, thereby avoiding prosecution, conviction, and confiscation of the criminal funds. It is an illegal exercise that converts black money into white money.
Detailed explanation-2: -Money laundering is the illegal process of converting money earned from illegal activities into “clean” money – that is, money that can be freely used in legitimate business operations and does not have to be concealed from the authorities.
Detailed explanation-3: -Briefly described, “money laundering” is the process by which proceeds from a criminal activity are disguised to conceal their illicit origin.
Detailed explanation-4: -What Are Common Ways to Launder Money? The traditional forms of laundering money, including smurfing, using mules, and opening shell corporations. Other methods include buying and selling commodities, investing in various assets like real estate, gambling, and counterfeiting.