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: -Money Laundering is actions aiming that the money that has been gathered illegally appears to have been obtained legitimately. In simpler terms, it is the process of turning the profit of illegal financial activity into a legitimate income.
Detailed explanation-2: -Briefly described, “money laundering” is the process by which proceeds from a criminal activity are disguised to conceal their illicit origin.
Detailed explanation-3: -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.
Detailed explanation-4: -Reselling assets Cash can be made to look legitimate through reselling. Criminals may purchase big-ticket items with cash, and then quickly resell those items to have money they are able to actually use in their bank account. Real estate, luxury cars, and other such items are popular placements for money laundering.