What is money laundering
Money laundering is when you try to turn money that has come from criminal activities into assets that can be reported openly. It is also an international phenomenon and often occurs across national borders. It can be money from drug crimes, trafficking, human trafficking, tax crimes, robberies, fraud, arms trafficking and more.
By abusing the banking system, those who want to launder money can make it more difficult to trace the criminal origins of money. The arrangement for money laundering can be more or less complicated. It is not just about cash transactions, but also about transfers and other services via, for example, the internet.
What is terrorist financing
Terrorist financing is collecting, providing or receiving money or other property for the purpose of supporting terrorism. It is thus about financial support for terrorism that can come both from legitimate sources of income and from criminal activities.
It is therefore important, and our duty, to understand the true intention of the money, say from a loan.