Definition of Money Laundry
It's the process that ensues of transforming criminal illegal gains activities into seemingly legitimate funds. It is a worldwide problem, with approximately $300 billion going through the process annually in the United States.
Criminals want their illegal funds laundered because they can then move their money through society freely, without fear that the funds will be traced to their criminal deeds. In addition, laundering prevents the funds from being confiscated by the police. Criminals attempt to launder their illicit funds by transferring them to the licit financial system without detection or arousing any legal attention. Once a criminal or terrorist person(s) transfers their funds into financial systems, they can transfer it between banks or financial products for use of illegal activities, goods, services or funding terrorism.
Transfer of funds passes through a series of accounts in an attempt to hide the funds' true origins. The high daily volume of wire transfers makes it difficult for law enforcement agencies to trace these transactions.
Integration involves the movement of layered funds, which are no longer traceable to their criminal origin, into the financial world, where they are mixed with funds of legitimate origin.
After the September 11th Attacks on the United States in 2001, the federal government began to investigate more closely the connection between Terrorism and the sale of illegal drugs.
"Terrorists have laundered money through such foreign countries as Colombia and Afghanistan. In September 2002".
How does ICA fight Money Laundry?
ICA LLC complies with Anti money Laundry (AML) policies and regulations and will report any attempt by which a person or business conceals the origin and/or ownership of the proceeds of illegal activities, including fraud, theft, illegal gambling, drug trafficking, or other activities. Money Laundering may also involve the use of legitimately derived funds to finance terrorism. We keep tracking and investigating financial transactions records to fight aggressively against suspicious activities by necessitating proof of identity and supporting documentation supporting personal information or details.
We have set regulations for customers so we make sure we acquire the best trustworthy qualified people for business.
1- We never accept wires or money from a Third Party.
2- We never accept wires or receive payments from any company or individual which we don't know his identity or his type of business.
3- We only deal with regulated companies.
4- We only accept bank wires.
5- We don't work with any country which is considered black listed.
6- We don't work with highly politically exposed persons.