I associated money laundering with cocaine barons, mobsters and quasi-film-stars, not the rich and famous!
According to a report in todays Bahrain Tribune, a speaker at a money laundering workshop put it very plainly that even I can understand this phenomena now: you get money from illegal means and you spend it legally, that’s money laundering for you. Basically ill-gotten gains well spent!
The example that the person used which resonated with his ARABIAN Gulf colleagues is the people who “sell” free visas or commercial registrations. They’re not allowed to do either by law, so money generated from these activities is really generated from illegal enterprises, now if the person spends the money then he is laundering it.
Ok, thanks. Now I get it. And I’m glad that Bahrain seems to be “dead serious” in attacking this situation.
Comments
Money Laundering
Fools of the first order,
money laundering is rampant in the kingdom. Many companies and persons are indulging in this. The regualtor never comes to know of it as there is no mechanism to detect it. There is nothing the regulator can do if two companies in Bahrain indulge in this practice. False and over invoicing / invoicing even if no work or service is performed amounts to money laundering with ulimate object of converting black money into white is widely in practice in this country. There is no agency in Baharin which would take cognizance of such malpractice and act swiftly to stop it.
Mr Know it.