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Professional Money Laundering: Characteristics and Operations
Characteristics of Professional Money Launderers (PMLs)
- Large-scale operations: PMLs conduct extensive money laundering schemes.
- Transnational schemes: PMLs operate across international borders, often involving multiple countries.
- Variety of entities: PMLs can be individuals, organizations, or networks.
Commissions and Fees
PMLs charge fees based on various factors:
- Scheme complexity: More complex schemes require higher commission rates.
- Risk level: Higher-risk transactions incur greater commission fees.
- Countries involved: Transactions involving multiple countries may result in higher commission fees.
- Reputation of individual PML: Experienced and reputable PMLs may charge higher fees.
- Total funds laundered: Larger sums of money being laundered can result in higher commission fees.
Commission rates can change due to new regulations or law enforcement activities. Commissions can be paid in cash, transferred to a PML’s account, or integrated into the business transaction.
Advertising and Marketing
PMLs often market their services through:
- Word-of-mouth: Informal networks within the criminal underworld.
- Dark Web advertisements: Online postings on dark web platforms.
Record Keeping (Shadow Accountancy)
PMLs maintain detailed records to track clients, funds laundered, origin and destination of funds, relevant dates, and commissions received. These records are valuable resources for investigators and include:
- Code names: Confidential labels used to identify clients or transactions.
- Spreadsheets: Detailed spreadsheets tracking client information, transaction history, and commission payments.
Individuals, Organizations, and Networks
PMLs can belong to one of three categories:
- Individual PMLs: Specialized individuals with expertise in money laundering.
- Professional Money Laundering Organizations (PMLOs): Hierarchical structures with multiple individuals providing specialized services.
- Professional Money Laundering Networks (PMLNs): Collections of associates or contacts working together to facilitate PML schemes.