There are many ways that money launderers operate and ‘wash’ money that they have obtained through illegal means. Common ways of doing this include using a legal business which is set up as a front, gambling, and foreign exchange are all popular ways of doing this.
However, another commonly used method of money laundering in the UK in particular is buying property. Investing in property is a way of making sure that they retain their assets and in the long term make money on it, whilst being able to get rid of money that has not been earned legally.
However, this is now something that is being clamped down on much harder, and when you go to buy a property, you will need to provide proof of your identity as well as proof of your earnings and where money to buy the property has come from. This is known as an AML ID check like this www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks and as well as being used when buying a property, it is also something that is used when making investments and opening a bank account in an effort to prevent money laundering from going on.
Money laundering does not only cost the country billions per year, but it also means that criminals are blighting communities and individuals lives by doing things like drug dealing and human trafficking – cracking down on money laundering is a way to prevent many of the wider problems that are related to it.