Question

When illicit funds have entered the banking system undetected and appear to be legitimate, the funds are referred to as:__________

Answer 1

(.) Integrated

Illegal monies that look to be lawful are referred to as being integrated. Structuring is the initial step in money laundering. To prevent being discovered, tiny sums of money are placed into the financial system at this time. Then it is stacked. Moving the money around is known as layering, which makes it harder to determine where it came from. Integrate is the last phase. This happens when the money finally seems to be coming from a reliable source.

What are illicit funds?

The most popular definition of illicit financial flows is "money generated, transferred, or utilized illegally that crosses international borders" (IFFs).

IFFs cut back on resources, but they are also a sign of other problems that impede efforts to eliminate poverty and promote shared prosperity, like vested interests and a lack of openness and accountability.

To stop IFFs, developed and developing nations must work together closely and take coordinated measures, along with the commercial sector and civil society.

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