I have a little idea on this. I may be wrong I maybe right. Please can you guys explain how a Nigerian politician will go about money laundering.

Thanks

And yes I just started watching Ozark. it's a series on this topic. still need more enlightenment.

Need to inform the mind.

You launder the money, it's as simple as that

Moving funds illegitimately.

You could even launder money through but coin

Moving money gotten illegally through several means which are mostly illegal also. Most politicians launder money by funding businesses, buying properties etc. Anybody can launder money and now, smart people launder money through crypto.

Money laundry is a way to clean an Ill gotten wealth.

lalasticlala

this needs more audience.

see now saraki is accused of money laundering? how please I need detailed explanation

i did an illegal business deal and made 1 billion. My business partner wants to send me my money but since the money was gotten illegally, i can't recieve such huge amount without questions from EFCC. So how can i get this money without questions?

I will set up a legit registered company and begin to generate fake revenue daily. I will gradually include my illegal money with the legal income from the legit business. Both money will be deposited in my legit business account.
With time, all my illegal money will be in my account. Voila! All the money is now legit and can be verified from my legit business transactions. No more questions.

You can also launder money through NGO's, churches, betting companies e.t.c. Do you understand?

Money laundry is simply as the name implies, is simply taking dirty money to the drycleaner, washing it to make it clean.

Here's a clear example. Say I receive 1 billion naira from selling cocaine. That's illegal money. If I simply go to the bank and deposit 1 billion naira, Efcc will ask me where I got 1 billion naira from. It ll certainly draw attention.
So I ll have to simply keep the cash in my house because it is 'dirty money'. Here's how I can clean it up.

I ll borrow 10 million naira from a bank, use it to open a bar and night club. Open a business account for my bar. Every day, I make fictitious invoice and receipts in my club. I could generate fake receipts and say I make 10million naira sales every night. (this is quite possible in a club) I can then go and deposit 10m into the bank account every day. Until the 1billion is paid in. From the club account I can pay myself as the owner.

If anyone asks how I came by 1 billion, I ll simply bring out all the invoices from the club to prove that I sold 1billion naira there.

I have taken dirty money, washed it to make it clean and (laundry) bring it into the banking system.

Many hotels, clubs, NGO, churches etc are used to funnel money in this manner.

E clear?

Hope your are not planning on laundering some money. You will be jailed when caught

Onnasucs1:
i did an illegal business deal and made 1 billion. My business partner wants to send me my money but since the money was gotten illegally, i can't recieve such huge amount without questions from EFCC. So how can i get this money without questions?

I will set up a legit registered company and begin to generate fake revenue daily. I will gradually include my illegal money with the legal income from the legit business. Both money will be deposited in my legit business account.
With time, all my illegal money will be in my account. Voila! All the money is now legit and can be verified from my legit business transactions. No more questions.

You can also launder money through NGO's, churches, betting companies e.t.c. Do you understand?

0 good answer

@Op, hope you have understand from the various answers & illustrations from the pple that have committed so far, that is how money laundering works.
It requires you to be very smart & sharp for you to laundry money and never be greedy.
Why do you think most drug barons that are drug lord are always hotel & club owners, they use it to cover up.
Another channel is the entertainment industry, one guy just release stupid album, boom !!! It has sold 50 million copy within 24hrs of release.
Most of the time, the big amount of money is now broken down into small small amounts which can not be trace & politics is also another medium to launder money if you know, you know.
If you work in a financial institution, definitely you will do a course & have certification on it.

Op go and watch OZARK you will get a clearer view of how money laundry work

Chuky7:
I have a little idea on this. I may be wrong I maybe right. Please can you guys explain how a Nigerian politician will go about money laundering.

Thanks

And yes I just started watching Ozark. it's a series on this topic. still need more enlightenment.

Need to inform the mind.

Just the same way you wash your clothes, just call it money cleaning, making bad money become good money through back door strategies