The making, placing, or receipt of any bet or wager in the Commonwealth of money or another thing of value, made in exchange for a chance to win a prize, stake, or other consideration or thing of value, dependent upon the result of any game, contest or any other event the outcome of which is uncertain or a matter of chance, whether such game, contest or event occurs or is to occur inside or outside the limits of the Commonwealth.
Published in Chapter:
Money Laundering and Its Reflection on Global Development
Nika Chitadze (International Black Sea University, Georgia)
Copyright: © 2024
|Pages: 23
DOI: 10.4018/979-8-3693-0327-6.ch003
Abstract
Money laundering — the legalization of cash or other forms of property obtained through illegal means, that is, their transfer from the shadow, informal economy to the formal economy, in order to make it possible to use these funds openly (publicly). In the process of money laundering, the true source of income is concealed by replacing real transactions with formal ones, e.g. By falsifying verification documents, using documents of third parties, etc. In the conditions of economic globalization, offshore zones are often used for money laundering, these are the so-called countries. With a tax haven, where the confidentiality of the beneficiaries is ensured in the banking systems.