Reading check exercises

1. Consult a dictionary and practice the pronunciation of the following words. Pay attention to the stress

Laundering, to conduct, survey, to combat, predicate, tax evasion, illicit, income, transactions, conversion, transfer, to disguise, to evade, the consequences, concealment, drug trafficking, to facilitate, to contaminate, pursuit, tipping off, extortion, prostitution, gambling, to bootleg liquor, psyche, to purchase,

earnings, phenomenon, flexibility and adaptability, technological, acquiring.

2. Answer the following questions.

1. Do you agree that money laundering refers to a ‘victimless’ crimes ?

2. What is the well known tell about the origin of the ‘money laundering’ term ?

3. What is one of the first definitions of ‘money laundering’?

4. Why is money laundering process so attractive for criminals ?

5. Why does this process become a truly global phenomenon in recent years?

6. What basic money-laundering offences do you know ?

3. Explain what is meant by:

dirty money, imprints upon people’s psyche, a predicate crime, difficult to tackle, they were cash businesses, is given the appearance, to provide a legitimate cover, the impetus for governments, a global phenomenon, a 24hrs a day business, transnational crime, facilitating the ambitions of the drug trafficker.

4. Retell the text.

Vocabulary and grammar work

1. Fill in the blanks with the proper words:

to incorporate , the conviction, the benefits, laundering, set about, launderers, tax evasion, the use, business, foreign banks

1. It would seem, however, that ___________of Al Capone for tax evasion may have been the trigger for getting the money laundering _________off the ground.

2. Meyer Lansky (affectionately called ‘the Mob’s Accountant’) was particularly affected by the conviction of Capone for something as obvious as____________.

3. Determined that the same fate would not befall him he _________searching for ways to hide money.

4. Before the year was out he had discovered __________of numbered Swiss Bank Accounts.

5. This is where money ____________would seem to have started and according to Lacey Lansky was one of the most influential money _____________ever.

6. The use of the Swiss facilities gave Lansky the means _____________one of the first real laundering techniques, ____________ of the ‘loan-back’ concept, which meant that hitherto illegal money could now be disguised by ‘loans’ provided by compliant _____________ , which could be declared to the ‘revenue’ if necessary, and a tax-deduction obtained into the bargain.

2. Supply the prepositions.

1. Estimates _______the size ______the money laundering problem totals more _______ $500 billion annually world - wide.

2. This is a staggering amount and detrimental ________any calculation ______ the financial systems involved. 3. The problem here is that ______ money laundering has to start _______ a crime, much _______ the money thought to be used _______terrorists comes _______ legitimate sources.

4. The removal _______ banking security provisions, _______ appropriate circumstances, is vital _______ order to combat money laundering.

5. ______ the UK this is evidenced ________ the legislation _______ has been enacted to counter this crime.

6. These provisions focus particularly _________drug trafficking.

7. Money is laundered _________ moving cash _______ a series ________ stops to obscure its criminal origins such as drug trafficking, kidnapping and investment fraud.