Explainer: What is money laundering & how can countries prevent it?

'Through money laundering, the criminal transforms the monetary proceeds derived from criminal activity into funds with an apparently legal source,' says US govtIn August, 10 foreigners faced charges in court after authorities seized and froze around S$1 billion in assets, including luxury real estate, vehicles, luxury goods, gold bars, cryptocurrencies, and cars.

On Wednesday police in Italy arrested 33 individuals as part of a crackdown of money brokers from China who reportedly took part in laundering over 50 million euros from drug trafficking groups.

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