What Is Money Laundering - 1551 Words

What is Money Laundering? Money laundering is a method by which the background and ownership of money is generated as a result of illegal activity, can be concealed. In effect the money is â€Å"cleaned, laundered or disguised through honest means and as an outcome the earnings lose their existing criminal identity and look as if it was generated from a legitimate source. This practice is usually completed a number of times. It is common for this procedure to occur in respect of the earnings from drugs, human trafficking, prostitution, corruption, bootlegging, racketeering and illegal arms smuggling. The process allows the money to be controlled, without the fear that the transactions will lead back to the initiator or originators of the†¦show more content†¦Charles â€Å"Lucky† Luciano was born Salvatore Lucania on November 24, 1897 in Lercara Friddi, Sicily to Antonio and Rosalia Lucania along with four other siblings. Luciano s father worked in a sulfur mine in Si cily. When Luciano was 10 years old the family immigrated to the United States. They settled in New York City in the area of Manhattan on its Lower East Side, a common destination for Italian immigrants. At age 14, Luciano withdrew from school and began a job distributing hats with a weekly earnings of $7.00. However, after engaging in a dice game and winning $244.00, Luciano abandoned his job and went to making money out on the street. Within that year his parents would eventually send him to the Brooklyn Truant School. While a teenager, Luciano started his own gang and unlike other street gangs whose daily activities were petty crime, Luciano offered security to Jewish youngsters from Italian and Irish gangs for the cost of ten cents weekly. It was throughout this phase Luciano encountered the Jewish Meyer Lansky which would become his imminent business partner and close friend. It is not clear how Luciano had gotten the nickname Lucky, but it may have come from him enduring a severe whipping and throat slashing incident by three men in the 1920s. Later it was believed to be because Luciano refused to work for another mob boss. From 1916 to 1936, Luciano was detained 25 times on charges stretching from assault to unlawful gambling to corruption as well as