PRANJE NOVCA
MONEY LAUNDERING

Summary/Abstract: Money laundering is a series of complex and interrelated processes that conceal the source, the illegal nature, the existence, location, schedule or movement of property acquired by the exercise of criminal action, in order to use such property continuously, give a semblance of legality. Money laundering consists of three phases: phase-laying, phase of concealment and phase of inclusion.The fight against money laundering has always been under the jurisdiction of law enforcement. However, theory and practice of auditing in the present time must have theoretical and practical knowledge about money laundering as a category of criminal activity in financial statements due to the fulfillment of legal obligations and professional services. During the process of understanding the legal entity and its environment, the auditor may encounter events or cues that may indicate the possible existence of money laundering. The auditor should be familiar with the techniques and characteristics of money laundering as a criminal activity.Bearing in mind the directions of development of corporate and legal practice in the world, desing and obligations of internal controls will obviously be increasingly imposed on legal entities, whose aims will be directed to harmonize their operations with the laws and regulations against money laundering.

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