WHAT IS A BUSINESS, MONEY LAUNDERING, INFLUENCE PEDDLING?

Show Notes BUY ME A COFFEE and support my podcasts and blogs at: http://www.buymeacoffee.com/michaellodge PODCAST CONTENT LINKS: What is a business?: https://www.myaccountingcourse.com/accounting-dictionary/business Definition: A business is an organization or entity that sells goods or services for a profit. The important part of this definition is that a business is something that operates in order to make a profit. Not all businesses actually are successful enough make a profit, but their main purpose is to generate profits. What is money laundering? https://www.investopedia.com/terms/m/moneylaundering.asp Money laundering is essential for criminal organizations that wish to use illegally obtained money effectively. Dealing with large amounts of illegal cash is inefficient and dangerous. Criminals need a way to deposit money in legitimate financial institutions, yet they can only do so if it appears to come from legitimate sources. The process of laundering money typically involves three steps: placement, layering, and integration. What is influence Peddling?: Influence Peddling means a deliberate act, committed directly or indirectly, consisting of (i) handing over, offering or promising any contribution, gift, invitation, reward or valuable consideration to any person (including any public office holder) or (ii) accepting any contribution, gift, invitation, reward or valuable consideration from any person (including any public office holder), whether on their own account or on behalf of third parties, always in order to misuse their actual or anticipated influence or because such misuse has already occurred, and to obtain a favourable decision or unjustified advantage from the public office holder. BUSINESS QUESTION? send it to me at: [email protected] BUSINESS ADVISORY / COACHING: If you would like to speak confidentially about business issues or concerns, schedule an appointment online: http://www.lodge-co.com