Money laundering is the process by which a person, conceals or disguises the identity or the origin of illegally obtained proceeds so that they appear to have originated from legitimate sources (Schott, 2006). It is the process of trying to make dirty proceeds appear clean. The World Bank defines money laundering as the process by which proceeds from a criminal activity are disguised to conceal their illicit origins. It involves proceeds of criminally derived property rather than the property itself. Discuss the concept of money laundering, clearly outlining the advantages and disadvantages of the same.