Smurfing is a money-laundering technique that involves the structuring of large amounts of cash into multiple small transactions. This is done in order to conceal the source of the money. A Smurf is a money launderer who seeks to evade scrutiny from government agencies by breaking up a transaction involving a large amount of money into smaller transactions below the reporting threshold so that it will not be detected.
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What are the objectives of the Prevention of Money Laundering Act? |
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