What are the stages of Money Laundering?

There are three stages involved in money laundering:
1. Placement: involves placing the proceeds of crime in the financial system;
2. Layering: involves converting the proceeds of crime into another form and creating complex layers of financial transactions to disguise the audit trail and the source and ownership of funds (e.g., the buying and selling of stocks, commodities or property);
3. Integration: involves placing the laundered proceeds back in the economy under a veil of legitimacy.