The process of making dirty money (money obtained illegally) legitimate through a process of placing, layering and integrating that money into the financial system.
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The act of changing the appearance of money that comes from illegitimate sources so that it appears to be legitimate money.

A defined contribution the scheme where member’s contributions (and those of the employer) are invested to build up a pension fund from which a retirement annuity and other benefits can be taken subject to IR limits. The contributions are usually a percentage of the member’s earnings.

An insurer’s definition of money includes cash, bank notes, cheques, postal orders, postage stamps, national savings certificates and holidays with pay stamps, luncheon vouchers and VAT purchase invoices. Cover is ‘all risks’ subject to specific limits depending on the circumstances of the loss, e.g. from a locked safe or a directors home. Insurers normally cover personal assault and theft by employees, primarily a fidelity guarantee risk, is covered only if discovered within 14 days.

Separately capitalised insurer that focuses wholly on one type of business, e.g. bond credit insurance. They are product speciality insurers often working on a wholesale basis.

Mathematical technique that produces numerical solutions for differential equations. It is used extensively in finance for such tasks as pricing derivatives or estimating the value at risk of a portfolio. It is also used in insurance and risk management, typically to solve problems that require the calculation of one or more statistics of a probability distribution.